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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

FSOC operates with less specific statutory authority than any financial regulator. What is it that FSOC should be permitted to do that can not be done by another regulatory organization that is subject to greater Congressional and statutory checks? 

Certainly an interesting juxtaposition where one District Court expressly disputes the holding of a very recent, and important, decision by another Court in the same Circuit. Can the holdings be reconciled because the fact situations are distinguishable?

Lewis Cohen of DLx Law, Jason Gottlieb of Morrison Cohen, and I will discuss the Ripple decision and this case on . We will talk about the holdings, the impact on the digital asset industry and where the government and the regulators…

The staff Progress Report lauds its own efforts at coordinating government entities to build a climate-related financial risk framework, yet seems to assume there's a magical solution to the central requirement - the need for accurate and meaningful data - upon which any framework must rest. What if the data turns out to be wholly inadequate for the stated purpose? See, e.g.,  ("The FRB states in its climate risk exercise, "Challenges [in conducting this analysis] include the…

One can appreciate a visceral reaction against allowing futures on election results, but the reasons against it are not obviously compelling. As a starting matter, elections do have economic consequences, including impacts on inflation and on particular industries, so there are economic reasons why market participants may want to go long or short to hedge, or why others may wish to speculate and provide liquidity. Secondly, polling, which is obviously allowed, has much the same impact as a…