The United States-based Commodity Futures Trading Commission (CFTC) took eighty-two enforcement actions during the fiscal year 2022. As per the organization, twenty-two percent of them were filed against entities linked to crypto. As mentioned in the yearly enforcement report that the federal regulator published on Thursday, the CFTC commemorated many of its huge victories within the fiscal year. These take into account the charges it levelled against Bitfinex and Tether which were settled for a cumulative $42.5M in the previous October.
CFTC Discloses that Twenty Percent of Its Enforcement Actions in 2022 Were Related to Crypto
The report of the CFTC additionally brings to the front a few of the other high-profile actions that the regulatory agency had taken. Several of them have not reached their resolution yet, including accusations against Digitex (a decentralized finance exchange) asserting that the institution has been running an illegitimate futures market.
The CFTC has additionally charged the participants of a decentralized autonomous organization (DAO) named Ooki for having been involved in offering off-exchange and illegitimate services. These operations were related to the lending and trading of tokenized margins. Several consider the CFTC to be a suitable agency that could do the job of crypto regulation in a better way than the Securities and Exchange Commission (SEC) of the United States.
Nonetheless, Rostin Behnam (the chairman of the CFTC) eagerly highlighted the reputation of his agency in the case of crypto crime. He stated that at the moment the financial market is going through some unprecedented conditions which straightly influence the customers within America, the advancing participation from retail investors, and the evolving technological disruption.
As per him, the agency keeps on following its firm pledge to a vigorous enforcement program guaranteeing that the markets administered by them are competitive, fair, transparent, and open. As per him, the enforcement of the FY 2022 indicates that the regulator is taking aggressive measures for crypto regulation of the latest asset markets of digital commodities. He added, the CFTC has utilized the entirety of the existing instruments, and the dedicated and hardworking staff of the Enforcement Division is to be credited for that.
Fight for Kingship Continues between SEC and CFTC
Behnam moved on to say that the agency thereof, during the previous decade, has been successful in bringing nearly $1.5B annually in fines via enforcement actions. In his words, this amount was a remarkable profit on the investment of a normal budget of nearly $240M. Behnam asserted that to be in the favor of the taxpayer, advising the people and entities to get in touch with the regulator.
In August, the Digital Commodities Consumer Protection Act was introduced by Senators, proposing that the control of the spot markets of cryptocurrency should be given to the CFTC, including Ether and Bitcoin. As the cases filed against defendants are mounting in FY 2022, it seems that the CFTC could demonstrate its interest in heeding that call.
