Latest News
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...
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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.
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...
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...
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...
By Federal Newswire | Apr 25, 2024
A federal court has ordered a California-based precious metals company, its CEO, and a senior salesperson to pay over $56 million for fraud in connection with precious metals sales. The order, entered by Judge R. Gary Klausner of the U.S. District Court for the Central District of California, requires the defendants to pay restitution, disgorgement, and civil monetary penalties totaling $56.35 million.According to the Commodity Futures Trading Commission (CFTC), the defendants engaged in a fraudulent scheme from November 2019 to June 2022, convincing at least 950 people...
By Federal Newswire | Apr 24, 2024
Washington, D.C. — Commissioner Christy Goldsmith Romero has announced that "AI Day" will be held at the Commodity Futures Trading Commission’s Technology Advisory Committee (TAC) meeting on May 2, 2024. The event will take place at the CFTC’s Washington, D.C. headquarters from 1:00 p.m. to 4:00 p.m. (EDT).According to Commissioner Romero, "AI Day is a continuation of the TAC’s study of AI, and the concept of Responsible AI in financial markets." The public is invited to attend the event in person or watch it via live webcast on CFTC.gov.Confirmed speakers for AI Day...
By Federal Newswire | Apr 24, 2024
Commissioner Christy Goldsmith Romero is set to participate in a panel discussion at FIA's Law & Compliance Conference. The panel, titled "AI and Machine Learning: The Unknown Future Rolls Towards Us," will take place on Wednesday, April 24, 2024, from 2:45 p.m. to 3:45 p.m. (EDT) at the Gaylord National Resort & Convention Center in National Harbor, MD.The event aims to delve into the implications of artificial intelligence and machine learning in the legal and compliance sectors. Commissioner Goldsmith Romero's participation underscores the importance of addressing the...
By Federal Newswire | Apr 23, 2024
Timothy Massad, former chairman of the U.S. Commodity Futures Trading Commission (CFTC), has warned that "stablecoins could have national security implications," advocating for stronger regulations in this area. Massad's statement was part of a research paper published by the Brookings Institution on April 17.
By Federal Newswire | Apr 23, 2024
Washington, D.C. — The Commodity Futures Trading Commission (CFTC) approved final rules to amend its swap execution facility (SEF) regulations related to uncleared swap confirmations to address issues which have been addressed in CFTC staff no-action letters, including the most recent CFTC No Action Letter No. 17-17, as well as associated conforming and technical changes. The final rules are effective 30 days after publication in the Federal Register. Upon the effective date of the final rules, CFTC No Action Letter No. 17-17 will expire.
By Federal Newswire | Apr 23, 2024
The Blockchain Association (BA) and the Crypto Freedom Alliance of Texas (CFAT) have taken legal action against the Securities and Exchange Commission (SEC) by filing a lawsuit in the Northern District of Texas. The lawsuit aims to challenge the SEC's "Dealer Rule" expansion, which the plaintiffs argue poses a threat to the American digital asset industry and innovation.According to the complaint, the SEC's expansion of the Dealer Rule is deemed unlawful and arbitrary, violating the Administrative Procedure Act (APA). The rulemaking process was criticized for lacking...
By Federal Newswire | Apr 22, 2024
On April 22, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a reminder to financial institutions to stay alert in detecting and reporting suspicious activities linked to environmental crimes. The call comes as the nation observes Earth Day, emphasizing the importance of safeguarding the environment.According to FinCEN, environmental crimes often involve cross-border criminal operations associated with various Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Priorities, such as corruption, fraud, human trafficking, and drug...
By Federal Newswire | Apr 22, 2024
Washington, D.C. — 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 take place at the CFTC Headquarters Conference Center located at Three Lafayette Centre, 1155 21st Street N.W., Washington, D.C. 20581.The public is invited to attend the meeting in person, listen by phone, or view a live stream at CFTC.gov. Those interested in participating virtually can access the live meeting feed through dial-in...
By Federal Newswire | Apr 22, 2024
Washington, D.C. — The Commodity Futures Trading Commission has announced an extension of the public comment period deadline for a proposed rule addressing governance and conflicts of interest within designated contract markets and swap execution facilities. The deadline for submitting comments has been pushed back to May 13, 2024, as stated by the Commodity Futures Trading Commission.The proposed rule, which introduces modifications to rules for SEFs and DCMs in Part 37 and 38, aims to establish governance requirements related to market regulation functions and conflicts...
By Federal Newswire | Apr 19, 2024
Julie Singleton, Communications Director for Congressman Rich McCormick (GA-06), stated that the Congressman is "working with the appropriate officials" to secure the release of Tigran Gambaryan, Head of Financial Crime Compliance at Binance. Gambaryan was detained by the Nigerian government on February 26. Singleton relayed her statement to Federal Newswire on April 17.
