Markets and Trading

In any enforcement action, one of the SEC's most powerful remedies is disgorgement—the ability to force a defendant to repay the ill-gotten gain from an alleged securities law violation. During the Biden administration, the SEC assessed in excess of $2 billion in disgorgement per year, reaching a record $6.1 billion in 2024.

On March 17, 2026, the Division of Enforcement of the Commodity Futures Trading Commission (CFTC) issued a no-action letter (Letter) to Phantom Technologies Inc., a developer of self-custodial crypto asset wallet software, confirming that if Phantom adhered to certain conditions the Division would not recommend enforcement action for failure to register as an introducing broker.[1]The Letter represents a trend at the CFTC to shift toward a more lenient regulatory approach to certain service prov

On March 17, 2026, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly issued a landmark interpretation regarding the application of the federal securities laws to certain types of crypto assets and transactions involving crypto assets.

Last week, the Securities and Exchange Commission (the SEC) and the US Commodity Futures Trading Commission (the CFTC) announced that the two agencies had entered into a new Memorandum of Understanding (the MOU).[1]According to the announcement, the MOU, which supersedes a 2018 MOU, was designed to “provide fair notice to market participants, respect individual liberty, and foster lawful innovation with the minimum effective dose of regulation to enhance U.S. competitiveness in finance.”[2]In co

On January 29, 2026, the SEC and CFTC jointly announced Project Crypto, transforming what had been an internal SEC initiative launched in 2025 into a landmark inter-agency collaboration to unify digital asset regulation in the United States. This expansion of Project Crypto into a joint effort directly addresses two longstanding problems that have plagued the digital asset industry: the persistent uncertainty about which agency has jurisdiction over particular products, and the potential for tur

Partner Charles Riely will speak at the Practising Law Institute’s Insider Trading Law 2025 event on a panel about government enforcement priorities related to insider trading law on November 18.

The Department of Justice has quietly created a new power center that will expand its ability to pursue investigations and bring politically charged lawsuits against both corporations and state actors. For companies navigating federal scrutiny across multiple regulatory fronts—from consumer protection to immigration—this shift could reshape how enforcement risk manifests in 2026 and beyond. Below, we discuss what this shift means—and how your organization should be preparing in anticipation of a

On June 30, the Supreme Court denied the petition for a writ of certiorari in GHP Management Corporation v. City of Los Angeles. The case arose out of a COVID-era eviction moratorium enacted by the City of Los Angeles which barred landlords from evicting tenants due to COVID-related non-payment of rent. Los Angeles landlords sued the city, arguing that the moratorium constituted a per se physical taking in violation of the Fifth Amendment Takings Clause which prohibits the taking of “private pro

Gregory Boyle, Co-Chair of the Markets and Trading Practice, will speak at Practising Law Institute’s Understanding the Securities Laws 2025 program on June 5.

On February 25, 2025, the Division of Enforcement (the “Division”) of the Commodity Futures Trading Commission (the “CFTC” or “Commission”) issued an Enforcement Advisory which quantifies the monetary credit that entities can expect to receive for self-reporting and cooperation in connection with Division inquiries. The Commission asserts that the Advisory’s newly announced system will conserve enforcement resources by incentivizing more self-reporting and cooperation, but it is not clear that m

The 2025 Chambers Global guide ranked Jenner & Block as a leading law firm in four practice areas: Intellectual Property: Trademark, Copyright & Trade Secrets (Band 2); Corporate Crime & Investigations (Band 3); Derivatives (Band 3); and Energy: Electricity (Regulatory & Litigation) (Band 3). The firm's Energy practice saw notable advancement in this year's rankings.

On the campaign trail, then-candidate Trump made promises that he would prioritize the crypto industry. Expecting these promises to be fulfilled, the prices of many notable crypto assets jumped after his election. Now, President Trump has returned to the White House, and in his first week, he wielded executive authority in an unprecedented way. Among the new administration’s dramatic moves were three developments of great significance for the crypto industry. These early moves suggest a lighter

Partner Greg Boyle will speak on a panel about ethics at the Derivatives and Futures Law Winter Committee Meeting 2025, hosted by the American Bar Association from January 30 to February 1.

Jenner & Block has launched its Post-Chevron Task Force to support clients across industries in navigating the June 2024 US Supreme Court decisions in Loper Bright, Relentless, Corner Post, and Jarkesy. The decisions reversed the Chevron deference, a 40-year precedent that established that courts should defer to federal agencies’ interpretations of ambiguous statutes, injecting significant uncertainty into the regulatory landscape.

Jenner & Block has been named to The American Lawyer’s 2024 A-List, an annual list highlighting the 20 most well-rounded firms according to both financial and cultural criteria.

Partner Charles Riely will share his insights during the Practising Law Institute’s “In the ‘Shadow’ of Panuwat” program on June 11.

Jenner & Block has been recognized as a leading firm across 35 practice areas in the 2024 edition of Chambers USA. The recognition includes practice rankings in 13 national and 22 state categories.

The 2024 Chambers Global guide ranked Jenner & Block as a leading law firm in four practice areas: Intellectual Property: Trademark, Copyright & Trade Secrets; Derivatives; Corporate Crime & Investigations; and Energy: Electricity (Regulatory & Litigation).

In October 2023, the Division of Enforcement of the Commodity Futures Trading Commission (“CFTC” or the “Commission”) issued an Enforcement Advisory clarifying the Commission’s approach to negotiated resolutions of enforcement actions.[1]In general, the Advisory:

Jenner & Block has expanded its Investigations, Compliance, and Defense Practice in San Francisco with the addition of Jennifer J. Lee, a former Assistant Director in the U.S. Securities and Exchange Commission’s (SEC) Division of Enforcement, and a skilled litigator.