CFTC

To shed light on the process for determining the level of risk a financial entity may pose to the U.S. economy, the Financial Stability Oversight Council (FSOC) unanimously approved final versions of a new analytic framework for making such determinations, as well as updated guidance on the council’s determination process tailored for nonbank financial entities.   

The FSOC Analytic Framework details the vulnerabilities and transmission channels which most frequently contribute to financial stability risks, whether these activities stem from widely conducted activities or individual firms.

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Three of the country’s largest financial institutions recently accrued $53,000 in fines between them from the Commodity Futures Trading Commission for violating rules implemented under the Dodd-Frank Act to establish certain swap data and disclosure requirements.  Read on »

With the midnight deadline looming, Congress passed an 11^th hour spending bill led by House Speaker Kevin McCarthy (R-Calif). The measure provides federal funding through Nov. 17, at which point new legislation will be required to keep the government up and running. Read on »

The Commodity Futures Trading Commission filed the first civil enforcement action in federal court for a scheme to unlawfully obtain millions of dollars in digital assets. The type of scheme is sometimes called “oracle manipulation,” which involves the hacking and manipulation of a smart contract to cause a system failure, theft, or other damages. Read on for more details. Read on »

The Biden Administration released its fall 2022 regulatory agenda outlining the regulations that have seen some advancement through the rule-making process. In it are a significant number of mortgage- and lending-related regulations intended to aid borrowers, increase efficiencies, and increase cybersecurity protections, which are expected to see finalized rules this year. Read on for more details. Read on »

In September 2022, the Commodity Futures Trading Commission (CFTC) filed a complaint in federal district court in San Francisco against Ooki DAO, a decentralized autonomous organization, alleging violations of the Commodity Exchange Act and CFTC Regulations. Supporters of Ooki DAO asserted in an amicus brief the CFTC could not bring a complaint against Ooki DAO because it is not an entity. The court disagreed. Read on for more details. Read on »

The House Financial Services Committee heard testimony from FTX CEO John Ray III regarding the collapse and ongoing bankruptcy of the cryptocurrency exchange. Former CEO Sam Bankman-Fried, who was originally supposed to testify before the committee, was not present due to his arrest in the Bahamas. Read on for more details. Read on »

Bahamas-based cryptocurrency exchange FTX was valued at approximately $32 billion at the start of November. On Nov. 11, following a failed effort to be bought by competitor Binance, FTX began bankruptcy proceedings in US federal court. California’s Department of Financial Protection and Innovation announced plans to investigate the failed crypto exchange company immediately after the bankruptcy proceedings were announced. Read on for more details. Read on »

Democrat senators and representatives sent letters to federal financial regulators pressing them for answers regarding each agency’s ethics guidelines as they relate to the “revolving door” of government employees becoming lobbyists or consultants as a result of their employment with the government. The specific concern relates to the number of ex-government employees that have left the public sector for crypto and fintech firms. Read on for more details. Read on »

The Commodity Futures Trading Commission has issued an order simultaneously filing and settling charges against bZeroX, LLC and its founders Tom Bean and Kyle Kistner for illegally offering leveraged and margined retail commodity transactions in digital assets as well as other federal charges.

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