Stephen J.Obie

Partner

New York + 1.212.326.3773 Washington + 1.202.879.5442

Stephen Obie advises multinational corporations and individuals on U.S. securities and commodities law compliance and on blockchain and cryptocurrency. He has been recognized by The National Law Journal as a Regulatory and Compliance Trailblazer (2015) and as a Cryptocurrency/Blockchain/FinTech Trailblazer (2018). For more than 20 years, he has represented clients in enforcement investigations before the Securities & Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Financial Regulatory Authority (FINRA), and the Federal Energy Regulatory Commission (FERC).

Stephen's extensive experience includes investigating and litigating cases involving: false reporting of pricing benchmarks, including LIBOR; manipulation of electricity options; manipulation and false reporting in the natural gas market; foreign currency fraud; insider trading; disruptive trading (spoofing) by an algorithmic trader; whistleblowers; disclosure of material and nonpublic information; and misuse of customer funds, segregation violations, and failure to supervise. He also represents clients concerning cryptocurrencies and their use of blockchain technology and led the first-ever effective registration statement that contemplates a public offering utilizing blockchain technology.

Prior to joining Jones Day, Stephen held top positions at the CFTC, including Acting Director of the CFTC's Division of Enforcement, and co-chair of the Securities and Commodities Subcommittee of the President's Financial Fraud Enforcement Task Force. While at the CFTC, he advised senior management and presidential appointees on enforcement and policy matters, interacting frequently with federal authorities and international regulators.

Stephen is a regular panelist on legislative, regulatory, and enforcement developments in the commodities and derivatives markets and has been interviewed by leading newspapers and television programs.

Experience

  • Financial institution seeks advice on rollout of blockchain-based energy platformJones Day is advising a financial institution on the deployment of a blockchain-based energy platform.
  • IBM seeks advice on blockchain and smart contracts in global projectsJones Day is advising International Business Machines Corporation ("IBM") on various global projects involving blockchain/digital currencies and smart contracts.
  • American internet retailer responds to SEC investigationJones Day is representing an American internet retailer in response to an SEC investigation concerning its initial coin offering and related public statements.
  • tØ.com launches initial coin offeringJones Day is advising tØ.com in connection with their launch of an initial coin offering.
  • Deutsche Bank defends lawsuit alleging boycott against CDS exchangeJones Day is defending Deutsche Bank AG, New York Branch in litigation brought by Tera Group, Inc., a swap execution facility (SEF) operator, which alleges that the defendants boycotted it to prevent it from gaining traction as an exchange for credit default swap (CDS) exchanges.
  • PRO Securities LLC responds to inquiries by FINRA and SEC concerning plans to implement blockchain trading platformJones Day represented PRO Securities LLC, a broker-dealer/licensed alternative trading system, in inquiries by FINRA and the SEC concerning plans to implement a blockchain trading platform, including issues regarding compliance with books and records, custody, and trading obligations.
  • Overstock.com obtains first ever effective registration statement that contemplates public offering utilizing blockchain technologyJones Day represented Overstock.com in obtaining first ever effective registration statement that contemplates a public offering utilizing blockchain technology.
  • Swap dealer responds to CFTC inquiry relating to LTR reporting issuesJones Day is representing a swap dealer in connection with a CFTC inquiry relating to LTR reporting issues.
  • Overstock.com and tØ.com implement blockchain trading platform and respond to inquiries by FINRA and the SECJones Day represented Overstock.com and tØ.com in inquiries by FINRA and the SEC concerning plans to implement a blockchain trading platform, including issues regarding compliance with books and records, custody and trading obligations.
  • Swap dealer responds to CFTC enforcement inquiries concerning Dodd-Frank compliance and CCO reportsJones Day represents a swap dealer in connection with CFTC inquiries relating to (i) compliance with various Dodd-Frank regulations, including compliance with SDR and EBC rules and (ii) its CCO Report.
  • Swap dealer responds to CFTC inquiry concerning uncleared swap transactionsJones Day is representing a swap dealer in connection with inquiries from the CFTC's Division of Clearing and Risk related to clearing swaps.
  • Interdealer broker responds to CFTC inquiry related to Dodd-Frank regulations applicable to swaps tradingJones Day represents a large interdealer broker in connection with a CFTC inquiry related to "name give up" issues.
  • All American Oil and Gas obtains $200 million senior secured revolving credit facilityJones Day represented All American Oil and Gas, Inc. in connection with a senior secured revolving credit facility to refinance debt and fund reserve development in the Bakersfield, California, Kern River Oil Field.
  • Large U.S. bank and its swap dealer respond to CFTC enforcement inquiryJones Day represents a large U.S. bank and its swap dealer in a CFTC enforcement inquiry concerning an enhanced yield deposit product offered to high net worth individuals.
  • Speaking Engagements

