The Commodity Futures Trading Commission (CFTC) has unveiled its enforcement outcomes for Fiscal Year (FY) 2023. It highlights a historic surge in digital asset cases, actions to enforce regulatory obligations for registrants, manipulation and spoofing cases, and groundbreaking court decisions in intricate legal disputes.
The statement released by the CFTC shows that about 50% of the cases brought to its attention in 2023 involved crypto. During FY 2023, the CFTC’s Division of Enforcement (DOE) initiated 96 enforcement proceedings, alleging fraud, manipulation, and various substantial infringements across various markets, encompassing digital assets and swaps markets. These actions led to penalties, restitution, and disgorgement amounting to over $4.3 billion.
The CFTC initiated 47 actions about the behavior in the digital asset commodities sector, comprising over 49% of all cases filed during that timeframe. The actions related to digital assets encompass filing prominent complaints targeting fraudulent activities by significant exchanges and individual Ponzi schemes, achieving a legal victory against a decentralized autonomous organization and a digital asset futures platform and initiating inventive litigation related to cross-market manipulation in blockchain technology.
Chairman Rostin Behnam emphasized the CFTC’s unwavering commitment to preventing fraud and manipulation in the U.S., highlighting the Division of Enforcement’s remarkable efforts in the digital asset domain, which led to a record number of cases. He also acknowledged the staff’s dedication to ensuring accountability among registrants and market participants within CFTC-regulated markets.
The actions of the CFTC related to digital assets include suing Samuel Bankman-Fried, Gary Wang, Caroline Ellison, and Nishad Singh in two separate actions for a suspected fraudulent scheme with digital asset commodities. This led to over $8 billion in losses for FTX customer assets.
The UK has re-established diplomatic ties with Syria, David Lammy has said, as he made the first visit to the country by a British minister for 14 years.
The foreign secretary visited Damascus and met with interim president Ahmed al Sharaa, also the leader of the rebel group Hayat Tahrir al-Sham (HTS), and foreign minister Asaad al Shaibani.
In a statement, Mr Lammy said a “stable Syria is in the UK’s interests” and added: “I’ve seen first-hand the remarkable progress Syrians have made in rebuilding their lives and their country.
“After over a decade of conflict, there is renewed hope for the Syrian people.
“The UK is re-establishing diplomatic relations because it is in our interests to support the new government to deliver their commitment to build a stable, more secure and prosperous future for all Syrians.”
Image: Foreign Secretary David Lammy with Syria’s interim president Ahmed al Sharaa in Damascus. Pic: X / @DavidLammy
The Foreign, Commonwealth and Development Office has also announced a £94.5m support package for urgent humanitarian aid and to support the country’s long-term recovery, after a number of British sanctions against the country were lifted in April.
While HTS is still classified as a proscribed terror group, Sir Keir Starmer said last year that it could be removed from the list.
The Syrian president’s office also said on Saturday that the president and Mr Lammy discussed co-operation, as well as the latest developments in the Middle East.
Since Assad fled Syria in December, a transitional government headed by Mr al Sharaa was announced in March and a number of western countries have restored ties.
In May, US President Donald Trump said the United States would lift long-standing sanctions on Syria and normalise relations during a speech at the US-Saudi investment conference.
Please use Chrome browser for a more accessible video player
1:12
From May: Trump says US will end sanctions for Syria
He said he wanted to give the country “a chance at peace” and added: “There is a new government that will hopefully succeed.
“I say good luck, Syria. Show us something special.”
Secret Service quietly amasses one of the world’s largest crypto cold wallets with $400 million seized, exposing scams through blockchain sleuthing and VPN missteps.