Commodity Futures Trading Commission

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Commodity Futures Trading Commission
Commodity Futures Trading Commission seal.svg
Official seal
Agency overview
FormedOctober 23, 1974 (1974-10-23) [1]
Preceding agency
  • Commodity Exchange Authority
Jurisdiction Federal government of the United States
Headquarters1155 21st Street, NW, Washington, D.C.
Employees677 (2021) [2]
Agency executive
Website www.cftc.gov
Footnotes
[3] [4]

The Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures, swaps, and certain kinds of options.

Contents

The Commodity Exchange Act (CEA), 7 U.S.C.   § 1 et seq., prohibits fraudulent conduct in the trading of futures, swaps, and other derivatives. The stated mission of the CFTC is to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation. [5] After the financial crisis of 2007–08 and since 2010 with the Dodd–Frank Wall Street Reform and Consumer Protection Act, the CFTC has been transitioning to bring more transparency and sound regulation to the multitrillion-dollar swaps market. [6]

History

Futures contracts for agricultural commodities have been traded in the U.S. for more than 150 years and have been under federal regulation since the 1920s. [7] The Grain Futures Act of 1922 set the basic authority and was changed by the Commodity Exchange Act of 1936 (7 U.S.C. 1 et seq.). [8] [9]

Since the 1970s, [10] trading in futures contracts has rapidly expanded beyond traditional physical and agricultural commodities into a vast array of financial instruments, including foreign currencies, U.S. and foreign government securities, and U.S. and foreign stock indices.[ citation needed ]

Congress created the CFTC in 1974 as an independent federal regulatory agency. The Commodity Futures Trading Commission Act of 1974 (P.L. 93-463) created the CFTC to replace the U.S. Department of Agriculture's Commodity Exchange Authority.[ citation needed ] The Act made extensive changes to the Commodity Exchange Act (CEA) of 1936, which itself amended the original Grain Futures Act of 1922. (7 U.S.C. 1 et seq.). [9] [8] In 1975, the first members were selected, and John T. O'Hara became its first chairman.[ citation needed ]

The CFTC's mandate was renewed and expanded in December 2000 when Congress passed the Commodity Futures Modernization Act of 2000, which instructed the Securities and Exchange Commission (SEC) and the CFTC to develop a joint regulatory regime for single-stock futures, the products of which began trading in November 2002.[ citation needed ]

In 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act expanded the CFTC's regulatory authority into the swaps markets.[ citation needed ] The swaps markets currently have a notional value of more than $400 trillion.[ citation needed ]

Regulated markets

The CFTC oversees the derivatives markets by encouraging their competitiveness and efficiency, ensuring their integrity, protecting market participants against manipulation, abusive trading practices, fraud, and ensuring the financial integrity of the clearing process.[ citation needed ] The CFTC generally does not directly regulate the safety and soundness of individual firms, with the exception of newly regulated swap dealers and major swap participants, for whom it sets capital standards pursuant to Dodd–Frank. [11] Through oversight, the CFTC enables the derivatives markets to serve the function of price discovery and offsetting price risk.[ citation needed ]

As of 2014 the CFTC oversees 'designated contract markets' (DCMs) or exchanges, swap execution facilities (SEFs), derivatives clearing organizations, swap data repositories (SDRs), swap dealers, futures commission merchants, commodity pool operators and other intermediaries.[ citation needed ] The CFTC coordinates its work with foreign regulators, such as its UK counterpart, the Financial Conduct Authority, which supervises the London Metal Exchange. [12]

Over-the-counter derivatives

Brooksley Born Brooksley Born.jpg
Brooksley Born

In 1998 CFTC chairperson Brooksley E. Born lobbied Congress and the President [13] [ page needed ] [14] to give the CFTC oversight of 'off-exchange markets' for over-the-counter (OTC) derivatives in addition to its existing oversight of exchange-traded derivatives, [15] but her warnings were opposed by other regulators. [16]

