<img width="800" height="533" src="https://cdn.thebittimes.com/images/2023/10/15/4a7ecb2654c7a64524bfd165b5879235.webp" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="display: block; margin: auto; margin-bottom: 5px;max-width: 100%;" link_thumbnail="1" srcset="https://cdn.thebittimes.com/images/2023/10/15/4a7ecb2654c7a64524bfd165b5879235.webp 800w, https://cdn.thebittimes.com/images/2023/10/15/4a7ecb2654c7a64524bfd165b5879235.webp 450w, https://cdn.thebittimes.com/images/2023/10/15/4a7ecb2654c7a64524bfd165b5879235.webp 750w, https://cdn.thebittimes.com/images/2023/10/15/4a7ecb2654c7a64524bfd165b5879235.webp 768w" sizes="(max-width: 800px) 100vw, 800px">
When delving into the realm of content creation, one must consider three vital elements: “perplexity,” “burstiness,” and “predictability.” Perplexity, the measure of textual intricacy, sets the stage for engaging content. Meanwhile, burstiness, the degree of sentence variation, adds flavor to the narrative. Lastly, predictability, the art of keeping readers on their toes, ensures an immersive experience. Humans weave a tapestry of words with varying sentence lengths and complexities, resulting in engaging and unpredictable content. In contrast, AI-generated sentences often lack this dynamic quality, tending to be more uniform.
So, as you embark on crafting the content to follow, remember the importance of perplexity and burstiness. Keep predictability at bay. And, of course, adhere to the language of Shakespeare. Now, let’s transform the original text into a more engaging narrative:
CFTC Commissioner Kristin Johnson had some scathing words in response to the legal onslaught launched against Voyager and its former CEO, Stephen Ehrlich. Notably, both the CFTC and the FTC had filed separate lawsuits against the company and its former leader, alleging a litany of missteps that culminated in the loss of billions of dollars in customer funds.
In a statement released on October 12th, Commissioner Kristin Johnson didn’t mince her words. She accused Voyager of employing misleading practices, turning a blind eye to warning signs, and conducting what she aptly termed “bare-bones due diligence.” These lapses, she contended, failed to safeguard the interests of their trusting customers. In her stern judgment, she declared, “Because of Voyager’s failures, the company became no better than a house of cards.”
The commodities commissioner expressed astonishment that Voyager had failed to exert pressure on the investment firms where it entrusted its customers’ assets. Instead of demanding transparency from these firms, Voyager seemed to sidestep the long-established custodian expectations and simply dispensed customer funds with minimal effort to preserve the same.
Commissioner Johnson’s comments came on the heels of the regulatory hammer falling on <a rel="noopener noreferrer nofollow" title="Voyager" href="https://thebittimes.com/tag/voyager.html">Voyager</a>’s former CEO, Stephen Ehrlich, as both the <a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a> and the Federal Trade Commission filed lawsuits against him on that very same day. The <a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a> lawsuit alleged fraud and “registration failures” over <a rel="noopener noreferrer nofollow" title="Voyager" href="https://thebittimes.com/tag/voyager.html">Voyager</a>’s platform and its “unregistered commodity pool.” On the other hand, the FTC reached a proposed settlement with <a rel="noopener noreferrer nofollow" title="Voyager" href="https://thebittimes.com/tag/voyager.html">Voyager</a>, effectively banning the firm from offering, marketing, or promoting any product or service related to the handling of assets.
In a staggering turn of events, <a rel="noopener noreferrer nofollow" title="Voyager" href="https://thebittimes.com/tag/voyager.html">Voyager</a> and its affiliates agreed to a judgment of $1.65 billion, with the intention of repaying customers during the ongoing bankruptcy proceedings. Notably, Commissioner Caroline Pham of the <a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a> reaffirmed the regulator’s commitment to taking action against cryptocurrency firms that misappropriate customer funds. She emphasized the crucial distinction between managing investor money for trading derivatives and accepting deposits while providing loans, which, she asserted, were the lifeblood of the economy.
However, Pham did raise concerns that the CFTC might be stretching its authority in interpreting what constitutes a commodity pool operator, potentially disrupting well-established legal and regulatory frameworks.
Notably, on September 7th, Pham called for the establishment of a cryptocurrency regulatory pilot program, aimed at addressing the risks faced by retail investors.
Voyager’s woes culminated in a Chapter 11 bankruptcy filing in July 2022. Their reported debts ranged from $1 billion to a staggering $10 billion, owed to over 100,000 creditors. The once-prominent cryptocurrency brokerage firm, which had opened withdrawals for its customers in June, now stood at a crossroads of financial turmoil.
The post <a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a> <a rel="noopener noreferrer nofollow" title="commission" href="https://thebittimes.com/tag/commission.html">commission</a>er: <a rel="noopener noreferrer nofollow" title="Voyager" href="https://thebittimes.com/tag/voyager.html">Voyager</a> Digital was “no better than a <a rel="noopener noreferrer nofollow" title="house" href="https://thebittimes.com/tag/house.html">house</a> of <a rel="noopener noreferrer nofollow" title="cards" href="https://thebittimes.com/tag/cards.html">cards</a>.” appeared first on BitcoinWorld.
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cftc-commissioner-voyager-digital-was-no-better-than-a-house-of-cards-tbt66393.html">https://thebittimes.com/cftc-commissioner-voyager-digital-was-no-better-than-a-house-of-cards-tbt66393.html</a>

CFTC commissioner: Voyager Digital was “no better than a house of cards.”

TheBitTimes

Other articles published on Oct 14, 2023

Echelon Prime (PRIME) Price Prediction 2024, 2025, 2030, 2040, and 2050

Global Turmoil and Economic Concerns Dampen Crypto Rally!

DLSS 3 from NVIDIA: Can it Run on Older GPUs?

Impending Arrival of Bitcoin ETFs as SEC Opts Not to Contest Grayscale Court Defeat

ETN Stock: Is Yearly High A Hard Target For (NYSE: ETN) Price?

CoinMarketCap releases the ChatGPT addon.

Join our free newsletter for daily crypto updates!