Chain News Daily Official TheBitTimes.com

Weisberger believes the structure of the Securities and Exchange Commission needs to change but that politicians are reluctant to do so because of their power within the current state of affairs. On Episode 27 of Hashing It Out, CoinRoutes CEO Dave Weisberger joins host Elisha Owusu Akyaw (also known as GhCryptoGuy) to discuss the current state of cryptocurrency regulation in the United States. Weisberger explains how the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) approach regulations and what they mean for the fast-evolving cryptocurrency space. Weisberger addresses the state of regulation at the start of the podcast. According to him, the problem in the United States stems from a lack of clear regulation s and rules, leading to regulators arbitrarily applying different rules. Weisberger adds that the issue stems from the existence of two different regulators — the SEC and CFTC — which have different roles in the financial system ...

The CFTC said it's the largest fraudulent Bitcoin scheme charged in any of its cases and the "highest civil monetary penalty ordered in a CFTC case." A record-breaking $3.4 billion penalty has been handed down by a Judge in a lawsuit brought by a United States financial regulator involving a fraudulent scheme involving Bitcoin (BTC). An April 27 statement from the Commodity Futures Trading Commission (CFTC) said Texas District Court Judge Lee Yeakel ordered Cornelius Johannes Steynberg to pay the sum for his role in perpetrating a fraud ulent commodity pool scheme involving foreign currency transactions and Bitcoin. Steynberg, a South African national and CEO of Mirror Trading International Proprietary Limited (MTI), a purported trading and networking company, was ordered to pay $1.73 billion in restitution to defrauded victims and an additional $1.73 billion civil monetary penalty. The CFTC said it is the "highest civil monetary penalty ordered in any CFTC case...