Authorisation & Licensing in United States

What Changed

The CFTC FAQs address implementation questions arising from two prior staff positions: Tokenized Collateral Guidance (CFTC Staff Letter 25-39): Established the framework allowing futures commission merchants (FCMs) and designated contract markets (DCMs) to accept digital assets as margin collateral. No-Action Position (CFTC Staff Letter 26-05): Provided temporary relief permitting FCMs to accept payment stablecoins, Bitcoin, and Ether as customer margin collateral, subject to specific operational and notification requirements. The FAQs clarify practical implementation questions that market...

What You Need To Do

• *Immediate (0–30 days)
• *Asset Classification Audit
• *Investment Contract Review
• *FAQ Implementation Review
• *Notification Protocol Establishment

Key Dates

References

• [1] sec.gov/newsroom/press-releases/2026-30-sec-clarifies-app...
• [2] consumerfinancialserviceslawmonitor.com/2026/02/cftc-and-...
• [3] klgates.com/Crypto-in-2026-The-Democratization-of-Digital...
• [4] genfinity.io/2026/03/17/sec-cftc-final-rule-digital-commo...
• [5] compliance-risk.com/sec-cftc-joint-crypto-asset-interpret...
• [6] cftc.gov/csl/26-09/download
• [7] sec.gov/files/rules/interp/2026/33-11412.pdf
• [8] fintechweekly.com/news/sec-bitcoin-ether-solana-digital-c...

What Changed

The resignation itself does not constitute a regulatory change, but it creates operational uncertainty regarding the enforcement priorities and procedural reforms that Director Ryan had recently implemented: *Previously Announced Priorities (Now in Question): Reduced enforcement for technical violations: Director Ryan had signaled that routine violations concerning reporting requirements, recordkeeping, and internal accounting controls should not necessarily result in enforcement actions. "Middle ground" approach: For non-fraud violations posing investor or market integrity risks, the...

What You Need To Do

• *Immediate (Next 30 Days)
• *Monitor Acting Director's statements
• *Assess Wells submissions in progress
• *Review investigation status
• *Update compliance calendars

Key Dates

References

• [1] dlapiper.com/en-us/insights/publications/2026/02/sec-enfo...
• [2] alston.com/en/insights/publications/2026/02/sec-leadershi...
• [3] goodwinlaw.com/en/insights/publications/2026/03/alerts-pr...
• [4] davispolk.com/insights/client-update/sec-updates-its-enfo...
• [5] jdsupra.com/legalnews/sec-s-division-of-enforcement-annou...
• [6] regulationtomorrow.com/2026/03/us-secs-updated-enforcemen...
• [7] governance-intelligence.com/regulatory-compliance/back-ba...
• [8] secretariat-intl.com/insights/the-evolving-sec-enforcemen...

What Changed

This is an enforcement action, not a rulemaking, so there are no new regulatory changes or requirements. It reaffirms existing CEA prohibitions on fraud in retail forex transactions (CEA Section 6(c)(1) and Regulation 180.1), CPO/CTA fraud, and related violations, with penalties triple the monetary gain and permanent injunctions. The judgment highlights judicial emphasis on exploiting vulnerable communities, such as non-English-speaking groups reliant on advisors.

What You Need To Do

• Conduct gap analyses of retail forex, CPO, and CTA operations for fraud risks, especially in customer communications and targeting vulnerable groups
• Enhance disclosures, suitability assessments, and recordkeeping to demonstrate non-reliance exploitation
• Review parallel criminal risks (e
• Implement training on CEA Sections 4k, 4m, 4n, and Regulations 5
• Monitor for restitution collection, noting CFTC caution on defendant insolvency

Key Dates

References

• [1] cftc.gov/PressRoom/PressReleases/9195-26
• [2] cftc.gov/PressRoom/PressReleases/9185-26
• [3] gibsondunn.com/the-cftc-advises-prediction-market-users-i...
• [4] paulweiss.com/insights/client-memos/cftc-chairman-outline...
• [5] cftc.gov/PressRoom/PressReleases?c=1006400&page=7
• [6] cftc.gov/PressRoom/PressReleases/9194-26
• [7] cftc.gov/PressRoom/PressReleases/9192-26
• [8] foley.com/insights/publications/2026/01/shifting-enforcem...

What Changed

This ANPRM proposes no immediate changes, as it is an early-stage consultation seeking input on: Application of Commodity Exchange Act (CEA) core principles and existing CFTC regulations to prediction markets. Criteria for prohibiting event contracts deemed contrary to the public interest (e.g., potentially sports, politics, or sensitive topics like government employee outcomes). Cost-benefit analyses for regulating prediction markets. It builds on prior actions, including withdrawal of a 2024 proposed ban on certain event contracts and a 2025 staff advisory on sports-related contracts,...

