← Go back Oct 10, 2023
The Federal Trade Commission (FTC) and Commodity Futures Trading Commission (CFTC) are charging former Voyager Digital CEO Steve Ehrlich for fraud and making false claims to customers. The CFTC is also including in its court filing that Circle’s USDC stablecoin and bitcoin are commodities. The CFTC accused Ehrlich of misleading customers the strength of the company and doing business without proper registrations while the FTC accused him of lying about customers’ funds being protected by the Federal Deposit Insurance Corp. The CFTC also took the opportunity to put on the record assets it considers commodities – as the agency has done in other recent cases, saying “certain digital assets are ‘commodities,’ including BTC, USDC, and others.” After Voyager collapsed in July 2022, the crypto lender failed to seal a sale deal to FTX, and then another arrangement for sale to Binance fell apart. Former Voyager customers may not recover more than 36% of their assets, according to estimates.
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