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☆ CFTC floats ban on election bets
▼ + stars: | 2024-05-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFTC floats ban on election betsCFTC Chair Rostin Behnam joins CNBC's 'Squawk on the Street' to discuss the ban on election bets, consumer demand, and more.

Persons: Behnam Organizations: CFTC

☆ Securities traders are gathering in Washington, trying to figure out what the SEC is doing
▼ + stars: | 2023-10-11 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, June 24, 2011. The big topic: trying to figure out what the Securities and Exchange Commission is doing. These wholesalers may send the orders to exchanges, but often match the orders against their own internal order flow. Gallagher will also likely weigh in on payment for order flow as well. "I'm doing everything backwards, I'm leaving a trade group and going into politics, but sometimes you gotta step up."

Persons: There's, Gary Gensler, Gensler, Schwab, ETrade, Hester Peirce, Jonathan Kellner, Peirce, Hope Jarkowski, Rostin Behnam, Dan Gallagher, Matt Andresen, Gallagher, Jim, George Santos, Santos Organizations: U.S . Securities, Exchange, SEC, Securities, Securities and Exchange, Security Traders Association, Security Traders Association of New, Marriott Marquis, Intelligence, Citadel, Republican, MEMX, Democratic, NYSE, CFTC, Corporate, Headlands Technology, Congress Locations: Washington, Security Traders Association of New York, U.S, Long

☆ CFTC: U.S. regulators needed to step in aggressively on Binance
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 28 (Reuters) - Activity at Binance was a pretty clear case of evasion and U.S. authorities needed to step in aggressively and as quickly as possible, the chairman of the Commodity Futures Trading Commission said on Tuesday. The U.S. agency sued Binance, the world's largest crypto exchange, on Monday. Behnam said Binance was a common enterprise comprised of dozens and dozens of entities scattered across the globe. "Not having a headquarters, not having a location is not going to prevent the CFTC from coming after you," he said. "So we're going to vigorously continue and fight this case in court," he told the CFTC.

☆ CFTC chairman on Binance lawsuit
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFTC chairman on Binance lawsuitRostin Behnam, chairman of the Commodity Futures Trading Commission, joins CNBC's 'Squawk Box' to discuss the commission's investigation and subsequent lawsuit against Binance, details behind the suit, and more.

LONDON, March 28 (Reuters) - Binance founder Changpeng Zhao could never be accused of thinking small. The 46-year-old CEO didn't waver in his belief as he built up his crypto exchange. Binance and Zhao did not respond to requests for comment for this article. Binance became the world's biggest crypto exchange within six months, and now accounts for about 60% of global crypto trading volumes, according to research firm CryptoCompare. While Binance has hired widely from the traditional financial and regulatory worlds in recent years, Zhao's tight control over his company has continued.

March 27 (Reuters) - Major cryptocurrency exchange Binance and executives, including CEO and founder Changpeng Zhao, have been sued by the U.S. Commodity Futures Trading Commission (CFTC) for regulatory violations, according to a court filing on Monday. Binance's compliance program has been "ineffective" and the firm, under the direction of Zhao, told employees and customers to go around compliance controls, the CFTC said. It also accused Binance's former Chief Compliance Officer Samuel Lim of aiding and abetting Binance's violations. "For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. Its core Binance.com exchange, the world's biggest, processed trades worth about $23 trillion last year, according to data provider CryptoCompare.

The CFTC sued Binance, Zhao and its former top compliance executive with "willful evasion" of U.S. law, "while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit." "Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint," Zhao said in a statement. Firms such as brokers that facilitate U.S. customers' trading of such products are required to register with the agency. 'PIRATE SHIP'Founded in Shanghai in 2017, Binance sits at the heart of the global crypto industry. With a holding company based in the Cayman Islands, Binance has never revealed the location of its core exchange.

