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NY Times February 10, 2011 Interview with CFTC Chairman Gensler who "has been pushing aggressively to impose the Dodd-Frank rules, although he has had to dial back on a few occasions in order to strike a compromise." Gensler states that the CFTC has had 475 meetings with outsiders in 5 months on Dodd-Frank and that the CFTC needs 400 more people. Cross References Dodd-Frank Act, Title VII

Commentary Prof. Craig Pirrong criticizes the French President Sarkozy and European Commissioner Michael Barnier for demonizing speculation and placing blame for recent commodity price spikes on speculators. Characterizing the the Sarkozy-Barnier approach as "intellectually bankrupt," Pirrong points out that the European Commission has censored its own research into food prices under pressure from President Sarkozy. notwithstanding the lack of evidence that speculation is responsible for the current high food prices. A new E.U. study came to exactly the same conclusion, finding no evidence of

News Article Commodities trading firms and exchanges are in the process of drafting robust responses to new rules, outlined under the European Commission's review of the markets in financial instruments directive, which they fear European governments may use as a 'back door' for price controls. The European Commission's proposed rules seek to prevent traders from manipulating commodities markets, a common political accusation in the summer of 2008 when food and energy prices soared to record highs. The EU is following in the footsteps of the US, which introduced similar rules under the Dodd

U.S. Congress April 6, 2011 Senators Tim Johnson (D-SD) and Debbie Stabenow (D-MI) and Representatives Frank Lucas (R-OK) and Spencer Bachus (R-AL) sent a letter to Treasury Secretary Timothy Geithner, Board of Governors of the Federal Reserve System Chairman Ben Bernanke, SEC Chairman Mary Schapiro, and CFTC Chairman Gary Gensler advising regulators to provide an exemption from margin requirements for end-user derivatives transactions. The letter states: "Regulators should exempt end-users from margin requirements and seek to limit other regulatory burdens that could have the unintended

Commentary by Steven Lofchie

The CFTC filed and simultaneously settled charges against a Hong Kong-based bitcoin exchange for (i) offering illegal off-exchange financed retail commodity transactions in bitcoin and other "cryptocurrencies," and (ii) failing to register as a futures commission merchant pursuant to CEA requirements.