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Futures Industry Association (FIA) L&C Division Webinar - Stablecoins for Derivatives – Collateral, Settlement, and More

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Morrison Foerster partners Alexandra Steinberg Barrage, Ryne Miller, Trevor Levine, and Rhys Bortignon will lead the Futures...

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<p>Morrison Foerster partners Alexandra Steinberg Barrage, Ryne Miller, Trevor Levine, and Rhys Bortignon will lead the Futures Industry Association (FIA) L&C Division webinar titled, “<em>Stablecoins for Derivatives – Collateral, Settlement, and More</em>” on Thursday, June 4, 2026, at 10:00–11:00 a.m. ET. The panel will discuss the proposed uses of payment stablecoins with respect to U.S. derivatives markets, the role of the GENIUS Act, key policy and regulatory issues, and important legislative developments. The presenters will also discuss the use and relevance of stablecoins for the global derivatives markets, related tokenization developments, and updates on U.S. digital asset market structure legislation.</p><p>To learn more or to register, please visit the <a href="https://www.fia.org/fia/events/stablecoins-derivatives-collateral-settlement-and-more" target="_blank">website</a>.</p><hr>

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<p>Alex, co-lead of the firm's Digital Assets practice, advises banks and technology companies on a wide range of regulatory and supervisory matters, including new bank charters, enforcement and examination issues, stablecoin issuance and facilitation, bank-Fintech partnerships, and digital assets. Her experience includes advising on digital asset product development and agentic commerce issues, supervisory examination remediation, regulatory due diligence and compliance, and bankruptcy. With experience serving in senior FDIC roles and an extensive background counseling the largest financial institutions and technology companies in the U.S., Alex offers clients a broad market perspective, practical solutions, and a deep appreciation for the nuances of today’s regulatory landscape.</p><p>Alex served in various leadership roles at the FDIC. As an associate director, she was the lead regulatory policy expert for the Division of Complex Institution Supervision and Resolution, focusing on U.S. and global regulatory issues affecting the largest and most systemically important banking institutions. She worked closely with Federal Reserve staff on resolution plan rules, related guidance, and feedback letters, and engaged directly with banks and trade associations.</p><p>Alex is widely respected for her thought leadership, making live appearances on Bloomberg’s The Close and speaking on current banking developments domestically and abroad. She has been quoted extensively, including in <em>American Banker, Bloomberg Law, The Washington Post, The Wall Street Journal, OpenBanker, Law360, Coindesk,</em> and <em>Risk</em>. Alex also provides technical assistance to congressional staff on digital asset legislation.</p><p>She earned her J.D. from Georgetown University Law Center and received her B.A. cum laude from Williams College.</p><h4>Representative Experience</h4><ul><li>Global Fintech and Stablecoin Issuers: Advise on stablecoin issuance and compliance strategy, new products, provide policy and regulatory advice</li></ul><ul><li>Global Cryptocurrency Exchange: Advise on impacts of regulatory proposals; provide policy and regulatory on various bank partnerships </li><li>Leading Digital Asset Infrastructure Company: Advising on regulatory and policy matters following GENIUS enactment </li><li>Advise de novo bank charter applicant before U.S. banking regulators</li><li>Advise large/mid-size banks and technology companies in preparation for supervisory examinations, responding to MOUs and public enforcement actions before state and federal banking regulators</li><li>Representation of fifty state bankers associations and DC on amici brief in the U.S. Court of Appeals for the Tenth Circuit contesting Colorado’s legislative efforts to opt-out of DIDMCA</li><li>Advise nationwide money transmission/payments company and Fintech providers on regulatory compliance and licensing issues, including issues involving pass-through insurance, brokered deposits, and marketing representations</li><li>Represent banking institutions and technology companies on regulatory and transactional issues involving their banking as a service platform, including deposit account onboarding/enhanced due diligence, third-party risk management issues, and due diligence frameworks involving the sponsorship of merchant acquirer/cryptocurrency exchange programs</li><li>Advise banks on resolution planning requirements under Title I of the Dodd-Frank Act and the FDIC IDI Rule, including related supervisory engagement</li><li>Advised one of the largest global technology cloud service providers opposite federal regulators in their role as a bank service provider</li><li>Advised a leading global payments and enterprise blockchain company on new product launch, bankruptcy issues, and regulatory due diligence</li></ul>

