CFTC scraps 'no-deny' policy for settlements

The U.S. Commodity Futures Trading Commission (CFTC) has scrapped its 'no-deny' policy, which barred defendants from publicly denying allegations as a condition of settling cases, Cointelegraph reported. Introduced in 1998, the policy allowed for settlements only if the defendant agreed not to publicly contradict the CFTC's claims. CFTC Chairman Mike Selig explained that for nearly 30 years, the agency would only settle cases if defendants promised not to publicly deny the charges, adding that the policy was being eliminated to align with the regulatory approaches of other government agencies. The CFTC stated that the move will provide greater flexibility in settling enforcement actions. While the agency will no longer enforce the no-deny provision in existing agreements, it may still require defendants to admit to certain facts or legal responsibilities in specific cases.