The Securities Exchange Commission and the Commodity Futures Trading Commission have jointly proposed amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, including those also registered with the CFTC as a commodity pool operator or a commodity trading advisor. According to the Proposing Release, the Proposal would eliminate certain filing and reporting obligations, streamline certain requirements, and make corrections and other revisions, and is designed to eliminate certain burdens while ensuring Form PF continues to collect information necessary and appropriate in the public interest and for the protection of investors, or for the assessment of systemic risk in the US financial system by the Financial Stability Oversight Council.
The GENIUS Act is defining how payment stablecoins are issued, regulated, and supervised in the United States. Understanding this evolving framework is critical for banks, fintechs, and other market participants navigating the digital assets landscape. Our rulemaking and reporting tracker is designed to help follow what’s coming, which agency is issuing rules, and when rules take effect.
Chapman partner Marc Franson authored an article published by Law360, examining the growing trend of state opt-outs from DIDMCA and the resulting uncertainty for lenders over rate exportation and where a loan is “made.”
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the Blockchain and digital assets industry.
-
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the Blockchain and digital assets industry.
-
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the Blockchain and digital assets industry.
-
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the Blockchain and digital assets industry.
-
On April 13, 2026, the Staff of the SEC’s Division of Trading and Markets issued a statement (“Statement”) setting out its views on when a person that creates, offers, and/or operates certain user interfaces used to prepare transactions in crypto asset securities (a “Covered User Interface Provider”) may do so without registering as a broker-dealer under Section 15(a) of the Securities Exchange Act of 1934. The Statement is the latest in a series of federal regulatory developments aimed at reconciling crypto industry practices within the existing securities and derivatives regulatory framework, following the SEC and CFTC’s joint guidance on the status of certain crypto assets and the CFTC’s recent no-action relief for a crypto wallet technology vendor. Commissioner Hester M. Peirce issued a separate statement commending the Staff but calling for a more permanent approach.
Our March 31, 2026, Client Alert described the ERBA NPR and SA NPR issued by the federal banking agencies on March 19, 2026. In that Alert, we indicated we would issue a separate Client Alert describing in more detail how the Standardized Approach “risk weights” in Section 32 and “credit conversion factors” (CCFs) in Section 33 of the US Basel III rule would be amended by the proposals in the SA NPR and how those would differ from the risk weights and CCFs proposed in the ERBA NPR (which would be contained in proposed new Sections 111 and 112 of the US Basel III rule). This Alert provides that description and is intended to be read in conjunction with the earlier Client Alert, which provides the background, and defined terms, for this supplementary Client Alert.
-
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the Blockchain and digital assets industry.
Client Alerts & Publications
- Client Alert
The Securities Exchange Commission and the Commodity Futures Trading Commission have jointly proposed amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, including those also registered with the CFTC as a commodity pool operator or a commodity trading advisor. According to the Proposing Release, the Proposal would eliminate certain filing and reporting obligations, streamline certain requirements, and make corrections and other revisions, and is designed to eliminate certain burdens while ensuring Form PF continues to collect information necessary and appropriate in the public interest and for the protection of investors, or for the assessment of systemic risk in the US financial system by the Financial Stability Oversight Council.
- Chapman Insights
The GENIUS Act is defining how payment stablecoins are issued, regulated, and supervised in the United States. Understanding this evolving framework is critical for banks, fintechs, and other market participants navigating the digital assets landscape. Our rulemaking and reporting tracker is designed to help follow what’s coming, which agency is issuing rules, and when rules take effect.
- Article
Chapman partner Marc Franson authored an article published by Law360, examining the growing trend of state opt-outs from DIDMCA and the resulting uncertainty for lenders over rate exportation and where a loan is “made.”
Events
- ConferenceMay 28-29, 2026
Chapman is proud to sponsor the 2026 Spring Consumer Financial Services Conference. Partner Judy Chen will speak on the panel “Transforming Bank Offerings with Payment Stablecoins,” and partner Tobias Moon will speak on “Navigating Regulatory Change in Bank Partnerships.”
