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Todd Lurie

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The Market Participants Division of the Commodity Futures Trading Commission (CFTC) on December 19, 2025 issued CFTC Letter No. 25-50 (the Letter) providing that it will not recommend enforcement action against an investment adviser registered with the Securities and Exchange Commission (SEC) that operates a commodity pool offered solely to investors who are “qualified eligible persons” (QEPs)1 where such investment adviser either does not register or withdraws its registration with the CFTC as a commodity pool operator (CPO).Continue Reading CFTC Provides Registration Relief to Private Fund Industry

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Since assuming office on January 20, 2025, President Trump’s Administration, together with various federal agencies and Congress, have initiated several actions that have the potential to reshape the digital asset industry within the United States. Marking a notable departure from the prior administration’s approach, the Trump administration’s policy initiatives combine a de-emphasis on regulation by enforcement with greater reliance on deregulation and industry input, all with a view toward positioning the United States as the global leader in digital assets and digital financial technology. The discussion below is a high-level overview of various executive branch, regulatory, and legislative developments in the digital asset and cryptocurrency space during the last three months. While too early to say what impact the Trump Administration’s initiatives will have, they signal a strong willingness to support the digital asset industry.Continue Reading The Trump Administration’s Reshaping of Digital Asset Policy