Analysis

Tether Action Sees CFTC Staking Territory In Crypto Oversight

By Dean Seal (October 18, 2021, 10:12 PM EDT) -- The U.S. Commodity Futures Trading Commission's $41 million enforcement action against Tether shows the agency carving out its jurisdiction in the federal government's evolving regulatory regime for cryptocurrencies and alerting other stablecoin issuers that the CFTC considers the digital assets to be within its anti-fraud jurisdiction, experts say.

On the same day that Commissioner Dan Berkovitz departed the derivatives regulator, leaving a skeleton crew of just two commissioners for the time being, the CFTC on Friday filed and settled claims that Tether made misrepresentations about the backing of its namesake stablecoin.

Tether resolved the case with a $41 million fine, while...

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