CFTC: Cryptocurrency scams contributed to an increase in fines
October 5, 2018, 3:40PM EDT
1 min read
The Commodity Futures Trading Commission (CFTC), U.S. derivatives regulator, reported an annual increase in fines as a result of cryptocurrencies and trading scams. Notably, cases filed related to spoofing, a form of market manipulation that distorts prices, quintupled any previous year. CFTC Chairman Christopher Giancarlo said, "By any measure, enforcement during this last year has been among the most vigorous in the history of the CFTC". The Securities and Exchange Commission has yet to post their 2018 annual results for enforcement. (Source: WSJ)
With more than $100 billion in market cap across all chains, it is likely that the DeFi market cap will grow to $200 billion by 2025. However, many users still face various technical barriers when using decentralised platforms to do on-chain farming, staking and trading, while off-chain solutions face liquidity issues, fiat restrictions and the lack of a central multichain to support crypto assets and institutional-grade custodians.
The Federal Reserve dropped a new central bank digital currency white paper on Thursday. While largely avoiding the topic of crypto, it suggests that a US CBDC could compete with "private digital money."