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The CFTC is considering a probe into Crypto.com’s futures contracts that allow betting on football matches, including the Super Bowl, amid concerns over compliance with gaming laws. The agency is set to review the contracts after the Super Bowl on February 9, following a notification from Crypto.com about their trading launch in December. A spokesperson for Crypto.com expressed disappointment over the potential action, emphasizing the need for the incoming CFTC leadership to guide market operations.
The CFTC is investigating Crypto.com for potential violations of U.S. gaming laws related to betting on major football games, as the platform operates in all 50 states. Meanwhile, Polymarket faces scrutiny for allegedly breaching a 2022 settlement by continuing to serve U.S. customers without proper registration. The CFTC's ambiguous definition of "gaming" has drawn criticism from industry stakeholders, complicating the regulatory landscape.
Rostin Behnam, chair of the CFTC, will resign on January 20 after advocating for stronger crypto regulations during his tenure, which included a $4.3 billion settlement with Binance. In Russia, authorities are seizing $10 million in Bitcoin from a former official convicted of bribery, while the IMF urges Kenya to update its crypto laws to enhance consumer protection and address financial crime risks. Additionally, New York Attorney General Letitia James has filed a lawsuit to recover over $2 million in stolen cryptocurrencies from a job scam that misled victims into investing under false pretenses.
The Senate Banking Committee has established its first crypto subcommittee, led by pro-crypto Senator Cynthia Lummis, as Republicans aim to advance digital asset legislation under President-elect Donald Trump. This initiative follows the House's successful passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), which seeks to clarify regulatory roles between the SEC and CFTC. The subcommittee's composition includes several Republican senators, while the Democratic appointment remains uncertain, with Senator Elizabeth Warren's opposition to cryptocurrency likely influencing her stance.
The CFTC's enforcement director Ian McGinley will leave the agency on Jan. 17, just days before Donald Trump's inauguration, amid a shift in regulatory focus towards the crypto industry. Meanwhile, decentralized exchange Mango Markets is winding down operations after a settlement with the SEC, and New York's Attorney General is pursuing over $2 million in crypto fraud cases. Additionally, FDIC Vice Chair Travis Hill criticized the debanking of crypto firms, advocating for a new direction that supports law-abiding customers.
The US Senate Banking Committee is set to establish a crypto subcommittee, with Senator Cynthia Lummis as the leading candidate for chair under the new administration. This subcommittee will oversee digital asset regulations, potentially superseding conflicting rules from the SEC and CFTC. Meanwhile, Rostin Behnam is expected to step down as CFTC chair, with Summer Mersinger likely to succeed him, advocating for a more balanced regulatory approach.
Outgoing SEC Chairman Gary Gensler maintained a hostile stance towards crypto, viewing it as a realm of non-compliance, while CFTC Chairman Rostin Behnam advocated for a more nuanced regulatory approach, recognizing many digital assets as commodities. Gensler's focus on enforcement against intermediaries contrasted with Behnam's efforts to establish clearer regulatory frameworks, leaving the crypto industry eager for change with the incoming administration. The differing definitions of securities versus commodities highlight the ongoing regulatory challenges facing the sector.
The US Senate Banking Committee is poised to establish its first crypto subcommittee, with Senator Cynthia Lummis as a leading candidate for chair, reflecting a pro-crypto stance ahead of President-Elect Trump's inauguration. Meanwhile, CFTC Commissioner Summer Mersinger is favored to succeed Rostin Behnam as chair of the agency, signaling a potential shift towards more favorable crypto regulations. As Trump prepares to take office, the Republican majority aims to enhance the US's position as a "crypto capital."
President-elect Donald Trump is considering several crypto-friendly candidates for the CFTC chair, including Summer Mersinger and Brian Quintenz, as he prepares to reshape the regulatory landscape for digital assets. Current CFTC Chair Rostin Behnam will resign on January 20, paving the way for a shift in oversight from the SEC to the CFTC, which is expected to play a larger role in regulating the $3.5 trillion crypto market. Trump's administration aims to end what he describes as the Biden administration's regulatory "crusade" against the crypto industry.
In his final address as CFTC chairman, Rostin Behnam stressed the urgent need for comprehensive cryptocurrency regulation, acknowledging that the process will be lengthy. He anticipates Congress will take six to ten months to deliberate, followed by an additional year for federal agencies to establish rules. Behnam plans to continue advocating for regulatory action even after leaving office.
Rostin Behnam
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