☆ CFTC Picks Former Cybercrime Prosecutor as Enforcement Chief
▼ + stars: | 2023-02-28 | by ( Dave Michaels | ) www.wsj.com time to read: 1 min

The CFTC has played a less conspicuous role than the SEC in policing the crypto market but has brought enforcement cases against BitMEX and Coinbase. WASHINGTON—The Commodity Futures Trading Commission hired a former cybercrime prosecutor who oversaw some early federal cases involving cryptocurrencies as its enforcement chief, the latest example of regulators adapting to the risks posed by digital assets and other financial innovations. In his new post, Ian McGinley oversees a team of 120 civil-enforcement attorneys who investigate fraud and misconduct in futures markets tied to energy and agricultural commodities, as well as the newer world of digital assets that qualify as commodities, CFTC Chairman Rostin Behnam said Monday in an interview.

Law firms Akin Gump Strauss Hauer & Feld LLP FollowNEW YORK, Feb 28 (Reuters) - The U.S. Commodity Futures Trading Commission (CFTC) has hired a former New York prosecutor with expertise in cryptocurrency and cyber crimes to lead its enforcement unit, the agency said in a statement on Tuesday. CFTC Chairman Rostin Behnam in the statement described McGinley as a "leader in combatting modern financial fraud". "His background as a prosecutor with unique experience in commodities, crypto, and cyber-crimes and frauds makes him an ideal person to lead the CFTC’s enforcement team," Behnam said. McGinley, whose appointment is effective immediately, replaces the CFTC's acting director of enforcement and veteran CFTC official Gretchen Lowe. Reporting by Chris Prentice Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ These top deputies of Sam Bankman-Fried were former regulators who tried to expand FTX's reach in Washington, report says
▼ + stars: | 2022-12-27 | by ( Brian Evans | ) www.businessinsider.com time to read: +3 min

Some of Sam Bankman-Fried's top advisers were former officials at the CFTC and SEC, according to the LA Times. And in August 2021, Wetjen requested a meeting with CFTC Chairman Rostin Behnam and his chief of staff. "Reaching out to seek some time to discuss with you a LedgerX matter of considerable urgency," Wetjen wrote to Behnam. Behnam was forthright about his meeting with Bankman-Fried when asked on December 1 by the Senate Agriculture Committee, and said the meeting was related to FTX's clearinghouse application. Bankman-Fried."

The answer is simple, according to more than a dozen Washington insiders, FTX employees, and crypto industry observers who spoke with Insider. I don't think anyone believed that he was going to fund candidates who were, quote unquote, committed to ending pandemics who were also hostile to the crypto industry." Alex Wong/Getty ImagesRebuffed by the SEC, Bankman-Fried turned his attention to Congress. "It's not that he was welcoming regulation," says the senior figure in the crypto industry who attended meetings with Bankman-Fried. But while Bankman-Fried was busy wooing Washington, FTX was about to become Exhibit A in the case for more effective oversight of the crypto industry.

☆ FTX Collapse Draws Senate Hearing Scrutiny as Crypto Oversight in Focus
▼ + stars: | 2022-12-01 | by ( Dave Michaels | ) www.wsj.com time to read: 1 min

WASHINGTON—Senators with a plan to regulate cryptocurrencies are due to question the Commodity Futures Trading Commission’s chairman about the failure of the digital-asset exchange FTX and on legislation that would give that agency more power over the volatile market. CFTC Chairman Rostin Behnam is scheduled to testify at Thursday’s hearing of the Senate Agriculture Committee. The panel’s chairwoman, Sen. Debbie Stabenow (D., Mich.), and its ranking member, Sen. John Boozman (R., Ark. ), introduced a bill that would regulate trading in bitcoin, ether and some other cryptocurrencies through the commission. Giving the CFTC, a relatively small agency, authority to police trading in the most valuable crypto assets would mark a substantial expansion of its authority.

