Web3/Crypto News
CFTC Technology Advisory Committee to Host "AI Day" on May 2
Washington, D.C. — In a recent announcement, Commissioner Christy Goldsmith Romero revealed plans for an upcoming event titled "AI Day" to be hosted at the Commodity Futures Trading Commission’s Technology Advisory Committee (TAC) meeting on May 2, 2024. The event will be held at the CFTC’s Washington, D.C. headquarters and is open to the public, either in person or through a live webcast on CFTC.gov."AI Day will take place from 1:00 p.m. to 4:00 p.m. (EDT)," stated Commissioner Christy Goldsmith Romero, emphasizing the timing of the event.The main focus of AI Day will...
Commissioner Mersinger to Participate in a Fireside Chat at the Environmental Markets Conference
Commissioner Summer K. Mersinger will participate in a fireside chat at the Environmental Markets Conference. The event is scheduled for Wednesday, May 1, 2024, from 3:30 p.m. to 4:15 p.m. (EDT) at the David L. Lawrence Convention Center, 1000 Fort Duquesne Boulevard, Pittsburgh, PA 15222.The announcement of Commissioner Mersinger's participation at the conference was made without further details on the topics that will be discussed during the fireside chat.The Environmental Markets Conference is a significant event that brings together key stakeholders and experts in...
Latest News
Chairman Behnam Designates Ted Kaouk as the CFTC’s First Chief Artificial Intelligence Officer
By Federal Newswire | May 1, 2024
Washington, D.C. — Commodity Futures Trading Commission Chairman Rostin Behnam has appointed Dr. Ted Kaouk as the agency's inaugural Chief Artificial Intelligence Officer. Dr. Kaouk, who currently holds the position of Chief Data Officer and Director of the Division of Data at the CFTC, will now take on the role of Chief Data & Artificial Intelligence Officer.In response to the appointment, Chairman Behnam highlighted the significance of leveraging data analytics and artificial intelligence to enhance the CFTC's capabilities in overseeing and enforcing regulations in the...
AI Day Agenda Announced for May 2 CFTC Technology Advisory Committee Meeting
By Federal Newswire | May 1, 2024
Commissioner Christy Goldsmith Romero announced the agenda for the upcoming "AI Day" at the Commodity Futures Trading Commission’s Technology Advisory Committee meeting on May 2, 2024. The event will take place from 1:00 p.m. to 4:30 p.m. (EDT) at the CFTC’s Washington, D.C. headquarters and will be open to the public both in person and via live webcast at CFTC.gov."We have a fantastic must-watch agenda for AI Day for anyone interested in digging deeper into how regulators should be approaching AI in regulated financial services, including generative AI," stated...
CFTC Approves Final Rule Amending the Capital and Financial Reporting Requirements of Swap Dealers and Major Swap Participants
By Federal Newswire | Apr 30, 2024
Washington, D.C. — The Commodity Futures Trading Commission today announced it has approved a final rule that amends the capital and financial reporting requirements of Swap Dealers (SDs) and Major Swap Participants (MSPs).According to the announcement, "The amendments make changes consistent with CFTC Staff Letter No. 21-15 regarding the tangible net worth capital approach for calculating capital under CFTC Regulation 23.101, as well as CFTC Staff Letter No. 21-18, as further extended by CFTC Staff Letter No. 23-11, regarding the alternate financial reporting...
Blockchain Association and Crypto Freedom Alliance of Texas file lawsuit against US Securities and Exchange Commission
By Federal Newswire | Apr 30, 2024
Blockchain Association (BA) and the Crypto Freedom Alliance of Texas (CFAT) filed a lawsuit against the Securities and Exchange Commission’s (SEC) Dealer Rule, claiming it overstepped previous rules laid out by the SEC and was not clear regarding digital assets.
