Sky Blog
The SEC and CFTC (the “Commissions”) have jointly requested public comment on how to draw clearer regulatory boundaries for classifying, within statutory bounds, innovative derivatives and related products that implicate the jurisdiction of the Commissions and whether there are opportunities …
Decentralized finance, commonly referred to as DeFi, is often celebrated as a transformative innovation in financial markets. By replacing banks, broker-dealers, exchanges, clearinghouses, and other traditional intermediaries with smart contracts and decentralized protocols, DeFi promises faster transactions, lower costs, broader …
On June 10, the CFTC released a proposed rulemaking to govern the listing of event contracts (i.e., prediction products) on a set of subjects Congress identified as deserving of special scrutiny.[1] These subjects are, as specified in Commodity Exchange …
Key Takeaways
On April 23, 2026, the U.S. Attorney’s Office for the Southern District of New York (SDNY) and the Commodity Futures Trading Commission (CFTC) announced parallel criminal and civil enforcement actions against an active-duty U.S. Army servicemember, alleging that he used …
On April 6, 2026, a divided panel of the U.S. Court of Appeals for the Third Circuit held that the U.S. Commodity Futures Trading Commission (“CFTC”) has exclusive jurisdiction over sports-related event contracts offered by Kalshi, becoming the first federal …
On March 31, 2026, CFTC Director of Enforcement David I. Miller delivered remarks at NYU Law School addressing three significant developments in the CFTC’s Division of Enforcement. First, Miller announced five enforcement priority areas going forward: (i) insider trading (including …
Prediction markets allow participants to trade contracts on whether or not real-world events will occur. These platforms have grown rapidly, and contracts tied to specific company activity are now actively trading, including contracts on IPOs, mergers and acquisitions, earnings call …
The U.S. Commodity Futures Trading Commission (CFTC or the Commission), under Chairman Michael Selig’s leadership, has taken an expansive view of its authority over prediction markets, arguing that the agency has exclusive jurisdiction over event contracts traded on designated contract …
Can I bet on a prediction market on whether the U.S. will bomb Iran before a specified date? Or, can I similarly bet there on whether the Ayatollah will be ousted from office (including as the result of his death …
Good afternoon, ladies and gentlemen. It is a pleasure to join you here at Boca 2026 – a gathering that represents both the depth of the derivatives industry and the dynamism of the ideas and infrastructure that undergird modern risk …
On January 30, 2026, Securities and Exchange Commission (SEC) Chair Paul Atkins and Commodity Futures Trading Commission (CFTC) Chair Michael Selig announced that Project Crypto—previously an SEC-led initiative—will proceed as a joint effort between the SEC and the CFTC…
The proposed Digital Asset Market Clarity Act would establish a comprehensive, top-down regulatory framework for digital assets that reflects a growing bipartisan push in Congress for clear oversight of the digital asset industry. On Nov. 9, 2025, the Senate Committee …
Guarantees of confidentiality and anonymity are important considerations for whistleblowers seeking to report information on violations to regulators and other public entities. These guarantees ensure the safety of whistleblowers when filing complaints, often against entities with substantial resources and some …
Innovations such as blockchain, AI, and DeFi promise to disrupt our markets in ways that are exciting to discuss. Equally important, though perhaps less exciting, is discussing how regulatory agencies should align their oversight when new ideas cut across jurisdictional …
For over a decade, regulators, market participants, and Congress have wrestled with the challenge of regulating crypto assets. This relatively nascent asset class, underpinned by novel technology, has been difficult to regulate under existing financial regulatory frameworks. While both the …
Derivatives lawyers are not known to be an excitable bunch. But a recent opinion from the U.S. District Court in the Northern District of Texas has derivatives lawyers excited, and not in a good way. The judge has vastly restricted …
The SEC’s Division of Trading and Markets and the CFTC’s Division of Market Oversight and Division of Clearing and Risk (collectively, the “Divisions”)[1] are announcing a cross-agency initiative in furtherance of the SEC’s Project Crypto and the CFTC’s Crypto …