The US CFTC Cancels the "No-Action" and Settlement Provisions to Align with SEC Regulatory Reform

BlockBeats News, June 4th, the U.S. Commodity Futures Trading Commission (CFTC) announced the repeal of the "No-Deny" policy implemented since 1998. The policy required defendants to not publicly deny the charges brought by the regulatory agency when settling with the CFTC. The CFTC stated that this policy may have given the external perception that the regulatory agency was trying to avoid criticism, hence the decision to cancel it. CFTC Chairman Mike Selig stated that the repeal of this policy will give the commission greater flexibility in enforcement and settlement processes and align with other U.S. regulatory agencies.

However, the CFTC indicated that the new policy does not mean that all cases will no longer require an admission of guilt. In some enforcement and settlement cases, the regulatory agency may still require defendants to admit to specific facts or legal responsibilities. Furthermore, against the backdrop of the Trump administration's push for regulatory reform, the CFTC and SEC have been gradually repealing or adjusting multiple enforcement actions against the crypto industry initiated during the Biden administration.