Chief Legal Architect and a co-founder of Caffrey.AI
Steven Lofchie is the Chief Legal Architect and a co-founder of Caffrey.AI, an AI platform built for law firms, banks, and the financial regulatory industry. He is also a partner at Norton Rose Fulbright, where he advises financial institutions on securities laws, the Commodity Exchange Act, and broker-dealer regulation. Ranked by Chambers USA every year since 2007, he is the author of “Lofchie’s Guide to Broker-Dealer Regulation,” long considered the leading treatise on the subject.
Recent Articles & Comments
This significant rulemaking has largely flown under the radar, likely because financial service companies have been focused on the SEC's new clearing requirements, among others.
It is as if the U.S. government has no sense of, or regard for, the burdens that it is imposing on the financial industry. With new requirements from T+1 settlement, to central clearing, to reporting of securities lending transactions, to this new requirement to report repos, one is left to wonder how…
If it were the case that it is impossible to safely custody cryptocurrencies, the United States would not be developing the technology to launch a CBDC. Here, for example, is a news story with a link to a CRS policy paper on a potential U.S. dollar CBDC: . One may notice a policy issue that is nowhere mentioned: the impossibility of safely custodying cryptocurrencies.
There is a reason that policy issue is not mentioned: it's not a real issue.
As far as the…
This type of business has been an appropriate area of SEC focus. (See also, e.g., , as well as some of the other enforcement actions referenced in that item.
Why isn't this a matter for the DOJ? …