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Articles by David C Aron
Regulation By Rulemaking: SEC And CFTC Continue Piecing Together A Crypto Asset Framework
LS Lowenstein Sandler More Lowenstein Sandler LLP is a national law firm with over 400 lawyers based in New York, Palo Alto, Roseland, Salt Lake City, San Francisco, Washington, D.C., and Wilmington. We represent clients in virtually every sector of the global economy, with particular strength in the areas of technology, life sciences, and investment funds.
CFTC Divisions Update FAQs On Crypto Assets And Blockchain Technologies
The FAQs are staff views, not binding law. The updated FAQs provide interpretive guidance only. They do not amend the Commodity Exchange Act (CEA) or CFTC regulations, create a safe harbor or new exemption, or provide a no-action position. Tokenized Regulation 1.25 investments remain subject to Regulation 1.25.
CFTC Divisions Update FAQs on Crypto Assets and Blockchain Technologies
What You Need To Know: The FAQs are staff views, not binding law. The updated FAQs provide interpretive guidance only. They do not amend the Commodity Exchange Act (CEA) or CFTC regulations, create a safe harbor or new exemption, or provide a no-action position. Tokenized Regulation 1.25 investments remain subject to Regulation 1.25.
CFTC Proposes Restoring the CPO and CTA Registration Exemptions in Regulations 4.13(a)(4) and 4.14(a)(8)(D), Respectively, but With Important Changes From Similar Existing Relief in CFTC Staff No-Action Letter 25-50
On August 18th, the Commodity Futures Trading Commission (CFTC or Commission) issued a Notice of Proposed Rulemaking (NPRM) seeking comment on suggested amendments to CFTC Regulations 4.13 and 4.14.
CFTC Proposes Restoring The CPO And CTA Registration Exemptions In Regulations 4.13(a)(4) And 4.14(a)(8)(D), Respectively, But With Important Changes From Similar Existing Relief In CFTC Staff No-Action Letter 25-50
Scott H. Moss’s articles from Lowenstein Sandler are most popular: with Finance and Tax Executives with readers working within the Securities & Investment industries On August 18th, the Commodity Futures Trading Commission (CFTC or Commission) issued a Notice of Proposed Rulemaking (NPRM) seeking comment on suggested amendments to CFTC Regulations 4.13 and 4.14.
FCTM Breaking News: CME Sues CFTC Over Approval Of Bitcoin Perpetual Futures Contract
Ethan L. Silver’s articles from Lowenstein Sandler are most popular: within Finance and Banking topic(s) Lowenstein Sandler are most popular: within Wealth Management topic(s) On June 18, the Chicago Mercantile Exchange Inc.
FCTM Breaking News: CME Sues CFTC Over Approval of Bitcoin Perpetual Futures Contract
On June 18, the Chicago Mercantile Exchange Inc.
FCTM Breaking News: CFTC Approves U.S. Bitcoin Perpetual Futures Contract and Issues Related Guidance
On May 29, 2026, the Commodity Futures Trading Commission (CFTC) took a series of coordinated actions to establish a domestic regulatory framework for perpetual contracts on digital commodities.
FCTM Breaking News: CFTC Approves U.S. Bitcoin Perpetual Futures Contract And Issues Related Guidance
LS Lowenstein Sandler More Lowenstein Sandler LLP is a national law firm with over 400 lawyers based in New York, Palo Alto, Roseland, Salt Lake City, San Francisco, and Washington, D.C. We represent clients in virtually every sector of the global economy, with particular strength in the areas of technology, life sciences, and investment funds.
CFTC Division of Enforcement Issues New Cooperation Policy
On May 19, the Commodity Futures Trading Commission’s (CFTC or Commission) Division of Enforcement (Enforcement or Division) issued an advisory setting forth a new policy for evaluating cooperation when considering declinations or making enforcement recommendations to the Commission (Policy).
CFTC and Kalshi Announce Enforcement Actions Targeting Prediction Markets
On April 22 and 23, 2026, respectively, KalshiEX LLC (Kalshi or the Kalshi Exchange) and the Commodity Futures Trading Commission (CFTC) announced disciplinary and enforcement actions targeting insider trading in event contracts.1 These charges were brought very quickly (in an enforcement context) after the occurrence of the actions underpinning the charges.
Third Circuit Affirms Preliminary Injunction in Favor of Kalshi
On April 6, the U.S. Court of Appeals for the Third Circuit issued a 2-1 decision affirming a preliminary injunction in favor of KalshiEX LLC (Kalshi) against New Jersey state officials, partly on the basis that Kalshi has a reasonable chance or probability of winning on the merits.
