FIT21 would provide regulatory certainty for the US digital asset ecosystem, balancing support for innovation with consumer protection....more
5/30/2024
/ Blockchain ,
CFTC ,
Commodities ,
Consumer Protection Laws ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
FinTech ,
Investment Contract ,
Non-Fungible Tokens (NFTs) ,
Pending Legislation ,
Rulemaking Process ,
Securities ,
Securities and Exchange Commission (SEC) ,
Stablecoins
The legislation allows decentralized autonomous organizations to gain legal entity status and operate within the bounds of applicable law. ...more
4/2/2024
/ CFTC ,
Corporate Governance ,
Decentralized Autonomous Organization (DAO) ,
Ether ,
Ethereum ,
Governance Standards ,
Howey ,
Indemnification ,
Investment Contract ,
Legal Entities ,
Liability ,
Limited Liability ,
Market Participants ,
Membership Interest ,
Nonprofits ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Service of Process
The viability of DAO structures draws attention after a judge declares that a decentralized autonomous organization is a “person” under the law.
On June 8, 2023, the US District Court for the Northern District of...more
The proposed bill sets forth a comprehensive framework for the digital asset ecosystem by bridging regulatory gaps, promoting innovation, and protecting consumers.
On June 2, 2023, Patrick McHenry, Chairman of the House...more
6/30/2023
/ Advisory Committee ,
Anti-Fraud Provisions ,
Anti-Manipulation Rule ,
CFTC ,
Commodity Exchange Act (CEA) ,
Consumer Protection Laws ,
Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment Contract ,
Non-Fungible Tokens (NFTs) ,
Proposed Legislation ,
Registration Requirement ,
Regulatory Authority ,
Securities and Exchange Commission (SEC) ,
Stablecoins
Multiple U.S. government agencies have pursued a stream of enforcement actions in the digital asset industry in recent years.
In fiscal year 2022, 20% percent of the enforcement actions brought by the Commodity Futures...more
The plan directs the agency to develop a robust regulatory framework to prevent market misconduct, as SEC officials’ public comments keep advancements in technology high on the agenda.
On August 25, 2022, the Securities...more
9/16/2022
/ CFTC ,
Digital Assets ,
Disclosure Requirements ,
Enforcement ,
Howey ,
Popular ,
Retail Investors ,
Reves Test ,
Securities and Exchange Commission (SEC) ,
Strategic Planning ,
Technology Sector
The latest bipartisan crypto bill would give the CFTC new tools and authorities to regulate digital commodities, with a focus on market integrity and consumer protection.
On August 3, 2022, a bipartisan group of US...more
Securities issues are covered in Title III (Responsible Securities Innovation) of the Responsible Financial Innovation Act (RFIA). The RFIA would add a new Section 41 to the Securities Exchange Act of 1934 (Securities...more
The agency will use the information to take further steps to address climate risks in the commodity derivatives markets.
On June 2, 2022, the Commodity Futures Trading Commission (CFTC) issued a Request for Information...more
The report addresses the market risks and regulatory challenges presented by stablecoins and urges Congress to act quickly.
On November 1, 2021, the President’s Working Group on Financial Markets (PWG) in conjunction...more
11/11/2021
/ Biden Administration ,
CFTC ,
Digital Assets ,
Digital Currency ,
FDIC ,
Financial Markets ,
Financial Services Industry ,
FSB ,
FSOC ,
Information Reports ,
IOSCO ,
OCC ,
Prudential Standards ,
Regulatory Agenda ,
Regulatory Oversight ,
Risk Factors ,
Securities and Exchange Commission (SEC) ,
Stablecoins
An ambitious proposal could bring digital assets into the mainstream regulatory fold. During an eventful summer for the digital assets industry, it may have been easy to miss US Representative Don Beyer’s introduction of the...more
9/13/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Central Bank Digital Currency (CBDCs) ,
CFTC ,
Commodities ,
Cryptoassets ,
Digital Assets ,
Enforcement Authority ,
FDIC ,
Federal Reserve ,
Proposed Legislation ,
Regulatory Oversight ,
Reporting Requirements ,
Securities ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
U.S. Treasury
As the countdown to the LIBOR sunset enters its final six months, the CFTC staff is trying to help the market transition. With less than six months to go before the London Interbank Offered Rate (LIBOR) expires on December...more
7/23/2021
/ Banking Sector ,
Benchmarks ,
CFTC ,
Derivatives ,
Federal Bank Regulatory Agencies ,
Financial Regulatory Agencies ,
Interest Rate Swaps ,
Interest Rates ,
Libor ,
Secured Overnight Funding Rate (SOFR) ,
Swap Execution Facilities ,
Swaps
A sovereign nation’s decision to adopt Bitcoin as legal tender raises interesting questions — and legal ramifications.
