Just recently, the Commodity Futures Trading Commission (CFTC) took action against one of the crypto-futures trading platform. The commission pressed charges against the Laino Group for aiding the U.S. citizens in crypto-trading. The main channel that the CFTC has targeted is the Futures trading on commodities as well as for cryptocurrencies.
The major cryptocurrencies that are provided to the U.S. investors for futures trading are Bitcoin (BTC), Litecoin (LTC), and Ether (ETH).
In charges, the CFTC has alleged the Laino Group for operating these trades without being registered with the commission. The commission added to their report that the Laino Group is registered through St. Vincent and is running its operations as PaxForex.
As per CFTC, the PaxForex solicited the American retailer investors by using a network of affiliates based in the United States. Doing so has resulted in Laino Group breaching the Commodity Exchange Act and this is why the charges have been pressed against them.
However, the Commodity Futures Trading Commission (CFTC) has not been able to provide the extent of the trades that the Laino Group has conducted so far. After pressing the charges, the commission has requested the court to provide them some relief. This somewhat confirms the rumor that the CFTC currently does not know the extent of the trades that the Laino Group.
Therefore, CFTC has requested for some time so they can present the court with the exact figures as evidence. They have to calculate as to how many trades the Laino Group has conducted without being registered with the commission.
In the charges, the Commodity Futures Trading Commission has also demanded all accumulated funds to be returned since the beginning of the commodity trades conducted by the Laino group.
What needs to be noted here is that in recent years, the CFTC has called Bitcoin (BTC) as a commodity trading asset. Therefore, cryptocurrencies such as Litecoin (LTC) and Ether (ETH) should also be counted under the commodity section.
This shows that the American regulatory authorities are still very strict when it comes to crypto-blockchain adoption and wants to ensure that the crypto-industry also remains very vigilant and regulated to operate in the United States.