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Congress’s agriculture committees request information on digital assets from the CFTC

The US House and Senate Agriculture Committees sent a letter to the chair of the Commodities Futures Trading Commission requesting more information on digital asset marketplaces.  The Senate confirmed CFTC chair Rostin Benham on Dec. 15. Benham served as acting chair during the transition of the Biden administration and served as a commissioner since 2017. He replaced Heath Tarbert, who many in the crypto industry saw as an ally.  Now, the agriculture committees are asking Benham to report on the …

Former CFTC chair proposes a means for unifying crypto regulation from divided SEC and CFTC

J. Christopher Giancarlo, the former chairman of the Commodity Futures Trading Commission, has an idea for unifying cryptocurrency regulation in the U.S. On January 4, the American Enterprise Institute, a D.C.-based policy think tank, hosted a panel including Giancarlo and representatives from Coinbase, Coin Center and the DeFi Education Fund. Representing Coinbase was Kara Calvert, who joined the crypto exchange as Head of Policy in November. During the panel, Calvert restated Coinbase’s earlier proposal for a single regulator for digital …

Crypto prediction market platform Polymarket settles with CFTC for $1.4 million

Polymarket, a blockchain-based prediction market platform, has settled with the US Commodity Futures Trading Commission. In an announcement Monday, the CFTC said that the settlement was for “offering off-exchange event-based binary options contracts and failure to obtain designation as a designated contract market (DCM) or registration as a swap execution facility (SEF).”  As part of the settlement, Polymarket agreed to pay $1.4 million, wind down the non-compliant markets on its website, Polymarket.com, and “cease and desist from violating the CEA …

Criminal trial for BitMEX exec Greg Dwyer delayed to October

The U.S. criminal trial for BitMex’s former head of business development, Greg Dwyer, has been delayed.  U.S. regulators first took aim at the crypto derivatives exchange in October 2020, when a number of charges came down on the exchange and its operators. Civil charges from the Commodities Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN) claimed BitMEX and its executives violated CFTC rules, like anti-money laundering and know-your-customer procedures. Criminal charges from the Department of Justice claimed …

Sen. Lummis to propose new US crypto market overseer next year: report

A new US regulatory entity focused on crypto will be proposed next year by Senator Cynthia Lummis, according to Bloomberg. Per the outlet’s report, the yet-to-be-filed legislation includes a mandate for “a new organization under the joint jurisdiction of the Commodity Futures Trading Commission and the Securities and Exchange Commission to oversee the digital asset market.” Other aspects would focus on stablecoin regulation and consumer protection, though explicit details won’t be known until the bill is released, according to Bloomberg. …

US Senate confirms new CFTC chair

The Senate confirmed Rostin Behnam as the next chairman of the Commodity Futures Trading Commission amid a flurry of late evening confirmations on December 15. Behnam has served as the acting chair since the beginning of the Biden administration in January, prior to which he had been a commissioner since 2017. In the role, Behnam will succeed Heath Tarbert, who many viewed as an ally to the crypto industry.  At his confirmation hearing before the Senate Agriculture Committee in October, …