CFTC Settles With KuCoin for $500,000 Despite Alleged Anti-Money Laundering Violations
On March 30, the U.S. District Court for the Southern District of New York entered a consent order against Peken Global Limited, doing business as KuCoin, imposing a civil monetary penalty of $500,000 and permanently enjoining it from permitting U.S. participants to access its cryptocurrency trading platform without registering with the Commodity Futures Trading Commission (CFTC) as a foreign board of trade (FBOT).1 The $500,000 penalty stands in contrast to $100 million and $1 billion+ civil...
New CFTC Enforcement Director Outlines Updated CFTC Enforcement Priorities, Previews New Cooperation Advisory, And Warns On Prediction Market Misconduct
LS Lowenstein Sandler More Lowenstein Sandler LLP is a national law firm with over 400 lawyers based in New York, Palo Alto, Roseland, Salt Lake City, San Francisco, and Washington, D.C. We represent clients in virtually every sector of the global economy, with particular strength in the areas of technology, life sciences, and investment funds. Enforcement Priorities.
New CFTC Enforcement Director Outlines Updated CFTC Enforcement Priorities, Previews New Cooperation Advisory, and Warns on Prediction Market Misconduct
What You Need To Know: Enforcement Priorities. The Commodity Futures Trading Commission’s (CFTC) new enforcement director highlighted five areas the CFTC Division of Enforcement will focus on under his leadership. Insider Trading in Prediction Markets. Insider trading is very much in the CFTC’s crosshairs.
CFTC Responds To FAQs From FCMs, SDs, And DCOs Regarding Crypto Collateral
Lowenstein Sandler are most popular: in Asia The CFTC’s Market Participants Division and Division of Clearing and Risk respond to FAQs on using crypto assets as collateral in CFTC-regulated markets. The FAQs address open questions arising from CFTC Staff Letter 25-39 (Tokenized Collateral Guidance) and Staff Letter 26-05 (Staff No-Action Position Regarding Digital Assets Accepted as Margin Collateral).
CFTC Responds to FAQs From FCMs, SDs, and DCOs Regarding Crypto Collateral
What You Need To Know: The CFTC’s Market Participants Division and Division of Clearing and Risk respond to FAQs on using crypto assets as collateral in CFTC-regulated markets. The FAQs address open questions arising from CFTC Staff Letter 25-39 (Tokenized Collateral Guidance) and Staff Letter 26-05 (Staff No-Action Position Regarding Digital Assets Accepted as Margin Collateral). An FCM must notify MPD before accepting crypto assets as customer margin collateral in reliance on Staff Letter 26-05.
CFTC Seeks Input On Prediction Markets As Staff Signal Heightened Scrutiny For Sports-Related And Other Event Contracts
Ethan L. Silver’s articles from Lowenstein Sandler are most popular: in European Union The Commodity Futures Trading Commission (CFTC or Commission) and its staff have issued two significant releases related to prediction markets.
CFTC Seeks Input on Prediction Markets as Staff Signal Heightened Scrutiny for Sports-Related and Other Event Contracts
What You Need To Know: The Commodity Futures Trading Commission (CFTC or Commission) and its staff have issued two significant releases related to prediction markets. The CFTC issued an Advance Notice of Proposed Rulemaking (ANPRM) inviting public comment on issues including how the Commodity Exchange Act (CEA) and CFTC regulations apply or should apply to event contracts and the types of event contracts that may be prohibited as contrary to the public interest.
SEC Issues Interpretive Framework For Crypto Asset Classification
Ethan L. Silver’s articles from Lowenstein Sandler are most popular: within Technology topic(s) in United States The SEC and the CFTC issue a formal interpretation classifying crypto assets into five categories.
SEC Issues Interpretive Framework for Crypto Asset Classification
What You Need To Know: The SEC and the CFTC issue a formal interpretation classifying crypto assets into five categories. The Agencies have issued an interpretive release establishing a taxonomy for crypto assets, classifying them as digital commodities, digital collectibles, digital tools, stablecoins, or digital securities and articulating how each category maps to the definition of a “security” under the federal securities laws. Specific crypto assets receive regulatory clarity.
CFTC and SEC Strengthen Regulatory Coordination Through Memorandum of Understanding
Key Takeaways: The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) announced a new memorandum of understanding (MOU) and related Joint Harmonization Initiative intended to improve coordination between the two agencies on matters involving overlapping regulatory jurisdiction, such as digital assets and other hybrid products that may implicate both securities and commodities regulatory frameworks.
The Climate Report | Second Quarter 2025 | JD Supra
REGULATORY ISSUES & UPDATES Trump Paves Way for Coal Renaissance and Targets State Climate Change Efforts In early April, President Trump issued several presidential actions to revive the coal industry, including rolling back environmental regulations that would restrict emissions.
