Coinbase Chief Legal Officer Paul Grewal has raised concerns on social media regarding the Commodity Futures Trading Commission’s (CFTC) proposed rule to ban certain event contracts. Coinbase has also formally responded to the proposal, urging the CFTC to reconsider its stance, which the company argues could stifle innovation in the prediction markets. Coinbase Urges CFTC…
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The Commodity Futures Trading Commission (CFTC) warns about repeated fraud targeting victims multiple times, often by the same criminals. Common fraud types include relationship crypto frauds, also known as “pig butchering,” where scammers form online relationships, encourage investments in bogus crypto trading schemes, and then steal funds. Victims often face additional scams, such as fraud-recovery…
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Several federal agencies, including the Federal Bureau of Investigation (FBI) and the U.S. Securities and Exchange Commission (SEC), convened at a Fraud Disruption Conference to combat crypto scams, particularly the “pig butchering” fraud that siphons billions from Americans annually. The meeting brought together over 300 officials from 15 federal agencies to strategize against this pervasive…
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Crypto exchange Bitmex has pleaded guilty to violating the Bank Secrecy Act (BSA) by failing to maintain an adequate anti-money laundering (AML) program, resulting in the company being a vehicle for large-scale money laundering. The DOJ announced this plea following previous legal actions and settlements. Bitmex says: “We have accepted the BSA charge, will seek…
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During his Senate testimony, the chairman of the Commodity Futures Trading Commission (CFTC) emphasized the necessity of federal legislation to regulate digital commodities such as bitcoin and ether. Citing market volatility and fraud, the chairman advocated for expanded regulatory powers to safeguard investors and maintain financial stability. He also referenced a recent court ruling that…
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The U.S. Commodity Futures Trading Commission (CFTC) filed a case against Sam Ikkurty, Ravishankar Avadhanam, and Jafia LLC for civil violations of the Commodity Exchange Act (CEA), specifically involving cryptocurrency investments. The court granted the CFTC’s motion for summary judgment on Monday, finding that the defendants misrepresented the performance of their crypto funds, operated a…
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The Commodity Futures Trading Commission (CFTC) has initiated an inquiry into the cryptocurrency activities of Chicago-based Jump Trading, according to a report by Fortune’s Leo Schwartz. This investigation forms part of a larger regulatory review, though it does not suggest any wrongdoing by the firm. Jump Trading Under CFTC Scrutiny Jump Trading, noted for its…
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Former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo has emphasized former U.S. President Donald Trump’s critical role in the cryptocurrency industry, dubbing him “America’s first crypto president” due to the approval of bitcoin futures during his administration. Trump’s crypto stance has evolved significantly since he was in office. ‘Trump May Justifiably Claim to Be…
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Billionaire Peter Thiel’s Founders Fund recently led the Series B funding round for the crypto-based prediction markets platform, Polymarket, which raised $45 million. The latest round valued Polymarket lower than the $1 billion it had anticipated before the Commodity Futures Trading Commission proposed a ban on events betting contracts. CFTC Seeks to Clamp Down on…
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Paxos, a leading regulated blockchain and tokenization infrastructure platform, appointed Christopher Giancarlo, the former Chairman of the United States Commodity Futures Trading Commission (CFTC), to its board of directors on May 14. Giancarlo, a respected figure in the financial services industry and a passionate advocate for blockchain technology brings decades of expertise to Paxos as…
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