CFTC JUST CLOSED THE FTX CASES BUT THE HEADLINE MISSES THE BIGGER STORY. Caroline Ellison and Gary Wang are officially done with the CFTC’s civil cases. → 5-year trading ban for both → 10-year registration ban for Ellison → 8-year registration ban for Wang → $0 new fines But here’s the catch: The bans were backdated to December 2022. That means Ellison’s trading ban expires in late 2027, while Wang’s does too. Most of the “5-year ban” has already been served. Why no additional fines? The CFTC credited their cooperation in the FTX investigation, while they already face a massive $11.02B forfeiture from the criminal proceedings. Ellison served 14 months of a 2-year sentence and was released in January 2026. Wang received time served.