The shift away from using “ESG” as a standalone or organizing concept continues. We see continued fragmentation of ESG into distinct areas of sustainability and corporate responsibility, as well as heightened enforcement,...more
2/20/2026
/ Climate Change ,
Corporate Counsel ,
Corporate Social Responsibility ,
Cross-Border Transactions ,
Cybersecurity ,
Data Privacy ,
Department of Justice (DOJ) ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Due Diligence ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Equal Employment Opportunity Commission (EEOC) ,
EU ,
Federal Trade Commission (FTC) ,
Greenhouse Gas Emissions ,
Human Rights ,
Popular ,
Private Equity ,
Regulatory Oversight ,
Securities Litigation ,
Sustainability ,
Sustainable Finance ,
White Collar Crimes
The staff of the Market Participants Division (the “Staff”) of the Commodity Futures Trading Commission (CFTC) have issued two no-action letters that provide targeted relief from commodity pool operator (CPO) and commodity...more
2/3/2026
/ CFTC ,
Commodity Trading Advisors (CTAs) ,
CPOs ,
Credit Default Swaps ,
Derivatives ,
Exemptions ,
Form PF ,
Fund Managers ,
Investment Adviser ,
No-Action Letters ,
Private Funds ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Securitization ,
Special Purpose Vehicles
On December 4, 2025, the Commodity Futures Trading Commission (CFTC) announced the upcoming launch of the first leveraged spot cryptocurrency product to be listed on a CFTC-regulated exchange, Bitnomial Exchange, LLC...more
12/10/2025
/ CFTC ,
Commodity Exchange Act (CEA) ,
Crypto Exchanges ,
Cryptocurrency ,
Derivatives ,
Designated Contract Markets (DCMs) ,
Digital Assets ,
National Futures Association ,
NFA ,
Regulatory Oversight ,
Regulatory Reform ,
Regulatory Requirements ,
Trading Platforms
On September 29, 2025, the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (SEC) granted no-action relief to DoubleZero Foundation from the registration requirements of Section 5...more
10/20/2025
/ Blockchain ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Howey ,
No-Action Letters ,
Regulatory Requirements ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation
On September 2, 2025, the Divisions issued a joint statement announcing a cross-agency initiative to coordinate efforts regarding the process for enabling the trading of certain spot crypto asset products. This initiative is...more
9/10/2025
/ Blockchain ,
CFTC ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
FinTech ,
Innovation ,
Popular ,
Regulatory Oversight ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Trading Platforms
On August 28, 2025, the staff of the Division of Market Oversight (CFTC Staff) of the Commodity Futures Trading Commission (CFTC) issued Staff Advisory Letter No. 25–27 (Staff Advisory). The Staff Advisory reaffirms and...more
9/9/2025
/ CFTC ,
Commodity Exchange Act (CEA) ,
Commodity Futures Contracts ,
Compliance ,
Cross-Border Transactions ,
Cryptoassets ,
Digital Assets ,
Foreign Exchanges ,
Futures Commission Merchants (FCMs) ,
Regulatory Oversight ,
Regulatory Requirements ,
Trading Platforms
The Commodity Futures Trading Commission (CFTC) recently announced several new staff letters and public statements with material consequences for legal and business professionals in the derivatives markets. In this alert, we...more
8/19/2025
/ Central Counterparties ,
CFTC ,
Clearing Agencies ,
Commodity Exchange Act (CEA) ,
Cryptoassets ,
Cryptocurrency ,
Derivatives ,
Derivatives Clearing Organizations ,
Designated Contract Markets (DCMs) ,
Digital Assets ,
No-Action Letters ,
Recordkeeping Requirements ,
Registration Requirement ,
Regulatory Oversight ,
Reporting Requirements ,
SEFs
On July 30, 2025, the White House released a 166-page report titled “Strengthening American Leadership in Digital Financial Technology” (the “Report”).[1] Authored by a working group of cabinet members and federal agency...more
8/7/2025
/ AML/CFT ,
Banking Sector ,
Biden Administration ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Cybersecurity ,
Decentralized Finance (DeFi) ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Financial Regulatory Reform ,
FinTech ,
IRS ,
Multi-Factor Authentication ,
NIST ,
Popular ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Stablecoins ,
U.S. Treasury
On July 18, 2025, President Trump signed into law S. 1582, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act” or the “Act”). The Act covers payment stablecoins[1]—a relatively new form...more
7/22/2025
/ Banking Sector ,
Digital Assets ,
Federal Reserve ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
New Legislation ,
Proposed Legislation ,
Regulatory Reform ,
Regulatory Requirements ,
Rulemaking Process ,
Stablecoins ,
The GENIUS Act ,
