- Commodities, Futures & Derivatives
- Cybersecurity, Cybercrime, & Incident Response
- FinTech & Blockchain
- Regulatory Enforcement Defense
- Securities & Complex Commercial Litigation
- Trading & Markets Counseling
- J.D., University of Virginia School of Law, 1988
- M.A, Philosophy, Columbia University, Graduate Schools of Arts & Sciences, 1983
- B.A., Philosophy & Economics, Columbia College, 1981
- New York
- District of Columbia
- U.S. District Court, Southern District of New York
- U.S. District Court, Eastern District of New York
- U.S. Court of Appeals, Second Circuit
- U.S. Court of Appeals, Fourth Circuit
The U.S. Supreme Court announced Monday its denial of a petition for a writ of certiorari in Atlantic Trading USA LLC v. BP PLC, which sought the court's review of a U.S. Court of Appeals for the Second Circuit decision that limited the extraterritorial reach of the Commodity Exchange Act.
On April 1, 2020, the Second Circuit revived a class action alleging that the manipulation of Yen LIBOR and Euroyen TIBOR by many of the world’s leading banks caused the plaintiffs to suffer economic injury. In Sonterra Capital Master Fund, Limited v. UBS AG, the plaintiffs, a group of investment funds, allege that their trading of Yen foreign exchange forwards, interest rate swaps and interest rate swaptions were adversely affected by the defendants’ conduct.
On March 24, 2020, the Commodity Futures Trading Commission (“CFTC”) announced that it had unanimously adopted final interpretative guidance (“Final Interpretation”) regarding the term “actual delivery” as it is used in the Commodity Exchange Act (“CEA”) provisions governing retail commodity transactions in the context of virtual currencies. In light of the path leading to the term “actual delivery” finding its way into the CEA and the CFTC’s prior attempts in apply it to virtual currencies, the Final Interpretation delivers a well-balanced approach to interpreting “actual delivery.”
On March 9, 2020, Congressman Paul A. Gosar, R-AZ, introduced H.R. 6154 entitled the “Crypto-Currency Act of 2020.” The thrust of the proposed legislation is to assign primary regulatory authority to specific, existing Federal agencies over three different kinds of digital assets: “Crypto-Commodities,” “Crypto-Currencies” and “Crypto-Securities.”
In an unusual development, Judge P. Kevin Castel of the US District Court for the Southern District of New York issued an order in an enforcement action brought by the Securities and Exchange Commission (SEC) inviting the General Counsel of the Commodity Futures Trading Commission (CFTC) to express views on the issues presently before the Court.
With the country seemingly having survived its most recent Presidential impeachment process, what is not commonly appreciated is the outsized role that Presidents involved directly or indirectly in impeachment proceedings have had on commodities regulation.