Rise’n’Crypto CFTC charges Uniswap, but commissioner dissents, new Angel Drainer on the rampage
Sep 5, 2024
Senator Elizabeth Warren, a U.S. Senator championing consumer protection, joins attorney John Deaton, a prominent crypto advocate. They dive into the CFTC's recent charges against Uniswap for illegal derivatives trading, highlighting a rift within the CFTC itself. The discussion also touches on Ripple's legal troubles and the potential implications of a newly upgraded hacking tool affecting blockchain technologies. The duo engages in a lively debate on the responsibilities of 'crypto billionaires' in today's market.
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Bitcoin Market Disinterest
- Bitcoin's price is down, following a dip in stocks and recessionary rumblings in the US.
- Network activity has hit three-year lows, and open interest is down, suggesting disinterest in the crypto market.
CFTC Charges Against Uniswap Labs
- The CFTC charged Uniswap Labs with illegally offering leveraged crypto trading to US retail investors.
- Uniswap Labs agreed to a $175,000 settlement and will cease violating the Commodity Exchange Act.
Disagreement Within the CFTC
- CFTC Commissioner Summer Mercinger dissented against the Uniswap case, criticizing the agency's "regulation through enforcement" approach.
- Mercinger called for clearer rulemaking and guidance for DeFi protocols' compliance.