Matthew B. Kulkin

Matthew Kulkin is chair of WilmerHale’s Futures and Derivatives Practice and a partner in the firm’s Securities and Financial Services Department. He focuses his practice on derivatives regulation, market structure, and emerging products, including digital assets, prediction markets, and security futures. With over two decades of experience in private practice and government service, including as Director of the Division of Swap Dealer and Intermediary Oversight at the US Commodity Futures Trading Commission (CFTC), he offers deep insight into federal regulatory policy, enforcement, and the oversight of registered financial market participants.

Mr. Kulkin represents asset managers, banks, broker-dealers, exchanges, trading venues, energy companies, insurance companies, and other non-bank financial institutions in Securities and Exchange Commission (SEC) and CFTC investigations and related regulatory matters. He regularly advises clients on compliance and enforcement issues in the commodity futures and derivatives markets, including matters involving registered intermediaries, trading venues, and emerging digital asset activity within the scope of federal commodities regulation. He holds Chambers USA and Chambers Global Band 1 rankings for his derivatives regulatory practice, with respondents citing his “deep CFTC expertise” and his “incredibly practical advice.”

While at the CFTC, Mr. Kulkin played a leading role in shaping the agency’s approach to oversight of registered intermediaries and evolving market structures. Among his achievements, he led a broad range of regulatory and enforcement initiatives affecting derivatives markets, including rulemakings and enforcement matters involving swap dealers, intermediaries, trading venues, investment funds, and matters involving the National Futures Association. He also played a leading role in cases of first impression involving cryptocurrencies and digital assets and worked extensively on issues at the intersection of market structure, innovation, and federal commodities regulation.

He has testified before congressional committees on financial market structure issues and the CFTC’s statutory and regulatory authority, and has briefed members of the Senate Banking Committee, the House Financial Services Committee, and the Senate and House Agriculture Committees on these topics.

Mr. Kulkin serves as co‑chair of the CFTC Graduates Society (CFTCGS), a professional organization that supports engagement among current and former professionals of the CFTC. He is on the National Futures Association Hearing Committee and the Futures Industry Association (FIA) Law & Compliance Committee’s Executive Committee. He has testified as an expert witness in FINRA arbitration concerning CFTC regulations. He writes and speaks frequently on digital asset regulation, Dodd-Frank Act implementation, and other financial services regulation issues.

He also previously served as Co-Chair of the Derivatives, Securitization and Project Finance Committee of the District of Columbia Bar Association. He is a member of the New York City Bar Association Futures and Derivatives Committee.

Admissions:

District of Columbia

Georgia

IOSCO Reports on Pre‑Hedging and Financial Asset Tokenization - Futures & Derivatives Law Report

CFTC Jockeys With Congress, States for Prediction Market Primacy - Bloomberg Law

INVESTIGATIONS AND ENFORCEMENT

Extensive experience representing derivatives clearing organizations, designated contract markets, futures commission merchants, introducing brokers, security-based swap dealers, swap dealers, and swap execution facilities in connection with CFTC, SEC, and Department of Justice investigations. Specific engagements include the representation of:

SEC and CFTC registrants in connection with recordkeeping and supervision investigations

Financial institutions in SEC and CFTC enforcement matters arising from off‑channel communications, including remediation of regulatory surveillance deficiencies and engagement with enforcement authorities

A sports‑based trading platform on multi‑entity CFTC registration strategy, including FCM, IB, DCM and DCO approvals, and in a confidential CFTC Division of Enforcement inquiry

A global financial market operator in assessing litigation and regulatory risk associated with event‑based derivatives contracts cleared by CFTC‑registered entities

A US-based swap dealer in connection with an SEC investigation into credit default swaps dealing activity

SEC and CFTC registrants in connection with recordkeeping and supervision investigations

Cryptocurrency market participants, including exchanges, market makers, intermediaries and proprietary trading companies, in connection with CFTC investigations

A retail precious metals dealer and precious metals trading company in a CFTC investigation and settlement in connection with off-exchange retail commodity transactions

A registered swap execution facility in a CFTC investigation ending in a successful resolution without penalty

REGULATORY COUNSELING

Has served as regulatory compliance counsel for CFTC-registered commodity pool operators, commodity trading advisors, derivatives clearing organizations, designated contract markets, foreign boards of trade, futures commission merchants, introducing brokers, swap dealers, and swap execution facilities. Specific engagements include advising:

A technology company in its CFTC registration as a derivatives clearing organization focused on sports and event contracts, permitting users to facilitate payments with digital‑asset‑based collateral

A major US crypto platform in its launch of tokenized US Treasury products, addressing overlapping banking, securities, and commodities regulatory regimes

Various clients in preparing internal compliance policies and procedures governing futures, swaps, and options trading, reporting, and recordkeeping

Registered entities on rulebook amendments, new product self-certification, chief compliance officer annual reports, and amendments to related policies and procedures

Several registered swap dealers in connection with recordkeeping obligations, swap data reporting, and business conduct standards compliance

A designated contract market in connection with the launch of a new platform and development of new product

A non-US exchange in connection with listing of new products for trading by US persons pursuant to CFTC Part 48 rules

Applicant futures commission merchants and introducing brokers in connection with NFA registration and demonstrating compliance with CFTC regulations

PUBLIC POLICY ADVOCACY

Has advised clients on legislative proposals, congressional testimony, and strategic relationship building, as well as regulatory policy development, rulemaking implementation, and regulatory staff letters. Specific engagements include advising:

A leading trading and custody platform on the integration of digital assets into its brokerage framework, including preparing submissions to the SEC’s Crypto Task Force on unresolved regulatory issues

Prominent financial market participants and numerous financial services trade associations on issues related to Congressional, CFTC, SEC, NFA, and FINRA proposed regulations and policy matters

Futures commission merchants, community development financial institutions, financial market infrastructure utilities, swap execution facilities, and financial market industry organizations in successfully securing CFTC no-action relief on a wide range of issues

A digital asset company in connection with Congressional, SEC and CFTC initiatives related to the regulation of digital asset markets

A financial market infrastructure and technology platform on financial services public policy matters focused on recordkeeping, automation and interoperability

Government Experience:

Commodity Futures Trading Commission

Division of Swap Dealer and Intermediary Oversight

Director