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Desktop Image: Davis, Elizabeth
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Elizabeth Lan Davis

she/her

Partner

T 202.220.1933 Washington, D.C.
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She is particularly well regarded for her extensive experience of providing counsel on SEC and DOJ investigations, as well as regulatory matters."

Chambers Review, Chambers USA

Elizabeth is exceptional."

Derivatives Enforcement Client Quote, Chambers USA

Liz leads the commodities and derivatives business practice within the firm's financial services group. With nearly two decades of federal government experience at the Commodity Futures Trading Commission and U.S. Department of Justice, Liz has the insights and perspective to effectively advocate on behalf of her clients before the CFTC, DOJ, Internal Revenue Service, Securities and Exchange Commission, National Futures Association, and exchanges such as CME and ICE.

Ranked Band 1 nationwide and globally for derivatives enforcement by Chambers & Partners, Liz represents individuals and corporate entities in financial services examinations, regulatory investigations and litigation, and white-collar matters. Her wide-ranging clients include senior management, traders, financial institutions, proprietary trading firms, agricultural and energy firms, futures commission merchants, fintech firms, digital asset exchanges, decentralized finance protocols, commodity pools, and commodity trading advisors. Liz's depth of government experience allows her to handle government investigations and litigation efficiently and resolve civil and criminal matters in a way that significantly reduces penalties sought by the government, while zealously advocating on behalf of her clients. She also works with companies to conduct cost-effective internal investigations and counsels on regulatory compliance.

At the CFTC, where she served as a chief trial attorney in the Division of Enforcement, Liz led civil regulatory enforcement investigations on wide-ranging matters including fraud and manipulation, disruptive trading practices, virtual currencies, credit default swap indices, undercapitalization, and swaps reporting. Before her nine-year tenure at the CFTC, she served as counsel to the deputy assistant attorney general for civil matters within the DOJ Tax Division and was a trial attorney in the Tax Division's civil trial section. As a trial attorney, Liz tried numerous bench and jury trials to judgment, representing the IRS in federal district and bankruptcy courts.

Liz is the former chair of McGonigle, P.C., where she was a founding member of the firm's Commodities, Futures & Derivatives practice group. Liz has served on the Executive Committee of the Futures Industry Association Law & Compliance Division and as the Law Firm Board Member of the Commodity Markets Council. She also previously co-chaired the Global Digital Asset Cryptocurrency Association’s Compliance Community of Practice and is a member of the ABA Derivatives and Futures Law Committee.

 

Practice Highlights

Enforcement

Liz defends global financial institutions, as well as investment advisers, brokers, traders, senior management, and compliance officials in connection with on-the-record testimony, depositions, informal interviews, hearings, and other appearances in proceedings before federal government agencies, self-regulatory organizations, and exchanges.

Varied financial products

Liz's practice covers a wide variety of assets and financial products, including agricultural and energy commodities, digital assets, swaps, forex, precious metals, and Treasuries.

Digital asset regulation

Liz provides regulatory advice to digital asset exchanges and trading platforms in connection with registration issues, CFTC rule enforcement reviews, token listings, and state money transmitter licenses.

Selected Enforcement and Litigation Experience

Receivership litigation

Defended futures commission merchant and broker-dealer in connection with consolidated federal district court lawsuits arising from a CFTC complaint against a former customer and wife for operating a Ponzi scheme.

DeFi protocols

Representing decentralized autonomous organization (DAO) in connection with CFTC and SEC enforcement investigations. (Ongoing)

CFTC off-channel communications investigation

Representing head of swaps desk of a swaps execution facility in connection with a CFTC investigation in connection with off-channel communications and recordkeeping. (Ongoing)

DOJ and CFTC proceedings

Representing owner of a natural gas company introducing broker in connection with DOJ criminal proceeding and civil CFTC enforcement proceeding relating to alleged misappropriation of customer information and prearranged trading in the natural gas markets. (Ongoing) 

DOJ proceeding

Representing former chief compliance officer of a major global financial institution in connection with a DOJ criminal proceeding relating to spoofing, disruptive trading, RICO, and wire fraud allegations.
*Denotes an attorney's experience prior to joining Davis Wright Tremaine
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Other Selected Experience

Advisory work for agricultural marketer and producer*

Advised on strategies to address potential regulatory issues in connection with the addition of a risk management program for an agricultural marketer and producer utilizing a commodity pool or commodity trading advisor structure to the client's current suite of services to be offered to its customers.  

Advisory work for cryptocurrency derivatives exchange*

Advised cryptocurrency derivatives exchange in connection with Rule Enforcement Review conducted by the CFTC's Division of Market Oversight, as well as relating to application to amend its registration status with the CFTC.

Advisory work for power company*

Advised power company in connection with its reporting large traders' submission to the CFTC's Division of Market Oversight.

Advisory work for digital asset exchanges and fintech companies

Provides legal and compliance advisory work to multiple digital asset exchanges and fintech companies regarding various issues ranging from the contemplated listing of particular digital tokens, money transmission licensure, AML/KYC requirements, insider trading policies and procedures, and rule enforcement reviews.

Corporate internal investigation*

Conducted internal investigation of employees of major financial institution relating to unemployment benefits.
*Denotes an attorney's experience prior to joining Davis Wright Tremaine
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Admitted to Practice

  • District of Columbia, 1999

Education

  • J.D., Tulane University Law School, 1999  
  • B.A., University of Pennsylvania, 1996

Memberships & Affiliations

    • Member and past Wolfpack Facilitator, Women in Financial Markets
    • Past Fellow, Leadership Council on Legal Diversity
    • Past Diversity Committee Co-chair, Women's Bar Association of Washington, D.C.
    • Women's White Collar Defense Association
    • Former Compliance Community of Practice Co-chair, Global Digital Asset Cryptocurrency Association
    • Former Law Firm Board Member, Commodity Markets Council
    • Executive Committee Member, Law & Compliance Division, Futures Industry Association
    • Member and Conference Co-chair, Commodities & Derivatives Section, American Bar Association

Professional Recognition

    • Named as one of "America's Leading Lawyers for Business" by Chambers USA in Derivatives: Enforcement, 2023-2025; Received "Band 1" ranking in Chambers Global Guide and Chambers USA for Derivatives: Enforcement, 2023-2025
    • DOJ Tax Division Outstanding Attorney Award (2004, 2006, 2007)
    • Washington Business Journal's "Women Who Mean Business" (2021)
    • Asian Pacific American Bar Association of the Greater Washington DC Area Pioneer Award (2021)
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