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U.S. regulatory officials from the Commodity Futures Trading Commission (CFTC) seem to be gearing up for potential enforcement measures against Stephen Ehrlich, the ex-leader of cryptocurrency lending company Voyager Digital.
A recent report from Bloomberg on October 6 suggests that Ehrlich might be facing action after CFTC investigators found that he might have breached U.S. derivatives rules before the firm sought bankruptcy protection. In the midst of a decline in the cryptocurrency market, Voyager Digital had applied for Chapter 11 protection back in July 2022.
Ehrlich responded to the allegations with a sense of both surprise and frustration, indicating he felt like rules were being changed and penalties were being assigned after decisions had been made. Without quoting him directly, he likened the situation to a sports game where referees suddenly alter rules after the match concludes.
While Voyager Digital is currently navigating bankruptcy procedures, it hasn't been out of the spotlight. Earlier, the company faced scrutiny from the U.S. Federal Trade Commission over potentially misleading the public through its cryptocurrency promotions. In May, a bankruptcy court gave the nod to Voyager’s proposal to settle its dues with customers. The case is still active.
The year 2023 has seen a notable uptick in regulatory attention on cryptocurrency enterprises. While the CFTC has its eyes on several firms, most actions this year have originated from the Securities and Exchange Commission.
In another related incident, Binance, a major crypto exchange, along with its CEO Changpeng Zhao, has been urging officials to discard a CFTC lawsuit that was launched in March. This legal pressure has seen a departure of several key figures from Binance's U.S. operations.
