The Commodity Futures Trading Commission (CFTC) announced a record-breaking enforcement total of over $17.1 billion for fiscal year 2024, marking a historic moment for the agency. This figure includes a landmark $12.7 billion judgment against the failed cryptocurrency exchange FTX and its affiliated trading firm Alameda Research, a case that has set a new precedent for the agency.
The total enforcement haul consists of $2.6 billion in civil monetary penalties, with an additional $14.5 billion in disgorgement and restitution, reflecting the CFTC’s broad scope of action across various sectors. These included notable cases against crypto companies, major players in the gasoline, fuel oil, and agricultural commodities markets, as well as against financial institutions like J.P. Morgan Securities LLC and TD Bank. The CFTC also expanded its reach into new areas, including the voluntary carbon credit markets, where it took action against fraudulent practices.
CFTC Chairman Rostin Behnam expressed pride in the agency’s vigilance and its role in safeguarding U.S. markets. “We remain steadfast in our duties to protect customers and ensure the stability of critical markets,” Behnam said, acknowledging the challenge posed by rapidly evolving technologies in disrupting traditional market boundaries.