Alexandra Barrage

Partner

<p>Ryne Miller is a partner in the firm’s Financial Services Group, advising global trading and markets businesses, financial institutions, and fintech companies on complex regulatory, governance, investigative, and transactional matters. He is widely sought for his experience across traditional and emerging markets, including commodities, derivatives, securities, digital assets, and prediction markets. Ryne delivers clear, commercially focused guidance to help clients achieve strategic objectives and is valued for his longstanding relationships with market participants and regulators across the trading and markets industry.<br></p><p>Clients rely on Ryne’s deep experience with the regulatory and enforcement programs of the Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission, FINRA, National Futures Association, FinCEN, Department of Justice, and other federal and state regulators. Executives consistently seek his judgment on high-stakes matters involving investigations, governance, strategic relationships and negotiations, and crisis and incident response.<br></p><p>Ryne is a frequent speaker at trading and markets industry events, a guest lecturer at leading U.S. law and business schools, and has testified before Congress on digital asset market structure regulation. He has also participated in a CFTC roundtable on the evolution of U.S. derivatives market structure.<br></p><p>Before joining Morrison Foerster, Ryne served as chair of the Commodities, Futures & Derivatives Group and co-chair of the Fintech, Crypto, Trading & Markets Group at another leading law firm. Earlier in his career, he was a New York-based partner and co-head of the Commodities and Derivatives practice at an Am Law 10 firm, served as legal counsel to a former chairman of the CFTC, and was general counsel to a U.S. financial services and digital assets business.</p>

Ryne Miller

<p>Trevor Levine is a partner in the firm’s Financial Services Group, where he advises financial services firms and digital asset companies on turning regulatory complexity into commercial opportunity. He advises clients operating at the intersection of finance and technology, guiding them through rapidly evolving legal frameworks while supporting growth, innovation, and market expansion.<br></p><p>Trevor advises exchanges, intermediaries, market participants, and technology companies on issues arising under the Commodity Exchange Act, including representing clients seeking to register with the CFTC and NFA. He also helps clients navigate federal securities laws, FINRA rules, and state money transmission laws. Clients trust Trevor to guide them through regulatory inquiries while helping them design, launch, and operationalize compliant financial products and structures, including advising on applicable registration and licensing processes.<br></p><p>Before joining Morrison Foerster, Trevor served as general counsel to a brokerage firm focused on the digital asset, Bitcoin mining, and data center sectors. In that role, he oversaw legal and regulatory matters across multiple regulated subsidiaries, including a FINRA-registered broker-dealer, an NFA-registered introducing broker, and a New York BitLicensee. He also previously worked in-house at a large, regulated digital asset trading platform, where he advised on the acquisition and maintenance of CFTC, SEC, and state licenses.<br></p><p>Earlier in his career, Trevor practiced at two Am Law 100 firms, advising clients on a range of regulatory matters, including CFTC inquiries related to reporting obligations and market activity, as well as state and federal regulatory issues involving consumer lending practices. He has also advised companies on the development and launch of blockchain networks, cryptocurrencies, and decentralized applications.</p>

