CFTC Resolves Actions Against Former Alameda and FTX Executives

The Commodity Futures Trading Commission said the U.S. District Court for the Southern District of New York entered supplemental consent orders against Caroline Ellison, former Alameda CEO, and Gary Wang, Alameda and FTX co-founder.

The orders require both individuals to continue cooperating with the CFTC. They also impose a five-year trading ban and 10-year registration ban on Ellison, and a five-year trading ban and eight-year registration ban on Wang. The CFTC said the bans run from the date of the initial consent orders.

The court previously entered initial consent orders in December 2022. The CFTC said those orders found Ellison liable on two fraud counts and Wang liable on one fraud count tied to the agency’s amended complaint.

The supplemental orders resolve the CFTC’s enforcement actions against both individuals. The agency said it is not seeking restitution, disgorgement or civil monetary penalties at this time, citing their cooperation and related criminal proceedings.

Why it matters

The FTX and Alameda cases remain a reference point for digital-asset market oversight, especially where exchange operations, affiliated trading firms and customer protections overlap.

For traders, the orders reinforce that enforcement risk can extend beyond a collapsed venue to senior individuals involved in trading, management and technology decisions. They also show how cooperation can shape sanctions even after fraud findings.

What to watch next

Watch for remaining FTX-related civil and criminal proceedings, plus any CFTC policy proposals that use the case as background for customer-asset protection, affiliated market-maker controls or digital-asset derivatives supervision.