Commissioners attack CFTC's no-action letters

Letters skirt rulemaking process, according to current and former regulators

Scott O'Malia
CFTC commissioner Scott O'Malia

Current and former commissioners of the Commodity Futures Trading Commission (CFTC) have denounced the agency’s use of no-action letters and staff guidance under the reign of former chairman Gary Gensler, claiming the various exemptions and exclusions papered over cracks in the regulator’s Dodd-Frank Act rules and cut commissioners out of the rule-making process.

One current and four former commissioners were speaking at the annual conference of the Futures Industry Association in Florida about

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