The U.S. House Financial Services Subcommittee on Consumer Protection and Financial Institutions held a hearing to consider proposed legislation on novel financial institution charters such as industrial loan companies, as well as state charters and licenses for cryptocurrency and blockchain firms.
The CFTC Market Participants Division provided temporary no-action relief to permit futures commission merchants to invest customer funds in certain securities containing an adjustable interest rate that is benchmarked to the Secured Overnight Financing Rate.
In a 3-2 vote, the CFTC adopted a final rule that applies federal speculative position limits to 25 "core referenced futures contracts," including futures and options linked to those contracts and economically equivalent swaps.
The DOJ filed a civil forfeiture complaint alleging that North Korean cyber actors stole millions of dollars' worth of cryptocurrency and then laundered the funds through Chinese OTC cryptocurrency traders.
The U.S. District Court for the Southern District of New York held that certain syndicated loans sold to institutional investors are not "securities" and rejected claims of violations of federal and state securities laws.
In a working paper published by the London School of Economics, Visiting Professor David Murphy recommended improvements to regulatory review, and used the requirement of mandatory clearing of OTC derivatives as a case study.
In a briefing before the Energy and Environmental Market Advisory Committee, the CFTC's Market Intelligence Branch concluded that "the derivatives markets appear resilient in the face of lower liquidity and historic volatility and volume."
In response to requests from the Alternative Reference Rates Committee, CFTC staff provided relief to market participants relating to the transition from swaps referencing LIBOR and other interbank offered rates.