On July 17, 2025, the House of Representatives passed the Digital Asset Market Clarity Act of 2025 (the CLARITY Act). This pivotal legislation introduces a comprehensive regulatory framework for the digital asset sector and...more
The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more
Coinbase Financial Markets, Inc., a leading cryptocurrency exchange, announced that it has secured regulatory approval from the National Futures Association (NFA) to operate a futures commission merchant offering crypto...more
Crypto Exchange Ends U.S. Operations, Swiss Bank to Expand Crypto Offerings - Late last month, Bittrex, a leading cryptocurrency exchange founded in Seattle, announced it was closing U.S. operations effective April 30,...more
On March 29, 2023, the National Futures Association (NFA) announced that NFA Compliance Rule 2‑51: Requirements for Members and Associates Engaged in Activities Involving Digital Asset Commodities will become effective on May...more
A clearing organization for futures and securities was sanctioned US $20 million in aggregate by the Commodity Futures Trading Commission and the Securities and Exchange Commission for allegedly not having and following...more
A well-renowned think tank sued the Securities and Exchange Commission claiming that the SEC’s prohibition against respondents contesting allegations in enforcement settlements violates the freedom of speech guarantee under...more
The NFA will soon require CPO, CTA, FCM, and IB member firms to provide various disclosures warning investors of virtual currency spot and derivatives trading risks. New disclosure requirements warning customers,...more
• The U.S. Securities and Exchange Commission (SEC) staff made official statements regarding when a token may or may no longer be a security • The SEC continued to bring actions related to cryptocurrency offerings against...more
Amid concerns that many investors may not fully understand the risks associated with virtual currencies, or the limits of regulatory oversight, the National Futures Association (NFA) recently issued an interpretive notice...more
For the second time this year, a Commodity Futures Trading Commission-registered futures commission merchant and National Futures Association member was sanctioned by both regulators for allegedly not supervising post-trade...more
The U.S. National Futures Association (NFA) has confirmed that it has commenced its first-ever, on-site inspection program of NFA member firms located in Hong Kong. Prior to this current initiative, the NFA’s inspections of...more