Congressional Review Act: How Congress Can Rescind the Former Administration's Guidance on the Environment, Climate, and Energy | JD Supra
On January 30, 2025, Senator John Kennedy of Louisiana proposed a joint resolution of disapproval aimed at rescinding the recent Commodity Futures Trading Commission ("CFTC") Guidance on Carbon Credits ("the Guidance"). The Guidance outlines factors for certain markets regulated by the CFTC ("designated contract markets") to consider when listing voluntary carbon credits derivative contracts.
Congressional Review Act: How Congress Can Rescind The Former Administration's Guidance On The Environment, Climate, And Energy
On January 30, 2025, Senator John Kennedy of Louisiana proposed a joint resolution of disapproval aimed at rescinding the recent Commodity Futures Trading Commission ("CFTC") Guidance on Carbon Credits ("the Guidance"). The Guidance outlines factors for certain markets regulated by the CFTC ("designated contract markets") to consider when listing voluntary carbon credits derivative contracts.
Congress Introduces CLARITY Act To Establish Digital Asset Regulatory Framework
U.S. House lawmakers introduced the bipartisan CLARITY Act of 2025 proposing a comprehensive regulatory framework for digital assets that would delineate agencies' oversight roles, establish a provisional registration regime for crypto intermediaries, create provisions for decentralized finance, and more.
Congress Introduces CLARITY Act to Establish Digital Asset Regulatory Framework | JD Supra
On May 29, 2025, the U.S. House Committees on Financial Services and Agriculture introduced the newly named Digital Asset Market Clarity (CLARITY) Act of 2025 ("Bill"), an updated version of the market structure framework previewed in a discussion draft from earlier in May.
Crypto Staking: SEC Staff Clarifies Non-Security Status For Certain Protocol Activities
Covered Crypto Assets and Staking Methods In its Statement on Certain Protocol Staking Activities, the SEC staff defines "Covered Crypto Assets" as tokens integral to a PoS network's operation but lacking intrinsic economic rights (e.g., no guaranteed yield or profit share), confirming that participating in protocol staking of such assets is not considered a securities offering.
Crypto Staking: SEC Staff Clarifies Non-Security Status for Certain Protocol Activities | JD Supra
Covered Crypto Assets and Staking Methods In its Statement on Certain Protocol Staking Activities, the SEC staff defines "Covered Crypto Assets" as tokens integral to a PoS network's operation but lacking intrinsic economic rights (e.g., no guaranteed yield or profit share), confirming that participating in protocol staking of such assets is not considered a securities offering.
CFTC Divisions Interpret "U.S. Person" Definition and U.S. Location Versus Foreign Location | JD Supra
In Short The Situation: A 2024 CFTC enforcement action settlement that may have introduced a new test for when the Commodity Exchange Act and the agency's regulations apply on a cross-border basis concerned then-CFTC Commissioner and now Acting CFTC Chair Caroline Pham. The Results to Date: The CFTC staff recently provided some certainty to market participants engaging in cross-border derivatives trading by issuing an interpretative letter addressing issues raised in the 2024 settlement.
The Wicked Problem of Context in Clinical Practice and Implementation Research
• and , “ Every Problem Is Embedded in a Greater Whole ,” Journal of Evaluation in Clinical Practice , no. (February ): e14139. • , Dance to the Tune of Life: Biological Relativity (Cambridge University Press, ). • , “ The Clinical Application of the Biopsychosocial Model ,” Journal of Medicine and Philosophy ( ): – . • , , , et al., “ Biosocial Medicine: Biology, Biography, and the Tailored Care of the Patient ,” SSM-Population Health (September ): 100863.
CFTC Operating And Enforcement Divisions Issue Advisory On Referrals To Enforcement Division
JD Jones Day More Jones Day is a global law firm with more than 2,500 lawyers across five continents. The Firm is distinguished by a singular tradition of client service; the mutual commitment to, and the seamless collaboration of, a true partnership; formidable legal talent across multiple disciplines and jurisdictions; and shared professional values that focus on client needs.
CFTC Operating And Enforcement Divisions Issue Advisory On Referrals To Enforcement Division
JD Jones Day More Jones Day is a global law firm with more than 2,500 lawyers across five continents. The Firm is distinguished by a singular tradition of client service; the mutual commitment to, and the seamless collaboration of, a true partnership; formidable legal talent across multiple disciplines and jurisdictions; and shared professional values that focus on client needs.
CFTC Operating and Enforcement Divisions Issue Advisory on Referrals to Enforcement Division | JD Supra
This latest advisory expands on Enforcement's recent advisory establishing the factors Enforcement will consider when recommending penalties to the Commission and how Enforcement will evaluate those factors (see Jones Day's prior Alert, New CFTC Cooperation, Self-Reporting, and Remediation Enforcement Advisory Introduces Major Changes.
