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A New York judge has granted a request from prosecutors to defer civil proceedings from the Commodities Futures Trading Commision (CFTC) and the Securities Exchange Commision (SEC) until after Sam Bankman-Fried’s criminal trial in October.U.S. District Judge of Manhattan Kevin Castel on Feb. 13 granted the motions to stay the
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The request to stay the SEC’s civil case against Bankman-Fried is still pending. Original Source
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In their filing, prosecutors said that Bankman-Fried has consented to the issuance of a stay in the civil cases, as have counsel for fellow FTX and Alameda executives Gary Wang and Caroline Ellison, and counsel for the bankrupt estates of FTX.com and Alameda. The SEC and CFTC have not taken
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Rostin Behnam, chair of the United States Commodity Futures Trading Commission, or CFTC, has said he will be continuing efforts for the agency to regulate non-security tokens.In remarks released for a Feb. 3 American Bar Association event, Behnam pointed to “bankruptcies, failures, and runs” as part of the justification for
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“The CFTC has brought important, precedent setting cases against those who illegally offer derivatives or leveraged, margined or financed digital asset products to US customers or operate within the United States,” he said, promising to use “the full breadth of the commission’s authority” in going after illegal transactions in digital
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“That culture is not solely part of what’s happening in the subsidiary but it's often influenced by what’s happening in the parents,” Johnson said. She pointed out the CFTC lacked the oversight power to investigate FTX, which was based in the Bahamas at the time it sought Chapter 11 bankruptcy
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Such meteoric rises, Johnson explained, are often followed by an all-too-common ending: “Like lightning striking, in an instant, the exchange suspends trades, shutters the windows for withdrawals, silences traffic on its website and files for bankruptcy protection, leaving customers infuriated, investors stunned, and creditors scrambling in a footrace to the
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Amid ongoing investigations around the defunct crypto exchange FTX, the Commodity Futures Trading Commission (CFTC) questions the due diligence conducted by institutional investors and their accountability regarding the loss of users’ funds.CFTC Commissioner Christy Goldsmith Romero stated that VCs that had to write down their investments in millions of dollars
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At the risk of offending their crypto employers, Goldsmith Romero said the experienced hands – also including the investment firms backing these companies – “need to step up, and call for compliance, controls and other governance, without allowing the promise of riches and the company’s marketing pitch to silence their
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Caroline Pham, the Commodity Futures Trading Commission (CFTC) commissioner, has recently called on regulators to provide clearer guidance on crypto assets in 2023. In an interview with Bloomberg, Pham mentioned that discussions with global players over crypto regulations are ongoing. The government official said many foreign discussions are currently happening about global
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