Latest News
By Federal Newswire | May 2, 2024
Washington, D.C. — The Commodity Futures Trading Commission’s Technology Advisory Committee (TAC), sponsored by Commissioner Christy Goldsmith Romero, recently released a Report on Responsible AI in Financial Markets. The TAC, comprised of esteemed experts in AI, made five recommendations to the Commission on how to approach the evolving landscape of AI in financial markets.Commissioner Goldsmith Romero praised the Committee's approach and emphasized the importance of responsible AI practices in safeguarding financial markets. She highlighted the significance of...
By Federal Newswire | May 2, 2024
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...
By Federal Newswire | May 2, 2024
Commissioner Summer K. Mersinger is set to partake in a Keynote Q&A session at the MFA Legal & Compliance Conference. The event is scheduled to take place on Thursday, May 2, 2024, from 3:00 p.m. to 3:30 p.m. (EDT) at the New York Athletic Club located at 180 Central Park S, New York, NY 10019.The conference, organized by the Managed Funds Association (MFA), will provide a platform for industry professionals to discuss legal and compliance matters within the financial sector. More information about the event can be found on the MFA Legal & Compliance New York 2024...
By Federal Newswire | May 1, 2024
Mark Mordi, a partner at the law firm Aluko & Oyebode, has described the Nigerian government's detention of his client, former U.S. federal agent Tigran Gambaryan, as "state-sanctioned hostage-taking." This statement was made during court proceedings in Nigeria on April 23.
By Federal Newswire | May 1, 2024
Tigran Gambaryan, a former U.S. federal agent and currently the head of financial crime compliance at a global cryptocurrency exchange, has appealed to the U.S. government for assistance in leaving Nigeria. He expressed uncertainty about his ability to leave without their support. This plea was made public through a video statement shared in an April 9 change.org petition initiated after Gambaryan became entangled in what his attorney refers to as a "state-sanctioned hostage-taking" in Nigeria.
By Federal Newswire | May 1, 2024
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...
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...
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...
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...
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.
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...
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...
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...
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...
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...
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.
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.
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...
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...
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...