☆ FTX Collapse Draws Senate Scrutiny as Lawmakers Push for Crypto Oversight
▼ + stars: | 2022-12-01 | by ( Dave Michaels | ) www.wsj.com time to read: 1 min

WASHINGTON—Lawmakers should pass legislation that would impose strict rules on cryptocurrency exchanges, including rules to limit or prohibit the conflicts of interest that contributed to FTX’s collapse, Commodity Futures Trading Commission Chairman Rostin Behnam said Thursday. Speaking to members of the Senate Agriculture Committee, Mr. Behnam said he still supported a bill that would give his small agency authority to police trading in bitcoin, ether and other digital assets classified as commodities. FTX and its founder Sam Bankman-Fried also lobbied in support of the legislation before the firm’s collapse last month.

☆ Former FTX CEO Sam Bankman-Fried met with top officials at the CFTC more than 10 times over the past 14 months, says chairman Rostin Behnam
▼ + stars: | 2022-12-01 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — The founder and former CEO of failed cryptocurrency exchange Sam Bankman-Fried met with high-level officials at the Commodity Futures Trading Commission more than 10 times over the past 14 months, including with CFTC Chairman Rostin Behnam. The proposed change was still pending approval by the time FTX filed for bankruptcy earlier this month. Over the past 14 months, we met 10 times in the CFTC office at their request all in relation to this (derivatives clearing organization); this clearinghouse application," Behnam told committee chair Sen. Debbie Stabenow, D-Mich. Later in the hearing, Behnam told Sen. Tommy Tuberville, R-Ala., that emails were also exchanged between the parties. And I felt I needed to be engaged as the chairman of the agency that met directly with FTX and Mr.

☆ U.S. CFTC chair to be questioned over FTX collapse by lawmakers
▼ + stars: | 2022-12-01 | by ( Hannah Lang | ) www.reuters.com time to read: +3 min

The hearing, entitled "Lessons Learned From the FTX Collapse, and the Need for Congressional Action", will take place at 10am Eastern Time (1500 GMT). The committee, which oversees the CFTC, could also press Behnam on meetings between the commodities regulator and FTX staff, including founder Sam Bankman-Fried. The CFTC had “many meetings” with FTX over its application to directly clear customer trades, Behnam said Monday at a Financial Times event. Offices for Sen. Debbie Stabenow, the Democratic chair of the Senate Agriculture Committee, along with its Republican ranking member Sen. John Boozman did not immediately respond to a request for comment. Many Senate Agriculture Committee members have previously agreed with Behnam that the CFTC should take on a larger role.

☆ U.S. CFTC chairman says met with former FTX chief 10 times over clearing application
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Dec 1 (Reuters) - The U.S. Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam told lawmakers on Thursday that he met with former FTX chief executive officer Sam Bankman-Fried 10 times to discuss the company's clearing house application. Behnam said he and his team met with Bankman-Fried and his FTX team 10 times over the past 14 months in addition to follow-up calls and messages. "We were doing what we were required to do by law," he said during a Senate hearing into the FTX collapse. Reporting by Chris Prentice and Hannah LangOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Jonathan Ernst/File PhotoNEW YORK, Dec 1 (Reuters Breakingviews) - A congressional grilling on cryptocurrency answered a lot of questions, but far more about the ignorance on Capitol Hill than digital currencies. More bizarrely, Roger Marshall, also a Republican, suggested a “pause in this cryptocurrency digital world” while Congress gets its “arms around it,” a process he said could take years. Marshall also referenced central bank digital currencies, but those will fall under the U.S. Federal Reserve’s purview if the central bank approves such a project. Bitcoin has been around for more than a decade, however, and Congress has failed to craft relevant laws to oversee crypto. The hearing was the first of several planned to examine FTX’s bankruptcy, cryptocurrency regulation, and agency jurisdiction over digital assets.

