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The U.S. Commodity Futures Trading Commission (CFTC) has released the enforcement results for the fiscal year (FY) 2023. The shared report takes into account the historic increase in crypto asset cases, enforcement actions to comply with regulatory obligations, manipulation and fraud cases, as well as groundbreaking court decisions in complex legal disputes.
Notable Increase in Crypto Cases
According to the statement released by the CFTC, approximately 50% of the cases addressed in 2023 were related to the crypto sector. Throughout the fiscal year 2023, the CFTC’s Division of Enforcement (DOE) initiated 96 enforcement actions covering fraud, manipulation, and other significant violations in various markets encompassing crypto assets and traditional markets. These events resulted in penalties exceeding $4.3 billion.
The CFTC initiated 47 legal proceedings in the crypto asset sector, with over 49% of all cases being related to the crypto market. The reported illegal activities involving crypto assets included complaints targeting the illicit activities of exchanges and individual Ponzi schemes, achieving a legal victory against decentralized platforms and a crypto asset futures trading platform, as well as initiating cases related to cross-market manipulation in the blockchain sector.
CFTC Deals Heavy Blow to Crypto Scammers
CFTC Chairman Rostin Behnam emphasized the agency’s determination to prevent fraud and manipulation in the United States and highlighted the efforts of the DOE that led to a record number of cases in the crypto asset field. Additionally, he included the commitment of agency personnel to resolving registration issues in regulated markets and disputes among market participants.
Among the actions taken by the CFTC regarding crypto assets are the filing of separate lawsuits against Sam Bankman-Fried, Gary Wang, Caroline Ellison, and Nishad Singh for an alleged crypto asset fraud scheme, as well as the significant loss of over $8 billion in FTX customer assets.
In July, the CFTC accused Celsius and former CEO Alex Mashinsky of fraud related to a crypto asset lending scheme. It also targeted a crypto asset lending platform for illegal asset staking operations.
