To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
Federal Activities:
- On September 30, the Commodity Futures Trading Commission (CFTC) filed an enforcement action against crypto futures and spot market exchange Digitex and its founder and CEO Adam Todd. The CFTC alleged that Digitex violated the Commodity Exchange Act by failing to register as a futures commission merchant. The complaint also alleged the failure to implement know-your-customer and customer information program procedures required by the Bank Secrecy Act. Additionally, the CFTC alleged that Digitex attempted to manipulate the value of its token DGTX by using noneconomic trading activity to artificially pump the price of DGTX. For more information, click here.
- On September 30, the Securities and Exchange Commission (SEC) filed an enforcement action against Arbitrade Ltd. and Cryptobontix, Inc. for allegedly engaging in a pump-and-dump scheme regarding a crypto-asset security named “Dignity,” which Arbitrade and Cryptobontix falsely represented to investors was backed by $10 billion in gold bullion the entities obtained through a purchase transaction. For more information, click here.
- On September 29, U.S. Senator Bill Hagerty (R-TN) introduced a crypto-related bill in the Senate. If enacted, the bill would provide a…
