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
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As a practical matter, given the size of the Bitcoin market, the number of sophisticated traders who watch that market, and the absence of inside information, the market for Bitcoin is inherently much less susceptible to manipulation than the market for many other securities. It seems that SEC Chair Gary Gensler simply does not want to approve the listing of a Bitcoin exchange-traded fund ("ETF"). It is not likely that some new surveillance tool is going to change his decision. Change will…
As a practical matter, this agenda is wholly outdated as the SEC has proposed a number of very major rules since September 21, including rules relating to securities lending, reports of proxy voting, expanded regulation of Alternative Trading Systems, employee compensation, and more.
Just as the SEC allows itself more time to consider difficult issues, the SEC ought to be allowing market participants much more time to consider and respond to the rule proposals. This is complicated stuff, both for the regulator and the regulated.