Global Investigations Review interviewed McGuireWoods partner David Hirsch for an article on investigative process changes at the U.S. Commodity Futures Trading Commission.
The Dec. 3, 2025, article (subscription required) focuses on the CFTC’s announcement of due process reforms for individuals or entities that receive a Wells notice, which informs them that an enforcement action is contemplated. The changes allow targets to know more about potential charges and give them 30 days, instead of 14 days under the previous rule, to respond to a notice.
Hirsch, a former head of the Securities and Exchange Commission’s crypto assets and cyber unit, said the CFTC’s moves were similar to recent changes at the SEC. The SEC has “indicated an intent to share more about the facts supporting its concerns and more of the investigative record,” said Hirsch, who is based in McGuireWoods’ Washington, D.C., office.
The changes offer “those who are being investigated an opportunity to better tailor their Wells statement and presentation to focus on the SEC’s primary concerns and evidence,” Hirsch added.