CFTC Commissioner Stump outlined the agency's regulatory and enforcement authority with respect to digital assets. Commissioner Stump noted the proliferation of digital assets has resulted in the "grossly inaccurate oversimplification" that such assets are either SEC-regulated securities or CFTC-regulated commodities.
Three individuals settled CFTC charges for their part in a fraudulent scheme that involved offering customers "an opportunity to profit from speculative trading that was based upon price fluctuations in Bitcoin."
In comments on FINRA's proposed amendments to rules governing margin on "To Be Announced" and other "Covered Agency Transactions," SIFMA, SIFMA's Asset Management Group and the Bond Dealers of America addressed the cost, competitive impact and implementation timing of the proposal.
At the FIA and SIFMA AMG Asset Management Derivatives Forum 2021, CFTC Commissioner Dan M. Berkovitz raised concerns regarding the legality of decentralized finance. He also described how the CFTC can support the transition to a carbon-neutral economy and highlighted recent agency regulatory developments.
The SEC and CFTC charged two investment advisers and their portfolio managers with making material misrepresentations to investors as to worst-case losses, risk management and the advisers' risk profile of the portfolios they managed.
The CFTC charged two individuals, including well-known technology entrepreneur John McAfee, with engaging in a "pump-and-dump" scheme involving digital assets. It is the first ever enforcement action for a manipulative scheme involving digital assets.