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
Between the publication of the Discussion Draft on May 5 and the subsequent release of the Digital Asset Market Clarity Act of 2025 on May 29, language was added that addressed at least one of NASAA's concerns - preserving certain State antifraud authority of "general applicability."
One of the more significant recommendations that NASAA makes is that jurisdiction of all digital product assets be provided to the SEC, rather than split with the CFTC. The letter proposes to…
Form PF is an exemplar of the US government's waste of other people's money. The Form poses poorly conceived questions that produce data of no material value.
This is the second enforcement action brought this month against a broker-dealer in connection with the use of influencers. See also .
Given the size of the US government's debt, it is difficult to see how the regulators can maintain a rule that imposes a non-risk based limit (SLR) on the ability of banks to hold government debt. Of course, eliminating the limit does not deal with the underlying problem - - too much government debt.