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☆ The SEC will continue its efforts to bring oversight to crypto: Former CFTC Chair Timothy Massad
▼ + stars: | 2023-10-16 | 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 EmailThe SEC will continue its efforts to bring oversight to crypto: Former CFTC Chair Timothy MassadFormer chairman of the Commodity Futures Trading Commission Timothy Massad joins 'The Exchange' to discuss sentiment towards launching a spot bitcoin ETF, the need for basic investor protection in the crypto market, and the risk of which crypto investors should be aware.

Persons: Timothy Massad Organizations: SEC, Futures Trading

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a big producer. Iran's Oil Minister Javad Owji said on Friday oil prices are expected to reach $100 per barrel due to the current situation in the Middle East, according to the ministry's news agency SHANA. If the U.S. tightens enforcement of sanctions on Iran's oil exports due to any role it may have in the conflict, then Iran's oil supply could fall. On the U.S. supply front, drillers this week added four oil rigs in the biggest weekly rise since March, Baker Hughes said.

Persons: Brent, WTI, Israel, Javad Owji, SHANA, Iran's, Hossein Amirabdollahian, Andrew Lipow, Baker Hughes, Stephanie Kelly, Paul Carsten, Katya Golubkova, Andrew Hayley, Marguerita Choy, David Gregorio, Paul Simao Organizations: REUTERS, Companies, . West Texas, Iran's Oil, Hezbollah, U.S, Wall Street, Lipow Oil Associates, The, of, Petroleum, drillers, U.S . Commodity Futures Trading Commission, Thomson Locations: Cushing , Oklahoma, U.S, Gaza Saudi Arabia, Israel, Gaza, Tehran, Lebanese, Saudi Arabia, Moscow, Ukraine, Russia, Iran, China, New York, London, Tokyo, Beijing

☆ 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

Funds' net short position in two-year futures is now a record 1.278 million contracts. A short position is essentially a wager an asset's price will fall, and a long position is a bet it will rise. STERLING FLIPIn currencies, meanwhile, funds ramped up their broad, net long dollar position by $5.4 billion in the week to $8.45 billion. At around 114,000 contracts, it is now close to July's 118,000, which was the biggest net short position since February 2018. The CFTC data also showed that funds flipped to a net short sterling position for the first time since April.

Persons: STERLING, Jamie McGeever, Lincoln Organizations: Futures Trading Commission, Bank of, Reuters, Thomson Locations: ORLANDO, Florida, Bank of Japan

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. U.S. job growth rose by 336,000 in September according to Labor Department statistics, far exceeding economists' forecasts of a 170,000 rise. The sentiment of the statistics is mixed for oil prices. A strong U.S. dollar is typically negative for oil demand, making the commodity relatively more expensive for holders of other currencies. "Fear for the health of the global economy and thus oil demand going forward is at the heart of the sell-off," SEB analyst Bjarne Schieldrop said.

Persons: Agustin Marcarian, Baker Hughes, Brent, WTI, SEB, Bjarne Schieldrop, Stephanie Kelly, Robert Harvey, Sudarshan, William Maclean, Sharon Singleton, Louise Heavens, David Gregorio, Rod Nickel Organizations: REUTERS, YORK, . West Texas, Labor Department statistics, ING, Companies, Day, Xinhua, U.S . Commodity Futures Trading Commission, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, gasoil, U.S, New York, London, Singapore

☆ US regulators weigh penalizing bankrupt crypto lender Voyager's ex-CEO - Bloomberg
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

Oct 6 (Reuters) - Investigators at the U.S. Commodity Futures Trading Commission's enforcement division have concluded that the co-founder of Voyager Digital broke derivatives regulations before the failed crypto lender plunged into bankruptcy last year, Bloomberg News reported on Friday. Voyager filed for bankruptcy in July last year, becoming a casualty of a dramatic fall in prices that had shaken the cryptocurrency sector. "CFTC commissioners are now voting on whether to approve an enforcement action against him within days," said the Bloomberg report. The CFTC did not immediately respond to Reuters request for comment, while Ehrlich and his representatives could not be immediately reached. Reporting by Manya Saini in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephen Ehrlich, Luna stablecoin, Ehrlich, Manya Saini, Saumyadeb Organizations: U.S . Commodity, Voyager, Bloomberg, CFTC, Thomson Locations: Bengaluru

