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The Commodity Futures Trading Commission (CFTC) has launched a “crypto sprint” initiative to provide additional regulatory clarity for trading digital assets. CFTC Acting Chairman Caroline D. Pham says the initiative is for trading spot crypto asset contracts that are listed on CFTC-registered futures exchanges, known as designated contract markets (DCMs). “Under President Trump’s strong leadership and vision, the CFTC is full speed ahead on enabling immediate trading of digital assets at the Federal level in coordination with the SEC’s Project Crypto. There is a clear and simple solution the CFTC can implement now. The Commodity Exchange Act currently requires that retail trading of commodities with leverage, margin, or financing must be conducted on a DCM. Starting today, we invite all stakeholders to work with us on providing regulatory clarity on how to list spot crypto asset contracts on a DCM using our existing authority, as I have previously pro...

Today, February 26, the United States Senate Committee on Banking, Housing, and Urban Affairs subcommittee on Digital Assets is hosting a hearing on “Exploring Bipartisan Legislative Frameworks for Digital Assets.” This hearing comes after Donald Trump made cryptocurrency a central focus of his second term, creating a working group in one executive order that was tasked with submitting a report that will “recommend regulatory and legislative proposals.” The Senate Digital Assets Legislation The chairman for this subcommittee is Cynthia Lummis (R-WY), who has been a significant promoter of crypto. She recently introduced a new stablecoin bill, the so-called GENIUS Act, alongside Tim Scott (R-SC), Bill Hagerty (R-TN), and Kirsten Gillibrand (D-NY).  This bill purports to establish jurisdiction over stablecoin issuers who “issue a payment stablecoin in the United States.” Payment stablecoins are described as “a digital asset...

Binance received a “heightened” multi-billion fine following previous public warnings from several regulators, said the CFTC Commissioner. Kristin Johnson, a Commissioner at the Commodity Futures Trading Commission (CFTC), told a digital assets summit on Dec. 5 that Binance reached a multi-agency settlement because of its rule-breaking . According to Commissioner Johnson, the mammoth crypto exchange was not accused of fraud or similar crimes and simply failed to comply with established laws.  For those firms that really do want to successfully operate in this space, there is an increasingly clear template for how to operate. Take the hint. Kristin Johnson, CFTC Commissioner You might also like: Zhao’s resignation and guilty plea: a new era for Binance and crypto? Binance agreed to settlement terms by the CFTC, the U.S. Justice Department, and the Treasury over a lengthy investigation into suspected money laundering, sanctions evasion, and other misconduct. As part of...

Brian Armstrong’s U.S. crypto exchange emailed some users about a court summons received from the CFTC regarding rival platform Bybit. Coinbase, America’s largest crypto exchange, sent emails to select customers concerning a subpoena the company received from the Commodity Futures Trading Commission (CFTC) in the regulator’s investigation into Bybit, a Dubai-headquartered digit asset trading venue.  The notice posted by Coinbase customers on social media explained that the exchange may submit information on certain accounts and their transaction histories by U.S. laws.   No action is required from you, but Coinbase may respond to the Subpoena unless served before November 30, 2023 with a motion to quash or other objection to the subpoena that has been filed with the Court – including by sending information concerning your Coinbase account to the Commodity Futures Trading Commission. Coinbase email on CFTC-Bybit subpeona CFTC Subpoena to Coinbase In The Matter O...

The BNB token defied today’s wider market downturn with a high volume rally, which saw its price hit a 5-month high at $271.90 BNB’s (BNB) price breakout to a 5-month high at $271.90 comes as reporting from the Wall Street Journal highlighted the United States Department of Justice’s plan to announce a $4.3 billion dollar settlement with Binance to end its case. WSJ also reported that Binance founder Changpeng “CZ" Zhao has agreed to step down as CEO of the crypto exchange  While the exact details of the settlement remain unclear until the Nov. 21 press conference at 3 pm ET, crypto market participants appear to perceive the end of the Binance legal saga with the Commodity Futures Trading Commission, United States Securities and Exchange Commission, and DOJ as a positive outcome with potential bullish ramifications the crypto market. Historically, crypto markets react negatively to enforcement actions and the threat of new regulations, but data from Coinglass shows BNB volumes...