For years, the Commodity Futures Trading Commission (CFTC or Commission) has exercised broad discretion in investigating and prosecuting potential violations of the law, with its sanctions and penalties infrequently subject...more
California, Louisiana, and Illinois have established comprehensive crypto licensing frameworks that mirror New York’s BitLicense regime. With multiple rulemaking processes now established or soon-to-be adopted and critical...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
In 2025, applications and inquiries to register with the Commodity Futures Trading Commission (CFTC or Commission) as a derivatives exchange have noticeably increased, with several companies pursuing or obtaining a CFTC...more
The federal government’s 43‑day shutdown — which ended with a late‑evening November 12 funding bill and next‑day return to duty for furloughed staff — imposed a near‑total pause on the Commodity Futures Trading Commission’s...more
Retail participation in futures, forex and swaps has accelerated markedly in recent years, propelled by low-cost access, mobile platforms and growing interest in crypto-referenced instruments, event contracts and micro-sized...more
From Enforcement to Empowerment: SEC Chairman Paul Atkins Charts a New Regulatory Approach for Digital Assets -
SEC Chairman Atkins promoted a forward-looking regulatory agenda, emphasizing three interlocking priorities: (1)...more
Katten's Privacy, Data and Cybersecurity Quick Clicks is a monthly newsletter highlighting the latest news and legal developments involving privacy, data and cybersecurity issues across the globe....more
The availability of prediction markets has exploded for American consumers, as contracts that allowed people to bet on the outcome of the 2024 presidential election gained popularity. Prediction markets are generally...more
The Commodity Futures Trading Commission (“CFTC” or “Commission”) proposed targeted amendments (“Proposal”) to its business conduct and documentation requirements for swap dealers (“SDs”) on September 24. The Proposal is...more
10/17/2025
/ Business Conduct Standards ,
CFTC ,
Commodity Exchange Act (CEA) ,
Dodd-Frank ,
Financial Services Industry ,
No-Action Letters ,
Proposed Rules ,
Regulatory Requirements ,
Rulemaking Process ,
Swap Dealers ,
Swaps
Securities and Exchange Commission (SEC) Chairman Paul S. Atkins promoted a forward-looking regulatory agenda centered on innovation, market competitiveness, and long-term predictability at the Futures and Derivatives Law...more
At the Futures and Derivatives Law Report Digital Asset Leadership Summit, Commodity Futures Trading Commission (CFTC) Acting Chairman Caroline D. Pham described a measured and practical approach to digital assets and market...more
In what the agencies are touting as “a new era of collaboration” and “a new day for US capital markets,” the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) held a historic joint...more
UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more
Are you operating as a financial services business? Are you aware of the new cybersecurity rules that will soon apply to New York–regulated financial firms? If you are a financial services business and are unaware of the...more
This spring saw a flurry of activity from Acting Chairman Caroline D. Pham and the US Commodity Futures Trading Commission (the Commission or CFTC) regarding changes to CFTC enforcement priorities. Under her leadership,...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
The Securities and Exchange Commission (the SEC or the Commission) recently released its Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions (the Agenda). While the Agenda appears undersized at 23 items compared...more
Amid “recent confusion and disruption regarding whether non-US exchanges should register [with the Commodity Futures Trading Commission (CFTC or Commission)] as a designated contract market (DCM) or [foreign board of trade...more
Derivatives exchange and prediction market KalshiEX LLC (Kalshi) was handed a litigation setback in defending its sports event contract offerings in federal court against claims brought by the State of Maryland. The District...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
Staff from the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight issued No-Action Relief Letter 25-25 on July 31, 2025 to help ease compliance burdens placed on reporting counterparties in meeting the...more
8/8/2025
/ CFTC ,
Designated Contract Markets (DCMs) ,
Dodd-Frank ,
Financial Services Industry ,
No-Action Letters ,
Notification Requirements ,
Regulatory Requirements ,
Reporting Requirements ,
Swap Dealers ,
Swap Execution Facilities ,
Trade Associations
In a marked departure from its position since 2013, the Commodity Futures Trading Commission (CFTC) issued No-Action Letter 25-24 on July 30, 2025 (Letter 25-24), stating that it will not recommend enforcement action against...more
The Commodity Futures Trading Commission (CFTC) has launched its Listed Spot Crypto Trading Initiative, which aims to establish a framework for retail trading of leveraged, margined, or financed spot crypto asset contracts...more
Congress recently passed the first significant federal legislation recognizing the apparent enduring presence of payment stablecoins in the US financial and consumer markets. President Donald Trump signed into law on July 18,...more