CFTC aggressively enforced actions against 18 crypto-related cases in 2022


The Commodity Futures Trading Commission (CFTC) said it actively implemented 18 crypto-related legal actions in 2022 to demonstrate its commitment to protecting consumers and ensuring market integrity. rice field.

CFTC 2022 Enforcement report — Released October 20 — Highlighted fines of more than $2.5 billion in 82 lawsuits involving commodity assets, including cryptocurrencies.

Crypto-related actions accounted for more than 20% of that enforcement, as 18 entities were indicted.The report highlights actions against Ooki DAO, Digitx Futures, Gemini exchange, Tether and Mirror Trading International. .

The CFTC set a precedent after indicting the Oki DAO on Sept. 22 and imposing a $250,000 fine. Alleged that the DAO provided illegal leverage and margin trading services and failed to comply with bank secrecy laws.

Virtual currency exchange “Digitex Futures” Paid Due to offering unregistered futures offerings, manipulating the native token DGTX, and failing to enforce KYC and anti-money laundering measures.

The CFTC sued cryptocurrency exchange Gemini in 2017 for providing false information about the vulnerability of futures contracts to market manipulation.

The stablecoin issuer Tether indicted It also fined the company $41 million for making misleading statements about holding US dollars in its reserves.

South Africa-based Mirror Trading International (MIT) has been charged with defrauding investors of more than $1.7 billion in bitcoin.

CFTC Chairman Rostin Behnam said the CFTC is actively trying to prosecute bad actors in the cryptocurrency market. Benham said:

“The 2022 Enforcement Report shows that the CFTC continues to aggressively police new digital commodity asset markets using all available tools.”

More Regulatory Power Coming to CFTC

In early June, several cryptocurrency exchanges expressed their support for the CFTC to become the primary regulator of the cryptocurrency industry.

The U.S. Senate Agriculture Committee has moved to submit a bill that would delegate the regulation of digital goods, including Bitcoin and Ethereum, to the CFTC.

Backing the lawmakers’ proposal, SEC Chairman Gary Gensler said he wanted the CFTC to have more regulatory powers “as long as it doesn’t take power away from the SEC.”

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