CFTC Sues Alleged Crypto Ponzi Scammer for $500K Theft

The U.S. Commodity Futures Trading Commission (CFTC) is suing an alleged Ponzi scammer on claims he and his company raised half a million dollars for cryptocurrency investments, which instead went to personal uses. According to a press release, Breonna Clark, otherwise known as Eliot Clark or Alexander Pak, and his firm Venture Capital Investments Ltd. […]

Continue Reading

LabCFTC Wants to Meet FinTech Startups in New York

LabCFTC, the U.S. Commodity Futures Trading Commission’s (CFTC) financial technology experimentation branch, is holding office hours on April 1, asking local companies to ask questions, discuss issues or present their projects. The CFTC announced Tuesday that participants can register for the office hours by emailing LabCFTC@cftc.gov (email subject line should say “NYC Office Hours”) “Office […]

Continue Reading

CabbageTech CEO Sentenced to 33 Months in Prison After Pleading Guilty in Fraud Case

Patrick McDonnell was sentenced to 33 months in federal prison Thursday after pleading guilty to charges of defrauding investors in his crypto trading firm CabbageTech, otherwise known as Coin Drop Markets. McDonnell was also ordered to pay back his victims $224,352, according to the U.S. Attorney’s Office for the Eastern District of New York. Thursday’s […]

Continue Reading

LedgerX Names Former Chief Tech Officer as New CEO

LedgerX announced Friday co-founder and former chief technology officer Zach Dexter has been named the new chief executive of the bitcoin derivatives company. The company suspended CEO Paul Chou and COO/CRO Juthica Chou last month, with no explanation. The two were also co-founders of the company. Depository Trust and Clearing Corporation vice chairman Larry Thompson […]

Continue Reading

Former Bakkt CEO to Help Oversee CFTC in Congress

The former chief executive of bitcoin derivatives exchanges Bakkt is to join the committee that oversees the Commodity Futures Trading Commission (CFTC), raising concerns of a possible conflict of interest. The newly appointed senator, Kelly Loeffler (R., Ga.), will serve on the Senate Agricultural Committee, which is responsible for defining the CFTC’s remit and approving […]

Continue Reading

US Congress Weighs Bill Spelling Out CFTC’s Crypto Derivatives Oversight

The U.S. Congress will soon vote on a bill providing new information about the Commodity Futures Trading Commission’s (CFTC) authority over the cryptocurrency derivatives markets. A provision in the 2019 CFTC Reauthorization Act clarifies how the regulator would collect information on digital commodities contracts and commodity swaps. The bill is heading to the House of […]

Continue Reading