☆ The $8 billion Sam Bankman-Fried criminal trial starts today — here's what's at stake and how we got here
▼ + stars: | 2023-10-03 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

In the first trial, Bankman-Fried faces seven criminal counts related to the collapse of the crypto empire he built, including wire fraud, securities fraud and money laundering. Alameda, FTX and a host of subsidiaries Bankman-Fried founded filed for bankruptcy protection in Delaware. FTX's own terms of use specifically forbade him, or Alameda, from using customer money for anything — unless the customer allowed it. And from FTX's inception, there was a lot of customer money. Bankman-Fried and other executives admitted to each other that "FTX customer funds were irrevocably lost because Alameda had appropriated them."

Persons: Sam Bankman, Fried, Caroline Ellison, Gary Wang, Ellison, FTX, Wang, Judge Lewis Kaplan, Samuel Bankman, MacKenzie Sigalos, San Francisco —, SBF, Wang —, Nishad Singh —, Goldman Sachs, Binance, Damian Williams, Rehypothecation, —, Crypto, Solana, Zhao, he'd, Cromwell, John J, Ray, John Ray's, — CNBC's Rohan Goswami Organizations: Alameda Research, Southern, of, Stanford, MIT, U.S, New York Times, Bankman, That's, CNBC, Jane, Capital, University of California, Formula, Democratic, Twitter, Securities Exchange Commission, SEC, Futures Trading, United States Attorney's Office, CFTC, Alameda, Alameda didn't, Voyager, BlockFi, FTX, Industry, Investors, Zhao, Publicly, Sullivan, Enron Locations: Bahamas, Manhattan, New York, Alameda, of New York, FTX, Brooklyn , New York, San Francisco, South Korea, Alameda , California, Fried's Alameda, Berkeley, Miami, Washington, Delaware, California, Federal, Solana, Fried

[1/3] The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. JPMorgan, Bank of America, and Goldman Sachs will pay civil monetary penalties of $15 million, $8 million, and $30 million respectively, the CFTC said in a statement. Goldman Sachs was penalized for failing to diligently supervise a wide range of its swap dealer activities, and "for unprecedented failures regarding swap data reporting," the commission said. The order announced Friday also includes Goldman Sachs taking steps to develop a written remediation plan and retain a consultant to advise on and assess its remediation plan. JPMorgan was fined for violations related to swaps reporting, while Bank of America was penalized over "failing to diligently supervise swaps reporting and failing to comply with swaps reporting obligations," the commission added.

Persons: Goldman Sachs, Brendan McDermid, Kanishka Singh, Sonali Paul Organizations: New York Stock Exchange, REUTERS, Rights, U.S . Commodity Futures, Commission, Bank of America, JPMorgan, Thomson Locations: New York City, U.S, Washington

☆ Yen intervention a hard sell even as 150 to the dollar 'red line' beckons
▼ + stars: | 2023-09-29 | by ( Kevin Buckland | ) www.reuters.com time to read: +6 min

But, Japanese authorities could find propping up their currency both difficult to achieve and hard to justify. To make even a ripple in the $5 trillion currency market, the BOJ would need to draw down massive amounts of dollar reserves. Wakabayashi, like many other analysts and investors, considers the 150 yen per dollar level a red line for currency intervention, not least because of its significance as a symbol of climbing costs of living from imported food and fuel. INTERVENTION IMMINENTThe yen careened to a 32-year trough at 151.94 last October before being reined in by several bouts of heavy intervention, the first by Japanese authorities in a generation. Measures of expected market volatility remain subdued.

