About The CFTC Observer Podcast: An Agency-Outsider's Perspective of the Derivatives Industry
Podcast series exploring the regulatory ecosystem of the derivatives industry and the Commodity Futures Trading Commission ("CFTC"). Follow us for discussions ranging from market participants to regulatory actors, industry basics to emerging trends, and any derivatives thereof!
[This Podcast series represents the observations of the producer and various guests and does not represent the position of the CFTC in any capacity.]
Former CFTC General Counsel Jonathan Marcus interviews Elie Mishory about his career pivot, early crypto days, and post-Dodd-Frank regulation in the derivatives industry.
27 May 2026TRANSCRIPT
Elie Mishory & Prediction Markets with Matt Vegh
Former Kalshi General Counsel Elie Mishory shares insights on prediction markets and derivatives with host Matt Vegh.
1 Mar 2026TRANSCRIPT
Walt Lukken Previews FIA Boca 2026 with Elie Mishory
In this episode, Walt Lukken, former Commissioner and Acting Chairman of the CFTC and current President & CEO of FIA, sits down with guest host Elie Mishory to discuss, among other topics, his experience as a former acting chairman of the CFTC, the FIA and its upcoming headline annual conference FIA Boca, what industry may expect to see coming from the CFTC under Chairman Michael Selig, and more!
Walt also shares his experiences navigating challenges in leadership, including during the 2008 financial crisis, his view of the FIA’s role as stewards of institutional knowledge in an ever-evolving industry, and some advice for the new CFTC Chairman Selig and newcomers to the industry. Along the way, Walt emphasizes the value of collaboration and some of the memorable moments from past Boca conferences.
Enjoy the discussion and as always - Follow, like, share, and subscribe for more great CFTC or derivatives related content. If there is someone you’d like to see featured on the Podcast or a specific topic you want discussed, send your comments and suggestions our way!
1 Mar 2026TRANSCRIPT
Gary Kalbaugh Discusses Derivatives with Matt Vegh
In this episode, Gary Kalbaugh, Law Professor and Partner in private practice, sits down with guest host Matt Vegh, a 3L Law Student, to discuss Gary’s role as Editor-in-Chief of the Futures and Derivatives Law Report, the recent ABA Derivatives & Futures Law Committee Meeting, what to expect from the CFTC with a confirmed Chairman in place, and more!
Along the way, Gary shares his initial Irish derivatives connection, advice to newcomers to the industry, and other memorable moments and milestones.
Enjoy the discussion and as always - Follow, like, share, and subscribe for more great CFTC or derivatives related content. If there is someone you’d like to see featured on the Podcast or a specific topic you want discussed, send your comments and suggestions our way!
10 Nov 2025TRANSCRIPT
Directing a Sprinting Enforcement Division with Brian Young
Brian Young, former CFTC Director of Enforcement, recounts leading the agency's enforcement division and whistleblower program, emphasizing just outcomes and conquering the learning curve in the derivatives space in this interview.
23 Oct 2025TRANSCRIPT
The CFTC's Pivotal Moment and What to Expect, featuring Carl Kennedy
Carl Kennedy reflects on the Digital Asset Leadership Summit, his work with the 2025 Chambers Global Overview on Derivatives, and the CFTC's future regarding digital assets in this interview.
29 Sept 2025TRANSCRIPT
CFTC and SEC Harmonization with Rob Schwartz
Rob Schwartz, former CFTC General Counsel, examines the recent efforts to harmonize CFTC and SEC regulations, offering insights into the derivatives industry and his time at the agency in this interview.
26 Sept 2025TRANSCRIPT
Operational Resilience with Pamela Geraghty
Pamela Geraghty discusses the Operational Resilience Framework for financial entities and its recent withdrawal by the CFTC, impacting the derivatives industry in this interview.
12 Sept 2025TRANSCRIPT
Keeping up with the New Normal, with Renato Mariotti
Host [Host Name] interviews former federal prosecutor Renato Mariotti about navigating the evolving derivatives industry and the CFTC's shifting priorities.
18 May 2025
50 years of the CFTC with De'Ana Dow
In this episode, we sit down with De’Ana Dow to discuss her extensive experience in the derivatives space from the time she joined Huddleston’s K Street Office a few years after the CFTC started, to her early work on the Hunt Brothers case and CFTC rulemaking related to dual trading prohibition and audit trail requirements, to later working in various Commissioner offices and her drafting of impactful rules and regulation, including the predecessor regulation to the CFMA.
Enjoy the discussion of the similarities and differences between the CFMA’s impact and the ongoing discussions surrounding the legislative and regulatory approaches for digital assets and other innovative market developments.
Along the way, De’Ana reflects on some advice she received early in her career that has stayed with her and shares helpful guidance to newcomers to the complex and continuously developing CFTC space.