Two actions by the CFTC in 1998 led some market participants to express concerns that the CFTC might modify the "Swap Exemption" and attempt to impose new regulations on the swaps market. [17] First, in a February 1998 comment letter addressing the SEC's "broker-dealer lite" proposal, the CFTC stated that the SEC's proposal would create the potential for conflict with the Commodity Exchange Act (CEA) to the extent that certain OTC derivative instruments fall within the ambit of the CEA and are subject to the exclusive statutory authority of the CFTC. [18]

In May 1998 the CFTC issued a 'concept release' requesting comment on whether regulation of OTC derivatives markets was appropriate and, if so, what form such regulation should take. [19] Legislation enacted in 1999 at the request of the US Treasury, the Federal Reserve Board, and the SEC limited the CFTC's rulemaking authority with respect to swaps and hybrid instruments until March 30, 1999, and froze the pre-existing legal status of swap agreements and hybrid instruments entered into in reliance on the 'Swap Exemption', the 'Hybrid Instrument Rule', the 'Swap Policy Statement, or the 'Hybrid Interpretation'. [20] The text of that act read: "...the Commission may not propose or issue any rule or regulation, or issue any interpretation or policy statement, that restricts or regulates activity in a qualifying hybrid instrument or swap agreement".[ citation needed ] Shortly after Congress had passed this legislation prohibiting CFTC from regulating derivatives, Born resigned. [14] She later commented the failure of Long-Term Capital Management and the subsequent bailout as being indicative what she had been trying to prevent. [14] [notes 1]

Regulating digital currencies

In March 2014 the CFTC acknowledged it was considering the regulation of Bitcoin. [21] The CFTC has since taken the position that Bitcoin is a commodity under the CEA.[ citation needed ] In October 2019, former CFTC Chairman Heath Tarbert, now Chief Legal Officer of Citadel Securities, declared that ether was also a commodity under the CEA. [22]

In 2015, the CFTC ruled that for purposes of trading, cryptocurrencies were legally classified as commodities. [23] However, in view of market volatility and other factors, the CFTC noted several risks associated with trading virtual currencies. [24] In 2017, the CFTC cited the US SEC's warning against digital token sales and initial coin offerings (ICOs) that can "improperly entice investors with promises of high returns". [25] In recent years, the CFTC has expanded its efforts to civilly prosecute fraud and misappropriation in the digital asset markets.[ citation needed ]

Organization

Based in Washington, D.C., the CFTC maintains regional offices in Chicago, New York and Kansas City, Missouri.[ citation needed ] The Commission consists of five Commissioners appointed by the President of the United States to serve staggered five-year terms. [26] The commissioners may continue to serve until their successor is confirmed, but not beyond the expiration of the next session of Congress subsequent to the expiration their term. [27] The President, with the consent of the United States Senate, designates one of the commissioners to serve as chairman. [28] No more than three commissioners at any one time may be from the same political party. [29]

Current commissioners

Chairman Rostin Behnam Rostin Behnam official photo.jpg
Chairman Rostin Behnam

The current CFTC commissioners as of September 21, 2024: [30]

PositionNamePartyTook officeTerm expires
Chair Rostin Behnam DemocraticSeptember 6, 2017June 19, 2026
Member Kristin N. Johnson DemocraticMarch 30, 2022April 13, 2025
Member Christy Goldsmith Romero DemocraticMarch 30, 2022April 13, 2024
Member Summer Mersinger RepublicanMarch 31, 2022April 13, 2028
Member Caroline Pham RepublicanApril 14, 2022April 13, 2027

Nominations

President Biden has nominated the following to fill a seat on the commission. They await Senate confirmation. [31]

NamePartyTerm expiresReplacing
Julie Brinn Siegel DemocraticApril 13, 2029 Christy Goldsmith Romero

Major operating units

Division of Enforcement

The Division of Enforcement (DOE) investigates and prosecutes alleged violations of the Commodity Exchange Act and CFTC regulations. Violations may involve commodity futures or option trading on domestic commodity exchanges, or the improper marketing of commodity investments. The Division may, at the direction of the commission, file complaints before the agency's administrative law judges or in the U.S. District Courts. Alleged criminal violations of the Commodity Exchange Act or violations of other Federal laws which involve commodity futures trading may be referred to the Justice Department for prosecution. The Division also provides expert help and technical assistance with case development and trials to U.S. Attorneys' Offices, other Federal and state regulators, and international authorities.

