CFTC
Coinbase on Grayscale Ethereum Spot ETF Application: “ETH Is a Commodity, Not a Security”
Coinbase has answered the SEC request for comments on the proposed rule change to list the ETH Grayscale Fund as a spot ETF. Coinbase stated that ether was a commodity, and its status has been publicly recognized in a variety of circumstances by U.S. agencies and courts. Coinbase Supports Ethereum Grayscale Fund Conversion as a […]Monero Crashes 30% After Binance Includes XMR in Altcoin Delisting Spree
Monero (XMR), the biggest privacy-focused cryptocurrency on the market, is being delisted by Binance, the largest crypto exchange in the world. In an announcement, Binance says that after review, XMR will be included in a fresh delisting spree. XMR, which has been a favorite for those seeking blockchain anonymity since 2014, immediately dropped after the […]
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CFTC Chair Rostin Behnam Has ‘Magnified’ Concerns Over Bitcoin Regulation, Says New Federal Legislation Needed
The Chair of the Commodity Futures Trading Commission (CFTC) says he is increasingly concerned about the growing accessibility of Bitcoin (BTC) and that new federal laws are needed to regulate its market. In a speech in Naples, CTFC Chair Rostin Behnam says that he’s worried the recent approval of spot market BTC exchange-traded funds (ETFs) […]
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US Commodities Regulator Issues Warning About AI Scams Promoting Crypto Asset Trading Schemes
The U.S. Commodity Futures Trading Commission (CFTC) has issued a warning about artificial intelligence (AI) scams promoting false crypto opportunities and other frauds. The CFTC’s Office of Customer Education and Outreach (OCEO) says scammers have been falsely promoting the potential of AI technology to entice victims. “With the growth of the use of AI in […]
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Binance Releases New Update Reducing the Minimum Order Size on Crypto’s Top Memecoins
Binance, the world’s largest crypto exchange platform by volume, is announcing an update that will reduce the minimum order size of some of the top memecoins by market cap. In a new update, Binance says that it will be reducing the mandatory minimum order size of certain meme assets for spot and margin trading pairs, […]
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Courts Approve $2,700,000,000 Binance Settlement With CFTC – CZ Will Personally Pay $150,000,000
A federal court has consented to a settlement between the US derivatives markets regulator and Binance. According to the U.S. Commodity Futures Trading Commission, the federal court has found Binance and its founder and former CEO Changpeng Zhao guilty of violating the derivatives markets regulator’s rules as well as laws governing the trading of commodity […]
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US court approves settlement against Binance, firm to pay $2.7B to CFTC
Former Binance CEO Changpeng “CZ” Zhao has been ordered to pay $150 million, while Binance will pay $2.7 billion to conclude the CFTC enforcement action.
A United States court has entered an order against crypto exchange Binance and its former CEO Changpeng "CZ” Zhao, which will see Binance pay $2.7 billion and CZ pay $150 million to the Commodities Futures and Trading Commission (CFTC).
In a Dec. 18 statement, the CFTC announced that the U.S. District Court for the Northern District of Illinois had approved the previously announced settlement and concluded the enforcement action first issued by the CFTC in November.
"The court finds Zhao and Binance violated the Commodity Exchange Act (CEA) and CFTC regulations, imposes a $150 million civil monetary penalty personally against Zhao, and requires Binance to disgorge $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC," wrote the CFTC in a statement.
Tax services are getting pushy to have crypto declared: Law Decoded, Nov. 27–Dec. 4
Spain and Brazil are chasing cryptocurrency stored abroad, while the U.K. wants taxes paid for crypto assets that weren’t previously declared.
Last week, His Majesty’s Revenue and Customs (HMRC) presented an unpleasant Christmas surprise to hodlers in the United Kingdom, demanding they declare any crypto holdings they failed to report in the last four, six or even 20 years. The disclosure must include “exchange tokens,” such as Bitcoin (BTC), as well as any nonfungible tokens (NFTs) and “utility tokens.”
Less harsh in its demands, the Spanish Tax Administration Agency has also reminded its citizens about their obligations to declare crypto, even if they store it abroad.
Brazil will also proceed to tax its citizens’ foreign crypto holdings via a bill already passed in the Chamber of Deputies and expected to be approved by President Luiz Inácio Lula da Silva. The change makes those funds taxable at the same rate as domestic funds.
The SEC is still digging into Binance.US
The United States Securities and Exchange Commission is still looking for evidence that Binance.US had a backdoor to potentially control customer assets similarly to FTX. Anti-Money Laundering laws as part of a $4.3 billion settlement with the U.S.
Courts will provide ‘good guidance’ for crypto — CFTC commissioner
Kristin Johnson proposed several potential paths for handling digital assets in the United States — through Congress, having private companies address governance and the courts.
Kristin Johnson of the United States Commodity Futures Trading Commission (CFTC) said there are many ways of handling cryptocurrencies in the country, but legislating through courts could provide a solid, if slow, path.
Speaking at the Blockchain Association’s Policy Summit in Washington, D.C. 30, Johnson said the “best outcome” for corporate governance of crypto firms would be to have companies implement their own plans. She cited policymakers introducing reporting requirements for Binance as part of a $4.3 billion settlement with the crypto exchange.
We’re honored to welcome @CFTCjohnson to the #BAPolicySummit stage for our next session as she sits down with @GeorgiaQuinnEsq of @Anchorage pic.twitter.com/FpgQRjPZ0B
— Blockchain Association (@BlockchainAssn) November 30, 2023
According to the CFTC commissioner, Congress could also step in and provide clarification as to the definition of a security — one of the key points behind the U.S.
“If we rely on the courts we will get good guidance, but it won’t come quickly,” said Johnson.
Related: ‘Premier’ crypto cop CFTC reveals record-setting digital asset enforcement in 2023
Though the CFTC and SEC have both at times settled lawsuits with different crypto firms rather than going to trial, many companies have asked for their day in court.