Newsfeed
US CFTC Commissioner Kristin Johnson calls for Creation of an Interagency Task Force to Oversee AI and Digital Assets at Davos Blockchain Event
On 20 January 2025, United States Commodity Futures Trading Commission (US CFTC) Commissioner Kristin Johnson delivered remarks at the Global Blockchain Business Council’s 8th Annual Blockchain Central Davos, held alongside the 2025 World Economic Forum. Speaking on the theme Collaboration for the Intelligent Age, Johnson addressed the role of blockchain and artificial intelligence (AI) in shaping financial markets. She called for regulatory frameworks that balance innovation with oversight, emphasising the need for collaboration among regulators, market participants, and policymakers. Commissioner Kristin Johnson outlined the rapid evolution of financial technology, with blockchain and AI driving changes in market structure, automation, and risk management. She said that while these technologies offer efficiency and accessibility, they also bring challenges related to fraud, manipulation, and systemic risks. She supported strengthening regulatory frameworks to ensure digital asset...
US CFTC Commissioner Kristin Johnson Calls for Stronger Digital Asset Oversight in Keynote Address
On 24 January 2025, the United States Commodity Futures Trading Commission (US CFTC) Commissioner Kristin Johnson delivered a keynote address at the University of Chicago Law School, titled Charting the Future of Financial Regulation. Her speech focused on financial technology, with a strong emphasis on digital assets and artificial intelligence (AI). Commissioner Kristin Johnson spoke about the need for clear regulations, investor protections, and governance in digital asset markets. Her remarks followed recent Executive Orders from the new administration on AI and cryptocurrency. Commissioner Kristin Johnson spoke about how technology is changing financial markets, particularly in digital trading, algorithmic models, and decentralised finance (DeFi). She said that while these developments bring new possibilities, they also create risks such as fraud, financial instability, and market manipulation. She also called for regulatory measures that would apply the same safeguards to...
US CFTC to Hold Public Roundtables on Innovation and Market Structure
On 27 January 2025, the United States Commodity Futures Trading Commission (US CFTC) announced the launch of a series of public roundtables focused on emerging trends and innovation in market structure. Acting Chairman Caroline D. Pham initiated the effort as part of a broader push for transparency and open engagement in policy discussions affecting derivatives markets. The roundtables will cover critical topics, including affiliated entities and conflicts of interest, prediction markets, and digital assets. The US CFTC’s new initiative aims to facilitate informed discussions among industry leaders, market participants, experts, and public interest groups. The roundtables will build a comprehensive administrative record by incorporating studies, data, expert reports, and public input. Acting Chairman Pham underscored the importance of a forward-looking regulatory approach, stating that the initiative will help ensure US markets remain resilient while fostering economic growth and...
US Securities and Exchange Commission Published Study on Payment for Order Flow in Crypto Markets
On 24 January 2025, the United States Securities and Exchange Commission (US SEC) published a pivotal working paper titled "How Does Payment for Order Flow Influence Markets? Evidence from Robinhood Crypto Token Introductions." The study, authored in collaboration with researchers from Miami University and Wayne State University, provides a detailed examination of how Payment for Order Flow (PFOF) impacts cryptocurrency markets. It analyses Robinhood Crypto’s staggered introduction of tokens and its broader implications for market quality, trading costs, and regulatory frameworks. The paper focuses on the role of PFOF, a practice where brokers receive payments from market makers for routing orders. This study revealed a distinct lack of transparency in crypto PFOF practices compared to equities and options, coupled with substantially higher fees, approximately 4.5 to 45 times higher. The findings indicate that the introduction of tokens on Robinhood Crypto led to reduced trading...
