CFTC’s Tech Committee Gathered in DC to Talk DeFi, Here’s What Was Discussed
The United States commodities regulator has gotten a crash course on decentralized finance (DeFi) today, with crypto executives briefing the regulator on key issues affecting the space, including exploits, decentralization and digital identities. As part of a scheduled first meeting of the CFTC’s Technology Advisory Committee (TAC) in Washington D.C., members from the crypto space gave presentations to the regular with the aim of covering key issues currently impacting DeFi. CFTC commissioner Christy Goldsmith Romero opened the meeting with prepared remarks, saying “understanding how DeFi works” is “important” as “policy decisions related to DeFi” are currently being made by regulators and lawmakers. (Cointelegraph)
SBF Shilled FTX Risk Model to FDIC Chairman Gruenberg Prior Collapse
Before crypto exchange FTX and its founder Sam Bankman-Fried (SBF) got tied down around allegations of misappropriation of users’ funds, SBF was among the most influential crypto entrepreneurs. Long before FTX collapsed, an allegedly leaked email exchange with a top regulator shows SBF’s intent to get the exchange federally regulated.
CFTC’s New Tech Advisory Group Includes Execs From Circle, Paradigm
The Technology Advisory Committee will be joined by executives from IBM, Amazon, CME Group, and Cboe Global Markets. Professors from university law schools, including Cornell, Washington College of Law, and the University of Michigan, have also been named in the list.
CFTC Chair Calls Ethereum a Commodity, in Contrast to SEC Chair Gensler’s Position
Chairman of the Commodities and Futures Trading Commission (CFTC) Rostin Behnam has called Ethereum a commodity and not a security, in apparent contrast to U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler who has consistently argued that every cryptocurrency other than Bitcoin falls under securities laws.
Stablecoins and Ether are ‘Going to be Commodities,’ Reaffirms CFTC Chair
Stablecoins and Ether are commodities and should come under the purview of the United States Commodity Futures Trading Commission (CFTC), its chairman has again asserted at a recent Senate hearing. At the Mar. 8 Senate Agricultural hearing, CFTC chair, Rostin Behnam, was asked by Senator Kirsten Gillibrand about the differing views held by the regulator and the Securities and Exchange Commission (SEC) following the CFTC’s 2021 settlement with stablecoin issuer Tether, Behnam said: “Notwithstanding a regulatory framework around stablecoins, they’re going to be commodities in my view.” (Cointelegraph)
CFTC Chair Says Ethereum and Stablecoins Are Commodities
Gary Gensler contended last month that anything other than Bitcoin is subject to securities regulations.
CFTC Chair Rostin Benham Deems Ethereum, Stablecoins to Be Commodities
During a hearing before the Senate Agriculture Committee, Benham said:
Decentralized Finance to Be Examined at Inaugural CFTC Tech Advisory Meeting
The Commodities Futures Trading Commission (CFTC) stated on Mar. 1 that the agenda for its Mar. 22 meeting of its Technology Advisory Committee (TAC) will include a panel on “exploring issues in decentralized finance.”
DeFi to Go Under Microscope at US CFTC Advisory Group’s Opening Session
Decentralized finance (DeFi) will be the first topic discussed at the opening meeting of the Commodity Futures Trading Commission’s Technology Advisory Committee on March 22, further cementing the cryptocurrency sector as a priority for the U.S. derivatives regulator.
Legal Spotlight: The Curious Case of the MNGO Commodity-Security
In this piece, we examine recent complaints by DoJ, CFTC, and SEC that appear to demonstrate the complexities brought by a digital asset that is simultaneously classified as both a commodity and a security.
