News Centre

Statement By CFTC Commissioner Johnson Regarding Consent Order Imposing $10 Million Penalty Against Each Individual Co-founder And Co-owner Of BitMEX

Date 05/05/2022

Today, the United States District Court for the Southern District of New York (SDNY) entered a Consent Order imposing a $10 million civil monetary penalty in connection with charges against Arthur Hayes, Benjamin Peter Delo, and Samuel Reed, the three individual co-founders and co-owners of BitMEX, totaling $30 million. On August 10, 2021, SDNY ordered BitMEX corporate entities to pay $100 million for illegally operating a cryptocurrency trading platform and anti-money laundering (AML) violations.

Federal Court Orders BitMEX’s Three Co-Founders To Pay A Total Of $30 Million For Illegally Operating A Cryptocurrency Derivatives Trading Platform And Anti-Money Laundering Violations - Co-Founders Ordered To Pay $10 Million Each

Date 05/05/2022

The Commodity Futures Trading Commission today announced the U.S. District Court for the Southern District of New York entered consent orders against the three co-founders of the BitMEX cryptocurrency derivatives trading platform: Arthur Hayes, Benjamin Delo, and Samuel Reed. The three co-founders are required to pay a total of $30 million civil monetary penalty for their actions. The orders require each to pay a $10 million civil monetary penalty, and also enjoin Hayes, Delo, and Reed from further violations of the Commodity Exchange Act (CEA) and CFTC regulations, as charged.

US Acting Comptroller Of The Currency Issues Statement On Interagency Proposal To Modernize The Community Reinvestment Act

Date 05/05/2022

Acting Comptroller of the Currency Michael J. Hsu issued the following statement at today's Federal Deposit Insurance Corporation (FDIC) board meeting to consider the interagency notice of proposed rulemaking (NPR) to strengthen and modernize the Community Reinvestment Act (CRA).

Deadline Nears For 3 CalPERS Board Election Nominations - Nomination Forms And Candidate Statements Are Due May 12

Date 05/05/2022

Eligible CalPERS members interested in seeking election to one of three board of administration positions have a week to complete the nomination process to become candidates.

Learning From The Last 30 Years To Face The Next - Speech By UK Financial Conduct Authority Chief Executive, Nikhil Rathi, Delivered At The Chartered Institute For Securities & Investment (CISI) 30th Anniversary Dinner.

Date 05/05/2022

Highlights

• We are more resilient to the economic and geopolitical disruptions of today.
• Digital skills will be integrated in all future financial services education as the boundaries become blurred between tech and the industry.
• Along with other regulators, we are working on maximising the benefits to consumers of tech, while mitigating the risks.
• We need a boost to financial education as children are beginning to participate in cryptoassets.

BIS: The Design Of A Data Governance System

Date 05/05/2022

Technological developments over the last two decades have led to an explosion in the availability of data and their processing. Consumers often do not know the benefits of the data they generate, and find it difficult to assert their rights regarding the collection, processing and sharing of their data.  We propose a data governance system that restores control to the parties generating the data, by requiring consent prior to their use by service providers. The system should be open, with consent that is revocable, granular, auditable, and with notice in a secure environment. Conditions also include purpose and use limitation, data minimisation, and retention restriction. Trust in the system and widespread adoption are enhanced by mandating specialised data fiduciaries. The experience with India's Data Empowerment Protection Architecture (DEPA) suggests that such a system can operate at scale with low transaction costs.

US Federal Agencies Issue Joint Proposal To Strengthen And Modernize Community Reinvestment Act Regulations

Date 05/05/2022

Federal bank regulatory agencies today jointly issued a proposal to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law. CRA is a landmark law enacted 45 years ago to encourage banks to help meet the credit needs of their local communities, including low- and moderate-income (LMI) neighborhoods, in a safe and sound manner.

CryptoCompare Asset Report: Bitcoin Falls 17.3% To 2022 Low In April

Date 05/05/2022

Both traditional and crypto markets had negative movements in April. Bitcoin and stock indices moved sharply downward this month with returns of -17.3%, -9.1%, and -13.5% for BTC, S&P500 and Nasdaq respectively.

CFTC Commissioner Johnson Announces Initial Staff Appointments

Date 05/05/2022

CFTC Commissioner Kristin N. Johnson announced today appointments to her executive staff. Bruce Fekrat will serve as Chief Counsel and Natasha C. Robinson Coates and Lillian A. Cardona will serve as interim Senior Counsel.

BIS: The Design Of A Data Governance System

Date 05/05/2022

Technological developments over the last two decades have led to an explosion in the availability of data and their processing. Consumers often do not know the benefits of the data they generate, and find it difficult to assert their rights regarding the collection, processing and sharing of their data.  We propose a data governance system that restores control to the parties generating the data, by requiring consent prior to their use by service providers. The system should be open, with consent that is revocable, granular, auditable, and with notice in a secure environment. Conditions also include purpose and use limitation, data minimisation, and retention restriction. Trust in the system and widespread adoption are enhanced by mandating specialised data fiduciaries. The experience with India's Data Empowerment Protection Architecture (DEPA) suggests that such a system can operate at scale with low transaction costs.