Division of Market Oversight

The Division of Market Oversight (DMO) has regulatory responsibility for initial recognition and continuing oversight of trade execution facilities, including new registered futures exchanges, swap execution facilities, and swap data repositories. The regulatory functions of the Division include, among other things, rule enforcement reviews, reviews of new products and product- and market-related rule amendments, and associated product and market-related studies. The Division was previously responsible for market and trade practice surveillance.

Market Participants Division

Formerly known as the Division of Swap Dealer and Intermediary Oversight, the Market Participants Division (MPD) primarily oversees derivatives market intermediaries, including commodity pool operators, commodity trading advisors, futures commission merchants, introducing brokers, major swap participants, retail foreign exchange dealers, and swap dealers, as well as designated self-regulatory organizations. MPD conducts the registration, compliance, and business conduct standards of intermediaries, swap dealers and major swap participants. The division also oversees the agency's customer education initiatives.

Division of Clearing and Risk

The Division of Clearing and Risk (DCR) oversees derivatives clearing organizations (DCOs) and other market participants in the clearing process. These include futures commission merchants, swap dealers, major swap participants, and large traders. DCR monitors the clearing of futures, options on futures, and swaps by DCOs, assesses DCO compliance with Commission regulations, and conducts risk assessment and surveillance. DCR also makes recommendations on DCO applications and eligibility, rule submissions, and which types of swaps should be cleared. [32] As of 2019, Clark Hutchison serves as Director of the Division of Clearing and Risk. [33]

List of past commissioners

[34]

Notable events of past commissioners

Roy Lavik served as the CFTC (Commodity Futures and Trading Commission) Inspector General from 1990 until 2023. On May 3, 2023, the Wall Street Journal Reports that Mr. Lavik was suspended by the CFTC as the Inspector General after an oversight body alleging "Substantial Misconduct". Complaints of misconduct go back as far as late 2018. Allegations include:

[35]

Funding/budget

Unlike the other four main financial regulators, the CFTC does not have self-funding. A transaction fee has been "requested" for several years but Congress has not taken any legislative action. During the government shut down in October 2013, SEC and Federal Reserve stayed open, but "futures and most swaps markets were left with essentially no cop on the beat". [36]

In 2007, the CFTC's budget was $98 million and it had 437 full-time equivalent employees (FTEs). After 2008, funding increased by 80% to $205 million and 687 FTEs for fiscal year (FY) 2012, but was cut to $180.4 million and 682 FTEs for FY 2013. [37] In 2013 CFTC's performance was severely affected by limited resources and had to delay cases. [38] The current, FY 2014 funding of $215 M did not keep up with CFTC's increasing swaps market oversight and regulation, equivalent to tens of trillions of dollars in formerly dark market trading, according to outgoing Commissioner Bart Chilton in his last speech. [36] The Obama administration's latest budget proposal for FY 2015 requested $280 M, which is $35 M less than the request for the previous year, [39] and would fund "100 less employees than we need" per Chilton, who called the budget "woefully insufficient" for CFTC's more than 40-fold increased purview. [36] In February 2014, Commissioner Scott D. O'Malia dissented from the FY 2014 spending plan saying that it did not allocate enough funding to new technology investments, but allocated too much to swap dealer oversight, duplicating the work of the self-regulatory National Futures Association. [40] In March he dissented from the FY 2015 budget request stating CFTC "makes an unrealistic request for new staff and funding in this budget request without a firm understanding of its mission priorities, specific goals, and corresponding personnel and technology needs." [41]

In December 2019, the CFTC secured funding of $284 million for FY2020, an increase of nearly 6 percent from the $268 million appropriated for FY2019. [42] Chairman Tarbert commented that this "fully matched" the CFTC's request, the first time that had happened in "nearly a decade. [43] "

Primary exchanges monitored

See also

Notes

  1. ↑ Born was the focus of an October 2009 Frontline documentary titled "The Warning" and was also chronicled in the documentary Inside Job . The two films recount her attempts to investigate and regulate the OTC derivatives market (PBS Frontline The Warning)

Related Research Articles

In finance, a derivative is a contract that derives its value from the performance of an underlying entity. This underlying entity can be an asset, index, currency, or interest rate, and is often simply called the underlying. Derivatives can be used for a number of purposes, including insuring against price movements (hedging), increasing exposure to price movements for speculation, or getting access to otherwise hard-to-trade assets or markets.