Persons: Kim Kyung, Bank of Japan's hesitancy, Kazuo Ueda, You've, they're, Bart Wakabayashi, Fumio Kishida, Shunichi Suzuki, Masayuki Kichikawa, Ray Attrill, Janet Yellen, Aninda Mitra, Mitra, Kevin Buckland, Alun John, Vidya Ranganathan, Simon Cameron, Moore Organizations: National Printing Bureau, Bank of Japan, REUTERS, Rights, Bank of Japan's, U.S . Federal Reserve, U.S, Treasury, Fed, State Street Bank, Trust, Finance, Sumitomo Mitsui DS Asset Management, Ministry of Finance, National Australia Bank, BNY Mellon Investment Management, Thomson Locations: Tokyo, Japan, U.S, Washington, Asia, London

☆ US investors can't place wagers on the 2024 election, financial watchdog rules
▼ + stars: | 2023-09-25 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

US investors won't be able to bet directly on the 2024 Congressional elections. The ruling comes with Wall Street readying for a tight election battle next year. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The regulator has previously thrown out election-based derivatives contracts, ruling back in 2012 that a similar offering created by the Nadex exchange was also against the public interest. The ruling comes with both Main Street and Wall Street readying for a tight election battle next year.

Organizations: Service, Futures, Commission, Republican, Democrats Locations: Wall, Silicon

[1/5] Apple France workers on strike holding CGT labour union flags gather in front of the Apple Store near Place de l'Opera during a protest to demand higher pay and better benefits on the day Apple launches its iPhone 15, in Paris, France, September 22, 2023. REUTERS/Abdul Saboor Acquire Licensing RightsPARIS, Sept 22 (Reuters) - Workers at Apple (AAPL.O) stores in France began a nationwide strike over pay and working conditions on Friday in a protest designed to coincide with the launch of the iPhone 15. Staff at an Apple store in Barcelona, where about 250 people were queuing to enter the store on Friday morning, were set to join colleagues in France in protesting. "We have been talking since August to our colleagues on strike in France. In Spain, unlike them, not all the unions have agreed to strike," Paredes said.

Persons: Abdul Saboor, Anais Durel, Tarek, Pablo Paredes, Paredes, Manuel Ausloos, Louise Dalmasso, Horaci Garcia, Corina Pons, Charlottte Van Campenhout, Charlie Devereux, Sharon Singleton Organizations: Apple, REUTERS, Rights, Workers, CGT, Unsa, CFTC, Management, Staff, Paseo de, CNT Apple, Reuters, Thomson Locations: Apple France, Paris, France, Opera, Barcelona, Paseo, Paseo de Gracia, Spain, Madrid

☆ Ethereum founder Vitalik Buterin travels the globe to keep crypto alive as the U.S. cracks down
▼ + stars: | 2023-09-22 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +17 min

Today, the biggest challenge for Buterin and the ethereum community is making sure that it provides actual value to people. Buterin was named the world's youngest crypto billionaire at age 27 as the crypto market swelled to its peak in 2021. And he isn't, according to his own estimation, the be-all and end-all authority on the ethereum network. About the ethereum network, he says, "On the other hand, you've got your laptop. In terms of what's next for ethereum — Buterin says a big priority is focusing on privacy and scalability through zero-knowledge rollups.

Persons: Vitalik Buterin, Buterin, coder, doesn't, Czech Republic Pavel Sinagl, that's, clasped, Buterin wasn't, cryptocurrencies, Sam Bankman, Luna, they're, Dmitry, Vitalik, Dmitry Buterin, ethereum blockchains, you've, Satoshi Nakamoto, ethereum, — Buterin Organizations: CNBC PRAGUE, CNBC, Canadian, U.S . Tornado, Buterin, U.S, Securities and Exchange Commission, SEC, CFTC, People's Bank of China, tinker, Ethereum, Ethereum Foundation Locations: Prague, Russia, Czech Republic, Ukraine, Netherlands, Paralelní Polis, Holešovice, China, U.S, Africa, Argentina, Buenos Aires, San Francisco, CBDCs, Moscow, ethereum, Denver, Paris

ORLANDO, Florida, Sept 17 (Reuters) - Hedge funds cut their net short dollar position by nearly $5 billion last week, according to the latest U.S. futures markets data, the biggest swing towards a more bullish dollar stance since May last year. Less than two months ago, funds' were net short of dollars to the tune of $21.3 billion, the biggest bet against the greenback since June 2021. Speculators' net short dollar position against just the G10 currencies, which was worth $18 billion as recently as July, has now completely evaporated. A short position is essentially a wager an asset's price will fall, and a long position is a bet it will rise. Funds cut their net long holdings by 23,151 contracts to 113,080 contracts, the smallest net long since November and the biggest week-on-week reduction since June last year.

