Elizabeth Lan Davis is a member of the firm’s Regulatory Enforcement Defense and Securities & Complex Commercial Litigation practices. Ms. Davis brings deep litigation and regulatory experience, along with unique perspectives and insight, from her prior tenure at the Commodity Futures Trading Commission (CFTC) and the U.S. Department of Justice.  

As a former Chief Trial Attorney for the CFTC’s Division of Enforcement, Ms. Davis was responsible for investigating and litigating potential violations of the Commodity Exchange Act and the Commission’s Regulations. In this role, Ms. Davis had primary responsibility over all aspects of federal court litigation.

While at the CFTC, Ms. Davis litigated a complex manipulation case involving trading activity impacting the crude oil market, as well as federal district court litigations involving pre-Dodd Frank spoofing activity, a multi-million dollar Ponzi scheme, among other cases. She also led numerous civil regulatory enforcement investigations covering a wide range of matters from manipulation, disruptive trading practices, fraud, virtual currencies, ICOs, credit default swap indices, regulatory compliance, undercapitalization, and swaps reporting. In connection with her matters, Ms. Davis worked with the Securities and Exchange Commission, U.S. Department of Justice, Federal Bureau of Investigation, National Futures Association, FINRA, state regulatory agencies, and foreign regulators.  

Prior to her nine-year tenure at CFTC, Ms. Davis served at the U.S. Department of Justice for nine years in the Tax Division. At the Department of Justice, she was Counsel to the Deputy Assistant Attorney General for Civil Matters and a trial attorney in the Civil Trial Section. Her responsibilities included advising the Deputy Assistant Attorney General and acting as a liaison between the Division, Internal Revenue Service, and United States Attorney’s Offices across the country. In her role as a trial attorney, Ms. Davis litigated numerous cases commenced on behalf of and against the United States in federal district and bankruptcy courts.  Ms. Davis earned the U.S. Department of Justice Tax Division Outstanding Attorney award in 2004, 2006, and 2007, in recognition of her superior performance.
 

Professional Affiliations

• Women in Listed Derivatives
  - Member
• Women in Derivatives
  - Member
• Women's White Collar Defense Association
  - Member
• Women’s Energy Network
  - Member
• Women’s Bar Association of Washington, DC
  - Diversity Co-Chair
• Leadership Council on Legal Diversity
  - Fellow

Publications

• Recently issued guidance in interpreting self-reporting and cooperation in CFTC enforcement orders
  Commodity Corner | (10/29/2020)
  
• CFTC Advisory to FCMs on Accepting Virtual Currency
  Blockchain Law Center | (10/24/2020)
  
• DSIO Advisory to FCMs on Accepting Virtual Currency
  Commodity Corner | (10/24/2020)
  
• Time to Review Corporate Compliance Programs
  Commodity Corner | (09/12/2020)
  
• Kraft Settlement - UPDATE
  Commodity Corner | (08/20/2019)
  
• CFTC Announces $16 Million Settlement in Kraft
  Commodity Corner | (08/15/2019)
  
• CFTC Division of Enforcement Releases First-Ever Enforcement Manual
  Commodity Corner | (05/12/2019)
  
• Looking Ahead to a Tarbert-Led CFTC
  Commodity Corner | (03/15/2019)
  
• CFTC Announces Enforcement and Cooperation Approach in Connection with Commodity Exchange Act Violations Involving Foreign Corrupt Practices
  Commodity Corner | (03/07/2019)
  
• CFTC Examination Priorities for 2019
  Commodity Corner | (02/13/2019)
  
• Proposed Changes to the CFTC’s Regulatory Framework for SEFs and Trade Execution Requirement
  (01/02/2019)
  
• CFTC request for input regarding crypto-mechanics and markets for Ether and Ethereum Network
  Commodity Corner | (12/20/2018)
  
• Proving market manipulation needs more than the “earth is flat”
  Commodity Corner | (12/04/2018)
  
