Finance Law and Banking Law

The CFTC proposes sweeping changes to prediction market regulation while the SEC advances binary options on corporate KPIs and machine-understandable data initiatives. These developments raise fundamental questions about the boundaries between gambling, derivatives trading, and securities markets, as federal regulators navigate conflicting state actions and emerging technologies that blur traditional regulatory lines.

The CFTC has introduced an advance notice of proposed rulemaking for Regulation Crypto Asset Transactions (CTX) and Regulation Crypto Asset Markets (CAM), marking a shift from enforcement-based oversight to comprehensive fit-for-purpose rules for retail commodity transactions involving crypto assets. This regulatory framework would create an optional federal registration pathway for exchanges offering leveraged crypto trading...

On October 5, 2026, the Commodity Futures Trading Commission (the “CFTC” or the “Commission”) issued an advance notice of proposed rulemaking (the “ANPRM”) seeking comment on a regulatory framework for retail commodity transactions involving crypto assets subject to Section 2(c)(2)(D) of the Commodity Exchange Act, as amended (the “CEA”) (such transactions, “CTXs”).

David L. Zive and Jacob E. Trachtenberg examine the distressed note sale market from both buyer and seller perspectives, analyzing the legal and transactional frameworks that govern these complex transactions. The article provides practical guidance for navigating the current market landscape and understanding the key considerations in distressed debt transactions.

On September 23, the Colorado AG announced a settlement with a Colorado-licensed debt collection company resolving allegations concerning its collection of medical debt from Colorado consumers.

As AI infrastructure spending surges toward $697 billion in 2026, hyperscalers and compute providers are increasingly turning to debt, structured financing, and GPU-backed collateral to fund expansion. While demand projections remain bullish, a critical timing gap is emerging between capital deployment and cash flow generation, creating significant risks for lenders, sponsors, and operators across the ecosystem.

The Conference of State Bank Supervisors has released a comprehensive AI Supervisory Framework designed to guide state examiners in assessing artificial intelligence use at financial institutions. This framework provides a detailed roadmap covering governance, risk management, and examination procedures, with particular emphasis on generative and agentic AI applications. Financial institutions should consider using this framework proactively to evaluate their AI readiness and prepare for regulatory examinat

When a bank restructures a classified asset, does it automatically lose its low-quality status under Regulation W? This analysis examines the strict requirements for removing low-quality asset designations and the critical role of independent examiner re-classification in determining whether banks can purchase restructured assets from affiliates.

When a bank pledges its own collateral to secure an affiliate's borrowing from a third-party lender, does this arrangement constitute a guarantee under Regulation W? The Federal Reserve's interpretation treats such pledges as covered transactions, with specific measurement rules that reflect the bank's actual exposure. Understanding how to properly classify and measure these arrangements is essential for compliance with quantitative limits.

After years of waiting for the IPO window to reopen, a panel of CFOs, bankers, and investors gathered in San Francisco to discuss what has actually changed since 2021. The uncomfortable truth emerged: while headline numbers suggest a record year for IPO proceeds, the window remains open only for mega-listings, leaving middle-market companies still waiting on the sidelines.

The SEC's 2026 regulatory agenda signals potential reforms to Foreign Private Issuer eligibility requirements, while Nasdaq's expansion to 23-hour trading creates new disclosure timing challenges that may not align with EDGAR's limited operating hours. These developments, combined with a stayed $5 million market value delisting requirement, present material compliance and strategic considerations for companies navigating U.S. capital markets.

The SEC has granted petitions for review of Nasdaq's $5 million MVLS listing standard, keeping the controversial rule on hold while extending the review period for NYSE American's similar market capitalization requirement. Microcap companies trading near these thresholds face potential delisting consequences if these proposed rule changes are ultimately approved, making it critical to understand the compliance strategies and ongoing regulatory developments.