CFTC Claims Crypto Assets Are Commodities in Lawsuit Against Ex-Deutsche Bank Investment Banker

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The individual was charged with one count of wire fraud.

The Commodity Futures Trading Commission has filed a civil enforcement action against Rashawn Russell, a former Deutsche Bank investment banker, in the US District Court for the Eastern District of New York.

The complaint charged Russell with intentionally and/or recklessly making false and misleading statements regarding the structure, size, and performance of the fund. He is also accused of making false promises to pay withdrawal requests, as well as to compensate investors in USDC. “Certain digital assets, such as bitcoin, ether, and USDC, are encompassed in the definition of a “commodity” under Section 1a of the Act, 7 U.S.C. §1a, and contracts for their sale are subject to the prohibitions of Section 6 of the Act, 7 U.S.C. § 9, and Regulation 180.1, 17 C.F.R. § 180.1 .”

 

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