WASHINGTON, August 19, 2026 — The Commodity Futures Trading Commission has resolved its enforcement actions against former Alameda Research CEO Caroline Ellison and Alameda and FTX co-founder Gary Wang after a federal court entered supplemental consent orders setting out trading and registration restrictions and requiring their continued cooperation with the agency.
The U.S. District Court for the Southern District of New York imposed five-year trading bans on both Ellison and Wang, along with a 10-year CFTC registration ban on Ellison and an eight-year registration ban on Wang. The restrictions run from December 23, 2022, when the court entered the initial consent orders against them.
The initial orders found Ellison liable on both fraud counts brought against her by the CFTC and Wang liable on the single fraud count charged against him. They also permanently enjoined both from violating the antifraud provisions of the Commodity Exchange Act and CFTC regulations as charged. The initial and supplemental consent orders together resolve the agency’s enforcement actions against the two former executives.
Cooperation and monetary relief
The CFTC is not seeking, and the court is not imposing, restitution, disgorgement or civil monetary penalties against Ellison or Wang at this time. The agency said the decision was based in part on their cooperation in its investigation and related proceedings, including parallel criminal cases, and the $11.02 billion forfeiture order for which they were jointly and severally liable.
The underlying orders provide additional detail on that treatment. Ellison’s order states that the absence of monetary sanctions at this time reflects her cooperation and the judgment in her parallel criminal case, in which she was sentenced to 24 months in prison and three years of supervised release and was subject to the $11.02 billion forfeiture order. Wang’s order similarly cites his cooperation and criminal judgment, under which he was sentenced to time served and three years of supervised release and was subject to an $11.02 billion forfeiture order.
“Today’s resolution further underscores the high value this Division places on robust cooperation,” CFTC Director of Enforcement David I. Miller said. He added that Ellison and Wang were senior executives found liable for fraud at Alameda and FTX and that their sanctions reflect their material assistance in the Commission’s FTX-related investigations.
Both Ellison and Wang must continue cooperating fully and expeditiously with the CFTC under agreements executed with the Division of Enforcement in December 2022. Their supplemental orders require them, if requested by Division staff, to prepare and appear for testimony in the CFTC’s continuing litigation against Sam Bankman-Fried.
The orders also preserve the CFTC’s ability to seek additional relief. If the Commission obtains information indicating that either Ellison or Wang knowingly provided materially false or misleading information or materials, or violated the terms of their cooperation agreement, it may ask the court to reopen the respective case and seek restitution, disgorgement and/or a civil monetary penalty.
Scope of trading and registration restrictions
The five-year trading restrictions cover a range of activity in CFTC-regulated markets. The orders prohibit Ellison and Wang from trading on or subject to the rules of registered entities, entering transactions involving commodity interests for accounts in which they have a direct or indirect interest, directing such trading for others, and soliciting, receiving or accepting funds or assets for transactions involving commodity interests or digital asset commodities during the applicable period.
Ellison is also prohibited for 10 years from the date of the initial consent order from applying for CFTC registration or claiming an exemption from registration, subject to a specified regulatory exception, and from acting in certain capacities for entities registered, exempt from registration or required to be registered with the Commission. Wang is subject to corresponding restrictions for eight years from the date of his initial consent order.
Why it matters
The supplemental orders resolve the remaining questions of relief and remedies in the CFTC’s enforcement cases against two senior figures at FTX and Alameda while tying their treatment directly to continued cooperation with the regulator.
The resolutions also illustrate the role cooperation can play in CFTC enforcement outcomes. Although Ellison and Wang were previously found liable for fraud and remain subject to trading and registration restrictions, the Commission is not seeking monetary remedies at this time, in part because of their assistance in the FTX-related investigations. The orders leave open the possibility of additional monetary relief if either fails to comply with the continuing cooperation requirements.