U.S. Treasury
On May 29, 2025, the Staff of the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (SEC) issued a statement[1] (the “Staking Statement”) concluding that certain protocol staking...more
6/10/2025
/ Blockchain ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Howey ,
Investment Contract ,
New Guidance ,
Offerings ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The CFTC staff have issued interpretative guidance regarding the application of cross-border definitions under the CFTC’s regulatory regimes covering swaps, foreign futures and foreign options transactions, and foreign boards...more
5/30/2025
/ Business Entities ,
CFTC ,
Cross-Border Transactions ,
Derivatives ,
Digital Assets ,
Financial Markets ,
Popular ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements ,
Swaps
On April 17, 2025, three operating divisions (the “Operating Divisions”) of the U.S. Commodity Futures Trading Commission (“CFTC”) and the Division of Enforcement (“DOE”) provided guidance in CFTC Letter 25-13 (the...more
4/29/2025
/ CFTC ,
Disclosure Requirements ,
Enforcement Actions ,
Financial Crimes ,
Materiality ,
New Guidance ,
Penalties ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Management ,
Self-Reporting
Each week of the first 100 days of the new Trump administration, we will publish updates on key federal financial services regulatory and related developments. This week, we review the following developments as of Wednesday:...more
Each week of the first 100 days of the new Trump administration, we will publish updates on key federal financial services regulatory and related developments. This week, we review the following developments as of Wednesday:...more
Each week of the first 100 days of the new Trump administration, we will publish updates on key federal financial services regulatory and related developments. This week, we review the following developments as of Wednesday:...more
On April 4, 2025, the staff of the U.S. Securities and Exchange Commission (SEC or “Commission”) Division of Corporation Finance (“Staff”) issued a statement on stablecoins (the “Stablecoin Statement”), outlining the Staff’s...more
4/9/2025
/ Cryptoassets ,
Digital Assets ,
Enforcement Actions ,
Financial Markets ,
Howey ,
Investment Contract ,
Popular ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Stablecoins
On April 1, 2025, the House Financial Services Committee issued a press release regarding a number of Committee requests to various federal agencies for rescission, modification, or re-proposal of specific Biden...more
On March 28, 2025, the U.S. Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) and Division of Clearing and Risk (DCR) announced in CFTC Letter 25-07 that they are withdrawing CFTC Staff Advisory...more
On March 26, 2025, the House Financial Services Committee Subcommittee on Financial Institutions held a hearing, entitled “A New Era for the CFPB: Balancing Power and Reprioritizing Consumer Protections.”...more
On March 14, 2025, a judge in the U.S. District Court for the District of Maryland declined to grant a temporary injunction to the City of Baltimore and the Economic Action Maryland Fund. The plaintiffs had requested an...more
3/21/2025
/ Bank Secrecy Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
FDIC ,
Federal Reserve ,
Financial Regulatory Reform ,
FinTech ,
Military Lending Act ,
OCC ,
Regulatory Agenda ,
Stablecoins
Each week of the first 100 days of the new Trump administration, we will publish updates on key federal financial services regulatory and related developments. This week, we review the following developments as of Wednesday:...more
Each week of the first 100 days of the new Trump administration, we will publish updates on key federal financial services regulatory and related developments.
This week, we review the following developments as of Wednesday:...more
The Advisory sets out factors that the Enforcement Division will use to rate self-reporting and cooperation. This rating places a company or individual within a “tier” used to determine the Mitigation Credit amount available....more
On February 20, 2025, House Majority Leader Steve Scalise (R-La.) issued a list of priority regulatory targets for nullification under the CRA “in the coming weeks.” Included on the list is the CFPB’s December 10, 2024 final...more
On February 18, 2025, President Trump signed an Executive Order designed to reduce the power of federal independent agencies by bringing them under the purview of the White House. The Executive Order provides that it applies...more
2/21/2025
/ Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
CRA ,
Executive Orders ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulation Z ,
Regulatory Reform ,
Stablecoins ,
Trump Administration