The CFTC says that over 20% of all its investigations in the past year were related to cryptocurrencies or blockchain
The Commodity Futures Trading Commission (CFTC) says 18 of the 82 enforcement actions it filed in 2022 involved blockchain and digital assets.
In its latest enforcement reportThe agency says it has filed charges against several entities in the crypto space that committed various violations this year.
These include South Africa-based pool operator Mirror Trading International (MTI), which is involved in what the CFTC says is the largest Bitcoin-related fraud scheme it has dealt with.
The regulator also filed charges against crypto futures exchange Digitex Futures, digital exchange and custodian Gemini, decentralized blockchain protocol bZeroX and its successor Ooki DAO, stablecoin issuer Tether and crypto trading platform Bitfinex.
Says CFTC Chairman Rostin Behnam,
“In the face of unprecedented financial market conditions that directly affect American consumers, new technological disruptions, and increasing participation by private investors, the CFTC continues its unwavering commitment to a robust enforcement program that ensures the markets we oversee are open, transparent, fair, and competitive…
This fiscal year 2022 enforcement report shows that the CFTC continues to aggressively monitor emerging digital commodity markets with all available tools. I personally thank the Enforcement Division’s hard-working and dedicated management team and staff.”
Behnam has said he wants the CFTC to do so regulate Bitcoin (BTC), Ethereum (ETH) which are goods instead of securities, and that the commission is still working on designating the rest of the crypto markets.
“We have to figure that out, I think legally, because this is a new asset class and there are different components and characteristics of this asset class as opposed to traditional asset classes. We have to rely on 70-year-old case law to determine what is a value, what is a commodity. We have at least one court case in the Eastern District of New York that says Bitcoin is a commodity. There are other cases out there and we’re just trying to figure this out.”
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