Futures and Derivatives Law Report May 2022 | Volume 42 | Issue 5
June 9 , 2021 ); Complaint , CFTC v . Bazzi , No . 4:21-cv-11909 ( E . D . Mich . Aug . 17 , 2021 ); Complaint , CFTC v . Avila , No . 3:21-cv-02184 ( N . D . Tex . Sept . 14 , 2021 ); Order , CFTC No . 21-18 ( Sept . 28 , 2021 ); Complaint , CFTC v . Tradewale LLC , No . 3:21-cv-17776 ( D . N . J . Sept . 29 , 2021 ).
64
See , e . g ., Complaint , CFTC v . Baldwin , No . 1:21-cv-05707 ( S . D . N . Y . July 1 , 2021 ).
65
See Rostin Benham , Testimony of Chairman Rostin Behnam Regarding “ Examining Digital Assets : Risks , Regulation , and Innovation ,” CFTC ( Feb . 9 , 2022 ), https :// www . cftc . go v / PressRoom / SpeechesTestimony / opabehnam 20 .
66
See , e . g ., Order , Payward Ventures , Inc ., CFTC No . 21-20 ( Sept . 28 , 2021 ); Complaint , CFTC v . HDR Global Trading Ltd ., No . 1:20-cv- 08132 ( S . D . N . Y . Oct . 1 , 2020 ).
67
CFTC Charges Two Individuals with Multi- Million Dollar Digital Asset Pump-and-Dump Scheme , CFTC ( Mar . 5 , 2021 ), https :// www . cftc . gov / PressRoom / PressReleases / 8366-21 ; McAfee , supra note 61 .
68
Order , Payward Ventures , Inc ., CFTC No . 21-20 ( Sept . 28 , 2021 ).
69
CFTC Imposes A $ 1.25 Million Penalty against Kraken for Offering Illegal Off-Exchange Digital Asset Trading and Failing to Register as Required , CFTC ( Sept . 28 , 2021 ), https :// www . cf tc . gov / PressRoom / PressReleases / 8433-21 .
70
Id . ECP stands for eligible contract participant . Under CFTC Regulations , only entities and individuals who meet certain regulatory status or have a sufficient level of assets are permitted to trade on margin or leverage on a non-registered exchange . See 7 U . S . C . A . §§ 1a ( 18 ) ( defining “ eligible contract participant ”), 2 ( c )( 2 )( D ) ( establishing CFTC jurisdiction over retail commodity transactions ).
71
CFTC Orders Coinbase Inc . to Pay $ 6.5 Million for False , Misleading , or Inaccurate Reporting and Wash Trading , CFTC ( Mar . 19 , 2021 ), https :// www . cftc . gov / PressRoom / PressRe leases / 8369-21 ; Order , Coinbase Inc ., CFTC No . 21-03 ( Jan . 27 , 2021 ).
72
Dawn D . Stump , Concurring Statement of
Commissioner Dawn D . Stump Regarding Enforcement Action Against Coinbase , Inc ., CFTC ( Mar . 19 , 2021 ) https :// www . cftc . gov / PressRoo m / SpeechesTestimony / stumpstatement031921 .
73
Statement of Commissioner Dawn D . Stump Regarding Enforcement Action Relating to Bitcoin Fraud , CFTC ( Mar . 8 , 2022 ), https :// www . c ftc . gov / PressRoom / SpeechesTestimony / stumpst atement030822 #_ ftn1 .
74
Id ; Complaint , CFTC v . Dwayne Golden , No . 22-cv-1252 ( E . D . N . Y . March 8 , 2022 ).
75
CFTC Charges BitMEX Owners with Illegally Operating a Cryptocurrency Derivatives Trading Platform and Anti-Money Laundering Violations , CFTC ( Oct . 1 , 2020 ), https :// www . cft c . gov / PressRoom / PressReleases / 8270-20 .
note 66 .
76
Id ; HDR Global Trading Limited , supra
77
Federal Court Orders BitMEX to Pay $ 100 Million for Illegally Operating a Cryptocurrency Trading Platform and Anti-Money Laundering Violations , CFTC ( Aug . 10 , 2021 ), https :// www . c ftc . gov / PressRoom / PressReleases / 8412-21 .
78
Founders Of Cryptocurrency Exchange Plead Guilty To Bank Secrecy Act Violations , S . D . N . Y . ( Feb . 24 , 2022 ), https :// www . justice . go v / usao-sdny / pr / founders-cryptocurrency-exchan ge-plead-guilty-bank-secrecy-act-violations .
79
Order , Cargill , Inc ., CFTC No . 21-37 ( Sept . 30 , 2021 ); Order , Société Générale S . A ., CFTC No . 21-36 ( Sept . 29 , 2021 ); Order , Refinitiv US SEF LLC , CFTC No . 21-16 ( Sept . 27 , 2021 ); Order , Mizuho Cap . Mkts . LLC , CFTC No . 21-17 ( Sept . 27 , 2021 ); Order , Citibank , N . A ., CFTC No . 21-15 ( Sept . 27 , 2021 ); Complaint , CFTC v . Spence , No . 1:21-cv-00699 ( S . D . N . Y . Jan . 26 , 2021 ); Order , Credit Suisse Int ’ l , CFTC No . 21-11 ( June 25 , 2021 ); Complaint , CFTC v . Gorman , No . 1:21-cv-00870 ( S . D . N . Y . Feb . 1 , 2021 ); Vitol , supra note 2 .
80
See , e . g , Refinitiv , supra note 79 .
81
See , e . g , Credit Suisse , supra note 79 .
82
See , e . g , Cargill , supra note 79 ; see also , Order , UBS AG , CFTC No . 22-03 ( Oct . 14 , 2021 ) ( brought by the CFTC in FY 2022 ).
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