NFT News by Thebittimes.Com

The co -founder s of Opyn stepped down as their defi options protocol faced charges from the Commodity Futures Trading Commission (CFTC) in September. CEO Zubin Koticha revealed today in an X post that he and co -founder Alexis Gauba have chosen to exit crypto, attributing their decision to the recent regulatory actions faced by Opyn. Hey Crypto Twitter, It's been a while This one's a tough one… After the regulatory action against Opyn, @alexisgauba and I have made the decision that we are leaving crypto. This is honestly really emotional for me and Alexis. — zubin koticha (@snarkyzk) November 14, 2023 Opyn is a defi investment strategy platform with $20 million in total volume locked (TVL) on its protocol. In September, the CFTC brought charges against Opyn and two other defi entities, citing several violations. These included registration failures, the absence of a customer identification program, and the unlawful offering of leveraged and margined retail...

In an address delivered at the Financial Industry Association Expo, CFTC Chairman Rostin Behnam shed light on the agency’s active role in the world of Crypto currencies and emphasized the pressing need for modernizing legislation. Speaking at the 2023 event held in Chicago, Chairman Behnam provided insights into the tireless efforts of the CFTC En force ment Division, describing it as a relentless force in the field. During his keynote presentation to industry professionals, Behnam highlighted the staggering $6 billion collected by the agency in penalties for the fiscal year 2023. He went on to reveal a noteworthy statistic: “This fiscal year, 45 of our enforcement actions were related to digital assets, constituting more than 34% of the 131 such actions initiated by the commission since 2015.” Of particular significance was Behnam’s mention of a groundbreaking legal victory against Ooki DAO, a decentralized autonomous organization. This victory resulted ...

Consent Order Issued Against MTI On September 6, 2023, Judge David A. Ezra of the U.S. District Court for the Western District of Texas entered a consent order finding Mirror Trading International Proprietary Limited (MTI) liable for a litany of charges.  advertisement The charges include fraud in connection with retail Foreign currency (Forex) transactions, fraud by a Commodity Pool Operator (CPO), registration violations, and failure to comply with CPO regulations. The roots of this case can be traced back to a CFTC complaint filed on June 30, 2022, alleging MTI’s involvement in fraudulent activities.  One of the most noteworthy aspects of the consent order is the requirement for MTI to pay more than a staggering $1.7 billion in restitution to the defrauded victims. Additionally, the consent order also imposes permanent trading bans on MTI in any CFTC -regulated markets.  Furthermore, the order includes a registration ban against MTI, whi...

The community is hopeful that the assertion by the CFTC will put to bed claims that staked coins are securities according to the Howey Test. The Commodity Futures Trading Commission (CFTC) has again labeled Ether (ETH) as a commodity in a Dec. 13 court filing — in contrast to statements from chief Rostin Behnam on Nov. 30 suggesting that Bitcoin was the sole cryptocurrency that should be viewed as a commodity. According to the CFTC, as per their filing today, ETH is a commodity . This really should put any Security designation to rest. pic.twitter.com/PkHWredNK4 — Hal Press (@NorthRockLP) December 13, 2022 In its lawsuit against Sam Bankman-Fried, FTX, and sister company Alameda Research, the regulator on multiple occasions referred to Ether, Bitcoin (BTC) and Tether (USDT) "among others" as "commodities" under United States law. “Certain digital assets are “commodities,” including bitcoin (BTC), ether (ETH), tether (USDT) and others, as defined under Section 1a...