The Securities and Exchange Commission and Commodity Futures Trading Commission announced separate charges related to digital asset-related fraud.
Agencies announce crypto-related charges with executive order on deck
March 09, 2022 / By ICBA
The Securities and Exchange Commission and Commodity Futures Trading Commission announced separate charges related to digital asset-related fraud.
The Securities and Exchange Commission and Commodity Futures Trading Commission announced separate charges related to digital asset-related fraud.
SEC: The SEC charged siblings with defrauding thousands of retail investors on crypto trading platforms out of more than $124 million using a digital token worth a fraction of what they claimed.
CFTC: The CFTC charged several defendants with fraud for operating bitcoin-related Ponzi schemes, fraudulently soliciting more than $44 million in investments, and misappropriating millions of dollars.
Executive Order: The charges come as Washington debates a broader legal and regulatory framework for digital assets, with the Biden administration expected to issue an executive order on crypto as soon as today.
ICBA Position: In a written statement for a Senate hearing last month, ICBA reiterated its call for policymakers to take a comprehensive regulatory approach to digital assets, noting that community bank participation will help mitigate crypto risks.
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