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.
- Syracuse University (J.D. 1993; Master of Business Administration in Finance 1993); University of Michigan (B.A. in History 1990)
- District of Columbia and New York
- Served with the U.S. Commodity Futures Trading Commission (CFTC) (1996-1998 and 2010-2022) in the following positions: Special Counsel (and Acting Associate Director from November 2020 to January 2021), Division of Data, Data Policy Section (2020-2022); Special Counsel, Division of Market Oversight, Data and Reporting Branch (2015-2020); Counsel, Division of Market Oversight (2015); Counsel, Office of the Chief Economist (2014-2015); Counsel, Office of General Counsel, Legislative & Intergovernmental Affairs Branch (2014-2015), Clearing & Intermediaries Branch (2012-2013), Regulatory Branch (2010-2011), and Special Counsel to the Director, Division of Trading and Markets, Office of the Director (1996-1998)
Served with (on detail) the U.S. Department of the Treasury, Office of Federal Program Finance (2020)
Recipient of personal CFTC Chairman's Award for Performance; a team CFTC Chairman's Award for Staff Excellence; and a Pro Bono Service Award