Commodity Futures Trading Commission

SEC Announces Departure of Dan Berkovitz; Megan Barbero Named General Counsel

Retrieved on: 
Thursday, December 22, 2022

Megan Barbero, currently SEC Principal Deputy General Counsel, will be appointed General Counsel, effective upon Mr. Berkovitz’s departure.

Key Points: 
  • Megan Barbero, currently SEC Principal Deputy General Counsel, will be appointed General Counsel, effective upon Mr. Berkovitz’s departure.
  • "Dan has led the Office of General Counsel during a time in which we’ve proposed critical reforms throughout the capital markets.
  • Before joining the SEC, Ms. Barbero served as Deputy General Counsel for the U.S. House of Representatives, where she managed strategic litigation for the House.
  • "I am very grateful for Dan's leadership of the Office of General Counsel during this critical time, and I will miss working with him," said Megan Barbero.

SEC Charges Caroline Ellison and Gary Wang with Defrauding Investors in Crypto Asset Trading Platform FTX

Retrieved on: 
Thursday, December 22, 2022

FTT served as collateral for undisclosed loans by FTX of its customers’ assets to Alameda, a crypto hedge fund owned by Wang and Bankman-Fried and run by Ellison.

Key Points: 
  • FTT served as collateral for undisclosed loans by FTX of its customers’ assets to Alameda, a crypto hedge fund owned by Wang and Bankman-Fried and run by Ellison.
  • The complaint alleges that Ellison and Wang knew or should have known that such statements were false and misleading.
  • The complaint alleges that Wang created FTX’s software code that allowed Alameda to divert FTX customer funds, and Ellison used misappropriated FTX customer funds for Alameda’s trading activity.
  • In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced charges against Ellison and Wang.

ML Tech Raises $1.9 million Strategic Round

Retrieved on: 
Tuesday, December 20, 2022

MIAMI, Dec. 20, 2022 (GLOBE NEWSWIRE) -- ML Tech, a non-custodial digital asset investment management platform providing institutional investors access to automated crypto trading strategies, recently raised over $1.9 million in a strategic round that included well-known investors such as Belvedere Strategic Capital, Hyperithm, and Nascent.

Key Points: 
  • MIAMI, Dec. 20, 2022 (GLOBE NEWSWIRE) -- ML Tech, a non-custodial digital asset investment management platform providing institutional investors access to automated crypto trading strategies, recently raised over $1.9 million in a strategic round that included well-known investors such as Belvedere Strategic Capital, Hyperithm, and Nascent.
  • "Belvedere Strategic Capital is excited to invest in and partner with ML Tech to help unlock the long term growth potential of managed money in the digital asset space.
  • The Miami-based company, which launched in May 2020, previously raised a $1.75 million seed round in August 2021, led by West Loop Ventures.
  • ML Tech is also looking to partner with select distribution channels for yield generation and exchange traded products powered by ML Tech strategies.

SEC Charges Samuel Bankman-Fried with Defrauding Investors in Crypto Asset Trading Platform FTX

Retrieved on: 
Tuesday, December 13, 2022

Washington, D.C.--(Newsfile Corp. - December 13, 2022) - The Securities and Exchange Commission today charged Samuel Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX Trading Ltd. (FTX), the crypto trading platform of which he was the CEO and co-founder.

Key Points: 
  • Washington, D.C.--(Newsfile Corp. - December 13, 2022) - The Securities and Exchange Commission today charged Samuel Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX Trading Ltd. (FTX), the crypto trading platform of which he was the CEO and co-founder.
  • In his representations to investors, Bankman-Fried promoted FTX as a safe, responsible crypto asset trading platform, specifically touting FTX’s sophisticated, automated risk measures to protect customer assets.
  • It also shines a light into trading platform conduct for both investors through disclosure and regulators through examination authority.
  • "FTX’s collapse highlights the very real risks that unregistered crypto asset trading platforms can pose for investors and customers alike.

Miami International Holdings Reports November 2022 Trading Results; SPIKES Futures, MIAX Options and MIAX Pearl Equities Set Year-to-Date Volume Records

Retrieved on: 
Wednesday, December 7, 2022

MIAX's parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX), MIAX PEARL, LLC (MIAX Pearl), MIAX Emerald, LLC (MIAX Emerald), Minneapolis Grain Exchange, LLC (MGEX), The Bermuda Stock Exchange (BSX) and Dorman Trading, LLC (Dorman Trading).

Key Points: 
  • MIAX's parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX), MIAX PEARL, LLC (MIAX Pearl), MIAX Emerald, LLC (MIAX Emerald), Minneapolis Grain Exchange, LLC (MGEX), The Bermuda Stock Exchange (BSX) and Dorman Trading, LLC (Dorman Trading).
  • MIAX, MIAX Pearl and MIAX Emerald are national securities exchanges registered with the Securities and Exchange Commission (SEC) that are enabled by MIAX's in-house built, proprietary technology.
  • MIAX offers trading of options on all three exchanges as well as cash equities through MIAX Pearl Equities.
  • The MIAX trading platform was built to meet the high-performance quoting demands of the U.S. options trading industry and is differentiated by throughput, latency, reliability and wire-order determinism.

