Joshua B. Sterling

Primary Focus & Experience

Josh is a leading practitioner in commodities and derivatives law. He represents financial markets and intermediaries in precedent-setting litigation, high stakes investigations, and strategic regulatory and transactional matters relating to their offering of novel financial products and other regulated business activities. He is currently leading Milbank’s nationwide litigation efforts concerning the legality of event contracts and prediction markets, as well as assisting several other early-stage and established companies with developing new financial products like perpetual futures and security futures.

In addition to his strategic advisory role in financial market litigation, transactions and regulatory matters, Josh also specializes in representing companies and individuals in investigations and other proceedings before the Commodity Futures Trading Commission (CFTC), the SEC, self-regulatory organizations, and state governments.

Josh helps financial services and corporate clients obtain bespoke regulatory relief or new licenses to assist with the growth of their businesses, whether in on-chain product offerings, new products like perpetual futures, or more traditional commodities and financial activities. Clients also rely on Josh to advocate for them with the CFTC, the SEC, and other regulatory bodies on critical issues affecting their businesses. 

Josh's client advice is informed by his tenure in leadership at the CFTC, the primary US regulator of the derivatives markets. At the CFTC, Josh played an instrumental role in completing the remaining rulemakings required by the Dodd-Frank Act, as well as in charging and settling several groundbreaking enforcement actions.  As Director of the CFTC's Market Participants Division, Josh oversaw the 3,300-plus banks, intermediaries, and asset managers registered with the agency to trade derivatives in US markets. He was responsible for the CFTC's examination, rulemaking, and enforcement referral programs governing those firms. Josh also was the federal official responsible for oversight of the National Futures Association (NFA), the self-regulatory body for CFTC-registered firms and individuals.

Investigations and Enforcement Matters

• Nationwide litigation against states and tribes concerning the exclusive federal regulation of event contracts.

• Nationwide class action and mass action litigation involving financial markets and intermediaries concerning event contracts.
• Multiple registered trading platforms in CFTC Enforcement actions involving resolutions of reporting, recordkeeping, and associated core principle violations.
• Registered trading platform in a CFTC Enforcement action involving resolution of the first-ever charges for violations of systems safeguards requirements.
• Multiple financial services companies in CFTC Enforcement investigations of trade reporting practices involving their foreign exchange businesses.
• Registered futures broker in an internal investigation of alleged non-compliance with a prior CFTC settlement order, which concluded with no further enforcement action taken by the CFTC.
• Registered trading platform in a CFTC Enforcement inquiry regarding internal controls over reporting, clearing, and surveillance functions.
• Digital assets trading platform in the resolution of an SEC Enforcement investigation involving staking services for cryptocurrency tokens.
• Digital assets trading platform in an SEC investigation of execution and clearing services for certain tokens alleged to be securities, as well as associated marketing claims.
• Registered trading platform in its lawsuit against the CFTC for disallowing the listing of certain event contracts for trading by the platform’s participants.
• Registered asset management firm in a novel CFTC reparations (arbitration) proceeding alleging the fraudulent offering of commodity-based exchange traded funds; all claims were dismissed with prejudice.
• Representation of an individual defendant in a CFTC Enforcement investigation of an alleged illegal off-exchange foreign currency trading scheme, which resulted in no enforcement action against the individual.
• Representations of multiple asset managers and energy companies in inquiries by registered derivatives exchanges regarding their trading activity, which resulted in no fines or other disciplinary measures being taken.

Registration and Regulatory Matters

• Registration of multiple clients as designated contract markets (DCMs), swap execution facilities (SEFs), derivatives clearing organization (DCOs), and foreign boards of trade (FBOTs) with the CFTC.
• Counsel to DCMs, SEFs, DCOs, FBOTs, and futures commission merchants (FCMs) on ongoing regulatory and enforcement matters.
• Assisting SEC-registered alternative trading systems (ATSs) and DCMs with the offering of novel security futures products.
• Development of first-ever trading platform for virtual power purchase agreements (VPPAs) and other related renewable energy transactions.
• Advised a global investment bank on creating a synthetic total return trading structure designed to replicate the performance of funds operated by third-party investment managers.
• Registration of multiple swap dealers, brokerage firms, asset managers, and fund sponsors with the CFTC.
• Registration of multiple security-based swap execution facilities with the SEC.
• Representation of multiple corporate, financial services, and fintech companies in advocacy on strategic issues before the CFTC.

Recognition & Accomplishments

Josh is ranked by Chambers USA and Chambers Global for Derivatives and has been recognized in Lawdragon's 500 Leading Litigators in America Guide. In addition to serving on Law360’s Fintech editorial board, he was named a 2025 Law360 MVP for Fintech. The Legal 500 United States has recognized him as an "excellent attorney able to provide highly customized advice."

Josh is a former Co-Chairman of the Derivatives Subcommittee of the DC Bar Corporation, Finance and Securities Law Community and is a member of the New York City Bar Futures and Derivatives Committee.

Josh has been appointed as a derivatives market expert by P.R.I.M.E. Finance, an independent, non-profit foundation associated with the Permanent Court of Arbitration in The Hague. P.R.I.M.E. Finance helps train judges on financial markets and trading issues, in addition to advocating for legal reform, in developed and developing countries worldwide.

Josh is a prior recipient of the CFTC Chairman's Award for Excellence in Management, in recognition of his record-setting accomplishments while serving as the Director of the CFTC’s Market Participants Division under Chairman Heath Tarbert.