Monday, November 10, 2025
James Stevens, partner and co-leader of Troutman Pepper Locke’s Financial Services Industry Group, will present “Bank Partnerships and Banking‑as‑a‑Service: New Pressure and New Opportunities” at Practising Law Institute’s Banking Law Institute 2025 on Monday, November 10, 2025. This daylong advanced-level CLE program will cover recent developments impacting the
Troutman Pepper Locke’s Securities Investigations and Enforcement team counsels and defends clients through all stages of securities enforcement proceedings. Our attorneys have served in key government agencies and regulatory bodies, and bring their insight to bear in each representation. The team includes a former branch chief of
On September 23, Acting Chairman of the Commodity Futures Trading Commission (CFTC) Caroline Pham announced the launch of an initiative focused on the use of tokenized collateral, including stablecoins, in derivatives markets. This initiative is part of the CFTC’s broader efforts to implement recommendations from the Report authored by the President’s Working Group on Digital Asset Markets.
On September 9, 2025, the Department of Labor (DOL) issued Advisory Opinion 2025-03A addressing the following question: Are awards of restricted stock units (RSUs) that permit post-employment vesting considered a “pension plan” subject to the requirements of the Employee Retirement Income Security Act of 1974 (ERISA)? For the reasons discussed below, the DOL answered, no, the RSUs are not subject to ERISA.
The Report authored by the Presidential Working Group on Digital Assets Markets (PWG), titled “Strengthening American Leadership in Digital Financial Technology,” along with the accompanying fact sheet, outlines several key objectives aimed at positioning the U.S. as a leader in digital asset markets. Among its objectives are reinforcing the role of the U.S. dollar, modernizing Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) rules for the digital assets ecosystem, and ensuring fairness and predictability by establishing clear regulatory oversight.
On September 5, the U.S. Securities and Exchange Commission (SEC) announced the formation of a Cross-Border Task Force. This initiative aims to enhance the Division of Enforcement’s capabilities in identifying and combating cross-border fraud that adversely affects U.S. investors. As global markets become increasingly interconnected, the SEC’s proactive approach underscores its commitment to safeguarding the integrity of U.S. capital markets.
The Securities and Exchange Commission (SEC) has unveiled its Spring 2025 Rulemaking Agenda, and it’s clear that the crypto market is a focal point. While some anticipated the new Administration would bring in a period of deregulation, the SEC has a busy agenda now that Congress has starting working on establishing a comprehensive regulatory framework to govern the burgeoning crypto market. The agenda is a significant policy shift from prior rulemaking periods during which the SEC, under former Chair Gensler, focused on private fund advisers and increased disclosure requirements. The agenda is also a testament to the Trump Administration’s commitment to establishing clear guidelines and regulations that will shape the future of digital assets.
On September 2, the staff of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a Joint Staff Statement regarding the listing of leveraged, margined, or financed spot retail commodity transactions on digital assets. Specifically, the SEC’s Division of Trading and Markets and the CFTC’s Division of Market Oversight and Division of Clearing and Risk shared their view that “current law does not prohibit” SEC- or CFTC-registered exchanges from facilitating trading of those spot crypto asset products.
In a significant move aimed at enhancing regulatory clarity and fostering global market access, particularly for offshore cryptocurrency firms, the U.S. Commodity Futures Trading Commission (CFTC) issued a new advisory on the Foreign Board of Trade (FBOT) registration framework. This development, announced on August 28, 2025, by Acting Chairman Caroline D. Pham, marks a pivotal step in aligning U.S. trading regulations with the evolving landscape of global derivatives markets.
Troutman Pepper Locke is pleased to announce that four of its financial services attorneys were recognized under the special designation of “Lawyer of the Year” in the 2026 edition of The Best Lawyers in America®, an honor earned by just one lawyer in each practice area and metropolitan area.