CFTC

The financial services industry has had its hands full keeping up with a multitude of actions by federal agencies rescinding and sometimes replacing guidance and entire programs related to regulatory provisions and the treatment of digital assets. Learn about some of the most recent actions affecting financial policy in this regulatory roundup. Read on »

Nine federal agencies are listed on a joint proposal to establish technical data standards for certain financial institutions as required by the Financial Data Transparency Act of 2022. The standards would assign common identifiers for entities, geographic locations, dates, and certain products and currencies to promote data interoperability across regulatory agencies. Read on »

Legislation seeking to limit the Securities and Exchange Commission’s authority over digital assets was vetoed by President Joe Biden after passing in the House and Senate with bipartisan support. Biden said his decision was based on concerns the resolution might constrain regulators’ ability to set guidelines for the cryptocurrency industry. Read on »

From appraisal bias to redressing consumers harmed by a tech support scam, federal regulators have remained busy in recent weeks. Find out details about these topics and more in this week’s regulatory roundup. Read on »

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 »