Persons: hasn't, Jamie McGeever, Christina Fincher, Lincoln Organizations: Futures, Bank of Japan, U.S . Federal, Reuters, Thomson Locations: ORLANDO, Florida, Brazilian, U.S

CFTC data show that funds and speculators are holding a chunky net short yen position worth around $8.2 billion. Contrast that with the euro position, and it is not difficult to envisage a potential narrowing of the gulf in the weeks and months ahead. Citi's U.S. economic surprises index has been positive since May and the euro zone index has been in negative territory since May. Euro zone interest rate traders reckon the ECB is done raising rates, and are now betting on around 70 bps of rate cuts next year. "Today's ECB policy update and stronger U.S. data for Q3 is further encouraging those expectations placing downward pressure on EUR/USD," MUFG's Lee Hardman wrote on Thursday.

Persons: Pedro Nunes, gunning, MUFG's Lee Hardman, Jamie McGeever, David Evans Organizations: Bank of, REUTERS, Rights, Central, ECB, U.S, HSBC, Futures, CFTC, Bank of Japan, Deutsche Bank, Reuters, Thomson Locations: Bank of Portugal, Carregado, Alenquer, Portugal, Rights ORLANDO , Florida, U.S

The trades - typically the domain of macro hedge funds with relative value strategies - consist of selling a futures contract, buying Treasuries deliverable into that contract with repurchase agreement (repo) funding, and delivering them at contract expiry. "Cash-futures basis positions could again be exposed to stress during broader market corrections," Fed economists said in an Aug. 30 note. Separately, in a Sept. 8 note that looked among other things at hedge funds' Treasury exposures, Fed economists said there was a risk of a rapid unwind of basis trade positions in case of higher repo funding costs. "However, the approach they take may not be straightforward as the Fed does not have direct regulatory oversight over hedge funds," he said. "Cash futures basis trades are vulnerable to two risks: higher margin costs on the futures short and higher financing costs on the cash long position," Barclays said in a note on Tuesday.

Persons: Steven Zeng, Deutsche's Zeng, Davide Barbuscia, Megan Davies, Paul Simao Organizations: Federal Reserve, Treasury, repo, Futures Trading Commission, Deutsche Bank, U.S, Barclays, Thomson Locations: U.S, Treasuries

☆ Crypto regulation: A 'principles-based' approach is best, CFTC says
▼ + stars: | 2023-09-12 | 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 EmailCrypto regulation: A 'principles-based' approach is best, CFTC saysCaroline Pham, commissioner of the Commodity Futures Trading Commission, says such a framework means "you don't have to envision every possible permutation of what a future product or market might look like … instead, you want to ensure that we are adhering to basic standards."

Persons: Caroline Pham Organizations: Futures Trading Commission

Signage is seen outside of the US Commodity Futures Trading Commission (CFTC) in Washington, D.C., U.S., August 30, 2020. A centralized registry would also make it easier for the government to identify repeat offenders and deter potential fraudsters, Goldsmith Romero said. Goldsmith Romero had suggested the registry several years ago while serving as the watchdog of a key 2009 financial crisis bailout program. In Goldsmith Romero's previous role, the government watchdog did launch a database of such financial crimes related to the Troubled Asset Relief Program. Such a centralized database could serve as a model for a larger, national registry that federal regulators could organize and that state regulators could also participate in.

