The CFTC slapped “cease and desist” orders on three decentralized exchanges—Opyn, ZeroEx ($ZRX), and Deridex. 🖐️
Why? Because they dared to offer leveraged and margined retail commodity transactions in digital assets without asking for Uncle Sam’s permission.
The fines? A paltry $250,000 for Opyn, $200,000 for ZeroEx, and $100,000 for Deridex. It’s like the CFTC is running a clearance sale on regulatory actions.
But not everyone at the CFTC was on board. CFTC Commissioner Summer K. Mersinger publicly dissented, arguing that these actions are basically throwing a wet blanket on DeFi innovation. 🧠
Lawyer and Chief Policy Officer of the Blockchain Association called out the CFTC for violating the court’s opinion in the $UNI class action case – but reminded his followers on X that what happens outside of the courts doesn’t count:
They can say whatever they want in a settlement agreement, or in speeches, or in guidance, or in notices of proposed rulemaking.
None of it counts unless a court says it does.
You may have noticed that we keep winning in the courts. That's not going to stop. In the end, we win.
— Jake Chervinsky (@jchervinsky) September 8, 2023