SEC Division Of Corporation Finance: Certain U.S. Dollar-Backed Stablecoins Are Not Securities
In Short The Situation: As the Trump administration and Congress seek to establish clear digital asset regulation, uncertainty remains on whether federal agencies consider stablecoins to be "securities" under federal law.
SEC Division of Corporation Finance: Certain U.S. Dollar-Backed Stablecoins Are Not Securities | JD Supra
In Short The Situation: As the Trump administration and Congress seek to establish clear digital asset regulation, uncertainty remains on whether federal agencies consider stablecoins to be "securities" under federal law.
The CFTC Is Off To A Fast Start Under Acting Chairman Pham
JD Jones Day More Jones Day is a global law firm with more than 2,500 lawyers across five continents. The Firm is distinguished by a singular tradition of client service; the mutual commitment to, and the seamless collaboration of, a true partnership; formidable legal talent across multiple disciplines and jurisdictions; and shared professional values that focus on client needs.
The CFTC is Off to a Fast Start Under Acting Chairman Pham | JD Supra
In Short The Situation: In a break from the typical acting agency chairman, Acting Commodity Futures Trading Commission ("CFTC") Chairman Caroline Pham has taken several significant actions, signaled several more, and set the agency on a path to still further significant actions. The Results to Date: The acting chairman has addressed some longstanding pain points for industry.
EXPERT INSIGHTS-UPDATES ON PROPOSED STABLECOIN LEGISLATION: THE GENIUS ACT AND THE STABLE ACT
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Updates On Proposed Stablecoin Legislation: The GENIUS Act And The STABLE Act
As Congress moves to enact comprehensive stablecoin legislation under the Trump administration, both the Senate and the House of Representatives have updated their respective payment stablecoin bills. Our recent Commentary discusses the prior versions of the bills.
Updates on Proposed Stablecoin Legislation: the GENIUS Act and the STABLE Act | JD Supra
GENIUS Act Updates As discussed in our recent Commentary, "Stablecoin Legislation: A Stroke of GENIUS?," revisions to the Senate's GENIUS Act signal several new areas of focus, including more cooperation between state and federal regulators and heightened compliance requirements to avoid risk. The bill also updates the definition of a "payment stablecoin" to exclude any such coins backed by other digital assets.
New CFTC Cooperation, Self-Reporting, And Remediation Enforcement Advisory Introduces Major Changes
The Commodity Futures Trading Commission's ("CFTC") new enforcement advisory introduces several major changes in policy and a matrix helping those facing potential or actual CFTC investigations quantify the extent to which cooperation, self-reporting, and remediation can be expected to reduce penalties (a.k.a. "mitigation credit") that the CFTC staff would otherwise recommend to the commission in most cases.
New CFTC Cooperation, Self-Reporting, and Remediation Enforcement Advisory Introduces Major Changes | JD Supra
On February 25, 2025, the CFTC's Division of Enforcement ("Enforcement") issued an advisory establishing both the factors Enforcement will consider in evaluating the extent to which self-reporting, cooperation, and remediation should reduce civil monetary penalties that Enforcement recommends to the CFTC and how Enforcement will evaluate those factors. The advisory replaces all prior policies on these topics.
Stablecoin Legislation: A Stroke Of GENIUS?
The Situation: President Trump's recent executive order "Strengthening American Leadership in Digital Financial Technology" promoted the development of dollar-backed stablecoins as official U.S. policy. To facilitate this policy, Congress needs to provide regulatory clarity to stablecoin issuers.
Regulating Digital Assets: FIT21 Seems to Fit the Bill
The Situation: The United States lacks a regulatory framework geared toward digital assets. This raises consumer protection concerns, causes regulatory turf battles and duplicative enforcement actions, impedes innovation, and puts the United States at a disadvantage compared to markets like the European Union, which have already implemented regulatory measures.
Regulating Digital Assets: FIT21 Seems to Fit the Bill | JD Supra
In Short The Situation: The United States lacks a regulatory framework geared toward digital assets. This raises consumer protection concerns, causes regulatory turf battles and duplicative enforcement actions, impedes innovation, and puts the United States at a disadvantage compared to markets like the European Union, which have already implemented regulatory measures.
The CFTC Finalizes Guidance On Voluntary Carbon Credit Contracts For Derivatives Markets
The Commodity Futures Trading Commission (“CFTC” or “Commission”) has inserted itself in recent years into efforts to scale the cash market for “high integrity” voluntary carbon credits. On September 20, 2024, the Commission approved final guidance regarding designated contract markets (“DCMs”) listing for trading voluntary carbon credit (“VCCs”) derivative contracts.
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