<span class="mw-page-title-main">Commodity market</span> Physical or virtual transactions of buying and selling involving raw or primary commodities

A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as cocoa, fruit and sugar. Hard commodities are mined, such as gold and oil. Futures contracts are the oldest way of investing in commodities. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Farmers have used a simple form of derivative trading in the commodities market for centuries for price risk management.

<span class="mw-page-title-main">Speculation</span> Engaging in risky financial transactions

In finance, speculation is the purchase of an asset with the hope that it will become more valuable shortly. It can also refer to short sales in which the speculator hopes for a decline in value.

<span class="mw-page-title-main">Commodity Futures Modernization Act of 2000</span> United States federal legislation

The Commodity Futures Modernization Act of 2000 (CFMA) is a United States federal law that ensures that over-the-counter (OTC) derivatives remained unregulated.

<span class="mw-page-title-main">Options Clearing Corporation</span> Financial services business

Options Clearing Corporation (OCC) is a United States clearing house based in Chicago. It specializes in equity derivatives clearing, providing central counterparty (CCP) clearing and settlement services to 16 exchanges. It was started by Wayne Luthringshausen and carried on by Michael Cahill. Its instruments include options, financial and commodity futures, security futures, and securities lending transactions.

The "Enron loophole" exempts most over-the-counter energy trades and trading on electronic energy commodity markets from government regulation.

<span class="mw-page-title-main">Brooksley Born</span> American lawyer

Brooksley Elizabeth Born is an American attorney and former public official who, from August 26, 1996, to June 1, 1999, was chair of the Commodity Futures Trading Commission (CFTC), the federal agency which oversees the U.S. futures and commodity options markets. During her tenure on the CFTC, Born lobbied Congress and the President to give the CFTC oversight of off-exchange markets for derivatives, in addition to its role with respect to exchange-traded derivatives, but her warnings were ignored or dismissed, and her calls for reform resisted by other regulators. Born resigned as chairperson on June 1, 1999, shortly after Congress passed legislation prohibiting her agency from regulating derivatives.

<span class="mw-page-title-main">Jill E. Sommers</span>

Jill E. Sommers was sworn in as a commissioner of the Commodity Futures Trading Commission on August 8, 2007 to a term that expired April 13, 2009. She was nominated on July 20, 2009 by President Barack Obama to serve a five-year second term., and confirmed by the United States Senate on October 8, 2009.

<span class="mw-page-title-main">Financial Stability Oversight Council</span> United States systemic risk agency

The Financial Stability Oversight Council (FSOC) is a United States federal government organization, established by Title I of the Dodd–Frank Wall Street Reform and Consumer Protection Act, which was signed into law by President Barack Obama on July 21, 2010. The Office of Financial Research is intended to provide support to the council.

A Swap Execution Facility (SEF) is a platform for financial swap trading that provides pre-trade information and a mechanism for executing swap transactions among eligible participants.

A Commodity pool operator (CPO) is an individual or organization that solicits or receives funds to use in the operation of a commodity pool, syndicate, investment trust, or other similar fund, specifically for trading in commodity interests. Such interests include commodity futures, swaps, options and/or leverage transactions. A commodity pool may refer to funds that trade in commodities and can include hedge funds. A CPO may make trading decisions for a fund or the fund can be managed by one or more independent commodity trading advisors. The definition of CPO may apply to investment advisors for hedge funds and private funds including mutual funds and exchange-traded funds in certain cases. CPOs are generally regulated by the United States federal government through the Commodity Futures Trading Commission and National Futures Association.

