News & Analysis as of

Commodities

Latham & Watkins LLP

How Selig May Approach CFTC Agricultural Enforcement

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On Dec. 22, following Senate confirmation, Michael Selig began his tenure as the new chairman of the U.S. Commodity Futures Trading Commission. Selig noted then he "welcome[s] the vital responsibility to oversee the stability...more

Carlton Fields

No More Waiting in the Wings: Commodity-Based ETPs Get Generic Listing Rules

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On September 17, 2025, the SEC issued an order approving new “generic” listing standards that are music to the ears of commodity-based exchange-traded products (ETPs), including those backed by crypto assets. Importantly, the...more

Goodwin

CFTC No-Action Letter Restores the “QEP Exemption” From CPO Registration Available to Registered Investment Advisers of Private...

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On December 19, 2025, the Market Participants Division (MPD) of the CFTC published CFTC Letter No. 25-50, issuing interim relief in response to a request from the Managed Funds Association....more

ASKramer Law

Crypto Part VI: Trading Safe Harbor

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Crypto is an extraordinary growth market with profound implications for foreign investment in the United States. The current U.S. administration has made a clear, specific, and demonstrable commitment toward development of...more

A&O Shearman

UK Amends Ancillary Activities Exemption Under FSMA to Introduce FCA Rule-Making Powers

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The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025 has been laid before the UK Parliament, accompanied by an explanatory memorandum. This follows the draft version laid in July. The...more

Holland & Knight LLP

Venetian Commerce to Section 101: Federal Circuit Affirms Commodity Exchange Ineligibility

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The U.S. Court of Appeals for the Federal Circuit's decision in In re Healy offers another data point in the ongoing challenge of patenting financial market innovations. Noah Healy's pro se appeal sought to overturn the...more

Morgan Lewis

CFTC at a Crossroads: Enforcement, Innovation, and the Road Ahead

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The CFTC is refocusing efforts to balance between commission oversight and delegated chair authority...more

Vedder

SEC Approves Generic Listing Standards for Commodity-Based ETPs

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On September 17, 2025, the SEC approved rule changes resulting in the creation of generic listing standards applicable to exchange traded products (ETPs) that hold spot commodities, including digital assets, seeking to list...more

Orrick, Herrington & Sutcliffe LLP

Senate agriculture committee publishes bipartisan discussion draft proposing a CFTC-led digital commodity regulatory framework

On November 10, Senate Agriculture Committee Chairman John Boozman (R-AR) and Senator Cory Booker (D-NJ) released a bipartisan discussion draft proposing to grant the CFTC exclusive jurisdiction over spot digital commodity...more

Jones Day

Securities on a Sliding Scale: Inside "Project Crypto's" New Approach to Digital Assets

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On November 12, 2025, Securities and Exchange Commission ("SEC") Chairman Paul S. Atkins spoke at the Federal Reserve Bank of Philadelphia regarding the SEC's "Project Crypto" initiative, which aims to create a clear and...more

Goodwin

Crypto and Commodity-Based ETPs Poised to Boom Following SEC’s Approval of Generic Listing Standards

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On September 17, 2025, the Securities and Exchange Commission (SEC) issued an order (the order) approving new generic listing standards for certain commodity-based exchange-traded products (ETPs), including those backed by...more

A&O Shearman

ESMA Publishes Updated Instructions for Weekly Commodity Derivative Position Reporting

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The European Securities and Markets Authority (ESMA) has published updated reporting instructions and XML schema (version 1.2.0) for weekly commodity derivatives position reporting under MiFID II. The changes reflect...more

Benesch

Cryptocurrency Summer 2025 Roundup: What You Missed & What’s Ahead

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Congress passed the GENIUS Act in July, the first comprehensive U.S. federal law regulating stablecoins. Most notably, the GENIUS Act eliminates ambiguity by defining stablecoins as not a security or commodity....more

Pillsbury Winthrop Shaw Pittman LLP

USGS Seeks Comment on 2025 Critical Minerals List to Guide U.S. Mineral Supply Chain Policy

On August 26, 2025, the U.S. Geological Survey (USGS) released for comment the 2025 draft List of Critical Minerals, which includes 54 mineral commodities proposed for inclusion. The list is intended to inform U.S. government...more

DLA Piper

Blockchain and Digital Assets News and Trends – September 2025

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This periodic bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets....more

Cadwalader, Wickersham & Taft LLP

Autumn Transitions, September 2025 - Structure of Tokenized Commodities and Commodities Regulation

Recent years have seen the emergence of blockchain projects seeking to tokenize an ever-expanding range of assets that are not blockchain-native – the so-called tokenized real world assets (“RWAs”) phenomenon. Tokenized...more

Latham & Watkins LLP

SEC and CFTC Announce Harmonization Initiative and New Crypto Developments

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The agencies pledge to “usher in a new era of innovation” through a collaboration on rules and exemptions that aims to provide digital asset markets with clarity....more

Cadwalader, Wickersham & Taft LLP

Summer’s Over and the Regulations Keep Coming, September 2025 - Defining (Again) The Scope of “Commodity”

On July 21, 2025, a U.S. district court judge in Texas stated in an opinion and order that “section 1 [of the Commodity Exchange Act (“CEA”)] does not encompass precious metals [such as gold] as commodities because they are...more

Pillsbury Winthrop Shaw Pittman LLP

Following Investigation of Copper Imports, Trump Administration Takes Actions Targeting Imports and Domestic Sales

On July 30, 2025, President Trump issued Proclamation 10962 following the investigation by the Department of Commerce (Commerce) under Section 232 of the Trade Expansion Act of 1962 of imports of copper in all forms and...more

Vedder

Alternative Investments and 401(k) Plans

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On August 7, 2025, President Trump signed an Executive Order (the “Order”) directing the Department of Labor (“DOL”) to re-examine guidance on a fiduciary’s duties under ERISA regarding alternative asset investments in 401(k)...more

Miller Canfield

New Executive Order Seeks to Facilitate Alternative Investments in 401(k) Plans

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On August 7, 2025, President Trump signed an Executive Order titled “Democratizing Access to Alternative Assets for 401(k) Investors.” This Executive Order has the potential to significantly change how retirement savings...more

Goodwin

Trump Administration’s Executive Order to Facilitate Availability of Alternative Assets in Defined Contribution Plans: What Does...

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On August 7, 2025, the Trump Administration issued a long-awaited executive order (the “Executive Order”) to encourage sponsors of 401(k) and other participant-directed defined-contribution plans that are governed by the...more

WilmerHale

Reversals of Fraud Charges Highlight Difficulties in Bringing Market Manipulation Cases

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Establishing that criminal defendants engaged in market manipulation is extremely difficult, often due to the difficulty in establishing that the defendant created prices that did not reflect legitimate sources of supply or...more

Mayer Brown

FAQs - Final Rules for the Revised UK Commodity Derivatives Position Limits Framework

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As of 6 July 2026 (some rules took effect from March 2025), all final rules of the new FCA commodity derivatives position limits framework will come into effect. In addition, responsibility from the regime will transfer from...more

Troutman Pepper Locke

“Tariff Tsunami”: New Copper Tariffs and Changes to De Minimis Duty Exemption

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On July 30, President Trump took two actions that represent a significant escalation in the administration’s evolving trade strategy: (1) a presidential proclamation (the proclamation) imposing a 50% ad valorem tariff on...more

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