After googling it, CFTC boss says DeFi is a ‘bad idea’ and probably illegal
CFTC Commissioner Dan M. Berkovitz has called for a crackdown on unregulated DeFi derivatives platforms. Commissioner Dan M. Berkovitz of the Commodity Futures Trading Commission (CFTC) believes DeFi derivatives platforms may contravene the Commodity Exchange Act (CEA).Speaking as part of a June 8 keynote address dubbed “Climate Change and Decentralized Finance: New Challenges for the CFTC,” Berkovitz notes that: “Not only do I think that unlicensed DeFi markets for derivative instruments are a bad idea, but I also do not see how they are legal under the CEA.”Berkovitz noted that the “CEA....
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The Commodity Futures Trading Commission (CFTC) intensified its focus on the digital asset decentralized finance (DeFi) space, issuing simultaneous orders against Opyn, ZeroEx, and Deridex, Inc. The charges stem from allegations of offering illegal digital asset derivatives trading and failure to comply with regulatory requirements. Related Reading: Is The Crypto Golden Run Over? Top Analyst […]
Bitfinex has been fined by the U.S. Commodity Futures Trading Commision for offering illegal off-exchange financed retail commodity transactions in Bitcoin Bitfinex, one of the world’s largest Bitcoin and cryptocurrency exchanges, has been fined by the U.S. Commodity Futures Trading Commision (CFTC) for offering illegal off-exchange financed retail commodity transactions in Bitcoin and also failing to register as a Futures Commission Merchant (FCM). The company is required by the Order to pay a US$75,000 civil monetary penalty in total, for other alleged illegal operations such as....
The commissioner has said the CFTC’s enforcement actions in the crypto space have been “aggressive," and hinted that decentralized finance platforms were likely illegal under the Commodity Exchange Act. Dan Berkovitz, one of three commissioners currently serving at the United States Commodity Futures Trading Commission, will be joining the Securities and Exchange Commission as general counsel following his departure in October.In a Tuesday announcement, the Securities and Exchange Commission, or SEC, said Berkovitz would assume the role of general counsel starting on Nov. 1, two weeks....
The U.S. Commodity and Future Trading Commission (CFTC) has filed a case against an autonomous decentralized organization (DAO) protocol, bZeroX, and its founders, Tom Bean and Kyle Kistner, for operating illegal activities. The Commission also penalized the platform for $250,000 and ordered it to be ceased and desist from the industry. As per the CFTC’s […]
The U.S. Commodity Futures Trading Commission (CFTC) has ordered a “decentralized” prediction market platform to shut down non-compliant markets and pay a fine of $1.4 million. “Polymarket had been operating an illegal unregistered or non-designated facility for event-based binary options online trading contracts, known as ‘event markets,'” said the derivatives regulator.
CFTC Takes First Crypto Enforcement Action of the Year
The Commodity Futures Trading Commission (CFTC) has taken the first crypto enforcement action of the year in the U.S.....