Trevor Levine

<p>Rhys Bortignon is a partner in Morrison Foerster’s Capital Markets practice, based in New York. Rhys’ practice focuses on derivatives and structured products. He is a member of the firm’s Derivatives, Commodities + Structured Products practice group and Co-Head of its Securities + Derivatives Regulatory Solutions team.</p><p>With a focus on practical and commercial solutions, Rhys provides counsel to a diverse range of U.S. and international clients, from both the buy side and sell side, including corporates, investment banks, commercial banks, private equity, funds, investment managers, and sovereigns. Rhys offers strategic guidance to his clients from both a transactional and a regulatory perspective and navigates complex cross-border issues with proficiency, providing pragmatic advice to clients operating globally.</p><p>Rhys’ experience spans the spectrum of derivative transactions across asset classes, including rates, foreign exchange, credit, equity, digital assets, and commodities. He also frequently advises on margin loans, repo and securities lending transactions, the hedging components of project and corporate financings, as well as various structured products. </p><p>Rhys is well-versed in U.S. derivatives legal and regulatory matters under the Dodd-Frank Act, the Commodity Exchange Act, and the Securities Exchange Act as well as related CFTC, SEC, and prudential regulation, including the regulation of security-based swaps, swaps, futures and options as well as security-based swap dealers, futures commission merchants, introducing brokers, swap dealers, commodity pool operators, commodity trading advisors, and exchanges and clearing organizations. </p><p>Rhys advises on leading-edge issues in the derivatives space, such as AI, digital assets, distributed ledger technologies (including DeFi), energy transition matters, and sustainability-linked transactions. He frequently authors thought leadership pieces on current and proposed derivatives regulations in the United States.</p><p>Rhys sits on the Board of Directors of the LGBT Bar Association of New York, a voluntary professional organization dedicated to ensuring full equality for members of the LGBTQ+ community, promoting the advancement of LGBTQ+ legal professionals, and serving the larger community through various pro bono initiatives.</p><p>Prior to joining the firm, Rhys was counsel at another international law firm in New York. He also gained experience as an associate at leading law firms in London and Sydney. </p><p>Rhys is admitted to practice law in New York, England & Wales, and New South Wales, Australia.</p><h4>Representative Experience</h4><h5>Securitizations</h5><ul><li>Advised a global vehicle rental and leasing company with respect to its derivatives transactional and regulatory matters, including in connection with its international securitization platform and related financing activities</li></ul><h5>Equity Derivatives</h5><ul><li>Represented a leading geothermal company engaged in recovered energy generation in connection with its Rule 144A private offering of green convertible senior notes and the negotiation and execution of the associated capped call transactions with various dealer counterparties</li><li>Represented a data security and analytics pioneer in connection with its private Rule 144A offering of convertible senior notes, and the negotiation and execution of the associated capped call transactions with various dealer counterparties</li><li>Represented the initial purchasers and the capped call transaction counterparties in a digital sports betting and gaming platform’s offering of convertible senior notes, including the negotiation and execution of the associated capped call transactions</li><li>Represented a major South American mobile telecoms operator on its derivatives trading documentation in connection with its high-yield bond tap issuance</li><li>Represented the sole bookrunner in connection with the offering of a leading player in the global snack arena’s guaranteed zero-coupon exchangeable bonds and associated derivatives elements</li></ul><h5>Lending + Finance</h5><ul><li>Represented an international specialty finance company in connection with its global funding structure, which included: a notes offering; a consent solicitation of the holders of multiple preexisting issuances of notes; an amended multi-currency revolving credit facility; and the amendment and restatement of the company’s private placement notes purchase agreement</li><li>Represented a portfolio company of a Canadian asset management firm in connection with its entrance into a warehouse facility intended to finance a portfolio of consumer home rental contracts</li></ul><h5>Business Restructuring + Insolvency</h5><ul><li>Represented an operator of power infrastructure in the United States and its applicable debtor subsidiaries in connection with the consummation of the strategic transactions contemplated by the company’s chapter 11 plan of reorganization and provided assistance with the completion of its restructuring. The plan of reorganization entailed, among other components: the infusion of new equity capital pursuant to a common equity rights offering; a revolving credit facility; a Term Loan B credit facility; a Term Loan C credit facility; and a bilateral line of credit, as well as full repayment of the company's formerly existing first-lien funded debt and the consensual equitization of all of the company’s formerly existing unsecured notes. Representation included the drafting and negotiation of the foregoing debt financing transactions (including implementing intercreditor and first-lien security arrangements for derivative counterparties) and the renegotiation and implementation of commodity derivative documentation with several counterparties.</li></ul><h5>Project Finance</h5><p>Advised on the derivatives transactional and regulatory aspects of several high-profile project financing matters, including drafting and negotiation derivatives documentation, structuring hedging trades, and advising on intercreditor and other related matters:</p><ul><li>Represented a group of 13 commercial banks in connection with a non-recourse senior secured financing of the redevelopment of multiple terminals of a major global airport in the United States</li><li>Represented a group of international commercial banks in connection with a non-recourse financing of a wind project in Brazil</li><li>Represented a group of international banks as lenders and issuing banks in connection with the non-recourse first- and second-lien project financings of a wind farm and a solar power plant in Chile</li><li>Represented a leading private equity firm specializing in the energy industry in connection with a senior secured facility to finance the development, operation and maintenance of certain assets in the United States</li></ul><h5>M&A</h5><ul><li>Represented a leading private equity firm specializing in the energy industry in its sale of one of the premier independent utility-scale energy storage and renewable energy platforms in the United States to a French multinational utility company</li></ul>

Rhys Bortignon

Co-Head of Securities + Derivatives Regulatory Solutions

Fintech

Digital Assets + Blockchain

Futures Industry Association (FIA) L&C Division Webinar - Stablecoins for Derivatives – Collateral, Settlement, and More

03 Jun 2026 8:00 PM - 11:00 AM EDT