On October 20, 2022, the Commodity Futures Trading Commission (“CFTC”) released its enforcement results for Fiscal Year (“FY”) 2022, reporting that it had filed 82 enforcement actions. Eighteen of the actions brought in FY 2022 involved cryptocurrency or other digital assets, an area which has seen progressively increasing scrutiny from the CFTC and other enforcement agencies. The CFTC also reported that it obtained orders collectively imposing over $2.5 billion in fines in that period.

In its announcement, the CFTC again highlighted enforcement actions brought this year involving significant fines that have been previously reported. These include the so-called “off-channel” resolutions reached by the CFTC with 12 major financial institutions for alleged violations of recordkeeping and supervisory obligations of their registered futures commission merchant and swap dealer affiliates through use of text messages and other off-channel communication platforms; and the settlement reached with Glencore International A.G., Glencore Ltd., and Chemoil Corporation (collectively, “Glencore”), the single largest civil monetary penalty and single largest disgorgement ever achieved by the CFTC, involving allegations of manipulating, or attempting to manipulate, four U.S.-based S&P Global Platts physical oil benchmarks and related derivative instruments. These CFTC resolutions were previously announced in conjunction with resolutions obtained by other U.S. and foreign regulators,...

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