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U.S. CFTC issues final ruling on two FTX co-founders: Ellison and Wang are each banned from trading for 5 years, with no restitution or civil penalties sought.

48 minutes ago

The U.S. Commodity Futures Trading Commission (CFTC) recently disclosed that the U.S. District Court for the Southern District of New York has issued supplemental consent orders to former Alameda Research CEO Caroline Ellison and Alameda and FTX co-founder Gary Wang, formally resolving the CFTC’s enforcement cases against the two. Under the court orders, both Ellison and Wang must continue cooperating with CFTC investigations. Ellison has been imposed a 5-year trading ban and a 10-year registration ban, while Wang faces a 5-year trading ban and an 8-year registration ban. The terms of these bans start from the effective date of the initial consent orders signed by the pair on December 23, 2022. In 2022, the court found Ellison liable for two fraud charges brought by the CFTC and Wang liable for one fraud charge, permanently barring both from violating the Commodity Exchange Act and CFTC anti-fraud rules. Notably, the CFTC is not seeking additional restitution, disgorgement of illegal proceeds, or civil penalties against Ellison and Wang in this case. The CFTC’s Enforcement Division stated this decision is partly based on the substantial cooperation the two provided during investigations and related litigation, including their guilty pleas in federal criminal cases and assistance in FTX-related probes. CFTC Enforcement Director David I. Miller noted that Ellison and Wang, as senior executives of Alameda and FTX, committed fraud and were found liable by the court, but their final penalties reflect the critical assistance they gave to CFTC investigations. Additionally, both have pleaded guilty in related criminal cases to multiple charges including conspiracy to commit commodity fraud, and are jointly liable for a forfeiture order of approximately $11.02 billion. This consent order marks the formal conclusion of the CFTC’s enforcement actions against Ellison and Wang.

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Bitcoin surges briefly, breaking through $75,000.

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Artificial bull market? Crypto industry executives gather for first meeting of U.S. CFTC’s Innovation Advisory Committee

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BNB briefly breaks through $660, surging over 5% in 24 hours.

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US CFTC’s First Innovation Advisory Committee Meeting Focuses on Three Key Topics: Crypto Regulation, AI in Finance, and Prediction Markets

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Analysis: Bitcoin selling pressure may be nearly exhausted, with an average 155% rise in the year following similar historical signals.

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