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ARTICLE · 26 AUGUST 2026

FinTech Five

Lowenstein Sandler LLP
Lowenstein Sandler LLP
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Lowenstein Sandler LLP

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The CFTC proposes significant regulatory changes to reduce duplicative registration requirements for investment advisors managing commodity pools, while simultaneously exploring the emerging market for compute derivatives tied to AI infrastructure. Meanwhile, the SEC intensifies enforcement against fraudulent pre-IPO investment schemes, and Treasury launches a quantum-readiness initiative to protect critical financial infrastructure.

United StatesFinance and Banking
Ethan L. Silver
Ethan L. Silver
William Brannan
William Brannan

1. CFTC Proposes Rule Changes for CPO and CTA Registration

On Aug. 21, the Commodity Futures Trading Commission (CFTC) published a notice of proposed rulemaking to reduce duplicative registration and compliance obligations for certain commodity pool operators (CPOs) and commodity trading advisors (CTAs). The centerpiece of the proposal is new Regulation 4.13(a)(4), which would exempt Securities and Exchange Commission (SEC)-registered investment advisors (RIAs) from CPO registration with respect to commodity pools whose participants are limited to qualified eligible persons and certain accredited investors, provided additional conditions are met, including that pool interests are privately offered, the RIA files Form PF where required, and the pools are not marketed to the general public (with a limited exception for Rule 506(c) offerings). The proposed rule largely codifies and refines the no-action positions previously issued by the CFTC’s Market Participants Division in Staff

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