On June 8, 2021, El Salvador’s Legislative Assembly voted to establish Bitcoin as unrestricted legal...more
6/25/2021
/ Article 9 ,
Banking Sector ,
Bitcoin ,
CFTC ,
Commodity Exchange Act (CEA) ,
Cryptocurrency ,
El Salvador ,
Exchange-Traded Products ,
Financial Action Task Force ,
Foreign Currency ,
IRS ,
Money Transfer ,
Multinationals ,
New Legislation ,
Securities and Exchange Commission (SEC) ,
Uniform Commercial Code (UCC)
The CFTC continues to demonstrate a commitment to using its regulatory mandate to combat climate change risks to the US financial system.
On March 17, 2021, the Commodity Futures Trading Commission (CFTC) announced the...more
Regulators once again offered piecemeal guidance, while focusing on risks and enforcement. Meanwhile, innovation and institutional adoption took off. Last year, Latham & Watkins sounded a hopeful note that 2020 would provide...more
1/22/2021
/ Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
CFTC ,
Digital Assets ,
Enforcement Actions ,
Federal Reserve ,
FinCEN ,
No-Action Letters ,
OCC ,
Popular ,
Regulatory Requirements ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Securities Tokens ,
Token Sales
The US prudential regulator is paying attention to climate risks, and will likely act to mitigate those risks if they threaten financial stability.
In its November 2020 Financial Stability Report (the Report), the Board of...more
12/1/2020
/ Banking Sector ,
Biden Administration ,
Board of Governors ,
CFTC ,
Climate Change ,
Federal Reserve ,
Financial Markets ,
Financial Stability Board ,
Information Reports ,
Paris Agreement ,
Risk Assessment ,
Risk Management ,
United Nations
The CFTC issues stringent guidelines for FCMs seeking to custody digital assets in connection with physically delivered futures contracts or swaps.
The US Commodity Futures Trading Commission’s (CFTC’s) Division of Swap...more
11/19/2020
/ Advisory Opinions ,
CFTC ,
Depository Institutions ,
Digital Assets ,
Disclosure Requirements ,
DSIO ,
Futures ,
Futures Commission Merchants (FCMs) ,
Risk Management ,
Swaps ,
Virtual Currency
A watershed CFTC report highlights the dangers of climate change to the US economy, and provides a broad risk-mitigation roadmap.
On September 9, 2020, the US Commodity Futures Trading Commission’s (CFTC’s) Climate-Related...more
The long-awaited guidance clarifies the application of the “actual delivery” exception to leveraged virtual currency transactions with retail purchasers.
Earlier this year, the US Commodity Futures Trading Commission...more
In the face of pandemic-related disruptions, CFTC staff have relieved exchanges, dealers, intermediaries, and other market participants from certain compliance requirements.
Last week, the US Commodity Futures Trading...more
The self-regulatory organization responds to the US derivatives market’s shift to remote working arrangements.
As the novel coronavirus outbreak (COVID-19) continues to spread across the globe, causing various disruptions,...more
Product innovation (including in pooled investment vehicles) is encouraged, but innovation must be consistent with the law.
The US Commodity Futures Trading Commission’s (CFTC’s) Division of Swap Dealer and Intermediary...more
3/5/2020
/ CFTC ,
Commodity Exchange Act (CEA) ,
CPOs ,
Derivatives ,
Digital Assets ,
Disclosure Requirements ,
DSIO ,
Enforcement Actions ,
Futures ,
National Futures Association ,
Pooled Investment Vehicles ,
Regulatory Violations
While not unlimited, the relief is welcome for counterparties seeking to transition to risk-free rates for legacy swaps.
The US Commodity Futures Trading Commission (CFTC) has issued no-action relief to help market...more
1/24/2020
/ CFTC ,
Derivatives ,
DMO ,
DSIO ,
Inter-Bank Offered Rates (IBORs) ,
Libor ,
Market Participants ,
No-Action Relief ,
SEFs ,
Swap Clearing ,
Swap Dealers ,
Swaps
The US derivatives regulator continues to foster FinTech adoption and leadership in US markets.
The US Commodity Futures Trading Commission (CFTC) has affirmed its commitment to engaging the fast-moving financial...more
US regulators are calling attention to financial firms’ obligations to protect against evolving cybersecurity threats.
On October 2, 2019, the Financial Industry Regulatory Authority (FINRA) issued an information notice to...more
11/26/2019
/ Business E-Mail Compromise (BEC) ,
CFTC ,
Cyber Attacks ,
Cyber Threats ,
Cybersecurity ,
Data Protection ,
Data Security ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Information Systems Security Program (ISSP) ,
National Futures Association ,
New Guidance