CFTC Annual Enforcement Results Show Positive Activity Against Crypto Companies

The Commodity Futures Trading Commission (CFTC) has released its annual report on enforcement proceedings, in which Bitcoin takes center stage.

The CFTC’s division of enforcement’s report for fiscal year 2022, which ended September 30, emphasized the commission’s 82 enforcement actions, particularly its 18 in digital assets, which accounted for more than 20% of all enforcement proceedings this year.

CFTC Chairman Rostin Behnam said in a statement:

“This FY 2022 enforcement report shows the CFTC continues to aggressively police new digital commodity asset markets with all of its available tools. I personally thank the Enforcement Division’s hardworking and dedicated leadership team and staff.”

During the past fiscal year, the agency completed over $2.5 billion worth of enforcement orders, across its entire jurisdiction, including but not limited to digital asset activities.

The agency emphasized its flurry of activity at the close of the fiscal year, which included a high-profile action against Ooki DAO, the first enforcement against a decentralized autonomous organization, and its suit against Digitex.

Meanwhile, Tether Holdings was forced to pay a $41 million civil monetary penalty for making untrue or misleading claims and material omissions in connection with the Tether (USDT) stablecoin.

The inclusion of cryptocurrency in the study comes as CFTC Chairman Rostin Behnam has clearly rejected the concept of the agency being light touch in the middle of a lobbying drive to give the agency additional jurisdiction over crypto spot markets.

Last month, the Treasury Department also urged bank authorities to double down on enforcing existing financial laws and standards governing digital assets.

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