CFTC Approves Final Rules on Large Trader Reporting for Futures and Options
By Federal Newswire | Apr 30, 2024
Washington, D.C. — The Commodity Futures Trading Commission today announced approval of final rules to amend its large trading reporting regulations for futures and options. These regulations require futures commission merchants, clearing members, foreign brokers, and certain reporting markets (reporting firms) to report to the Commission position information for the largest futures and options traders.The final rules replace the data elements currently enumerated in the CFTC’s regulations with an appendix specifying applicable data elements. The final rules also provide...
Blockchain Association Submits Comment on Commerce Proposed Rule for IaaS Providers
By Federal Newswire | Apr 29, 2024
On April 29, 2024, the Blockchain Association made a significant move by submitting a comment to the Department of Commerce's proposed rule regarding measures to tackle malicious cyber-enabled activities. In the comment letter, the Blockchain Association highlighted the critical importance of addressing these activities that threaten national security.In their statement, the Blockchain Association emphasized the severity of the issue, stating, "Malicious cyber-enabled activities pose a genuine threat to national security, and BA stands as a resource for regulators seeking...
CFTC to Hold a Commission Open Meeting April 29
By Federal Newswire | Apr 29, 2024
Commodity Futures Trading Commission Chairman Rostin Behnam has announced that the Commission will hold an open meeting on Monday, April 29, at 9:30 a.m. (EDT) at the CFTC’s Washington, D.C. headquarters. The meeting will be open to the public, with options for attending in person, listening by phone, or viewing a live stream at CFTC.gov.During the meeting, Behnam stated, "The Commission will consider the following." Participants can access the live meeting feed by using the provided dial-in numbers or by streaming it on CFTC.gov. Behnam also emphasized the importance of...
FinCEN to Host Webinar on Beneficial Ownership Information Reporting Requirements
By Federal Newswire | Apr 29, 2024
FinCEN, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network, will be hosting a webinar on beneficial ownership information reporting requirements. The webinar aims to provide valuable insights into compliance with the Corporate Transparency Act. The Corporate Transparency Act mandates that numerous companies operating in the United States disclose information to FinCEN regarding their ultimate beneficial owners or controllers. In light of this requirement, a FinCEN representative will lead the virtual information session to guide participants on...
Commissioner Goldsmith Romero to Participate in Roundtable on Derivatives and Climate
By Federal Newswire | Apr 29, 2024
Commissioner Christy Goldsmith Romero is set to take part in a significant event focusing on derivatives and climate. The Commissioner's participation in the upcoming roundtable hosted by the MSCI Sustainability Institute underscores the importance of discussing these critical issues.The event is scheduled to take place on Monday, April 29, 2024, from 9:00 a.m. to 12:00 p.m. (London/GMT) and 4:00 a.m. to 7:00 a.m. (USA/EDT) virtually at MSCI London, 10 Bishops Square, London E1 6EG.According to a press release, Commissioner Christy Goldsmith Romero will be contributing...
Binance co-founder on former CEO: 'millions of community users and ordinary people regard him as a hero of the industry'
By Federal Newswire | Apr 26, 2024
Yi He, a co-founder of the cryptocurrency exchange Binance, expressed her support for Changpeng Zhao (CZ), another co-founder and former CEO of Binance. She stated that CZ has always prioritized cooperation with law enforcement agencies. In her words, if the crypto industry is the "Wild West," then CZ "is the guardian of this wilderness." He made these remarks in a letter of support for CZ, which was filed in court on April 23 ahead of his sentencing on April 30 for a criminal charge related to inadequate anti-money laundering controls at Binance.
Former Binance CEO: 'There is no excuse for my failure to establish the necessary compliance controls'
By Federal Newswire | Apr 26, 2024
Changpeng Zhao, also known as CZ, the co-founder and former CEO of Binance, which is recognized as the largest cryptocurrency exchange globally based on trading volume, has expressed regret over the lack of compliance controls during Binance's formative years. However, he stated that the company "implemented the most stringent anti-money laundering controls of any non-U.S. exchange" in 2022. This statement was part of a letter filed in court on April 23 ahead of his sentencing for anti-money laundering violations at Binance set for April 30.
