The Case: http://www.cftc.gov/PressRoom/PressReleases/pr7240-15 Tera arranged for the two market participants to enter into the transactions. Tera brought together the market participants, telling one that the trade would be “to test the pipes by doing a round-trip trade with the same price in, same price out, (i.e. no P/L [profit/loss] consequences) no custodian required,” according to the Order. However, subsequent to the transactions, Tera issued a press release and made statements at a meeting of the CFTC’s Global Markets Advisory Committee (GMAC) announcing the transactions, creating the impression of actual trading interest in the Bitcoin swap. Neither Tera’s press release nor the statements at the GMAC meeting indicated that the October 8 transactions were pre-arranged wash sales executed for the purpose of testing Tera’s systems. Dissenting Opinion: http://www.cftc.gov/PressRoom/SpeechesTestimony/bowenstatement092415 Dissenting Statement by Commissioner Sharon Y. Bowen Regarding TeraExchange LLC September 24, 2015 I believe fictitious trading deserves a penalty. Tera Exchange facilitated wash trading and prearranged trading in violation of the Commodity Exchange Act. That is why we brought this case. I fundamentally disagree with the notion that they deserve no penalty. Accordingly, I dissent.