- Conference
Chapman is sponsoring the ETP Forum Spring 2026, where partner and co-chair of Chapman’s Investment Management Practice Group Morrison Warren will moderate the panel “Digital Assets: The Next Phase of Integration.”
- Conference
Chapman is proud to sponsor the Chicago Women in Public Finance Annual Conference. Partner Katherine Gale— a WPF Chicago Chapter Board member and immediate past Board President—will be attending alongside partners Nancy Burke, Melissa O’Connor, Hillary Phelps, and Anjali Vij, as well as associates Alexandra Ayala and Ronni Martin.
Chapman in the News
- News
Chapman welcomes partner Gary Brooks to our Investment Management Group. Gary focuses his practice on the investment management industry, primarily working with registered investment companies (including open-end and closed-end funds) and business development companies, and their investment advisers and boards on a wide range of transactional, regulatory, compliance, and securities law matters.
- Recognition
Chapman was honored with PACENation’s PACESetter Award for Partner of the Year, recognizing the firm’s leadership and sustained contributions to the Property Assessed Clean Energy (PACE) market.
- News
Chapman welcomes partner Cris Cicala to our Asset Securitization and Structured Finance Group; Cryptocurrency, Digital Assets, and Blockchain Group; and Compliance, Regulatory and Payments Group. Cris has an extensive digital assets practice advising funds, financial institutions, fintech companies, and digital-native market participants in matters involving digital assets and blockchain. He also has particularly deep experience in representing Latin American and European financial institutions and their US branches in both US domestic and cross-border transactions.
Partner Christian Brockman is attending.
-
Chapman is proud to sponsor the Chicago Women in Public Finance Annual Conference. Partner Katherine Gale— a WPF Chicago Chapter Board member and immediate past Board President—will be attending alongside partners Nancy Burke, Melissa O’Connor, Hillary Phelps, and Anjali Vij, as well as associates Alexandra Ayala and Ronni Martin.
-
The Securities Exchange Commission and the Commodity Futures Trading Commission have jointly proposed amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, including those also registered with the CFTC as a commodity pool operator or a commodity trading advisor. According to the Proposing Release, the Proposal would eliminate certain filing and reporting obligations, streamline certain requirements, and make corrections and other revisions, and is designed to eliminate certain burdens while ensuring Form PF continues to collect information necessary and appropriate in the public interest and for the protection of investors, or for the assessment of systemic risk in the US financial system by the Financial Stability Oversight Council.
-
The GENIUS Act is defining how payment stablecoins are issued, regulated, and supervised in the United States. Understanding this evolving framework is critical for banks, fintechs, and other market participants navigating the digital assets landscape. Our rulemaking and reporting tracker is designed to help follow what’s coming, which agency is issuing rules, and when rules take effect.
-
Chapman partner Marc Franson authored an article published by Law360, examining the growing trend of state opt-outs from DIDMCA and the resulting uncertainty for lenders over rate exportation and where a loan is “made.”
-
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the Blockchain and digital assets industry.
-
May 6-8, 2026
Chapman is a proud sponsor of the AGLF Annual Conference 2026, where partner Juliet Huang, AGLF Chair of the Board of Directors, will be attending along with senior counsel Brendan Radke.
-
May 4-7, 2026
Chapman's Tobias Moon is speaking at the Mortgage Bankers Association's Legal Issues and Regulatory Compliance Conference.
-
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the Blockchain and digital assets industry.
April 29-May 1, 2026Chapman is exhibiting and several attorneys will be attending the 2026 Illinois ASBO Annual Conference.
April 27-30, 2026Chapman is a proud sponsor of the 2026 Israel Tech Week, where Michael Friedman, Tobias Moon, and Asaf Reindel are attending.
-
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the Blockchain and digital assets industry.