☆ Washington lawmakers hold on to crypto holdings despite calls for new laws in wake of FTX collapse
▼ + stars: | 2022-12-01 | by ( Brian Schwartz | ) www.cnbc.com time to read: +7 min

Another lawmaker, Republican Sen. Tommy Tuberville of Alabama, disclosed at a Senate Agriculture Committee hearing about FTX on Thursday that he, too, holds some crypto assets. Tuberville's most recent disclosure reports from this year reviewed by CNBC do not show any crypto stock purchases. Out of all ten offices contacted, only one said they sold their crypto stock holdings after FTX imploded. Rep. Marie Newman, D-Ill., who lost her bid for reelection owned crypto stock up until last week, recently sold her digital token stocks as the industry took a hit. Toomey told CNBC "HODL" when asked about whether he plans to sell his crypto stock following FTX's collapse.

☆ Sen. Sherrod Brown calls on Treasury Secretary Janet Yellen to help rein in cryptocurrency firms after FTX collapse
▼ + stars: | 2022-11-30 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Bahamas-based crypto exchange FTX filed for bankruptcy in the U.S. on Nov. 11, 2022, seeking court protection as it looks for a way to return money to users. Senate Banking Committee Chairman Sherrod Brown urged Treasury Secretary Janet Yellen on Wednesday to work with lawmakers and financial regulators to help write legislation to rein in the cryptocurrency market in the wake of the collapse of crypto exchange FTX. Brown sent the letter the day before Congress holds its first hearing on FTX's collapse. Brown encouraged partnership between Congress, Treasury and the White House, even referencing Treasury's coordination with the President's Working Group on Financial Markets. "Congress and the financial regulators must work to get all of this right.

☆ U.S. Senate to hold FTX hearing on Dec. 1, CFTC chairman to testify
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - The U.S. Senate Agriculture Committee on Thursday said it will hold a hearing on Dec. 1 to examine the sudden collapse of FTX, one of the world's biggest crypto exchanges. FTX filed for bankruptcy on Nov. 11, leaving an estimated 1 million customers and other investors facing billions of dollars in total losses. Rostin Behnam, the chairman of the Commodity Futures Trading Commission, is the first witness named for the hearing, titled, "Why Congress Needs to Act: Lessons Learned from the FTX Collapse." U.S. Senate Agriculture Committee Chair Debbie Stabenow also on Thursday called on Congress to pass the bipartisan Digital Commodities Consumer Protection Act, which she said, "would have prohibited the misconduct and risky behavior undertaken by FTX." The U.S. House Financial Services Committee has also said it plans to hold a hearing in December to investigate FTX's collapse.

☆ CFTC Chair Rostin Behnam discusses potential crypto regulation following FTX collapse
▼ + stars: | 2022-11-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFTC Chair Rostin Behnam discusses potential crypto regulation following FTX collapseRostin Behnam, chairman of the Commodities Future Trading Commission, also known as the CFTC, joins CNBC's 'Squawk Box' to discuss the need for crypto regulation in the U.S. following the collapse of FTX.

☆ Sam Bankman-Fried wanted to let retail investors borrow money to trade crypto derivatives: CFTC head
▼ + stars: | 2022-11-16 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +4 min

He also wanted to offer the contracts directly to users, without having to go through a futures commission merchant. Prior to its bankruptcy filing last week, FTX had a registered derivatives platform with the CFTC called FTX US Derivatives. FTX US Derivatives is one of the few FTX-related properties that's not a part of its bankruptcy proceedings and remains operational today. And Zach Dexter, who was CEO of FTX US Derivatives, says on his LinkedIn profile that he's CEO at LedgerX. Since then, LedgerX has reportedly withdrawn its application for leveraged derivatives trading.

☆ There are gaps in crypto regulation that need to be filled, says CFTC Chair Rostin Behnam
▼ + stars: | 2022-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere are gaps in crypto regulation that need to be filled, says CFTC Chair Rostin BehnamRostin Behnam, chairman of the Commodity Futures Trading Commission, joins CNBC's 'Squawk Box' to discuss potential regulation over blockchain and crypto.

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