• Year in Review: In-Depth Analysis of CFTC Division of Enforcement FY 2018
  (11/29/2018)
  
• Want to Avoid CFTC Enforcement Actions? Here's How.
  The National Law Journal | (09/27/2018)
  
• 2 New Cases Showcase CFTC Spoofing Theories
  Law 360 | (09/25/2018)
  
• Compliance and Enforcement Implications of the CFTC's Virtual Currency Derivative Product Listings Advisory
  Blockchain Law Center | (05/23/2018)
  
• CFTC Division of Enforcement Trends
  John Lothian News | (05/08/2018)
  

Seminars and Presentations

• Panelist, Enforcement Panel, FIA Law and Compliance Virtual Conference
  10/07/2020 - 10/09/2020 | (09/14/2020)
  
• How To Defend Against New Wave of Cryptocurrency Class Actions
  (04/24/2020)
  
• Murphy & McGonigle 2020 CLE Webinar: How to Defend Against New Wave of Cryptocurrency Class Actions
  04/23/2020 | (04/20/2020)
  
• “Outside Counsel Panel,” Speaker, State of the Industry Conference - Commodity Markets Council
  01/28/2020 | (01/28/2020)
  
• “CFTC Jurisdiction over Fraud in the Cash Markets: Are there any limits?” Webinar
  10/10/2019 | (10/10/2019)
  
• Commodities & Derivatives - Surveillance and Spoofing, Murphy & McGonigle 2019 CLE Series
  07/10/2019 | (07/10/2019)
  
• “Effectively Advocating for Yourself” – Women’s Bar Association of DC, Washington, DC
  04/24/2019 | (04/24/2019)
  
• “Crypto: Are Regulators Ready?” – IMN Synchronize, New York, NY
  04/17/2019 | (04/17/2019)
  
• Practical Pointers for Creating a More Inclusive Culture
  04/17/2019 | (04/03/2019)
  
• “Blockchain, ICOs and the Crypto Marketplace” - DC Bar, Washington DC
  03/05/2019 | (03/05/2019)
  
• "Tokenizing Institutional Asset Explosion" - Blockchain Best Practices, Washington, DC
  12/07/2018 | (12/07/2018)
  
• Cryptocurrency, Cybersecurity, and the Law
  10/24/2018 (06:00 PM - 07:30 PM) | (10/24/2018)
  
• “Positive Culture Within Our Industry” - SIFMA Women’s Leadership Forum, New York, NY
  10/25/2018 | (10/01/2018)
  
• “Training Workshop: Recordkeeping: Training on Revised Rules” - FIA Expo 2018, Chicago, IL
  10/18/2018 | (09/30/2018)
  
• “Coins of No Land Meet the Law of the Land” (Moderated by Katherine Cooper) - CryptoLex 2018, New York, NY
  09/26/2018 - 09/27/2018 | (09/26/2018)
  
• FinTech Junction 2018
  06/24/2018 | (06/24/2018)
  
• “Initial Coin Offerings and Compliance: Lessons from the Past Year and a Look Ahead” - Cryptolina, Raleigh, NC
  06/15/2018 | (06/15/2018)
  
• FinTech & Blockchain Practice Sponsors Women on the Block – Diversity Blockchain Summit
  05/13/2018 | (05/15/2018)
  

In the News

• CFTC Records Another Year of Aggressive Spoofing Enforcement
  Global Investigations Review (Subscription Required) | (10/15/2020)
  
• Commodities, Futures & Derivatives Lawyers to be Featured at FIA Conference
  (10/05/2020)
  
• Elizabeth Davis Selected as Fellow for Leadership Council on Legal Diversity
  (02/18/2020)
  
• Murphy & McGonigle Diverse Lawyers Participate in Annual MCCA Conference
  (10/21/2019)
  
• Elizabeth Lan Davis, Chief Trial Attorney at Commodity Futures Trading Commission, Joins Murphy & McGonigle
  (04/16/2018)