A commodity trading advisor (CTA) is US financial regulatory term for an individual or organization who is retained by a fund or individual client to provide advice and services related to trading in futures contracts, commodity options and/or swaps. They are responsible for the trading within managed futures accounts. The definition of CTA may also apply to investment advisors for hedge funds and private funds including mutual funds and exchange-traded funds in certain cases. CTAs are generally regulated by the United States federal government through registration with the Commodity Futures Trading Commission (CFTC) and membership of the National Futures Association (NFA).

A managed futures account (MFA) or managed futures fund (MFF) is a type of alternative investment in the US in which trading in the futures markets is managed by another person or entity, rather than the fund's owner. Managed futures accounts include, but are not limited to, commodity pools. These funds are operated by commodity trading advisors (CTAs) or commodity pool operators (CPOs), who are generally regulated in the United States by the Commodity Futures Trading Commission and the National Futures Association. As of June 2016, the assets under management held by managed futures accounts totaled $340 billion.

ICE Clear Credit LLC, a Delaware limited liability company, is a Derivatives Clearing Organisation (DCO) previously known as ICE Trust US LLC which was launched in March 2009. ICE offers trade execution and processing for the credit derivatives markets through Creditex and clearing through ICE Trust™. ICE Clear Credit LLC operates as a central counterparty (CCP) and clearinghouse for credit default swap (CDS) transactions conducted by its participants. ICE Clear Credit LLC is a subsidiary of IntercontinentalExchange (ICE). ICE Clear Credit LLC is a wholly owned subsidiary of ICE US Holding Company LP which is "organized under the law of the Cayman Islands but has consented to the jurisdiction of United States courts and government agencies with respect to matters arising out of federal banking laws."

<span class="mw-page-title-main">J. Christopher Giancarlo</span> American lawyer (born 1959)

J. Christopher Giancarlo is an American attorney and former business executive who served as 13th chairman of the United States Commodity Futures Trading Commission (CFTC). Giancarlo was sworn in as a CFTC commissioner on June 16, 2014, for a term expiring on April 13, 2019. Starting on January 20, 2017, with President Donald Trump's inauguration, Giancarlo began serving as acting chair of the CFTC. In March 2017, the president nominated Giancarlo to be full-time chair of the commission. Giancarlo was confirmed as chairman of the commission by the United States Senate on August 3, 2017.

<span class="mw-page-title-main">Securities market participants (United States)</span>

Securities market participants in the United States include corporations and governments issuing securities, persons and corporations buying and selling a security, the broker-dealers and exchanges which facilitate such trading, banks which safe keep assets, and regulators who monitor the markets' activities. Investors buy and sell through broker-dealers and have their assets retained by either their executing broker-dealer, a custodian bank or a prime broker. These transactions take place in the environment of equity and equity options exchanges, regulated by the U.S. Securities and Exchange Commission (SEC), or derivative exchanges, regulated by the Commodity Futures Trading Commission (CFTC). For transactions involving stocks and bonds, transfer agents assure that the ownership in each transaction is properly assigned to and held on behalf of each investor.

<span class="mw-page-title-main">Heath Tarbert</span> American lawyer and government official (born 1976)

Heath Price Tarbert is an American lawyer and former government official who served as the 14th Chairman of the Commodity Futures Trading Commission (CFTC) from 2019 to 2021. He previously served as Assistant Secretary of the Treasury for International Markets and Development and as acting Under Secretary of the Treasury for International Affairs. As of 2023, he is Chief Legal Officer and Head of Corporate Affairs for Circle.

