Overview
- The U.S. District Court for the Southern District of New York entered supplemental consent orders on Aug. 19, 2026 that resolve the CFTC’s civil case against Caroline Ellison and Gary Wang.
- The orders impose five-year bans on trading for both defendants and bar Ellison from CFTC registration for 10 years and Wang for eight years, with those periods running from the initial Dec. 23, 2022 consent orders.
- The CFTC required continued cooperation from Ellison and Wang as part of the resolution and said their material assistance shaped the agency’s decision on sanctions.
- The agency said it is not seeking restitution, disgorgement, or civil monetary penalties at this time and pointed to the $11.020 billion criminal forfeiture order for which the two are jointly and severally liable.
- The resolution closes the CFTC’s civil enforcement track while underscoring how regulators may trade financial penalties for cooperation in complex crypto failures and signaling stricter nonfinancial limits for senior executives tied to exchange collapses.