In an October 2, 2018 speech, Christopher Giancarlo, the chairman of U.S. Commodity Futures Trading Commission reported that fines and other types of enforcement actions around cryptocurrency are at an all-time high so far in 2018. There were 83 enforcement actions for the fiscal year, which concluded on September 30. More than $900 million in fines were levied during the fiscal year, which represented about a 25 percent increase over the previous fiscal year's fines. The speech took place at the Economic Club of Minnesota. As a watchdog agency, some of the most notable fines have been in the range of $30 to $90 million. Well-known firms such as J. P. Morgan Chase & Co., Deutsche Bank and Bank of America. The fines for these firms were related to benchmark interest rate manipulation. There was also a precedent-setting victory related to Bitcoin fraud handled by the U.S. Commodity Futures Trading Commission during the fiscal year. The prosecution of future cases may refer to it while progressing through the court system. The chairman of the U.S. Commodities Futures Trading Commission also noted an inter-agency collaboration to prosecute the cryptocurrency firm called 1 Pool Ltd., and its project As a Marshall Islands-based cryptocurrency firm, 1 Pool Ltd. had been using its location as an advantage, since tracing accounts to that place is difficult. Agents in the Federal Bureau of Investigation were able to make purchases of cryptocurrencies on without having to deal with the usual regulations associated with those transactions. As a result, the Federal Bureau of Investigation and the Securities and Exchange Commission filed formal complaints against the company. In the most recent enforcement action, CabbageTech Corp. and its CEO, Patrick McDonnell, were permanently barred from the trade of cryptocurrency. The CabbageTech Corp. had previously been prosecuted for Bitcoin and Litecoin (LTC) fraud and misappropriation as it relates to purchases and trading of those cryptocurrencies. The law is still trying to catch up with the advancement of cryptocurrency trading. As it does, the U.S. Commodities Futures Trading Commission is certain to continue enforcing higher fees and barring unscrupulous firms.