Departing from its historical practice but following the approach taken by the SEC and FINRA, the Commodity Futures Trading Commission (CFTC) on Feb. 12, 2019, announced its first release of
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CFTC
Financing Bitcoin: The Problem of Actual Delivery
By Matthew Frankle & Nora Wong on
The CFTC has asserted that Bitcoin is, and other virtual currencies may be, commodities under the Commodity Exchange Act. As such, pursuant to Section 2(c)(2)(D) of such Act, “off exchange”…
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Regulators Weigh in on Digital Assets, Tokens, Securities, and Derivative Instruments Used in ICOs
The rise of blockchain technology ventures raising money preternaturally through initial coin offerings and token generation events (collectively, ICOs) is a capital formation disruptor, one which has and will continue…
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Greenberg Traurig’s Carl Fornaris and William Mack Participate at FMA’s Legal and Legislative Issues Conference
By Greenberg Traurig on
Shareholders Carl A. Fornaris and William B. Mack of global law firm Greenberg Traurig, LLP will be participating at the Financial Markets Association’s 2017 Treasury and Capital Markets Legal and…
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Details on the CFTC’s New Self-Reporting Policy
By Jeffry M. Henderson & William Mack on
On Sept. 25, 2017, the Program on Corporate Compliance and Enforcement and the Institute for Corporate Governance and Finance at New York University School of Law hosted a policy speech
…
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No Action Relief Regarding Variation Margin Rules
By Nanette Aguirre on
Yesterday, the U.S. Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) announced the issuance of a time-limited no-action letter stating that, from March 1, 2017…
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The US Attorney, CFTC, and Navinder Sarao
We have previously provided updates1 on the Navinder Singh Sarao case, pending in the U.S. District Court for the Northern District of Illinois. After being charged in February 2015…
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Coscia Gets 3 Years in Prison: The Criminalization of Trading Commodities?
By Harris L. Kay & Gregory K. Lawrence on
Sarao, Coscia, and now the Berkshire Power Company, each charged with crimes – spoofing, fraud, false information – relating to commodity trading. Commodity traders likely have incorporated into their compliance…
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CFTC Issues Sweeping Proposed Rulemaking Regarding Automated Trading
By Harris L. Kay on
Posted in CFTC
On Nov. 24, the United States Commodity Futures Trading Commission (CFTC) unanimously proposed a set of sweeping rules that would govern individuals and entities engaged in automated trading on U.S. …
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CFTC Picking Up the Pace of Whistleblower Program
By Douglas M. Grom & Douglas E. Arend on
Both the SEC and the CFTC were authorized by the Dodd-Frank Act to reward certain persons for providing information that leads to an enforcement action. Prompted by such a “whistleblower’s” notification, the CFTC investigated and initiated a widely-reported civil enforcement action against a trader. Under the CFTC’s implementation of the whistleblower program, for information that leads to monetary sanctions in excess of $1 million, whistleblowers can be paid between 10% and 30% of the sanction.
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