In the wake of the global financial crisis that began in 2008, money market funds have been characterized both as victims and as pariahs. Accounting for more than $4 trillion in assets in the U.S. and Europe, money market funds have attracted the attention of U.S. banking regulators, TOSCO and the world press. Bank regulators, who consider money market funds systemically important to the world’s financial system, are calling for new regulation, which fund sponsors and a majority of the SEC Commissioners have been resisting. Lurking in the background are lawsuits that will challenge anything the regulators propose. This panel will examine the legal underpinnings of the potential for new regulation, the likelihood of new regulation, and what the new regulation would mean for lawyers, regulators, investors, and the capital markets.