David E.Aron


華盛頓 + 1.202.879.3876

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.


  • Principal trading firm receives advice on relevant exchange rules and other authority governing cryptocurrency futures tradingOn behalf of a principal trading firm, Jones Day examined exchange rules most relevant to trading cryptocurrency futures and ETF options.
  • Financial institution receives swap dealer compliance manual adviceOn behalf of a financial institution, Jones Day reviewed a swap dealer compliance manual for legal sufficiency and advised on product characterization, foreign exchange swaps and forwards, and eligible contract participant issues.
  • Crypto node validator seeks advice on CFTC issues potentially implicated by liquid staking related to staked ETHOn behalf of a crypto node validator, Jones Day analyzed proposed activity and advised on CFTC regulatory issues related to validation activity in connection with staked ETH.
  • Procter & Gamble enters into long-term VPPAs with EDP Renováveis, S.A. for two solar energy projects in ItalyJones Day advised The Procter & Gamble Company (P&G) in entering into long-term virtual power purchase agreements (VPPAs) with a subsidiary of renewable energy developer EDP Renováveis, S.A. (EDPR) for two solar energy projects in Italy with an aggregate capacity of around 110 MW.
  • Energy trading firm seeks assistance drafting CFTC section of its compliance manualJones Day drafted the CFTC section of an energy trading firm's compliance manual.
  • Swap dealer and security-based swap dealer receives advice related to CFTC swap reporting and SEC security-based swap reportingJones Day is advising a swap dealer and security-based swap dealer with CFTC swap reporting and SEC security-based swap reporting regulatory advice on various matters.
  • Swap dealer receives advice related to financial product characterizationJones Day is advising a swap dealer in connection with appropriate characterization of various trading strategies and products as (1) swaps, (2) security-based swaps, (3) mixed-swaps, (4) securities, or (5) other products.
  • Energy trading firm seeks review of CFTC section of its compliance manual and CFTC regulatory adviceJones Day reviewed and suggested revisions to the CFTC section of an energy trading company's compliance manual.
  • 著作

    • 2024
      Commodities Laws and Regulatory Structure, Blockchain for Business Lawyers, Second Edition: Chapter 3 (co-authored)
    • 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

    • 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