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ARTICLE · 10 JUNE 2026

CFTC Eliminates ‘No-Deny’ Settlement Policy

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The Commodity Futures Trading Commission has rescinded its decades-old policy requiring defendants to refrain from publicly denying allegations as a condition of settlement...

United StatesFinance and Banking
Christian Kemnitz
Christian Kemnitz
Carl E. Kennedy
Carl E. Kennedy
Brian Poronsky
Brian Poronsky
Sam Bevenour
Sam Bevenour
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On June 3, 2026, the Commodity Futures Trading Commission (the CFTC or Commission) rescinded its longstanding policy requiring defendants to refrain from publicly denying the Commission’s allegations as a condition of settlement. This follows a similar announcement by the SEC on May 19. This change carries meaningful implications for firms and individuals navigating CFTC enforcement actions and is likely to introduce several new considerations for clients negotiating settlements with the CFTC going forward.

Background: The Prior “No-Deny” Policy

For nearly three decades, the CFTC maintained a written policy stating that it would not accept settlement offers from defendants who continued to deny the allegations. In practice, settlements with the CFTC are publicly announced in an administrative order issued by the Commission or a Consent Order issued by a court that includes the Commission’s factual findings and legal conclusions. Before 2022, those orders generally provided that

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