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Statement Of CFTC Commissioner Kristin N. Johnson: Taking Action To Prevent Fraud By Digital Asset Services Firms

Date 13/07/2023

Today, the Commodity Futures Trading Commission (CFTC or Commission) announced that it filed a civil injunctive action in the United States District Court for the Southern District of New York against Celsius Network, LLC (Celsius), and its co-founder and former CEO Alex Mashinsky (Mashinsky, and together with Celsius, Defendants) charging them with fraud in violation of the Commodity Exchange Act (CEA) and Commission Regulations.
Venture Capital Funding In US Plunges 49.2% YoY To $64.6 Billion In H1 2023, Reveals GlobalData

Date 13/07/2023

Venture capital (VC) funding activity in the US witnessed a massive decline during the first half (H1) of 2023. A total of 4,218 VC deals with disclosed funding value of $64.6 billion were announced in the US during H1 2023. This represents a year-on-year (YoY) decline of 34.7% in terms of volume and 49.2% drop in value, reveals GlobalData, a leading data and analytics company.
SIFMA, Joint Trades Letter To Federal Chair Powell On Costs of Higher Capital

Date 13/07/2023

SIFMA joined the Bank Policy Institute, American Bankers Association, Financial Services Forum and the Institute of International Bankers late yesterday submitted a letter to Federal Reserve Chair Jerome Powell expressing concern about a forthcoming proposal to implement the Basel agreement of 2017. The associations urged the Federal Reserve to adopt a 120-day comment period to allow the public to calculate the costs of the proposal.
CFTC Financial Data For Futures Commission Merchants Update

Date 13/07/2023

The latest reports for May 2023 are now available.
ISDA Survey On OTC Derivatives In Emerging And Developing Markets

Date 13/07/2023

ISDA published a whitepaper in May 2022 outlining key legal, regulatory and risk management issues for emerging market and developing economies (EMDEs). To complement that initiative, ISDA has conducted a survey of EMDE jurisdictions that looks at the steps that have been taken with regards to these issues. The survey involved legal counsel from 44 EMDE countries.

Response To The Ripple SEC Ruling By CoinShares’ Head Of Product, Townsend Lansing:

Date 13/07/2023

In a landmark ruling, the court has unequivocally determined that Ripple (XRP) is a security. This is significant, as the court has disregarded Ripple's "essential elements" test, labeling it as unfounded.
ISDA Publishes Survey On Derivatives Use In Emerging Market And Developing Economies

Date 13/07/2023

The International Swaps and Derivatives Association, Inc. (ISDA) has published a new survey that explores the development of capital and derivatives markets in emerging market and developing economies (EMDEs) and recommends possible policy approaches for authorities in those jurisdictions.
CFTC Charges Alexander Mashinsky And Celsius Network, LLC With Fraud And Material Misrepresentations In Massive Commodity Pool Scheme Involving Digital Asset Commodities - Celsius Agrees To A Consent Order To Resolve The Lawsuit

Date 13/07/2023

The Commodity Futures Trading Commission today announced it filed a complaint in the U.S. District Court for the Southern District of New York against Alexander Mashinsky and Celsius Network, LLC. The complaint charges the defendants with fraud and material misrepresentations in connection with the operation of its digital asset-based finance platform, which falsely touted high profits and security to induce customers to deposit their digital asset commodities on the platform.
Nadex Amends Product Specifications And Adds Additional Currency Denominations For Deposits And Withdrawals

Date 13/07/2023

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (the “Act”), and §40.6(a) of the regulations promulgated by the Commodity Futures Trading Commission (the “Commission”) under the Act, North American Derivatives Exchange, Inc. d/b/a crypto.com | Derivatives North America (“Nadex”) submitted to the Commission its intent to amend Rule 12.25 by adjusting the ETH UpDown Options contract range on a permanent basis due to changes in the volatility of underlying market upon which the ETH UpDown Contract is based. Nadex will also be adjusting the dollar multiplier of the ETH UpDown Contract. Additionally, Nadex is also amending a footnote to Rule 3.1 in order to allow GBP and EUR as additional acceptable denominations for the purposes of depositing into and withdrawing from a Member’s Nadex account. These changes will take place on July 19, 2023.
EBA Publishes Fourth Opinion On Money Laundering And Terrorist Financing Risks Across The EU

Date 13/07/2023

The European Banking Authority (EBA) today published its fourth biennial Opinion on the risks of money laundering and terrorist financing (ML/TF) affecting the European Union’s financial sector. It also sets out what competent authorities and EU co-legislators can do to mitigate those risks.