Commodities

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 »

Cryptocurrency exchange platform Coinbase filed an action in federal court seeking to compel the Securities and Exchange Commission (SEC) to provide a response to a petition filed by the company in July 2022. The petition requested the SEC propose and adopt clearer regulatory guidelines for the cryptocurrency industry. Read on for more details. 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 White House released a fact sheet entitled the “First-Ever Comprehensive Framework for Responsible Development of Digital Assets” which provides insight into the federal government’s current assessment of the digital asset space. The fact sheet has been part of the White House and President Joe Biden’s efforts to develop regulatory standards for digital assets in the U.S. Read on for more details. Read on »

The Securities and Exchange Commission charged 11 individuals for their alleged roles in creating a $300 million crypto pyramid scheme. The alleged fraudulent blockchain scheme spanned multiple countries including the U.S. and Russia.

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In 2012, Ripple Labs developed XRP, a cryptocurrency meant to facilitate international transactions. In December 2020, the Securities and Exchange Commission (SEC) brought suit against Ripple and two of its executives for selling XRP, which the SEC classified as an unregistered security.

Since then, a legal battle has been ongoing that many experts see as being a watershed case for crypto regulation.

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The cryptocurrency exchange platform Coinbase announced it will be laying off approximately 18 percent of its workforce following significant declines in crypto markets in recent months.

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The United States Senate Republican Policy Committee has released a policy paper setting forth the GOP’s current policy position on cryptocurrency. The paper looks at the potential benefits and risks of cryptocurrency and relating technology becoming more mainstream.

The paper also makes note of President Joe Biden and other Democrats for their approach to cryptocurrency regulation.

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Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) are developing bipartisan legislation designed to establish a regulatory framework for the crypto industry. The senators are trying to address safety and consumer protection concerns while providing stability and oversight to the digital asset markets.

Treasury Secretary Janet Yellen has also spoken publicly for the first time about the role Treasury will take in the future crypto regulatory framework; and SEC Chair Gary Gensler continues his efforts to expand investor protections in the crypto markets.

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Rep. Tom Emmer (R-Minn.) and seven other members of Congress have sent a letter to the Securities and Exchange Commission (SEC) Chair Gary Gensler asking for answers regarding the probing of crypto companies.

The questions were primarily focused on the use and scope of the SEC’s authorities in its Division of Enforcement and Division of Examination.

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