Rating Agency Developments - June 9, 2014

The SEC and CFTC have issued coordinated regulatory relief measures that significantly advance crypto-based trading infrastructure in US markets, bypassing Congressional gridlock on the CLARITY Act. These orders establish new frameworks for tokenized securities venues and passive software providers, potentially reshaping how digital assets are traded and accessed in regulated markets.

Moore & Van Allen's Derivatives & Trading team provides comprehensive analysis of recent CFTC and SEC enforcement actions, proposed regulations on crypto assets...

The Health Resources and Services Administration has announced a revised 340B Rebate Model Pilot Program for drugs subject to Medicare's Maximum Fair Price, expanding eligibility to manufacturers with selected drugs for 2026 and 2027. The program introduces new data requirements, dispute resolution mechanisms, and stricter compliance monitoring while addressing stakeholder concerns about administrative burden and program integrity.

Medicare Advantage faces unprecedented regulatory scrutiny as federal agencies deploy aggressive audit strategies, Congress investigates alleged fraud schemes, and courts challenge CMS's authority over payment structures.

The U.S. Securities and Exchange Commission has proposed Regulation Crypto Assets, introducing two new exemptions from registration requirements and a safe harbor provision for investment contracts involving crypto assets. How will these tailored frameworks—the Startup Exemption for offerings up to $5M and the Fundraising Exemption for larger capital raises—reshape the regulatory landscape for digital asset issuers while preserving investor protections?

The CFTC continues its regulatory evolution with significant developments in June 2026, including the rescission of its longstanding no-deny settlement policy, proposed amendments to whistleblower protections, and joint harmonization efforts with the SEC on data reporting and portfolio margining. The agency also advances its oversight of prediction markets while CME Group challenges the CFTC's characterization of cryptocurrency perpetual futures contracts.

The SEC has approved new NYSE and NYSE American listing rules establishing a $0.25 minimum trading price, effective July 1, 2027. A single closing price below this threshold triggers immediate trading suspension and delisting proceedings with no cure period. Companies trading at low share prices must act now during the transition period to implement reverse stock splits and establish monitoring procedures before this hard floor takes effect.

On May 29, 2026, the Commodity Futures Trading Commission (CFTC) took a series of coordinated actions to establish a domestic regulatory framework for perpetual contracts on digital commodities.

This comprehensive regulatory update examines recent CFTC enforcement actions, new margin rules for uncleared swaps, and the evolving landscape of perpetual futures contracts and prediction markets. The analysis covers critical developments including commodity pool fraud cases, exchange disciplinary actions, and emerging compliance challenges as 24/7 trading expands across traditional and digital asset markets.

Lowenstein Sandler achieves groundbreaking SEC no-action relief enabling zero cash balance brokerage accounts, while global regulators advance digital asset infrastructure and issue new guidance on AI supervision and prediction market contracts. How are these developments reshaping the intersection of traditional finance, emerging technology, and regulatory oversight?