Persons: Andrew Kelly, Christy Goldsmith Romero, Goldsmith Romero, Goldsmith Romero's, Chris Prentice, Leslie Adler Organizations: US, Futures Trading Commission, Washington , D.C, REUTERS, fraudsters, CFTC, Reuters, Troubled Asset, Thomson Locations: Washington ,, U.S

What's more, recent history suggests that when funds go long dollars, they tend to stay long for a while. The latest Commodity Futures Trading Commission (CFTC) data shows that funds cut their net short dollar position to $7.17 billion, the smallest bet against the dollar since mid-June and a third of what it was six weeks ago. Reuters Image Acquire Licensing RightsA short position is essentially a wager an asset's price will fall, and a long position is a bet it will rise. That was followed by a year being net short dollars, nearly two years of being net long, before swinging back to being net long for over a year. CFTC data show that funds are still holding a substantial net short yen position worth around $8.2 bln.

Persons: Dado Ruvic, Ben Bernanke, Jamie McGeever, Christina Fincher Organizations: REUTERS, Rights, Futures Trading Commission, Fed, Reuters, Bank of, CFTC, European Central Bank, Thomson Locations: Rights ORLANDO , Florida, Japan, Bank of Japan, Germany

☆ CFTC Cracks Down on DeFi Firms Over Crypto Derivatives Trading
▼ + stars: | 2023-09-09 | by ( Mengqi Sun | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

Companies U.s. Commodity Futures Trading Commission FollowWASHINGTON, Sept 7 (Reuters) - A U.S. District Court judge has ordered a South African to pay over $1.7 billion in restitution to victims for operating a fraudulent commodity pool worth roughly that amount in bitcoin, the Commodity Futures Trading Commission announced Thursday. The order against Mirror Trading International Proprietary Limited (MTI) resolves an enforcement case the CFTC had filed against the company and its CEO, Cornelius Johannes Steynberg. In a June enforcement order, the CFTC claimed that MTI solicited bitcoin online from thousands of people to purportedly operate a commodity pool. In reality, only a small portion of the pooled bitcoin was ever invested, at a loss, and the rest was "misappropriated," according to the CFTC. The company ultimately filed for bankruptcy in 2021, shortly after which South African authorities launched a fraud investigation.

Persons: Cornelius Johannes Steynberg, MTI, Paul Grant, Caitlin Webber, Chizu Organizations: U.s . Commodity Futures, U.S, Futures Trading, Mirror, Proprietary, CFTC, Thomson Locations: African

☆ For traders, September's ECB move is far from clear cut
▼ + stars: | 2023-08-31 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +5 min

REUTERS/Kai Pfaffenbach/File PhotoData on Thursday showed euro zone inflation held at 5.3% in August rather than dropping. Overall money supply in the bloc contracted in July for the first time since 2010, demonstrating the extent to which ECB policy has tightened financial conditions. And even if investors are divided on September’s decision, the consensus is that the ECB will be done raising rates soon. Longer-term, markets expect the ECB to start cutting rates by the second quarter of 2024. (This story has been corrected to clarify that Aviva favours a small overweight in European bonds, not longer-dated euro zone bonds, in paragraph 19)

Persons: Christine Lagarde, Kai Pfaffenbach, Piet Christiansen, ’ indecisiveness, ” Christiansen, Isabel Schnabel, Robert Holzmann, ”, Mauro Valle, Valle, Edward Hutchings, Frederik Ducrozet, ” Aviva’s Hutchings, ” Pictet’s Ducrozet Organizations: Reuters, European Central Bank, Central Bank, ECB, REUTERS, Danske Bank, Generali Investments, Treasury, Aviva Investors, Pictet Wealth Management, Aviva Locations: Frankfurt, Germany, Austrian

☆ Analysis-For traders, September's ECB move is far from clear cut
▼ + stars: | 2023-08-31 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +5 min

REUTERS/Kai Pfaffenbach/File PhotoData on Thursday showed euro zone inflation held at 5.3% in August rather than dropping. Another inflation hawk, Austrian central bank chief Robert Holzmann, said the ECB could deliver “another hike or two”. Overall money supply in the bloc contracted in July for the first time since 2010, demonstrating the extent to which ECB policy has tightened financial conditions. And even if investors are divided on September’s decision, the consensus is that the ECB will be done raising rates soon. Longer-term, markets expect the ECB to start cutting rates by the second quarter of 2024.