De’Ana also shares her excitement for the industry moving forward, and the new CFTC leadership tasked with helping it flourish safely.
As always - Follow, like, share, and subscribe for more great CFTC or derivatives related content. If there is someone you’d like to see featured on the Podcast or a specific topic you want discussed, send your comments and suggestions our way!
9 Apr 2025
Copper Ingots to Crypto: Derivatives Crash Course with Peter Malyshev
Ever wonder what copper ingots have to do with crypto and digital assets? Tune in to the latest Podcast episode with Peter Malyshev to find out!
In this episode, we sit down with Peter Malyshev to discuss his version of a crash course in Derivatives as well as a six-step framework for assessing new matters in the derivatives space, from defining a commodity to substantive law and enforcement.
We also discuss Peter’s background and the many waves of the derivatives industry that he has experienced, from the nascent markets in post-soviet Russia, OTCs and the Dodd-Frank Act, and now crypto and digital assets. As Peter teaches his derivatives students, the themes and trends of derivatives, commodities, and market dynamics have long been a part of history, stretching all the way back to ancient Babylon and continuing until today.
Lastly, we discuss Peter’s views on the current trends in the derivatives industry and optimism for the future.
As always, Follow, like, share, and subscribe for more great CFTC or derivatives related content. If there is someone you'd like to see featured on the podcast or a specific topic you want discussed, send your comments and suggestions our way!
21 Mar 2025
Crypto Regulation, Derivatives, and Emerging Technologies with Ryne Miller
In this episode, we sit down with Ryne Miller for an exciting discussion ranging from Ryne’s recommendation for the four principles needed for a crypto regulation one-pager to a lookback at his first foray into the derivatives industry as an associate for the financial products of his firm’s oil and gas clients in Oklahoma, and the many experiences along the way.
The conversation considers the parallels between what Congress and the CFTC accomplished with the Dodd-Frank Act as a response to OTCs and the 2008 financial crisis and what Congress and the CFTC may do to regulate crypto, digital assets, and new technology impacting market structure moving forward.
Other topics include FIA Boca 2025 and the trend towards 24/7 trading, admiration for the public servants who work in the CFTC, including the incoming CFTC leadership, and developing market structures.
Ryne also describes his goal of keeping his career centered around market structure innovation and advises newcomers to the industry to try to put in the time to master the subject matter of whatever project is in front of you.
As always, Follow, like, share, and subscribe for more great CFTC or derivatives related content. If there is someone you'd like to see featured on the podcast or a specific topic you want discussed, send your comments and suggestions our way!
11 Mar 2025
Past, Present, and Future with Gary DeWaal
Join our fascinating discussion as Gary DeWaal reflects on how he got started in the derivatives industry from wearing his scarlet badge and learning the business as a CFTC enforcement officer in the trading pits to leading the Katten Financial Markets and Regulation Practice and the many experiences along the way.
Some of the timely themes discussed include some of Gary's observations on DOGE and streamlining the agency, the trade off of the CFTC’s principles based regulations and enforcement authority, crypto and blockchain and the potential impact on financial markets, quantum computing, and some of exciting things to look forward from the CFTC going forward under Acting Chairman Pham and the nomination of Brian Quintenz. In Gary’s words, “we’re at the cusp of potentially very exciting regulatory developments” — join us as we continue to explore these developments and so much more!
Follow, like, share, and subscribe for more great CFTC or derivatives related content. If there is someone you'd like to see featured on the podcast or a specific topic you want discussed, send your comments and suggestions our way!
28 Feb 2025TRANSCRIPT
Industry Observations with Josh Sterling
In this first Podcast, we sat down with Josh Sterling, former CFTC Division Director and currently partner in private practice. Josh shared a bit about his background and how he got into the derivatives space (a derivative of what he was working on at the time as it were), advice to newcomers to the derivatives space, and some memorable experiences. Listen to the full episode to hear Josh's perspective on the changes to CFTC leadership and agency rule-making in the context of recent Executive Orders and shifting federal landscape, as well as some of the biggest challenges the CFTC industry will likely have to manage.
Like, share, and subscribe for more great CFTC related content! If there is someone you'd like to see featured on this podcast or a specific topic you want analyzed, send your comments and suggestions our way!
Inside a recent episode
Jonathan Marcus Catches Up with Elie Mishory
Published 3 Jun 2026 · Transcript excerpt
[…] And I start by saying, A, don't sell yourself short. You never know, you know, kind of what you're really capable of doing until you actually try doing it. I... I mean, I applied for several jobs that I didn't, you know, think I would be hired for and ended up getting them. And so I think it's, you know, because sometimes you have a tendency to look at something, you know, you look at an opportunity and say, oh, gee, you know, I don't have this experience. I don't have that experience. You know, I'm not really super qualified for that position. And I do think, you know, a lot of people sell themselves short and they shouldn't. […]
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