What You Need To Do

• Submit comments
• Review compliance programs
• Monitor developments

Key Dates

References

• [1] bakermckenzie.com/en/insight/publications/2026/02/united-...
• [2] paulweiss.com/insights/client-memos/cftc-chairman-outline...
• [3] corporatecomplianceinsights.com/cftc-withdraws-proposed-r...
• [4] quickreads.ext.katten.com/post/102mkjy/know-the-outcome-d...
• [5] cftc.gov/PressRoom/PressReleases/9183-26
• [6] cftc.gov/PressRoom/PressReleases/9185-26
• [7] next.io/news/regulation/cftc-chief-signals-imminent-predi...

What Changed

This announcement introduces no new regulatory rules, requirements, or statutory changes; it is a personnel appointment reshaping enforcement leadership. Chairman Selig highlighted Miller's role in refocusing the Enforcement Division on "policing fraud, abuse, and manipulation rather than setting policy," potentially signaling reduced pursuit of novel legal theories and a narrower enforcement scope.

What You Need To Do

• Review internal controls for fraud, manipulation, and abusive trading, prioritizing digital asset activities (e
• Assess exposure from Miller's past cases (e
• Monitor CFTC enforcement dockets and coordinate with counsel experienced in CFTC/SEC/DOJ matters for upcoming investigations
• Update training on "core" violations (fraud, abuse, manipulation) to align with stated enforcement focus

Key Dates

References

• [1] cftc.gov/PressRoom/PressReleases/9187-26
• [2] mexc.com/news/837224
• [3] cryptorank.io/news/feed/8787a-cftc-enforcement-director-d...
• [4] gtlaw.com/en/professionals/m/miller-david-i
• [5] mexc.co/en-NG/news/836686
• [6] hoodline.com/2026/03/ex-cia-prosecutor-to-run-cftc-s-cryp...

What Changed

The advisory does not introduce new rules but rather reaffirms existing CFTC enforcement authority over prediction markets and clarifies the scope of prohibited conduct: Insider trading/misappropriation: Trading based on material nonpublic information obtained through a breach of fiduciary duty or pre-existing duty of trust and confidence (Section 6(c)(1) of the Commodity Exchange Act and Regulation 180.1(a)(1) and (3)) Fraud and manipulation: Use of manipulative schemes or artifices to defraud, including trading in contracts where the trader has direct or indirect influence over the...

What You Need To Do

• *For Prediction Market Platforms (DCMs)
• *Implement robust surveillance systems to detect trading by individuals with material nonpublic information or direct/indirect influence over contract outcomes
• *Establish clear trading prohibitions in exchange rules addressing:
• Trading in contracts where the trader has influence over the outcome
• Trading based on material nonpublic information obtained through breach of duty

Key Dates

References

• [1] jdsupra.com/legalnews/cftc-files-amicus-brief-urging-3494...
• [2] mlex.com/mlex/articles/2446145/us-cftc-issues-prediction-...
• [3] gibsondunn.com/derivatives-legislative-and-regulatory-wee...
• [4] hklaw.com/en/insights/publications/2026/02/prediction-mar...
• [5] cftc.gov/PressRoom/PressReleases
• [6] cftc.gov/PressRoom/PressReleases/9158-26
• [7] heinrich.senate.gov/newsroom/press-releases/heinrich-urge...

What Changed

Withdrawal of the June 10, 2024, Notice of Proposed Rulemaking titled “Event Contracts,” which proposed prohibiting political event contracts as contrary to public interest (e.g., akin to war or terrorism outcomes); CFTC confirms no final rules will issue from this proposal. Withdrawal of CFTC Staff Letter 25-36 (issued Sept.

What You Need To Do

• Review and disregard prior compliance programs built around the 2024 proposal or 2025 advisory (e
• Monitor CFTC docket for new event contracts rulemaking notice and provide comments during any future consultation period
• Assess current offerings for event contracts under existing Commodity Exchange Act prohibitions (e
• Evaluate litigation exposure, especially state gaming regulator actions; prepare for potential CFTC intervention asserting exclusive jurisdiction
• No immediate prohibitions lifted or mandates imposed—continue operating within current CEA framework (e

Key Dates

References

• [1] cftc.gov/PressRoom/PressReleases/9179-26
• [2] corporatecomplianceinsights.com/cftc-withdraws-proposed-r...
• [3] en.bloomingbit.io/feed/news/105447
• [4] binance.com/en-KZ/square/post/02-05-2026-cftc-withdraws-p...
• [5] cohenmilstein.com/cftc-priorities-modernization-harmoniza...
• [6] zwillgen.com/gaming/cftc-signals-new-era-for-prediction-m...
• [7] cftc.gov

What Changed

Effective January 1, 2023, amendments to FINRA Rule 1240 mandate annual completion of both Regulatory Element and Firm Element for all registered persons, per CE Council recommendations.[https://www.finra.org/rules-guidance/notices/information-notice-20250814] Launched July 1, 2024, the Financial Learning Experience (FLEX) serves as an optional centralized catalog for Firm Element e-learning courses to support written training plans.[https://www.finra.org/rules-guidance/notices/information-notice-20250814] 2025 Regulatory Element courses are pre-assigned via FinPro Gateway, with topics...