    • December 5, 2018
      The Blockchain Roundtable at Georgia Tech
    • December 5, 2018
      The Blockchain Roundtable, Georgia Tech
    • December 3-4, 2018
      Blockland Solutions Conference - 2018
    • November 27-30, 2018
      FIA Asia 2018 conference
    • October 19, 2018
      Start Engine Summit
    • October 11-12, 2018
      Blockchain Shift 2018
    • October 4, 2018
      A Practical Introduction to Smart Contracts and Their Technology, New York City Bar
    • June 14, 2018
      Blockchain and the Law: Towards a Responsible Blockchain Sector
    • April 25-26, 2018
      Third Annual Latin America Privacy & Cybersecurity Symposium
    • January 22, 2018
      Blockchain: Exciting Opportunities, Legal and Regulatory Challenges, Jones Day Atlanta CLE Academy 2018
    • December 7, 2017
      Spoofing and Manipulation: A Primer for Healthy Trading Practices
    • December 6, 2017
      CFA's The Future of FinTech 2017
    • December 4, 2017
      Blockchain for Oil & Gas Forum - Moderator
    • April 26, 2017
      A Blockchain Primer: Separating Hype From Reality, LSTA
    • February 26 - March 1, 2017
      Blockchain 101, speaker, SFIG Vegas 2017 Conference
    • March 2017
      Beware the hype: the immutable force of Blockchains, FinTech Innovation
    • January 26, 2017
      Webinar panelist for CFTC Reporting Rules (FIA Law & Compliance)
    • December 8, 2016
      12th Annual FIA Asia Derivatives Conference
    • November 10, 2016
      FinTech and Bank Innovation, American Bankers Association General Counsels Group
    • October 19, 2016
      IBM IT Services Legal Summit, moderator
    • September 28, 2016
      IMN's Distributed Ledger Technology: Blockchain for Financial Institutions
    • September 15, 2016
      Blockchain Forum – Singapore
    • September 12, 2016
      Does the Blockchain Compromise Your Privacy?, CNBC Interview
    • July 2016
      NERA Conference
    • June 2016
      IDX International Derivatives Expo 2016
    • May 2016
      38th Annual Law & Compliance Division Conference on the Regulation of Futures, Derivatives and OTC Products
    • April 28, 2016
      Global Market Insight Block Chain Conference
    • April 2016
      Seminar hosted by Overstock re: International Institute of Financing
    • March 2016
      C&L Annual Seminar 2016 - SIFMA and FIA.
    • February 10, 2016
      The Blockchain: What Is This Technology? Why Does It Matter?
    • January 2016
      Speaker at Bloomberg Conference
    • November 17, 2015
      Bitcoin, Blockchain, and Finance
    • June 24, 2015
      Banking Regulatory Challenges for 2015 and Beyond
    • June 22-24, 2015
      FIA's 37th Annual Law & Compliance Division Conference on the Regulation of Futures, Derivatives and OTC Products
    • June 18, 2015
      Recent Trends in CFTC Enforcement
    • April 23, 2015
      Commodities, Futures and Derivatives - The Increasing Regulatory Reach, panelist, NYCLA's 2015 Securities Litigation & Regulatory Enforcement Conference
    • April 20, 2015
      Liquidity & Markets Efficiency through a Balanced Regulation: How to Move Forward?, panelist
    • March 9, 2015
      FERC and CFTC enforcement issues, panelist, WSPP
    • October 28, 2014
      CyberSecurity: Preparing for and Responding to CyberIncidents
    • October 22, 2014
      Evolution of Manipulation Law: Traders Beware, Edison Electric Institute Webinar
    • September 23-25, 2014
      Benchmark Pricing, panelist, Burgenstock 2014 Global Forum for Derivatives Markets.
    • July 30, 2014
      Swap Dealer Issues and Trends
    • July 8, 2014
      Global Investigations into LIBOR and Financial Derivatives Manipulation Cases, NERA's 15th Securities & Finance Summer Seminar
    • June 5, 2014
      How Are You Preparing For Regulatory Change?
    • May 8, 2014
      Litigation and Enforcement Update Panel, FIA Conference
    • May 7, 2014
      Compliance Rapid Fire, FIA Conference
    • March 12-14, 2014
      Regulation, Operations & Compliance (ROC) Cayman 2014™, Regulatory Compliance Association
    • February 27, 2014
      New York City Bar: Forum on International Criminal Investigations
    • February 6, 2014
      Algorithmic and High Frequency Trading, panelist, American Bar Association Derivatives and Futures Law Committee
    • May 9, 2012
      Soup to Nuts, panelist, FIA Law and Compliance Conference on the Regulation of Futures, Derivatives and OTC Products
    • January 26, 2012
      Litigation: Civil and Enforcement, (panelist, American Bar Association Derivatives & Futures Law Committee
    • September 9, 2011