Miami International Holdings Reports November 2022 Trading Results; SPIKES Futures, MIAX Options and MIAX Pearl Equities Set Year-to-Date Volume Records

Retrieved on: 
Wednesday, December 7, 2022

MIAX's parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX), MIAX PEARL, LLC (MIAX Pearl), MIAX Emerald, LLC (MIAX Emerald), Minneapolis Grain Exchange, LLC (MGEX), The Bermuda Stock Exchange (BSX) and Dorman Trading, LLC (Dorman Trading).

Key Points: 
  • MIAX's parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX), MIAX PEARL, LLC (MIAX Pearl), MIAX Emerald, LLC (MIAX Emerald), Minneapolis Grain Exchange, LLC (MGEX), The Bermuda Stock Exchange (BSX) and Dorman Trading, LLC (Dorman Trading).
  • MIAX, MIAX Pearl and MIAX Emerald are national securities exchanges registered with the Securities and Exchange Commission (SEC) that are enabled by MIAX's in-house built, proprietary technology.
  • MIAX offers trading of options on all three exchanges as well as cash equities through MIAX Pearl Equities.
  • The MIAX trading platform was built to meet the high-performance quoting demands of the U.S. options trading industry and is differentiated by throughput, latency, reliability and wire-order determinism.

Cboe Global Markets Finalizes Investor Partners for Cboe Digital Business

Retrieved on: 
Tuesday, November 29, 2022

Cboe Digital and its partners committed to bringing trusted, transparent, regulatory-first approach to digital assets

Key Points: 
  • Cboe Digital and its partners committed to bringing trusted, transparent, regulatory-first approach to digital assets
    Investor partners to receive equity minority ownership stake, committed to development of Cboe Digital
    CHICAGO, Nov. 29, 2022 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, announced it has completed the syndication of minority equity interests with a group of thirteen firms becoming investor partners in the Cboe Digital business.
  • "We are pleased to have this group of investor partners joining us as equity owners of Cboe Digital, with many of them already fully onboarded to the Cboe Digital platform and the remainder expected to be completed in the coming months," said John Palmer, President of Cboe Digital.
  • Additionally, as part of its operation of the Cboe Digital business, Cboe plans to form a Digital Advisory Committee comprised of a cross-section of investor and commercial partner firms.
  • Cboe Digital and the Cboe Digital logo are trademarks of the Cboe Global Markets Group of companies.

Patterson Belknap Launches FTX Task Force to Advise on Issues Stemming from Collapse of Crypto Exchange

Retrieved on: 
Tuesday, November 29, 2022

Patterson Belknap Webb & Tyler LLP announced the launch of an interdisciplinary FTX Task Force to assist market participants in navigating the fallout from the recent collapse of the FTX Crypto Exchange and its affiliates.

Key Points: 
  • Patterson Belknap Webb & Tyler LLP announced the launch of an interdisciplinary FTX Task Force to assist market participants in navigating the fallout from the recent collapse of the FTX Crypto Exchange and its affiliates.
  • FTX filed for bankruptcy on November 11, and the crypto exchange is currently under investigation by the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, and the U.S. Department of Justice.
  • Patterson Belknap is uniquely positioned to advise individuals and companies on matters surrounding the FTX collapse, given its attorneys industry experience, government bench strength, and trial experience.
  • To learn more about Patterson Belknaps FTX Task Force, please read here .

Kirby McInerney LLP Seeks Whistleblowers Regarding Manipulation of and Misconduct in the Cryptocurrency Markets

Retrieved on: 
Tuesday, November 22, 2022

The law firm of Kirby McInerney LLP encourages cryptocurrency whistleblowers to contact the firm if they have knowledge of manipulation of and misconduct in the cryptocurrency markets.

Key Points: 
  • The law firm of Kirby McInerney LLP encourages cryptocurrency whistleblowers to contact the firm if they have knowledge of manipulation of and misconduct in the cryptocurrency markets.
  • For participants in the cryptocurrency markets, there is much cause for alarm of late.
  • In the case of FTX, investors and creditors are owed billions of dollars according to initial filings in the bankruptcy proceedings.
  • Kirby McInerney LLP is a New York-based plaintiffs law firm concentrating in whistleblower, securities, and consumer litigation.

Chia Network COO and President Gene Hoffman to Speak at FT Crypto and Digital Assets Summit

Retrieved on: 
Monday, November 21, 2022

Chia Network, Inc. ("Chia" or the "Company"), founded by Bram Cohen to provide an open-source, public blockchain optimized for real-world adoption, today announced its Director, Chief Operating Officer & President Gene Hoffman will speak at the Crypto and Digital Assets Summit: Winter Edition in London on November 28, 2022.

Key Points: 
  • Chia Network, Inc. ("Chia" or the "Company"), founded by Bram Cohen to provide an open-source, public blockchain optimized for real-world adoption, today announced its Director, Chief Operating Officer & President Gene Hoffman will speak at the Crypto and Digital Assets Summit: Winter Edition in London on November 28, 2022.
  • panel , exploring the future of digital assets following this year's market downturn.
  • The discussion will include use cases for digital assets beyond cryptocurrency, an analysis of the policy and regulatory landscape in 2023, and the role traditional finance will play in the future of digital assets.
  • Moderated by Scott Chipolina, Digital Assets Correspondent at The Financial Times, the panel includes:
    The summit's themes include Recovery, Resilience, and the integration between TradFi and DeFi.