Partner
Norton Rose Fulbright US LLP
Steven Lofchie is a Partner based in New York. He advises financial institutions and corporate clients on the securities laws and the Commodity Exchange Act, with particular focus on the regulation of broker-dealers, swap dealers, investment funds and other market intermediaries. Steven's transactional practice focuses on securities credit and derivative transactions.
Recent Articles & Comments
What results from, or what are the benefits to being the crypto capital of the world? That seems an intermediate goal that can only be justified by some further purposes.
It's not obvious that the SEC has to do anything to allow for trading of tokenized securities. The big trading issues that the SEC seems to have already dealt with are custody and settlement. The bigger issue remains the question of what is a security, but that is not an issue for the Trading and Markets Division.
As far as trading rule changes, the bigger challenge is going to be 24-hour trading which will create a host of operational issues.
President Trump and Senator Warren agreeing on an issue makes for an interesting dynamic. Who is going to be on the other side of this debate? Is there a compromise to be had here that saves the government from being in the price control business?
At some point, what might in small dollars look like a plain vanilla suitability violation begins to look a lot more like felony theft worthy of jail time.