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US Congress Weighs Bill Spelling Out CFTC’s Crypto Derivatives Oversight

The U.S. Congress will soon vote on a bill providing new information about the Commodity Futures Trading Commission’s (CFTC) authority over the cryptocurrency derivatives markets. A provision in the 2019 CFTC Reauthorization Act clarifies how the regulator would collect information on digital commodities contracts and commodity swaps. The bill is heading to the House of Representatives for a floor vote after being passed unanimously by the House Agriculture Committee, which oversees the CFTC. If passed, …

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The SEC Files as the CFTC Settles Charges Against Swiss Securities Dealer

The United States Securities and Exchange Commission (SEC) has filed charges against XBT Corp. SARL on the same day that the Commodity Futures Trading Commission (CFTC) settles charges against the same company.  SEC allegations In a press release on Oct. 31, the SEC alleged that the Switzerland-based securities dealer, XBT Corp. SARL, operating under the name First Global Credit, offered and sold unregistered security-based swaps to U.S. investors without complying with the registration and exchange requirements …

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US Financial Regulators Join UK FCA’s ‘Global Sandbox’

Four U.S. regulators joined the Global Financial Innovation Network, an international alliance of government regulators led by the UK’s Financial Conduct Authority seeking to bolster the future of fintech. The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have all signed onto the GFIN, an SEC spokesman confirmed to CoinDesk. Their participation in the network – established …

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Crypto Derivatives: On Misleading Measurements

Noelle Acheson is a veteran of company analysis and CoinDesk’s Director of Research. The opinions expressed in this article are the author’s own. The following article originally appeared in Institutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets. Sign up for free here. For a primer on crypto derivatives, download our free report. Data is useful. It enables us to simplify complex concepts into easy-to-visualize numbers, especially when we can …

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CFTC Takes Action Against Crypto Options ‘Ponzi Scheme’

A purported cryptocurrency and foreign exchange investment firm is in hot water with the U.S. Commodity Futures Trading Commission (CFTC) and stands accused of operating like a Ponzi scheme. In a press release on Wednesday, relating to a complaint filed Sept. 30., the CFTC said it’s charging Nevada-based Circle Society and its operator David Gilbert Saffron with fraudulently soliciting and misappropriating investor funds, as well as registration violations. Through his firm, Saffron offered binary options on forex and cryptocurrency …

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Fearing USD Decline, Ex-CFTC Heads Propose a Blockchain-Based Digital Dollar

Two former heads of the Commodity Futures Trading Commission (CFTC) are offering up a plan for a government-sanctioned, blockchain-based digital dollar. In an op-ed for the Wall Street Journal published Oct. 15, J. Christopher Giancarlo, former CFTC chair, and Daniel Gorfine, former director of LabCFTC, the watchdog’s experimental initiative, proposed a blockchain protocol to digitize cash To allow the dollar to compete “in the new digital era.” Their USD-backed stablecoin is envisioned for daily transactions both …

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SEC, CFTC, FinCEN Warn Crypto Industry to Follow US Banking Laws

The heads of three U.S. financial regulators warned the cryptocurrency industry to abide by banking laws in a joint statement published Friday. The statement, signed by Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco and Securities and Exchange Commission (SEC) Chairman Jay Clayton, “reminds” actors in the crypto space that they must comply with various banking and financial services laws in the U.S., regardless of what they …

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How Severe Is Roche Freedman’s Lawsuit Against Tether and Bitfinex?

At the start of October, New York-based legal firm Roche Freedman filed a new class-action lawsuit against stablecoin firm Tether and digital currency exchange Bitfinex. The case accuses the aforementioned entities of manipulating the market by using a host of sophisticated schemes that involved fraud, pump-and-dump schemes, as well as certain money laundering-related ploys. As a result of this legal drama, the USDT/BTC trade pair has witnessed a substantial decline in its market value (around …

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LedgerX Claims ‘Personal Animus’ Drove Ex-CFTC Chair to Stall Approvals

LedgerX executives claim the U.S. Commodity Futures Trading Commission (CFTC) is treating them unfairly – because of a blog post. According to two letters obtained by CoinDesk via a Freedom of Information Act (FOIA) request, LedgerX believes former CFTC Chairman J. Christopher Giancarlo was personally biased against the company, and improperly used his position to delay the approval of an amended Derivatives Clearing Organization registration. “We have strong reason to believe that this unreasonable delay …

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CFTC Taps Coinbase Lawyer to Head Division Overseeing Bitcoin Futures

The U.S. Commodity Futures Trading Commission (CFTC) has just named Coinbase vice president Dorothy DeWitt as its new market supervisor. CFTC Chairman Heath Tarbert announced in a press release Tuesday that DeWitt, who is also the exchange’s general counsel for business lines and markets, will be the new director of the Division of Market Oversight (DMO), the group responsible for overseeing derivatives platforms and products, including the young market for bitcoin futures. DeWitt has also …

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