Mark T. Uyeda Announces Key Acting Appointments at US Securities and Exchange Commission
On 24 January 2025, the US Securities and Exchange Commission (US SEC) announced significant interim appointments made by Acting Chairman Mark T. Uyeda to fill senior vacancies following recent departures. These temporary selections aim to uphold the US SEC's commitment to safeguarding investors, fostering trust in the financial system, and ensuring seamless operations during leadership transitions. The announcement follows recent staff departures at the US SEC, necessitating temporary leadership assignments to ensure uninterrupted governance and oversight. These changes come at a critical time, as the US SEC continues its enforcement of securities laws, analysis of economic risks, and efforts to strengthen global financial relations. Jeffrey Finnell has been appointed as the Acting General Counsel, effective 24 January 2025. In this role, he will oversee the US SEC's legal advisory functions and support it’s regulatory and enforcement activities. Robert Fisher has assumed the...
Acting Chairman Pham Announces Key CFTC Leadership Changes Amid New Administration
On 22 January 2025, the United States Commodity Futures Trading Commission (US CFTC) announced significant leadership changes under Acting Chairman Caroline D. Pham. The reshuffle reflects the transition to a new administration and ensures continuity in the Commission’s regulatory oversight across the derivatives and commodities markets. The announcement included interim appointments for positions within the US CFTC’s leadership team, highlighting the organisation’s focus on emerging financial technologies, market stability, and international engagement. She announced a series of interim appointments across divisions, naming Harry Jung as Acting Chief of Staff, Meghan Tente as Acting General Counsel, and Taylor Foy as Acting Director of the Office of Public Affairs, among others. These appointments aim to advance the US CFTC’s mission while addressing critical areas such as crypto regulation, market oversight, and international collaboration. Harry Jung: Acting Chief of Staff Harry...
US SEC Fines Digital Currency Group and Former Genesis CEO for Misleading Investors
On 17 January 2025, the United States Securities and Exchange Commission (US SEC) published order instituting cease-and-desist proceedings, pursuant to section 8a of the United States Securities Act of 1933, making findings, and imposing a cease-and-desist order and announced a settlement with Digital Currency Group Inc. (DCG) and its subsidiary Genesis Global Capital’s former CEO, Soichiro “Michael” Moro, for misleading investors about the financial health of Genesis. The parties will pay a combined $38.5 million in civil penalties. DCG and Moro were found to have negligently misrepresented the financial condition of Genesis following the collapse of Three Arrows Capital (TAC), one of Genesis's largest borrowers. TAC defaulted on a $2.4 billion loan in June 2022, resulting in a shortfall in Genesis’s balance sheet. DCG and Moro portrayed an overly optimistic financial outlook, including public statements that concealed the extent of Genesis's exposure and the limited financial...
US SEC Proposes Novel Compensation Plan for Barclays Investors, Raising Legal and Policy Questions
On 22 January 2025, the United States Securities and Exchange Commission (US SEC) published a Notice of Proposed Plan of Distribution and Opportunity for Comment concerning a Fair Fund created from a $200 million civil penalty imposed on Barclays PLC and Barclays Bank PLC. The proposed plan seeks to compensate investors who traded in Barclays American Depository Receipts (ADRs) on the New York Stock Exchange (NYSE) and ordinary shares on the London Stock Exchange (LSE) during the relevant period. The proposal, under the Fair Fund provisions of Section 308(a) of the United States Sarbanes-Oxley Act of 2002 (SOX), represents a novel approach as it seeks to extend compensation to investors who purchased securities of a foreign issuer on a foreign exchange. This proposal has raised legal and policy concerns, as outlined by Commissioner Hester M. Peirce, who has questioned its consistency with statutory limitations and its broader implications for the US SEC’s mission. The US SEC’s...
US SEC Unveils Crypto 2.0 Task Force to Reform Digital Asset Regulation
On 21 January 2025, the United States Securities and Exchange Commission (US SEC) launched the Crypto 2.0 Task Force, an initiative to overhaul the regulation of digital assets within US jurisdiction. Acting Chairman Mark T. Uyeda announced the task force, with Commissioner Hester Peirce leading the agency-wide effort. This initiative aims to transition the US SEC from its historically reactive enforcement approach to a forward-thinking regulatory framework that balances investor protection, innovation, and market integrity. Comprised of staff from various US SEC divisions, the Crypto 2.0 Task Force will work collaboratively with the public, industry participants, and policymakers to set clear guidelines for the crypto industry. Key roles in the task force include Richard Gabbert as Chief of Staff and Taylor Asher as Chief Policy Advisor, who will support Commissioner Peirce in her leadership. The task force’s primary vision and purpose is to clarify regulatory obligations, provide...