Persons: Christine Lagarde, Kai Pfaffenbach, Piet Christiansen, ’ indecisiveness, ” Christiansen, Isabel Schnabel, Robert Holzmann, ”, Mauro Valle, Valle, Edward Hutchings, Frederik Ducrozet, Aviva’s Hutchinson, ” Pictet’s Ducrozet Organizations: Reuters, European Central Bank, Central Bank, ECB, REUTERS, Danske Bank, Generali Investments, Treasury, Aviva Investors, Pictet Wealth Management Locations: Frankfurt, Germany, Austrian

☆ Goldman to pay $5.5 mln to settle US CFTC accusations it failed to keep cell phone records
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly//File Photo Acquire Licensing RightsAug 29 (Reuters) - Goldman Sachs (GS.N) will pay a $5.5 million civil penalty to settle allegations it failed to keep records of staff cell phone calls, and for breaching a prior order, the U.S. Commodity Futures Trading Commission (CFTC) said on Tuesday. A Goldman spokesperson said in an email statement sent to Reuters: "We are pleased to have this matter resolved." The CFTC ordered Goldman to pay a $1 million civil monetary penalty and to cease and desist from further violations of CFTC record keeping provisions. The order entered on Tuesday finds that Goldman had additional record-keeping failures in violation of the cease-and-desist provision of the earlier order. Due to problems with a third-party vendor's hardware, the bank failed to fully record and retain thousands of mobile device calls by employees .

Persons: Goldman Sachs, Andrew Kelly, Goldman, Ismail Shakil, Saeed Azhar, Susan Heavey, Michelle Price, Mark Heinrich Our Organizations: New York Stock Exchange, REUTERS, U.S . Commodity Futures Trading Commission, Reuters, CFTC, Wall, Thomson Locations: New York City , New York, U.S, Ottawa, New York

☆ Goldman to pay $5.5mln to settle US CFTC charges over recording-keeping
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: 1 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly//File Photo Acquire Licensing RightsAug 29 (Reuters) - Goldman Sachs (GS.N) will pay a $5.5 million civil penalty to settle alleged recording-keeping violations and for violating a prior order, the U.S. Commodity Futures Trading Commission (CFTC) said on Tuesday. The CFTC's order finds Goldman violated a cease-and-desist provision of a prior order and committed record-keeping violations in connection with failing to properly record and retain certain audio files, the regulator said in a statement. Reporting by Ismail Shakil in Ottawa; editing by Susan HeaveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Andrew Kelly, Goldman, Ismail Shakil, Susan Heavey Organizations: New York Stock Exchange, REUTERS, U.S . Commodity Futures Trading Commission, Thomson Locations: New York City , New York, U.S, Ottawa

☆ Coinbase wins key regulatory approval to offer crypto futures in the US
▼ + stars: | 2023-08-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +1 min

New York CNN —Coinbase has won a crucial regulatory approval that will allow the platform to provide US-based investors access to the crypto derivatives market. The approval comes from the National Futures Association, a self-regulatory body designated by the Commodity Futures Trading Commission, nearly two years after Coinbase applied to register as a futures merchant. Crypto derivatives make up more than 75% of all global crypto trades, but such products had been off-limits for investors in the United States, in part because of their complexity and high levels of risk. “This is a significant milestone for bringing federal regulatory oversight over the crypto markets,” said Faryar Shirzad, Coinbase’s chief policy officer. “Offering US investors access to secure and regulated crypto futures is key to unlocking growth and enabling broader participation in the cryptoeconomy,” said Andrew Sears, the CEO of Coinbase Financial Markets.

Persons: New York CNN — Coinbase, Coinbase, ”, Faryar Shirzad, Andrew Sears Organizations: New, New York CNN, National Futures Association, Commodity Futures Trading Commission, NFA, Securities and Exchange Commission, Binance, Coinbase Locations: New York, United States

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