<span class="mw-page-title-main">Rostin Behnam</span> American lawyer and government official

Rostin Behnam (born February 16, 1978) is an American lawyer and government official who currently serves as the 15th chairman of the Commodity Futures Trading Commission (CFTC). Prior to leading the CFTC, he served as one of five-member CFTC commissioners, having been nominated on July 13, 2017 by President Donald Trump to fulfill a term expiring June 19, 2021. Behnam was unanimously confirmed by the Senate on August 3, 2017, and sworn in as commissioner on September 6, 2017. On January 21, 2021, the commission members unanimously elected Behnam to be acting chairman following President Joe Biden' s inauguration and the resignation of Heath Tarbert, who served as chairman since July 15, 2019. Behnam was re-nominated by President Biden as a commissioner, and simultaneously nominated to chair the agency for a new 5-year term through June 19, 2026. Behnam was unanimously confirmed by the Senate on December 15, 2021, and sworn in as CFTC's chairman and chief administrative officer on January 4, 2022.

<span class="mw-page-title-main">CFTC Whistleblower Program</span>

The Commodity Futures Trading Commission's Whistleblower Program was created with the 2010 passage of the Dodd–Frank Act. The program rewards individuals who report possible Commodity Exchange Act (CEA) violations. The program also extends anti-retaliation protections for whistleblowers who file claims.

<span class="mw-page-title-main">Mark Wetjen</span> American attorney

Mark P. Wetjen is an American lawyer. In 2011, he was nominated by Barack Obama to serve a five-year term as a Commissioner of the Commodity Futures Trading Commission (CFTC). He also served for five months as acting chairman of the CFTC upon the departure of his predecessor, Gary Gensler.