Leadership Transitions at the US SEC: A Realignment Following Presidential Change
The United States Securities and Exchange Commission (US SEC) has announced a series of leadership changes, coinciding with the transition to President Donald J. Trump’s administration. These include the departures of senior officials and the appointment of an Acting Chairman, ensuring the agency adapts to the administration's goals. On January 17, 2025, Amanda Fischer announced her departure as Chief of Staff, a role she had held since January 2023. Fischer initially joined the US SEC in June 2021 as Senior Counselor to former Chair Gary Gensler. Her tenure was marked by key contributions to equity and Treasury market reforms, as well as the agency’s collaboration with the Financial Stability Oversight Council. Fischer also emphasized transparency, integrity, and safeguarding working families’ savings. Former Chair Gary Gensler praised Fischer for her strategic leadership and her role in guiding consequential reforms, stating: "Fischer’s career prior to the US SEC included roles as...
Hong Kong’s SFC Publishes Circular for Virtual Asset Platform Regulations with Stricter Conduct Standards
On 16 January 2025, the Hong Kong Securities and Futures Commission (HK SFC) published “Circular to Licensed Corporations, SFC-licensed Virtual Asset Service Providers and Associated Entities" for Hong Kong based Virtual Asset Trading Platforms (VATPs) detailing stricter conduct standards. These measures, detailed in an official circular and appendices (Appendix 1 and Appendix 2), were introduced following inspections of VATP applicants under the deemed licensing framework. The aim is to enhance the security, compliance, and operational integrity of platforms operating in Hong Kong. The HK SFC conducted comprehensive reviews focusing on cybersecurity, safeguarding client assets, and Know-Your-Client (KYC) practices. Findings revealed areas of non-compliance among certain platforms, prompting the issuance of detailed guidelines to ensure robust system management, adherence to legal obligations, and improved client protection. These standards, outlined in Appendix 1 of a newly issued...
Caroline D. Pham Appointed Acting Chairman of US CFTC
On 20 January 2025, the United States Commodity Futures Trading Commission (US CFTC) has unanimously appointed Commissioner Caroline D. Pham as Acting Chairman, effective immediately. She succeeds Rostin Behnam, who served as Chairman since January 2022 and will remain a Commissioner until his departure on 7 February 2025. Acting Chairman Caroline D. Pham, a trailblazing figure in finance and law, brings over two decades of experience in derivatives, capital markets, and digital assets. She was first nominated to the US CFTC by the President on 12 January 2022 and confirmed by the Senate on 28 March 2022, beginning her tenure as a Commissioner on 14 April 2022. Caroline D. Pham’s professional history is characterised by her expertise in strategy, innovation, and regulatory frameworks. During her tenure as a US CFTC Commissioner, she focused on expanding market access, enhancing American competitiveness, and optimising regulatory policies to foster market efficiency and liquidity. Her...
Important
This website and the information contained herein is not intended to be a source of advice or credit analysis with respect to the material presented, and the information and/or documents contained in this website do not constitute investment advice.
Cryptocurrency markets are highly volatile and speculative in nature. The value of cryptocurrencies can fluctuate greatly within a short period of time. Investing in cryptocurrencies carries significant risks of loss. You should only invest what you are prepared to lose.
The content on this website is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our website constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any cryptocurrencies, securities, or other financial instruments.
We do not guarantee or warrant the accuracy, completeness, or usefulness of any information on this site. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to this website, or by anyone who may be informed of any of its contents.
Your use of this website and your reliance on any information on the site is solely at your own risk. Under no circumstances shall we have any liability to you for any loss or damage of any kind incurred as a result of the use of the website or reliance on any information provided on the website. Your use of the website and your reliance on any information on the site is governed by this disclaimer and our terms of use.