🌙 Uniswap Labs Settles With CFTC

In the settlement, the CFTC alleged that Uniswap Labs offered leveraged or margined retail commodity transactions illegally.

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Mike Gavela
September 04, 2024

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Crypto Roundup - September 4

Uniswap Labs agreed to a $175k settlement with the Commodity Futures Trading Commission (CFTC), marking a significant regulatory action in the decentralized finance (DeFi) space. The CFTC accused Uniswap of failing to implement controls to prevent illegal derivative trading on its decentralized platform, leading to the settlement. However, this decision faced internal criticism, with dissenting opinions from some CFTC commissioners who argued that the enforcement sets a concerning precedent for decentralized platforms. They expressed concerns about regulatory overreach, questioning whether the CFTC should regulate platforms where developers do not have full control over user activity. Meanwhile, in the ongoing legal battle between Ripple and the SEC, both parties have requested a stay of the court judgment. The SEC aims to appeal the ruling that declared XRP, Ripple's cryptocurrency, not a security, which has significant implications for the broader cryptocurrency industry and regulatory clarity around digital assets.

Top Stories

  • Uniswap Labs settles with CFTC for $1 million after allegations of failing to prevent illegal trading.

  • CFTC dissent raises concerns about regulatory overreach in DeFi, questioning the role of the agency in decentralized platforms.

  • Ripple and SEC request a stay of the judgment as the SEC appeals the court ruling that XRP is not a security.

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TOP STORIES

Uniswap Labs to pay $175K in CFTC settlement

In the settlement, the CFTC alleged that Uniswap Labs offered leveraged or margined retail commodity transactions illegally.

blockworks.co/news/cftc-settlement-uniswap-labs

CFTC Commissioners dissent on Uniswap settlement

Two CFTC Commissioners, however, say regulators should never have brought the case against Uniswap in the first place. 

blockworks.co/news/cftc-uniswap-settlement-dissenting-opinion

Ripple and SEC agree to stay $125M judgment, hinting at appeal

Ripple lawyers requested a court allow a stay of the $125 million judgment with the SEC until 30 days “after the time to appeal expires or the resolution of any appeal.”

cointelegraph.com/news/ripple-sec-stay-court-judgment-appeal

FUNDRAISING

OTHER HEADLINES

Trump-backed crypto project World Liberty Financial touts security partners, expresses interest in stablecoins

World Liberty Financial said it is making security a top concern and it wants to drive adoption of stablecoins.

www.theblock.co/post/314691/trump-backed-crypto-project-world-liberty-financial-touts-security-partners-expresses-interest-in-stablecoins

Switzerland’s Fourth-Biggest Bank ZKB Offers Retail Customers Bitcoin and Ether

ZKB’s new service also allows other Swiss banks to offer customers the trading and custody of cryptocurrencies, with Thurgauer Kantonalbank being the first partner bank to use the service.

www.coindesk.com/business/2024/09/04/switzerlands-fourth-biggest-bank-zkb-offers-retail-customers-bitcoin-and-ether

Banks and brokerages will ultimately go 'headfirst into BTC': TradFi CEO

There’s a misunderstanding that TradFi players don’t want to transact in bitcoin, Cantor Fitzgerald CEO Howard Lutnick claimed.  

blockworks.co/news/on-the-margin-newsletter-tradfi-btc-transacting

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