David Aron is a derivatives lawyer with a blend of private practice, in-house, and government experience. He has extensive transactional and Commodity Futures Trading Commission (CFTC) regulatory experience, including in digital assets and CFTC jurisdictional issues.
David assists clients with, among other things, swap execution facility (SEF) and designated contract market (DCM) registrations and CFTC jurisdictional and compliance issues. His CFTC jurisdictional work includes advising clients on cross-border requirements, event contracts, digital assets, and the appropriate characterization of exposures underlying multi-level proprietary trading strategies as swaps, security-based swaps, mixed swaps, or security options.
Prior to joining Jones Day, David served in various CFTC roles. He was the principal draftsman of, and otherwise influenced, CFTC-SEC (Securities and Exchange Commission) rulemakings further defining "swap" and "eligible contract participant." He also served as liaison to the CFTC's Division of Enforcement in multiple swap-related investigations and was detailed to the Office of the Chief Economist and the U.S. Department of the Treasury.
Earlier in his career, he worked in the United Nations Treasury. David began his career in the securities investments unit of the law department at a global insurance company followed by a role supporting the equity, credit, and other derivatives business at a global bank. He also worked at three major law firms, including as partner, where he advised clients in CFTC and SEC regulatory, investment management, energy trading, structured products, and various derivatives matters.
David is a frequent speaker and author on CFTC regulatory issues, including sports betting and cryptocurrency. He also serves as a resource to veterans transitioning to civilian legal roles.
Experience
Additional Publications
- 2021
"States’ Big Gamble on Sports Betting," UNLV Gaming Law Journal: Vol. 12: Iss. 1, Article 4. (co-authored) - June 2020
INSIGHT: Federal Regulation Could Sweeten the Sports Betting Pot, Bloomberg Law, June 9, 2020, 4:01 AM (co-authored) - May 2018
The CFTC’s Characterization of Virtual Currencies as Commodities: Implications under the Commodity Exchange Act and CFTC Regulations, Futures and Derivatives Law Report (“FDLR”) (co-authored) - April 26, 2018
When Do Virtual Currency Transactions Qualify for the ‘Actual Delivery’ Exception from the CFTC’s Jurisdiction?, JD Supra Perspectives (co-authored) - May 2017
Regulation of U.S. Currency Transactions, FDLR (co-authored) - June 2016
CFTC’s Anti-Evasion Rule under Dodd-Frank Brought to Forefront by “De-Guaranteeing” Activity, FDLR (co-authored) - October-December 2015
A Brief Survey of CFTC Regulation of Select FX Products, FX Trader Magazine - July/August 2009
From RGGI to ACES: The Past, Present (and Future?) of U.S. Emissions Trading (the abridged version), FDLR
Speaking Engagements
- June 20, 2023
Presented on CFTC jurisdiction over digital assets during a joint Jones Day/Stocche Forbes webinar on digital asset trends in Brazil and the United States.
Speaking Engagements Prior to Jones Day
September 2021
Spoke about crypto, DeFi, derivatives and the CFTC on The Modern Age of Financial Markets panel at Securities Experts Roundtable’s annual conference
June 2021
Participated on/in a Sports Betting and Related Derivatives and Financial Products under SEC, CFTC and State Regulation DC Bar panel/webinar sponsored by 3 DC Bar groups
April 2019
Presentation on Update on OTC Derivatives Reporting to Trade Repositories at CFTC’s Global Markets Advisory Committee
March 2018
Presentation on Implications under the CEA and CFTC Rules of the CFTC Characterizing Virtual Currencies as Commodities to American University Law School CFTC Regulation Class
April 2014
Co-Chaired CFTC Roundtable Panel on Embedded Volumetric Optionality
September 2013
Presentation on the Swap Definition to the Energy and Environmental Trading and Commodities Regulation Class at George Washington University School of Law
June 2012
Presented an Overview of the CFTC’s Commodity Options Rule and Proposed Swap Definition at EEI CFTC Dodd-Frank Compliance Forum
May 2012
Presentation on the ECP Definition to the NYC Bar Committee on Futures and Derivatives Regulation and New York State Bar Association Derivatives and Structured Products Law Committee
April 2012
Presentation on Product and Entity Definitions under Title VII of the Dodd-Frank Act to the DC Bar Derivatives, Securitization and Project Finance Committee
November 2011
Presentation on Futures & Derivatives: Recent Dodd-Frank Provisions, Rules & Developments to the NYC Bar Committee on Futures and Derivatives Regulation
August 2009
Presentation on OTC Derivatives: Documentation Framework and Selected Issues to SEC staff Hedge Fund Working Group
May 2009
Presentation on CDOs, Negative Basis Trades and Transformers to Orange Value Fund managers
March 2008
Continuing Legal Education Presentation on ISDA Auction Protocols
February 2008
Continuing Legal Education Presentation on 2nd Generation Credit Derivative Documentation: Swaptions; DTCC and ISDA Auctions
October 2004
Understanding the New ISDA Documentation Conference, The 2002 ISDA Master Agreement
April 2004
Moderator/Panelist: Power, Natural Gas and Other Energy Commodity Transaction Documentation Developments at MWE Energy Conference
April 2003
New Developments in ISDA and EEI Power Documentation, the CFTC's Enron Enforcement Action and the Feinstein Legislation at MWE Energy Conference
November 2002
Presentation on Derivatives and Energy Markets to senior U.S. Treasury Department officials
June 2002
Presentation on OTC Derivative Contracting Issues at Syracuse University Executive MBA Program
- Syracuse University (J.D. 1993; Master of Business Administration in Finance 1993); University of Michigan (B.A. in History 1990)
- District of Columbia and New York
- Served with the U.S. Commodity Futures Trading Commission (CFTC) (1996-1998 and 2010-2022) in the following positions: Special Counsel (and Acting Associate Director from November 2020 to January 2021), Division of Data, Data Policy Section (2020-2022); Special Counsel, Division of Market Oversight, Data and Reporting Branch (2015-2020); Counsel, Division of Market Oversight (2015); Counsel, Office of the Chief Economist (2014-2015); Counsel, Office of General Counsel, Legislative & Intergovernmental Affairs Branch (2014-2015), Clearing & Intermediaries Branch (2012-2013), Regulatory Branch (2010-2011), and Special Counsel to the Director, Division of Trading and Markets, Office of the Director (1996-1998)
Served with (on detail) the U.S. Department of the Treasury, Office of Federal Program Finance (2020)
Recipient of personal CFTC Chairman's Award for Performance; a team CFTC Chairman's Award for Staff Excellence; and a Pro Bono Service Award