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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

On July 21, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced its intention to postpone by two years the effective date of the final rule that it adopted on August 28, 2024 which adds registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to the definition of “financial institution” under…

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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

The American Bar Association held its 40th Annual National Institute on White Collar Crime conference on March 5, 6, and 7, 2025, in Miami, Florida. The conference featured robust panel discussions with the federal and state judiciary, law enforcement officials, defense attorneys, corporate in-house counsel, and members of the academic community on a variety of topics. The conference speakers and panels also provided an update on litigation, judicial, and legislative developments. Notably, this conference differed from years past because most Department of Justice officials withdrew from participation days before the conference began.Continue Reading Government Agencies to Continue Pursuing Core Enforcement Initiatives and Other Highlights from the ABA 40th Annual National Institute on White Collar Crime

On November 22, 2024, the Securities and Exchange Commission (the “SEC” or “Commission”) announced its enforcement results for the fiscal year (“FY”) 2024. Though the SEC filed only 583 total enforcement actions in FY 2024—a decline of 26% from the 784 enforcement actions filed in FY 2023—the Commission obtained a record-setting $8.2 billion in financial remedies, which includes civil penalties and disgorgement amounts combined. Notably, 56% of the $8.2 billion in financial remedies was the result of a monetary judgment awarded in a single matter. Continue Reading SEC Enforcement Highlights for Fiscal Year 2024

On November 22, 2024, the Securities and Exchange Commission (the “SEC” or “Commission”) announced its enforcement results for the fiscal year (“FY”) 2024. Though the SEC filed only 583 total enforcement actions in FY 2024—a decline of 26% from the 784 enforcement actions filed in FY 2023—the Commission obtained a record-setting $8.2 billion in financial remedies, which includes civil penalties and disgorgement amounts combined. Notably, 56% of the $8.2 billion in financial remedies was the result of a monetary judgment awarded in a single matter.Continue Reading SEC Enforcement Highlights for Fiscal Year 2024

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On July 1, 2024, the SEC adopted tailored disclosure requirements and offering processes for non-variable annuity contracts—specifically, for registered index-linked annuities (RILAs) and annuity contracts that offer fixed investment options and apply market value adjustments (MVAs) to amounts withdrawn before the end of the fixed option’s term. The final rule will require issuers of RILAs and MVAs to register offerings on an amended Form N-4, the form currently used to register most variable annuities.Continue Reading SEC Adopts Significant Form and Rule Amendments for the Registration of RILAs and MVAs

On May 23, 2024, the SEC approved exchange rule changes that will allow the listing and trading of a number of spot Ether exchange-traded products (ETPs). Ether is the second-largest cryptocurrency by market capitalization after Bitcoin.  The decision follows the SEC’s recent approval of spot Bitcoin ETPs in January 2024, as previously summarized here. Continue Reading SEC Approves Exchange Listings for Spot Ether ETPs

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On June 6, 2024, the New York Stock Exchange (NYSE) filed an application with the SEC pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder, proposing a rule change that, if approved by the SEC, would exempt closed-end funds (CEFs) registered under the Investment Company Act of 1940 and listed on the NYSE from the requirement to hold annual shareholder meetings.Continue Reading NYSE Proposes to Exempt Registered Closed-End Funds from Annual Shareholder Meeting Requirement

On June 14, 2024, the SEC announced the settlement of administrative proceedings brought against a registered investment adviser for disseminating allegedly misleading performance information of a private fund that it advised.  The SEC alleged that from at least November 2021 through February 2023, the adviser advertised performance returns that were experienced by a single investor in a private fund as the private fund’s performance even though the investor’s performance was at times significantly higher than the fund’s performance.  According to the order, the performance disparity was due to certain successful IPO investments the fund had made that were credited to the investor’s capital account in greater proportion than other fund investors’ capital accounts because the other investors were unable to participate fully in the IPO investments due to investment restrictions under FINRA Rules 5130 and 5131.Continue Reading SEC Settles Enforcement Proceedings Against Adviser for Allegedly Misleading Performance Advertising