      A Reminder of Great Sacrifice, interviewed by Ben Protess, New York Times,
    • June 25, 2010
      Market Transparency in Milk Prices, panelist, US Department of Justice & US Department of Agriculture Joint Workshop to Discuss Competition and Regulatory Issues in the Agriculture Industry
    • June 1, 2010
      Regulatory Developments, panelist, Practising Law Institute
    • May 20, 2010
      Press Conference with Hon. Neil H. McBride, US Attorney for the Eastern District of Virginia, Robert Khuzami, Director of the SEC’s Enforcement Division, Virginia Attorney General Ken Cuccinelli, et al., to Announce Formation of the Virginia Financial and Securities Fraud Task Force
    • May 6, 2010
      Energy and Commodities, panelist, Securities Industry and Financial Markets Association, Compliance & Legal Division, Annual Seminar
    • April 29, 2010
      Litigation and Enforcement, panelist, FIA Law and Compliance Conference on the Regulation of Futures, Derivatives and OTC Products
    • April 29, 2010
      What’s New at the CFTC, panelist, FIA Law and Compliance Conference on the Regulation of Futures, Derivatives and OTC Products
    • April 28, 2010
      Soup to Nuts, panelist, FIA Law and Compliance Conference on the Regulation of Futures, Derivatives and OTC Products
    • April 22, 2010
      Enforcement Priorities of the Obama Administration, panelist, American Bar Association Section of Litigation
    • March 22, 2010
      New Regulation and Enforcement Respecting Derivatives: Planning Now for a Changing Regime, panelist, Securities Regulation & Enforcement, American Conference Institute
    • March 15, 2010
      Press Conference with Hon. Florence T. Nakakuni, U.S. Attorney for the District of Hawaii, to Announce Fraud Charges Against Patrick H. Rakotonanahary
    • March 12, 2010
      Enforcer Roundtable Discussion Panel, panelist, US Department of Justice & US Department of Agriculture Joint Workshop to Discuss Competition and Regulatory Issues in the Agriculture Industry
    • February 24, 2010
      Legislative, Regulatory and Enforcement Developments in the Commodities and Derivatives Markets, panelist, K&L Gates
    • January 28, 2010
      Enforcement Developments, panelist, American Bar Association Derivatives & Futures Law Committee
    • January 13, 2010
      Enforcement Trends in Securities & Commodities Actions 2010, panelist, American Bar Association Criminal Justice Section
    • October 29, 2009
      Inspecting for Market Manipulation and Next Steps, co-presenter, International Organization of Securities Commissions Annual Seminar Training Program
    • October 21, 2009
      Regulatory Outlook, panelist, Futures & Options Expo 2009 Program
    • October 5, 2009
      The Extraterritorial Reach of the U.S. Commodity Futures Trading Commission Enforcement Program, presenter, Commodities Week Europe 2009
    • May 14, 2009
      Crisis Management, panelist, FIA Law and Compliance Conference on the Regulation of Futures, Derivatives and OTC Products
    • May 14, 2009
      What’s New at the CFTC, panelist, FIA Law and Compliance Conference on the Regulation of Futures, Derivatives and OTC Products
    • May 7, 2009
      The Changing Regulatory Philosophy, panelist, Financial Services Authority Wilton Park Enforcement Symposium
    • March 25, 2009
      Energy and Commodities, panelist, Securities Industry and Financial Markets Association, Compliance & Legal Division, Annual Seminar
    • February 23, 2009
      CFTC Overview, presenter, Fried, Frank, Harris, Shriver & Jacobson
    • February 3, 2009
      John Gambling Radio Show, WWOR 710 AM, “Ponzi Schemes,”
    • January 26, 2009
      America’s Nightly Scoreboard, FOX Business Network, “Ponzi Scheme Red Flags,” interview by David Asman
    • November 13, 2008
      Enforcement Across the Agencies, panelist, Energy Bar Association Mid-Year Meeting
    • July 24, 2008
      Press Conference to Announce Energy Manipulation Charges Against High-Frequency Trader
    • December 10-11, 2007
      Financial Crimes Seminar, co-presenter, The Institute of Advanced Legal and Judicial Studies and The Institute of Training and Judicial Studies in Cooperation with the United States Department of Justice
    • May 9, 2007
      Prudent or Imprudent, panelist, FIA Law and Compliance Conference
    • May 7, 2007
      Avoiding Problems and the Enforcement Environment, panelist, Hedge Funds: Formation, Operation, & Compliance, ALM Media
    • May 3-5, 2017
      39th Annual Law & Compliance Conference on the Regulation of Futures, Derivatives and OTC Products (L&C 2017)
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