The global digital landscape continues to rapidly transform and bring forth innovative financial instruments and technologies, including within the shifting regulatory frameworks that have shaped the digital asset ecosystem...more
The US Supreme Court’s decision in Loper Bright Enters. v. Raimondo and Relentless v. Department of Commerce has raised questions regarding the future of financial services regulation, including by the US Securities and...more
8/2/2024
/ Administrative Procedure Act ,
CFTC ,
Chevron Deference ,
Chevron v NRDC ,
Government Agencies ,
Judicial Authority ,
Loper Bright Enterprises v Raimondo ,
Regulatory Authority ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Statutory Interpretation
In an unusual move, on July 26, 2024, the Securities and Exchange Commission (SEC) stayed an order that was previously issued by its own Division of Trading and Markets just one week earlier on July 19, 2024. That order...more
On February 8, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC and, together with the SEC, the Commissions) voted to adopt amendments to Form PF1 that will impact the...more
On February 6, 2024, the US Securities and Exchange Commission (SEC) adopted new Rules 3a5-4 and 3a44-2 (the Final Rules) under the Securities Exchange Act of 1934 (the Exchange Act) to further define what it means to be...more
At a time marked by themes of “push” and “pull,” organizations across all sectors and jurisdictions are grappling with the pursuit of innovation within an increasingly complex regulatory framework. Over the next 12 months,...more
The Commodity Futures Trading Commission (CFTC) issued proposed guidance on December 4 intended to increase the transparency and bolster the integrity of voluntary carbon credits that underlie derivative contracts subject to...more
Financial services is perhaps the most regulated industry in the world, and the intersection between financial services, technology, and law remains a complicated and evolving space. A team of Morgan Lewis lawyers recently...more
California Governor Gavin Newsom signed the California Digital Financial Assets Law (DFAL) and Senate Bill 401 on October 13, 2023, which together will regulate virtual currency activities within the state when the laws...more
The Division of Enforcement of the US Commodity Futures Trading Commission (CFTC or Commission) published on October 17, 2023 an advisory to assist its staff in recommending future enforcement resolutions to the Commission...more
The US Commodities Futures Trading Commission (CFTC) recently proposed new rules that, among other actions, update the definition of a “qualified eligible person,” add minimum disclosure requirements for certain pools and...more
The US Commodity Futures Trading Commission (CFTC) recently settled enforcement actions against operators of three decentralized finance (DeFi) protocols (i.e., collections of smart contracts on blockchains that offer...more
The growth of digital assets presents a challenge for global regulators, but also an opportunity to facilitate development of revolutionary access to the modern financial system. A successful way forward will require...more
New York Attorney General Letitia James introduced on May 5, 2023 a proposed bill that, if enacted, would significantly tighten regulation over digital asset market participants and exchanges. While the New York State...more
6/22/2023
/ Anti-Fraud Provisions ,
BitLicense ,
Brokers ,
Cryptocurrency ,
Digital Assets ,
Disclosure ,
Enforcement Actions ,
Financial Services Industry ,
New York ,
NYDFS ,
Proposed Legislation ,
Securities and Exchange Commission (SEC) ,
State and Local Government ,
Virtual Currency
In contrast to the “regulation by enforcement” theme to which those in the digital assets community have become accustomed, the Commodity Futures Trading Commission (CFTC or Commission) has been active in issuing guidance to...more
Recent legislative proposals would, among other things, overhaul the Illinois money transmitter law to create a licensing framework similar to New York’s BitLicense regime....more
Three months into 2023 and the fintech landscape looks wildly different than this time one year ago. Global economic uncertainty clouds the fintech industry, with it facing challenges from rising interest rates, significant...more
New York has enhanced its fraud prevention tools, while consumers can identify crypto scams using California’s scam tracker. A week after the US Securities and Exchange Commission (SEC) proposed amendments to cover...more
In the continuation of our new blog series highlighting recent developments in the digital asset space, this post details continued action policy and enforcement actions by US regulators....more
In this new series, we will provide an overview of recent noteworthy developments in the digital asset space around the world. The start of February was a busy period for regulators in the United States, where the US...more
In the depth of a crypto winter, the New York State Department of Financial Services (DFS) issued guidance (the Guidance) on custodial standards for those with a BitLicense or that are registered as New York state limited...more
The last few years have thrown many surprises at businesses. Organizations across all sectors have faced inflation, global conflicts, supply chain challenges, a pandemic, and continually changing government policies. In 2023,...more
1/23/2023
/ Automotive Industry ,
Capital Markets ,
Cryptocurrency ,
Energy Sector ,
EU ,
False Claims Act (FCA) ,
FDIC ,
Financial Services Industry ,
FinTech ,
Food and Drug Administration (FDA) ,
Life Sciences ,
Tax Credits
Artificial intelligence (AI) is transforming the global financial services industry, including by helping financial institutions offer innovative new products, increase revenue through efficiencies, and improve customer...more
The US District Court for the Northern District of California ruled on December 20, 2022, that the Commodity Futures Trading Commission (CFTC) properly served the defendant, Ooki DAO, by posting summons documents in Ooki...more
Just shy of a month since FTX declared bankruptcy, the US Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (Division or staff) published informal guidance on how public companies could be asked to...more