CFTC

The United States Commodity Futures Trading Commission (CFTC) has announced it has settled charges against cryptocurrency brokerage firm Falcon Labs (FalconX) for $1.8 million in disgorgements and penalties.  The CFTC stated that the brokerage firm voluntarily improved its practices after the CFTC filed a civil suit against Binance and former CEO Changpeng Zhao.  CFTC Settles With FalconX According to a May 13 notice, the Commodity Futures Trading Commission stated that Falcon Labs, owned by FalconX, failed to register as a…

The post FalconX Fined $1.8M by CFTC, Ceases U.S. Crypto Derivatives Trading appeared first on Coinpedia Fintech News FalconX settled with the CFTC for $1.8 million, accused of violating commodities laws by operating as a futures commission merchant (FCM) without registration. The firm is known as a digital asset prime broker, and it provided U.S.-based institutional clients access to crypto exchanges for derivatives trading. FalconX lost half its customers after the KYC measures prompted by the actions of CFTC against…

The post Mark Cuban Urges CFTC Regulation of ‘All Crypto’ Ahead of US Election appeared first on Coinpedia Fintech News Billionaire investor Mark Cuban advocates for the Commodities Futures Trading Commission (CFTC) to regulate “all crypto”. This move aims to address concerns of vocal crypto voters and potentially strengthen President Joe Biden’s reelection bid. The plea by Cuban for regulatory clarity emerges amidst a tense scenario, as SEC Chair Gary Gensler faces criticism for his tough stance on crypto. As…

In a striking turn of events, Litecoin (LTC) has catapulted to the forefront of the cryptocurrency world, registering as the second best-performing cryptocurrency in the top 100. This bullish surge, nearly 11% in the last 24 hours, can be largely attributed to a pivotal statement from the United States Commodity Futures Trading Commission (CFTC). In a landmark decision amidst its lawsuit against crypto exchange KuCoin, the CFTC declared Litecoin a commodity, aligning it with the likes of Bitcoin (BTC) and…

The Commodity Futures Trading Commission (CFTC) classifies Ethereum (ETH) and Litecoin (LTC) as commodities in the KuCoin case. This classification comes amidst legal challenges for KuCoin, with implications for the broader digital asset market. Following the reported by CNF, Litecoin (LTC) has experienced incredible network activities and technological developments in 2023. In a landmark development for the digital currency world, the Commodity Futures Trading Commission (CFTC) has classified Ethereum (ETH) and Litecoin (LTC) as commodities. This pivotal decision, emerging amid…

Two of America’s top financial regulators may not see eye-to-eye on Ether’s legal status.  Rostin Benham – Chairman of the Commodities and Futures Trading Commission (CFTC) – reiterated on Monday that he views the asset as a commodity. However, he claims Securities and Exchange Commission (SEC) chairman Gary Gensler may think otherwise. Ether: Commodity or Security? The debate surrounding Ether will ultimately determine which agency has regulatory jurisdiction over the asset. Benham’s position aligns with what would give his agency…

The Commodities Futures Trading Commission has filed a suit against Adam Todd, the founder of crypto futures exchange Digitex. According to court documents, the commission alleges that Digitex has been operating as an illegal trading platform.  Digitex in Violation of Commodity Exchange Act The CFTC filed its complaint on Friday, September 30 in the Southern District of Florida. In their complaint, the agency noted that Todd and Digitex by extension are in violation of the Commodity Exchange Act (CEA). This…

Christie Goldsmith Romero of the Commodities and Futures Trading Commission (CFTC) called for urgent regulation of crypto markets on Tuesday. Her previous experience at the SEC and Treasury leads her to believe that crypto today shares some similarities to 2008. Comparing Crises During an interview with Axios, the commissioner noted that crypto’s first similarity to 2008 is its large, unregulated market. The crash 14 years ago was prominent by “shadow banks” – institutions that operated like banks, but without traditional…

Rostin Benham – Chairman of the Commodities and Futures Trading Commission (CFTC) – is happy with the landmark crypto regulation bill that went public on Tuesday. He said he’s happy with the regulatory guardrails the bill provides and agrees with the designation of Bitcoin and Ethereum as commodities. Long-Awaited Legislation In conversation with Washington Post Live on Wednesday, Benham said he was “thrilled” by yesterday’s Responsible Financial Innovation Act. He showed excitement over the steps taken to concretely regulate digital…