futures trading commission you know there are bitcoin futures contracts out there at cboe and c.m.e. group how's that going and how will regulators and n.s.a. be looking at those scary. sure well the commodity futures trading commission actually has among the broadest. oversight of any regulatory agency in night states effectively all starts with a definition of a commodity and for lack of for the most simple way of looking at a commodity it's effectively any noun other than onions and box office movie rights and the c.s.t. c one somebody develops a derivative contract based on a commodity has exclusive jurisdiction so the see if he she actually has been involved in the in the regulation of the crypto space for a couple of years now under the former chairman timothy masset said that see if he has jurisdiction the space and the sea if he sees in fact brought a number of enforcement actions against folks for violating specific requirements that would apply to certain individuals or persons that that buy and sell crypto currencies for the public so they actually have a couple of years now of experience most recently the commodity futures trading commission. entities under their jurisdiction th

commodity futures trading commission the c f t c which i know well appears ready to find european lenders u.b.s. h.s.b.c. and deutsche bank millions of dollars each for so-called spoofing and manipulation in the us futures markets spoofing which became illegal as a result of the wall street reform and consumer protection act otherwise known as dodd frank became law back in two thousand and ten that's when if a trader makes a bid or an offer to sell a futures contract with the intent to cancel that better offer before another trader accept it bad after traders do this to try and push or pull prices in one direction or another the fines for u.b.s. and deutsche bank are expected to be upward of ten million dollars each while the fine for h.s.b.c. is expected to be somewhat less in august a u.s. appeals court upheld a three year conviction of former cheetah traitor michael kozak who was the first individual to be criminally prosecuted under the spoofing law. while the three day government shutdown ended last week in an exchange for a commitment to consider immigration related issues in the co

commodity futures trading commission and the securities and exchange commission and forstmann directors have put out a potentially statement that says potential bad actors should be on notice regarding digital currency. yesterday we reported on digital currencies it would be a focus of financial regulators but today we have this joint statement and it says quote when market participants engage in fraud under the guise of offering digital instruments whether characterized as virtual currencies coins tokens or the like the f.c.c. and c f t c will look beyond form examine the substance of activity and prosecute violations of the federal securities and commodities laws and will continue to address violations and bring actions to stop and prevent fraud in the offer and sale of digital instruments it reminds me of that scene in meet the parents with robert de niro and ben stiller watching you. and now we go to miami where r t is nicholas o'donovan is at the north american bitcoin comforts nicholas what's going on there how is it for miami has become ground zero for the crypt to munity hundred

commodity futures trading commission and the securities and exchange commission and forstmann directors have put out a potentially statement that says potential bad actors should be on notice regarding digital currencies yesterday reported on digital currencies it would be a focus of financial regulators but today we have this joint statement and it says quote when market participants engage in fraud under the guise of offering digital instruments whether characterized as virtual currencies coins tokens or the like the f.c.c. and see if the city will look beyond form examine the substance of activity and prosecute violations of the federal securities and commodities laws and will continue to address violations and bring actions to stop and prevent fraud in the offer and sale of. digital instrument reminds me of that scene in meet the parents with robert de niro and ben stiller. and now we go to miami where are two years nicholas o'donovan is at the north american bit coin confort nicolas what's going on there however miami has become ground zero for the crypto community hundreds of inve

comment from the public and arguably it informs commissioners such as yours that the commodity futures trading commission to understand well industry really needs to go as fast as they can around this corner but you know this is also near a school and so the parents are saying my kids are crossing the street and so the regulators are supposed to come up with something that's cost effective for industry while also maximizing the benefits sort of this need on the bones of the law and there's always going to be a tension between between those two but arguably commissioners appointed by presidents confirmed by the senate are going to responsibly come up with what they think is the right answer that comment period is what we're talking about now and unfortunately through the internet people have begun to pollute this by filing in the case of the fiduciary rules something like four hundred thousand fake comments most of the one hundred thousand something holy cow that are against their will it's pretty easy to file a comment it's more comment bartlet than most rules would even get more comments and there are f

commodity futures trading commission bart chilton bart nice to have you with us tonight all right what does the president say about the economy how far does he take that down the road tonight the credit chuck schumer today was saying wait a minute the obama years weren't bad what he was handed and the economy that was handed to donald trump was not in bad shape although the market has jumped up thirty plus percent where does the president go tonight well he's going to gloat about the market and how many times has been market increases a new records and that's a good thing and he has a lot to be proud of in that regard now global markets have gone up two so it's not just the u.s. market that we've seen go up but certainly the tax reform bill that was passed that's a big boon to the economy the democrats will argue whether or not who's it's really helping. but there's no denying that a tell ping businesses and we've seen even some of those businesses you've reported on the news at reed having bonuses for their workers so that's a good thing he'll talk about that but the real question for

commodity futures trading commission sent subpoenas last week to virtual currency. a widely traded coin and claims it's pegged to the dollar. joining us now from los angeles to discuss is matthew lysing. what was the problem with this? matthew: the back story here is that tether is supposed to be paid to the u.s. dollar. for every tether that is created, and tether is a virtual currency, for every tether created, they are supposed to have received one dollar. they are supposed to hold that dollar in a bank account. that means that tether would be a stable coin and not really fear in price away from one dollar, unlike bitcoin that can go $20,000 and pound -- back to $12,000 in a span of the week. companyern is the tether will not confirm to people that they actually hold this money in reserve. vonnie: that is so hard to believe that situation could arise. what is the future for cryptocurrency exchanges now this investigation is underway? matthew: the link to the exchange, but the next, is that tether might have been printing tethers with no u.s. dollars backing them.