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Stephen J. Obie


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  • State University of New York at Buffalo (J.D. cum laude 1991; Certificate in State & Local Government); Drew University (B.A. summa cum laude 1988)

Bar Admissions

  • New York; District of Columbia; U.S. Supreme Court; U.S. District Courts for the Southern, Eastern, and Northern Districts of New York; and U.S. Court of Appeals for the Second Circuit


  • Staff Attorney to Hon. Pasco M. Bowman and Hon. John R. Gibson, U.S. Court of Appeals, Eighth Circuit (St. Louis, Missouri) (1993-1995); Law Clerk to Hon. Jerome F. Hanifin, New York State Court of Claims (1991-1993)

Government Service

  • Served with the U.S. Commodity Futures Trading Commission, New York Office (1998-2014), including as Regional Administrator, Regional Counsel, Acting Director of the Division of Enforcement (2008-2010), and Chief Trial Attorney

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.

Stephen currently represents Overstock.com and its financial technology subsidiary t0.com concerning their use of blockchain technology to trade securities. He led the team that obtained 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.

Honors & Distinctions

  • Recognized by The National Law Journal in its inaugural list (2018) as a Trailblazer in the Cryptocurrency, Blockchain, and FinTech field

    CFTC Distinguished Service Award (2001)
Stephen Obie