What You Need To Do

• Registered persons
• Verify FinPro access/recovery; contact FINRA Testing and Continuing Education Department for questions

Key Dates

References

• [1] stcusa.com/resource-center/news-updates/understanding-the...
• [2] nasaa.org/wp-content/uploads/2025/02/IAR-CE-FAQs-2025.pdf
• [3] finra.org/registration-exams-ce/continuing-education
• [4] questce.com/blog-finra-reminds-firms-of-ce-deadlines-and-...
• [5] finra.org/registration-exams-ce/qualification-exams/mqp
• [6] finra.org/rules-guidance/notices/information-notice-071224

What Changed

The enforcement actions establish precedent in three critical areas: *Market Manipulation (Spoofing): The CFTC secured consent orders against precious metals futures traders for spoofing—placing and canceling orders to create false market impressions. The orders impose three-year and six-month trading bans** and require cease-and-desist compliance with the Commodity Exchange Act's spoofing prohibition. *Misappropriation and Fictitious Trading: The CFTC obtained permanent injunctive relief requiring disgorgement of unlawful gains ($135,788) plus civil penalties ($200,000), with 18-month...

What You Need To Do

• *For Registered Futures Firms and Banks
• trade and post-trade compliance controls
• *For Commodity Pool Operators and Investment Advisors:
• by-jurisdiction licensing analyses before soliciting investors
• *For All Market Participants

Key Dates

References

• [1] cftc.gov/PressRoom/PressReleases/9168-26
• [2] jdsupra.com/legalnews/states-step-up-enforcement-of-crypt...
• [3] cftc.gov/LawRegulation/EnforcementActions/index.htm
• [4] foley.com/insights/publications/2026/01/shifting-enforcem...
• [5] lowenstein.com/news-insights/newsletters/crypto-brief-jan...
• [6] cftc.gov
• [7] cohenco.com/knowledge-center/insights/january-2026/cftc-n...
• [8] cftc.gov/PressRoom/PressReleases

What Changed

The CFTC has obtained federal court orders imposing civil monetary penalties and trading bans on individuals and firms for spoofing and misappropriating confidential information. The CFTC has also charged an unregistered commodity pool operator with fraud and registration violations.

What You Need To Do

• Verify registration with the CFTC at NFA BASIC before committing funds
• Review and update anti-spoofing and anti-fraud policies and procedures
• Ensure compliance with CFTC regulations regarding commodity pool operations and futures market participation

Key Dates

Related Regulations

What Changed

Raise the RAUM threshold for RIAs to qualify as small entities from $25 million to $1 billion, with conforming changes for control affiliates. Increase the net asset threshold for investment companies from $50 million to $10 billion. Update aggregation of related funds from "group of related investment companies" to "family of investment companies" as defined in Form N-CEN for easier identification. Introduce inflation adjustments to thresholds every 10 years via SEC order, without formal rulemaking. Make corresponding amendments to Form ADV and rules on continuing hardship exemptions for...

What You Need To Do

• Submit public comments by the deadline to influence thresholds, alternatives (e
• Monitor Federal Register for exact publication and comment instructions; review proposed rule and fact sheet on SEC site (https://www
• Assess internal status
• No immediate compliance changes, as this affects SEC rulemaking process only; prepare for potential indirect impacts via future rules

Key Dates

References

• [1] sewkis.com/publications/sec-proposes-amendments-to-small-...
• [2] regulatoryandcompliance.com/2026/01/sec-proposes-expanded...
• [3] jdsupra.com/legalnews/sec-proposes-amendments-to-small-en...
• [4] sec.gov/newsroom/press-releases/2026-1-sec-proposes-amend...
• [5] freewritings.law/2026/01/sec-proposes-updates-to-small-en...
• [6] sec.gov/rules-regulations/2026/01/s7-2026-01
• [7] questce.com/sec-proposal-may-redefine-ria-small-entity-st...
• [8] sullivanlaw.com/viewpoints/sec-proposes-amendments-to-sma...

What Changed

There are no main regulatory changes, new requirements, or policy updates in this announcement; it is solely a personnel departure notice with no substantive regulatory implications.

What You Need To Do

• related delays and monitor for successor announcements via https://www

Key Dates

References

• [1] sifma.org/people/nekia-hackworth-jones-esq
• [2] sec.gov/newsroom/press-releases/2025-146-deputy-director-...
• [3] securitiesdocket.com/2025/12/30/deputy-director-of-enforc...
• [4] sec.gov/newsroom/press-releases/2020-304
• [5] ali.org/profile/3204
• [6] jonesday.com/en/news/2026/01/former-sec-deputy-director-n...

