CFTC Abolishes Long-standing 'No Deny' Policy

The U.S. Commodity Futures Trading Commission (CFTC) announced on June 4 the abolition of its 'No Deny' policy, which had been in place for nearly 30 years. According to ChainCatcher, the policy, established in 1998, required defendants to agree not to publicly deny the CFTC's allegations during settlements. CFTC Chairman Mike Selig stated that this move aligns with the broader direction of government regulatory agencies and provides the commission with greater flexibility in enforcement settlements. The Securities and Exchange Commission (SEC) had already abolished a similar policy in May. Several cryptocurrency companies had criticized the rule for restricting their freedom of speech.