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Order to Further Strengthen U.S. Treasury Market Liquidity

The CFTC approved an exemptive order enabling Chicago Mercantile Exchange Inc. and the Fixed Income Clearing Corporation to extend their existing cross-margining arrangement to certain customers. The order permits joint clearing members dually registered as SEC broker-dealers and CFTC futures commission merchants to hold futures customer funds in a commingled customer account at FICC. Previously, only clearing members could cross-margin futures positions in U.S. Treasury securities with cash market positions cleared at FICC.

John Fortini Pays $1.3M Disgorgement, Permanent Trading Ban for Commodity Pool Fraud

The CFTC obtained a consent order from the U.S. District Court for the Southern District of Florida against John Fortini, a Florida resident and former executive at Algo Capital LLC. Fortini was ordered to pay $1,347,867.56 in disgorgement for commodity pool fraud involving misappropriation of customer funds and material misrepresentations about proprietary trading algorithms. The court imposed a permanent trading ban and permanent injunction against Fortini from further violations of the Commodity Exchange Act.

California DFAL Requires Crypto License Applications by July 1, 2026

California's Digital Financial Assets Law (DFAL), comprising AB 39 and SB 401 and codified under California Financial Code § 3101 et seq., requires entities engaged in virtual currency exchanging and trading services to be licensed or have applied through NMLS for regulatory review by July 1, 2026. The DFAL grants the Department of Financial Protection and Innovation (DFPI) authority to license, supervise, and examine crypto asset-related companies including digital financial asset businesses, custodians, and stablecoin issuers.

2026 Venture Capital Report

WilmerHale published its 2026 Venture Capital Report reviewing US venture capital financing and liquidity activity. The report covers SAFE financings and decisions that can lead to unexpected founder dilution, the resurgence of mega-rounds, and implications of the One Big Beautiful Bill Act for qualified small-business stock and R&D expense deductions. It also analyzes trends in convertible note and SAFE terms and venture capital financing terms.

Geopolitical Tensions and Market Disruption: Key Considerations for Gulf Region Trustees

White & Case LLP published an analysis addressing how geopolitical tensions and market disruptions affect trustees operating in Gulf region financial transactions. The article examines trustee responsibilities during periods of market stress, including event of default determinations, investor notification obligations, and covenant compliance monitoring. The analysis advises trustees to review transaction documentation and remain alert to potential market disruption impacts on existing financing arrangements.

Legal Considerations When Transacting Commercial Aircraft Portfolio Acquisitions and Financings in the Midst of War

Baker Botts L.L.P. published an advisory addressing legal considerations for aviation leasing companies and financing counterparties acquiring or financing commercial aircraft portfolios amid ongoing geopolitical risk. The advisory emphasizes rigorous sanctions and export control compliance given expanded OFAC, EU, and UK sanctions programs targeting Russia and Iran, and reviews lessons from the stranding of over 400 Western-leased aircraft in Russia following the 2022 invasion of Ukraine.

Test Document

The CFTC posted a test document to Regulations.gov under docket CFTC-2026-0628-0001 on April 15. The document contains no substantive regulatory content or requirements. This appears to be a placeholder or system test file with no compliance implications.

SEC Staff Guidance for Crypto Trading App Broker-Dealer Registration

The SEC Division of Trading and Markets issued staff guidance on April 13, 2026, providing a conditional no-action position for "Covered User Interface Providers" including crypto wallets, DeFi front-ends, and trading aggregators. The guidance exempts qualifying providers from broker-dealer registration under Section 15(a) of the Exchange Act for five years, subject to conditions including no trade solicitation, no investment recommendations, user-controlled trade parameters, objective routing displays, and transparent fixed fees.

FinCEN and OFAC Propose AML/CFT Reforms for Financial Institutions

FinCEN and OFAC Propose AML/CFT Reforms for Financial Institutions

UAPA Sanctions Update: 4 Amendments to UNSC Taliban Sanctions List

RBI has communicated amendments to 4 entries on the UN Security Council's 1988 (2011) Taliban Sanctions List pursuant to Section 51A of the Unlawful Activities (Prevention) Act, 1967. The amendments include updates to entries TAi.002 (Mohammad Hassan Akhund) and TAi.024 (Abdul Ghani Baradar), with changes to designations, biographical data, and tribal affiliations. Regulated entities must ensure no accounts are held for individuals or entities appearing on the UNSC-sanctioned lists.