- Lowenstein Sandler has launched a Commodities, Futures & Derivatives practice and named former FTX US general counsel Ryne Miller as chair and co-chair of its crypto group.
- The firm is targeting rising demand for legal counsel on digital assets, derivatives, and fintech across regulation, transactions, enforcement, and crisis response involving agencies like the CFTC and SEC.
- Regulatory shifts, including CFTC pilots on digital asset collateral and OCC and UCC updates, are tightening rules around crypto derivatives, margining, and collateral use.
- This move positions Lowenstein to capture more complex mandates while clients face higher compliance burdens, overlapping SEC–CFTC jurisdiction, and new liability risks for digital asset collateral.
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This development represents a sharpening legal risk landscape for participants in cryptocurrency and derivatives trading, with Lowenstein Sandler positioning itself to meet rising demand for counsel in these domains. Ryne Miller’s deep experience—as former GC of FTX US and legal advisor to both market innovators and regulators—brings to Lowenstein a rare combination of crisis-management and regulatory expertise, especially as rules around OTC derivatives, futures, and digital asset collateral tighten. [2]
Strategically, the firm’s decision to establish a dedicated Commodities, Futures & Derivatives practice aligns with broader regulatory momentum: the CFTC’s pilot program allowing certain digital assets as collateral in derivatives markets, and recent interpretive letters clarifying permissible digital asset transactions for national banks. These shifts increase the spectrum of services legal advisors must deliver—from licensing and transactions to enforcement readiness. [3]
From a competitive and market perspective, this move differentiates Lowenstein within law firms with strong crypto or fintech practices by elevating its derivatives capability—potentially capturing mandates related to clearing, supervisory compliance, structured products, and digital asset collateral. As digital assets become more intertwined with traditional financial market infrastructures, this specialization may yield significant business growth for the firm and present nuanced challenges for clients, including heightened compliance costs, greater regulatory oversight, and state-federal jurisdictional conflicts.
Open questions remain: How will regulatory alignment between SEC and CFTC evolve in light of overlapping authority over certain crypto derivatives? What are the liability implications for institutions using digital asset collateral? And how will clients adapt governance and risk frameworks to match rapidly shifting norms—especially in derivatives, margining, and enforcement?
Supporting Notes
- Lowenstein announced Ryne Miller will join as partner, chairing its Commodities, Futures & Derivatives practice and co-chairing Lowenstein Crypto, effective November 18, 2024. [2]
- Miller’s background includes serving as general counsel to FTX US and as legal advisor to both the former chair of the U.S. CFTC and institutions in both public and private sectors. [2]
- The firm’s cross-practice structure includes work with regulatory agencies: CFTC, SEC, FINRA, NFA, FinCEN, DOJ, among others, across licensing, enforcement, crisis response, and transactions. [2]
- Recent regulatory developments include: (a) CFTC’s pilot program permitting certain non-securities digital assets (e.g., payment stablecoins, Bitcoin, Ether, USDC) to be used as customer margin collateral, with reporting and risk safeguards. (b) New York’s adoption of the 2022 UCC amendments to clarify control and priority for digital asset collateral. (c) OCC’s Interpretive Letter 1188 confirming national banks may conduct riskless principal crypto asset transactions. [3]
- Clients in trading, markets, and derivative sectors now face increased legal exposure from instrument design (futures, options, OTC products), collateral practices, margining, enforcement protocols, and interagency jurisdiction. [2][4]
Sources
- [1] news.google.com (news.google.com) — 2024-11-13
- [2] www.mondaq.com (Mondaq) — 2024-11-13
- [3] www.jdsupra.com (JDSupra) — 2025-12-12
- [4] www.reuters.com (Reuters) — 2024-11-12