12.12.2024
Trump Considering Brian Quintenz for CFTC Chair
Former CFTC Commissioner Brian Quintenz, who is currently head of policy at a16z crypto, is reportedly emerging as a top contender to lead the CFTC under President-elect Trump. Bloomberg reports that Quintenz has been interviewed for the position, citing unidentified people familiar with the matter. The people added that Trump's team has concluded interviews for the chair of the agency, and an announcement of the selection is anticipated in the coming days. Bloomberg previously reported that current Republican CFTC Commissioners Summer Mersinger and Caroline Pham were under consideration for the role, along with lawyers and former CFTC officials Joshua Sterling and Neal Kumar.
12.12.2024
CFTC Resolves Enforcement Action Against IcomTech Defendants
The CFTC announced that the US District Court for the Central District of California ordered five individuals to pay over $5 million for their roles in the IcomTech crypto Ponzi scheme. The agency's litigation over the IcomTech scheme has now come to a close, as the fifth defendant was ordered to pay restitution for his role in the $3.5 million fraud. US District Judge Monica Ramirez Almadani said Marco Ruiz Ochoa is, with four co-conspirators, jointly and severally liable for nearly $1.1 million in restitution.
12.12.2024
Sen. Brown Postpones Vote on SEC Commissioner Crenshaw Nomination
Senate Banking Committee Chair Sherrod Brown (D-OH) postponed a vote on whether to confirm SEC Commissioner Caroline Crenshaw for a second term at the agency, and Committee Republicans subsequently blocked Brown’s request to hold the vote later in the day. Ranking Member Tim Scott (R-SC) and Sens. Bill Hagerty (R-TN) and Cynthia Lummis (R-WY) tweeted about the need to block Crenshaw’s nomination, highlighting her anti-crypto stance. Crypto groups, including the Blockchain Association and the DeFi Education Fund, have also sent letters to Committee leadership in opposition to Crenshaw's nomination. The delayed vote heightens the possibility of a three-person, all Republican SEC in the early months of the incoming Trump Administration.
12.11.2024
FSB Publishes Review of French Crypto Monitoring
The Financial Stability Board (FSB) published its Peer Review of France, examining the country’s progress in regulating and supervising crypto asset activities. The FSB concluded that “French authorities have made significant progress in monitoring, regulating and supervising crypto-asset markets,” but noted that further steps can be taken to strengthen the regulatory framework for crypto assets and stablecoins. These include facilitating a smooth transition to the EU's MiCA, strengthening enforcement efforts, and promoting cross-border cooperation and information sharing.
12.11.2024
Italy to Reduce Crypto Capital Gains Tax Hike
Italian Treasury Junior Minister Federico Freni and lawmaker Giulio Centemero announced that the government’s proposal to raise the capital gains tax rate on crypto from 26% to 42% will be “significantly reduced during the parliamentary work." The proposal faced mounting criticism that forced lawmakers to reconsider their approach. The original plan was introduced as part of Italy's 2025 budget, with the government seeking to boost public finances via increased crypto taxation.
12.11.2024
CFTC Charges Pastor in $6M Crypto Fraud Scheme
The CFTC announced that it has sued Washington state pastor Francier Obando Pinillo in federal court for allegedly promoting a $6 million crypto Ponzi scheme to 1,500 people, including some who attended his church. The CFTC is seeking restitution to defrauded customers, disgorgement of ill-gotten gains, civil monetary penalties, trading bans, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC Regulations. According to the complaint, Pinillo mainly targeted Spanish-speaking customers who had little to no experience or understanding in digital asset transactions or commodity interest trading.
12.11.2024
Senate Banking Committee to Vote on SEC Commissioner Crenshaw Reappointment
The Senate Banking Committee is scheduled to vote today on whether to confirm SEC Commissioner Caroline Crenshaw for a second term at the agency. The crypto industry is mounting an effort to block her renomination. Crypto groups, including the Blockchain Association and the DeFi Education Fund, have sent letters to Committee leadership arguing that Crenshaw’s actions on the Commission have “undermined Congress’s clear mandate to establish sound regulatory policies for crypto.” If voted through by the Banking Committee and confirmed by the full Senate, Crenshaw will be eligible to serve on the Commission through June 2029.
12.11.2024
House Dems Reappoint Rep. Waters to HFSC
The House Democratic Steering and Policy Committee selected Rep. Maxine Waters (D-CA) to stay on as Ranking Member of the House Financial Services Committee next Congress. The panel's recommendations will now go to the full Democratic caucus for approval, though those votes are expected to be perfunctory. The Committee also picked Rep. Richard Neal (D-MA) for the Ways and Means Committee, Rep. Rosa DeLauro (D-CT) for Appropriations, Rep. Frank Pallone (D-NJ) for Energy and Commerce, and Rep. Jim McGovern (D-MA) for Rules. All the lawmakers selected served as ranking member of their respective committee this Congress and were uncontested.
12.10.2024
ESAs Provide Guidelines on Regulatory Classification of Crypto Assets Under MiCA
The three European Supervisory Authorities published joint guidelines intended to facilitate consistency in the regulatory classification of crypto assets under MiCA. The guidelines include a standardized test to promote a common approach to classification, as well as templates market participants should use when communicating to supervisors the regulatory classification of a crypto asset. The templates for explanations and legal opinions provide descriptions for the regulatory classification of crypto assets in the cases of asset-referenced tokens (ARTs) and crypto assets that are not ARTs or electronic money tokens (EMTs). The guidelines will apply from three months after the publication of the translations.