What Changed

This is an enforcement action, not a rulemaking, so there are no new regulatory changes or requirements. It reinforces longstanding CEA and CFTC rules on: Mandatory registration as a Commodity Pool Operator (CPO) and Associated Persons (APs) for pools trading commodity futures (CFTC Regulation 4.13 exemptions do not apply here due to fraud and public solicitation). Prohibitions on fraud, misrepresentations, guarantees of profit, non-disclosure of risks, commingling funds, and operating pools as non-separate entities (CEA Section 4o, Regulations 4.20, 4.21). Compliance with prior CFTC orders...

What You Need To Do

• Verify registration
• Implement controls
• Conduct due diligence
• Train staff
• For SEC-registered advisers

Key Dates

References

• [1] cftc.gov/PressRoom/PressReleases/9140-25
• [2] cftc.gov/PressRoom/PressReleases/9168-26
• [3] sidley.com/en/insights/newsupdates/2025/12/us-commodity-f...
• [4] ropesgray.com/en/insights/alerts/2025/12/cftc-provides-in...
• [5] cftc.gov/PressRoom/PressReleases/9160-25
• [6] haynesboone.com/news/alerts/cftc-no-action-letter-provide...
• [7] cftc.gov/LawRegulation/EnforcementActions/index.htm
• [8] alston.com/en/insights/publications/2025/12/cftc-registra...

What Changed

This is an enforcement action, not a rulemaking, so there are no new regulatory changes or requirements. It reaffirms existing CEA prohibitions on fraud, including Section 6(c)(1), 7 U.S.C. § 9(1), and 17 C.F.R. § 180.1(a)(1)-(3), covering material misrepresentations, omissions, and deceptive schemes in precious metals sales.

What You Need To Do

• Conduct immediate fraud risk assessments on precious metals sales scripts, disclosures, and pricing markups to ensure no material misrepresentations or undisclosed overcharges
• Enhance senior investor protections, including suitability reviews, cooling-off periods, and training on vulnerable customer targeting bans
• Review controlling person policies for good faith oversight, documenting supervisory failures to avoid personal liability
• Audit parallel SEC/CFTC exposures in commodity-linked activities, preparing for offset calculations in multi-agency actions
• Update compliance manuals with this case as precedent for CEA fraud in physical commodities; monitor whistleblower notices for internal reporting incentives

Key Dates

References

• [1] cftc.gov/PressRoom/PressReleases/9139-25
• [2] cftc.gov/media/12781/enfSafeguardMetalsLLCDecision093025/...
• [3] whistleblower.gov/notices/2025-015
• [4] oag.maryland.gov/News/Pages/Office-of-Maryland-Attorney-G...
• [5] nasaa.org/77724/states-cftc-final-judgment-precious-metal...
• [6] cftc.gov/media/12776/enfSafeguardMetalsLLCJudgementOrder0...
• [7] securities.utah.gov/2025/10/17/utah-division-of-securitie...
• [8] finance.idaho.gov/department-of-finance-cftc-and-29-state...

What Changed

This announcement itself introduces no new regulatory changes or requirements; it is a personnel update. However, it occurs amid broader Enforcement Division restructuring, including: Consolidation from one Deputy Director to four (three regional: Northeast, Southeast, West; one for specialized units), reducing reporting lines for a more unified nationwide enforcement program. Rescission in March 2025 of delegated authority for the Enforcement Director to issue formal orders of investigation, now requiring direct Commission authorization to align with priorities. Emphasis on transparency,...

What You Need To Do

• Review ongoing Northeast Regional Office investigations for potential leadership changes and engage early with new deputies on cooperation opportunities
• Enhance internal self-reporting and remediation protocols to align with Enforcement's stated rewards for cooperation and robust Wells processes
• Update compliance training on restructured reporting lines and Commission-authorized formal orders, ensuring defenses stick to established securities laws rather than novel theories
• Monitor SEC staff directory for replacement announcements, such as potential roles for Samuel Waldon or others in the Northeast

Key Dates

References

• [1] mcguirewoods.com/client-resources/alerts/2025/6/a-new-day...
• [2] sec.gov/newsroom/press-releases/2025-146-deputy-director-...
• [3] dechert.com/knowledge/onpoint/2025/6/under-new-leadership...
• [4] corpgov.law.harvard.edu/2026/01/21/sec-enforcement-2025-y...
• [5] skadden.com/insights/publications/2025/04/trump-administr...
• [6] perkinscoie.com/insights/update/sec-speaks-2025-four-key-...
• [7] morganlewis.com/pubs/2025/12/securities-enforcement-round...
• [8] clearygottlieb.com/news-and-insights/publication-listing/...