- CFTC Charges Against Uniswap Labs
- Ripple Delays Fine Payment in SEC Case
- Nvidia Denies Antitrust Subpoenas
The CFTC has charged Uniswap Labs with illegal cryptocurrency operations, Ripple is delaying a fine payment in its SEC case, and Nvidia denies accusations of receiving an antitrust subpoena.
CFTC Charges Against Uniswap Labs
The United States Commodity Futures Trading Commission (CFTC) has [charged](https://www.cftc.gov/PressRoom/PressReleases/8961-24) Uniswap Labs with illegally offering leveraged cryptocurrency trading to U.S. retail investors. According to the CFTC’s announcement on Sept. 4, Uniswap Labs agreed to settle the charges by paying a $175,000 civil penalty and ceasing to violate the Commodity Exchange Act (CEA). Ian McGinley, the CFTC’s director of enforcement, warned DeFi operators to ensure their transactions comply with the law. However, not all CFTC commissioners agreed with the enforcement approach. [Summer Mersinger](https://www.cftc.gov/PressRoom/SpeechesTestimony/mersingerstatement090424), one of the five commissioners, criticized the agency’s handling of the case, accusing it of engaging in “regulation through enforcement.” She also expressed disappointment that the CFTC did not provide clearer rules or guidance for DeFi protocols. Mersinger noted that Uniswap had already stopped trading specific leveraged tokens that triggered the charges, including the BTC 2x Flexible Leverage Index (BTC2XFLI) and ETH 2x Flexible Leverage Index (ETH2XFLI). Another CFTC Commissioner, [Caroline Pham](https://www.cftc.gov/PressRoom/SpeechesTestimony/phamstatement090424), also expressed dissatisfaction, arguing that the enforcement action violated the Administrative Procedure Act (APA) by making sweeping interpretations without proper rulemaking. Pham also questioned some of the evidence used to charge Uniswap, believing that the decision seemed based solely on the word “leveraged” appearing in the names of certain tokens.
Ripple Delays Fine Payment in SEC Case
Ripple Labs’ legal team has requested a stay on the monetary portion of a judgment requiring the company to pay $125 million as part of its ongoing case with the United States Securities and Exchange Commission (SEC). The [request](https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.975.0.pdf) was filed on Sept. 4 in the U.S. District Court for the Southern District of New York. It seeks to delay payment while Ripple places 111% of the judgment amount, which is around $139 million, into a bank account until 30 days after the time of appeal expires or after the resolution of any appeal. The SEC reportedly agreed to this request, hinting at a potential appeal by the regulator. Ripple executives praised the [Aug. 7 judgment](https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.974.0_1.pdf), and CEO Brad Garlinghouse even called it a “victory for Ripple.” Chief legal officer [Stuart Alderoty](https://x.com/s_alderoty/status/1821291351063064708) also confirmed that the company is committed to respecting the $125 million fine. However, the case may continue if the SEC decides to appeal. Judge Analisa Torres, who is overseeing the case, has not yet approved the request for a stay.
Nvidia Denies Antitrust Subpoena
Nvidia [denied](https://www.cnbc.com/2024/09/04/nvidia-says-it-didnt-receive-antitrust-subpoena-from-doj.html) receiving an antitrust subpoena from the United States Justice Department, despite reports suggesting otherwise. A [spokesperson](https://www.reuters.com/technology/nvidia-did-not-receive-us-justice-department-subpoena-spokesperson-says-2024-09-04/) for Nvidia stated that the company inquired with the Department of Justice and confirmed they had not been subpoenaed. However, Nvidia mentioned that it is willing to cooperate with regulators if needed. The denial came after reports that the Justice Department was investigating Nvidia’s business practices, including allegations of bundling hardware in a way that could make it difficult for businesses to switch to other chip manufacturers. A [Bloomberg report](https://www.bloomberg.com/news/videos/2024-09-03/nvidia-subpoenaed-in-escalating-doj-antitrust-probe-video) on Sept. 3 claimed that Nvidia had been subpoenaed, which then sparked concerns about a potential antitrust investigation. The report also suggested that Nvidia may have penalized buyers who did not exclusively use its artificial intelligence suite. *Bloomberg's report on Nvidia (Source: *[Bloomberg](https://www.bloomberg.com/news/videos/2024-09-03/nvidia-subpoenaed-in-escalating-doj-antitrust-probe-video)*)*
Legal issues continue to draw attention in the world of cryptocurrency and technology. From the CFTC's charges against Uniswap Labs to Ripple's request to delay a fine payment and Nvidia's denials, the industry faces increasing regulatory scrutiny and legal challenges.
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