Once in a while, a Commodity Futures Trading Commission (“CFTC”) enforcement action confirms market participants’ worst fears that the CFTC is prepared to, and is able to, find violations of the Commodity Exchange Act (“CEA”)...more
In last week's Cabinet News and Views, we examined the U.S. regulators' approach to the digital asset space, with a focus on the assertion of jurisdiction by the CFTC, the SEC, prudential regulators, state executive and...more
7/18/2022
/ Bitcoin ,
Blockchain ,
CFTC ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Financial Fraud ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Transactions ,
Investment Opportunities ,
Market Manipulation ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Oversight ,
Securities Regulation ,
Token Sales ,
Trading Platforms
As more market participants, from consumers to major financial institutions and central banks of various countries, become active in the digital asset space, the U.S. regulators are ramping up their oversight activity related...more
7/11/2022
/ Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Federal Jurisdiction ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Standards ,
Securities and Exchange Commission (SEC) ,
Stablecoins
On June 24, the Commodity Futures Trading Commission (“CFTC”) sanctioned Starberry Limited, a Cyprus entity, for operating in the U.S. as an unregistered futures commission merchant (“FCM”) and ordered it to pay $1.3 million...more
Accurate and timely reporting of swap data is the cornerstone of swap regulation. The CFTC had promulgated its swap reporting rules in 2012, and were after 2012 among the first rules implementing the Dodd-Frank Act to...more
6/17/2022
/ Amended Rules ,
CFTC ,
Derivatives Clearing Organizations ,
Designated Contract Markets (DCMs) ,
Dodd-Frank ,
Regulatory Reform ,
Reporting Requirements ,
Swap Data Repositories ,
Swap Dealers ,
Swap Execution Facilities ,
Swaps
Earlier this week, U.S. Sens. Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) introduced the first comprehensive legislation to establish a regulatory framework for digital assets to promote innovation, delineate...more
6/10/2022
/ Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
FERC ,
Financial Regulatory Reform ,
Financial Services Industry ,
IRS ,
Proposed Legislation ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Smart Contracts ,
Stablecoins
On May 25, 2022, the U.S. Commodity Futures Trading Commission (“CFTC”) conducted a public hearing to consider a request from LedgerX, LLC, d.b.a. FTX US Derivatives (“FTX”), to amend its order of registration as a...more
The first in-person ISDA annual general meeting (“AGM”) after the COVID-19 pandemic is wrapping up today in Madrid, Spain. This conference follows the Futures Industry Association Law and Compliance (“FIA L&C”) annual...more
This week, attendees at the FIA L&C conference are gathered in Washington, D.C., for the first time in three years to discuss several issues with significant potential impact on the markets. One such issue is redefining the...more
5/3/2022
/ Broker-Dealer ,
CFTC ,
Decentralized Finance (DeFi) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
FinTech ,
New Guidance ,
Regulation ATS ,
Regulatory Standards ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Swap Execution Facilities