He built systems that moved billions in customer funds. Now, the CFTC has closed his case with no civil penalty, citing his cooperation.

Former FTX engineering chief Nishad Singh will have to return $3.7 million in illegal profits under a settlement with the US derivatives regulator over his role at the collapsed cryptocurrency exchange.

During his tenure as the chief of the U.S. Securities and Exchange Commission (SEC) from 2021 to 2025, the SEC pursued aggressive enforcement, filing lawsuits against exchanges like Coinbase (NASDAQ: COIN) and Binance, and frequently warning about investing in crypto.

The IRS, Congress, and the crypto lobby (currently engaged in fending off attempts by the banking lobby to retroactively modify the GENIUS Act) still have work to do in order to create an effective and efficient crypto regulatory environment.

The week includes the first CFTC suit against states on claims involving the exclusive jurisdiction of prediction market regulation.

The CFTC has fined Peken Global Limited – the KuCoin operating entity – $500,000 and issued a permanent injunction barring the exchange from serving U.S. traders, closing a civil enforcement loop that began with a March 2024 complaint against the platform for running an unregistered futures commission merchant and swap

Michael Selig, US President Donald Trump’s nominee leading the Commodity Futures Trading Commission (CFTC), said the agency was prepared to oversee the entire $3 trillion crypto industry, with no timeline for Congress to pass a crucial market structure bill.