Commodities, Futures & Derivatives

Looking Forward

As the Biden administration enters its second year, we can expect to see a more aggressive approach to enforcement by the CFTC and DOJ. This is particularly the case with respect to cryptocurrency: Chairman of the CFTC Rostin Benham described recent enforcement actions in the cryptocurrency space as “the tip of the iceberg.” Yet the scope of the CFTC’s authority in the cryptocurrency space remains somewhat uncertain, as some (including Commissioner Dawn D. Stump) have urged caution and suggested the Commission should give this rapidly evolving industry room to grow without undue interference from regulators. Nonetheless, market participants in this area must remain vigilant to keep abreast of the regulators’ priorities, and be prepared for active pursuit of enforcement authority.