One of the most significant actions of the year involved FTX, where the CFTC secured a consent order that mandates the company and its affiliate to repay $8.7 billion to victims, alongside an additional $4 billion in disgorgement. This $12.7 billion judgment stands as the largest recovery for victims and sanctions in CFTC history.
The CFTC also took bold steps in regulating voluntary carbon credit markets. In an October settlement, CQC Impact Investors LLC was fined $1 million for misleading reports to inflate carbon credits. The agency also targeted Trafigura Trading LLC, settling a $55 million penalty for manipulating oil derivatives prices and attempting to silence whistleblowers. This marked the first public stance against failure to include whistleblower carve-out language in employee agreements.
In another significant case, J.P. Morgan Securities LLC agreed to pay $200 million in May to settle allegations of trade surveillance failures and failure to capture billions of orders over a decade. These actions highlight the CFTC’s commitment to addressing large-scale misconduct across both traditional and emerging markets.