References

  1. ↑ "History of the CFTC". CFTC.
  2. ↑ "Agency Financial Report". Commodity Futures Trading Commission. Commodity Futures Trading Commission. Retrieved July 26, 2021.
  3. ↑ History of the CFTC Retrieved from Internet Archive January 13, 2014.
  4. ↑ Commodity Futures Trading Commission Retrieved from Internet Archive January 13, 2014.
  5. ↑ "Mission & Responsibilities | U.S. COMMODITY FUTURES TRADING COMMISSION". cftc.gov. Retrieved October 20, 2019.
  6. ↑ Ackermann, Andrew (April 9, 2014). "Senate Panel Approves Three Nominees to CFTC – WSJ". Archived from the original on October 19, 2015. Retrieved April 14, 2018.
  7. ↑ See the Futures Trading Act of 1921, Declared unconstitutional in Hill v. Wallace 259 U.S. 44 (1922), the Grain Futures Act of 1922 and Board of Trade of City of Chicago v. Olsen 262 US 1 (1923).
  8. 1 2 "Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition". Congressional Research Service. June 16, 2005. Archived from the original (PDF) on May 20, 2021.
  9. 1 2 "About". CFTC.
  10. ↑ Dennis W. Carlton (1984). "Futures Markets: Their Purpose, Their History, Their Growth, Their Successes and Failures". Journal of Futures Markets. 4 (3): 237–71. doi:10.1002/fut.3990040302. ProQuest   228205962.
  11. ↑ Murphy, Edward V (May 28, 2013). "Who Regulates Whom and How? An Overview of U.S. Financial Regulatory Policy for Banking and Securities Markets" (CRS Report for Congress,7-5700). Congressional Research Service. p. 51. Retrieved March 14, 2014.
  12. ↑ "Testimony of Vincent McGonagle, Director Division of Market Oversight, Commodity Futures Trading Commission Before the Financial Institutions and Consumer Protection Subcommittee Senate Committee on Banking, Housing, and Urban Affairs". January 15, 2014. Retrieved March 13, 2014.
  13. ↑ Michael Hirsh (December 13, 2010). "Capital Offense: How Washington's Wise Men Turned America's Future Over to Wall Street" . The New York Times. John Wiley & Sons. pp.  352 pages. ISBN   978-0470520673 . Retrieved February 20, 2013.
  14. 1 2 3 "The Warning", Frontline , PBS
  15. ↑ "Concept Release Concerning Over-The-Counter Derivatives market", CFTC Release #4142-98, May 7, 1998.
  16. ↑ Goodman, Peter S. The Reckoning – Taking Hard New Look at a Greenspan Legacy , The New York Times , October 9, 2008.
  17. ↑ "Over-the-Counter Derivatives Markets and the Commodity Exchange Act" (PDF), press release, President's Working Group on Financial Markets, archived from the original (PDF) on October 13, 2010
  18. ↑ Letter from Jean A. Webb, Secretary, CFTC, to Jonathan G. Katz, Secretary, SEC (February 26, 1998).
  19. ↑ Over-the-Counter Derivatives, 63 Fed. Reg. 26,114 (May 12, 1998).
  20. ↑ "Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1999, § 760, as enacted in Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999, Pub. L. No. 105-277, 112 Stat. 2681, 2681–35 (1998)".
  21. ↑ "U.S. swaps watchdog says considering bitcoin regulation". Reuters.com. March 11, 2014. Retrieved March 11, 2014.
  22. ↑ "CFTC says cryptocurrency ether is a commodity, and ether futures are next". finance.yahoo.com. Retrieved October 20, 2019.
  23. ↑ "A CFTC Primer on Virtual Currencies" (PDF). U.S. Consumer Commodities Trading Commission. U.S. Government. Retrieved February 7, 2019.
  24. ↑ "Understand the Risks of Virtual Currency Trading" (PDF). Commodities Futures Trading Commission. Retrieved November 16, 2018.
  25. ↑ "Investor Bulletin: Initial Coin Offerings". US Securities and Exchange Commission. Retrieved November 16, 2018.
  26. ↑ 7 U.S.C.   § 2#a_2
  27. ↑ 7 U.S.C.   § 2#a_2
  28. ↑ 7 U.S.C.   § 2#a_2
  29. ↑ 7 U.S.C.   § 2#a_2
  30. ↑ "Current CFTC Commissioners". CFTC.gov. Commodity Futures Trading Commission. Retrieved September 21, 2024.
  31. ↑ "Quick Search Commodity Futures Trading Commission". Congress.gov. Library of Congress. Retrieved September 21, 2024.
  32. ↑ "CFTC Organization | U.S. COMMODITY FUTURES TRADING COMMISSION". cftc.gov. Retrieved July 22, 2019.
  33. ↑ "Chairman Tarbert Announces Key Executive Leadership Appointment | U.S. COMMODITY FUTURES TRADING COMMISSION". cftc.gov. Retrieved October 20, 2019.
  34. ↑ "Former Commissioners". U.S. Commodity Futures Trading Commission. Retrieved February 24, 2015.
  35. ↑ "Suspended for Misconduct". Federal Agency Suspends Inspector General After Oversight Body Alleged ‘Substantial Misconduct’. Retrieved May 3, 2023.
  36. 1 2 3 "Statement of Commissioner Bart Chilton on the President's FY 2015 Budget". Press Room. CFTC. March 4, 2014. Retrieved March 14, 2014.
  37. ↑ "House panel sticks with CFTC funding cut". Reuters.com. June 19, 2012. Retrieved March 14, 2014. Georgia Republican Jack Kingston faulted the CFTC for not preventing or foreseeing the collapse of M.F. Global last year or J.P. Morgan's loss of more than $2 billion in derivatives trade this year. "We spent a lot of money. What did we get for it? Zero," said Kingston, adding, "We're not seeing brilliance."
  38. ↑ Jean Eaglesham (November 1, 2013). "CFTC Backs Off, Lacking Funding". WSJ.com. Retrieved March 14, 2014.
  39. ↑ Andrew Ackerman (February 28, 2014). "Obama to Request 30% Bump in CFTC Funding". WSJ. Retrieved March 14, 2014.
  40. ↑ "Statement of Dissent by Commissioner Scott D. O'Malia, Fiscal Year 2014 Spending Plan". Press Room. CFTC. February 27, 2014. Retrieved March 14, 2014.
  41. ↑ "Statement of Dissent by Commissioner Scott D. O'Malia, Fiscal Year 2015 President's Budget & Performance Plan". Press Room. CFTC. March 5, 2014. Retrieved March 14, 2014.
  42. ↑ Mejdrich, Kellie (December 16, 2019). "Twitter".
  43. ↑ Tarbert, Heath. "Tweet on December 16, 2019". Twitter.com. Retrieved April 24, 2020.

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