22% of CFTC's year enforcement actions involve digital assets

During its fiscal 2022, the U.S. Commodity Futures Trading Commission has filed 82 enforcement actions, 22% of which concerned digital assets, highlighting the federal regulator's increased seriousness to crack down on illicit activities within the emerging space to safeguard consumers, according to a recent report. Among the CFTC's most high-profile actions from the year included charges against stablecoin-issuer Tether (USDT-USD) as well as cryptocurrency trading platform Bitfinex. The companies agreed to a combined $42.5M settlement in October 2021, when digital asset valuations were at their heights. In a more recent and unresolved case, the CFTC charged Miami, Florida resident, Adam Todd and four companies that he controlled over allegedly operating an illegal digital asset futures market. Elsewhere, the commodity watchdog charged crypto exchange Gemini in June over its misleading statements in 2017 regarding the attempted launch of what would have been America's first bitcoin (BTC-USD) futures contract.It's no secret that regulators left and right have boosted their commitment in the past couple of years to make the crypto industry a safer destination for consumers and market participants that seek exposure. For instance, the CFTC bolstered its oversight of cryptos like bitcoin (BTC-USD) and ethereum (ETH-USD) after launching a new technology innovation division in July. “In the face of unprecedented financial market con...