Chairman Behnam to Participate in a Fireside Chat at a Syracuse University Event
By Federal Newswire | Apr 26, 2024
Chairman Rostin Behnam is set to engage in a fireside chat at Syracuse University & Alumni Night in D.C. The event is scheduled for Friday, April 26, 2024, from 5:00 p.m. to 7:00 p.m. (ET) at Morgan, Lewis & Bockius, located at 1111 Pennsylvania Avenue, NW, Washington, DC 20004.The fireside chat will provide an opportunity for Chairman Behnam to share insights and engage with the Syracuse University community and alumni in attendance. The event promises to be an Evening of Celebration in D.C., bringing together individuals with a shared connection to the university.This...
Cancelled — CFTC Open Meeting for April 29
By Federal Newswire | Apr 26, 2024
Washington, D.C. — The Commodity Futures Trading Commission has announced the cancellation of its Open Meeting scheduled for Monday, April 29, 2024. The decision was made as the matters under consideration are being resolved through the Commission’s seriatim process.This announcement was made by the Commission itself, stating, "The Commodity Futures Trading Commission Open Meeting scheduled for Monday, April 29, 2024 has been cancelled." Additionally, it was clarified that "The matters under consideration are being resolved through the Commission’s seriatim process."The...
Federal Court Orders Unregistered Pool Operator and its President to Pay Over $11 Million for Forex Fraud
By Federal Newswire | Apr 26, 2024
A former resident of Miami, Florida, Darren Robinson, and his firm The QYU Holdings Inc. (QYUHI) have been ordered by a federal court to pay over $11 million for engaging in a fraudulent foreign currency (forex) scheme. Judge Linda V. Parker of the U.S. District Court for the Eastern District of Michigan issued an order of default judgment and a permanent injunction against Robinson and QYUHI.The order bans Robinson and QYUHI from trading in any CFTC-regulated markets and registering with the CFTC. It also requires them to pay $5,923,515.37 in restitution to defrauded...
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DOJ seeks 36-Month prison sentence for former Binance CEO
By Federal Newswire | Apr 25, 2024
The U.S. Department of Justice (DOJ) announced their intent to pursue a 36 month prison sentence for former Binance CEO Changpeng Zhao.
Commissioner Kristin N. Johnson Advocates for Responsible Adoption of AI in Financial Markets
By Federal Newswire | Apr 25, 2024
Commissioner Kristin N. Johnson delivered opening remarks at the FIA L&C Panel on the future-proofing of financial markets through AI and derivatives markets on April 25, 2024. In her address, she emphasized the transformative potential of innovations like generative AI, stating, "Innovations such as generative AI have the power and the potential to alter many aspects of our markets and lives."Johnson highlighted the importance of policing derivatives markets, a cornerstone of the CFTC's mission, and advocated for heightened penalties for the misuse of AI in activities...
Blockchain Association Stands with Consensys in Legal Battle Against SEC
By Federal Newswire | Apr 25, 2024
Blockchain Association CEO Kristin Smith expressed strong support for Consensys in their legal battle against the Securities and Exchange Commission (SEC). Smith stated, "Blockchain Association – and the entire digital asset ecosystem – stands shoulder to shoulder with Consensys as they take the fight to the SEC, challenging the Commission’s ever-expanding overreach and aggression."Smith emphasized the significance of Consensys' lawsuit in defending the Ethereum ecosystem, highlighting its role as a platform for numerous innovations, including stablecoins. She pointed out...
Commissioner Mersinger to Participate on a Panel at FIA’s Law & Compliance Division Conference
By Federal Newswire | Apr 25, 2024
Commissioner Summer K. Mersinger has been announced as a participant in the Commodities/End-User Panel at FIA’s Law and Compliance Division Conference. The event is scheduled to take place on Thursday, April 25, 2024, from 3:45 p.m. to 4:45 p.m. (EDT) at the Gaylord National Resort & Convention Center in National Harbor, MD 20745.The panel discussion is anticipated to be a significant aspect of the conference, focusing on commodities and end-user perspectives in the industry. Commissioner Mersinger's involvement is expected to bring valuable insights and expertise to the...
