Dan M. Berkovitz


Berkovitz, Dan

Dan M. Berkovitz's practice encompasses all aspects of the regulatory, enforcement and legislative agenda affecting the swaps and futures markets. His clients, both domestic and international, include entities in ongoing US Commodity Futures Trading Commission (CFTC) investigations, multi-national swap dealers, managed funds, a major US manufacturer, and industry trade and advocacy associations.  

Mr. Berkovitz joined WilmerHale in 2013 after more than 30 years of government service in the US Senate and several key governmental agencies, including the CFTC, Department of Energy, and Nuclear Regulatory Commission. Mr. Berkovitz served as General Counsel of the CFTC from 2009-2013, where he played a key role in the passage of the Dodd-Frank Act and in the commission's rulemakings to implement the act. He also supervised the agency's appellate litigation and counseled the commission on administrative, budgetary and operational issues, and served as the CFTC's Deputy Representative to the Financial Stability Oversight Council.

Prior to joining the CFTC, Mr. Berkovitz was a senior staff lawyer for the Senate Permanent Subcommittee on Investigations, where he led several investigations into the energy markets. Most notably, he led the subcommittee's investigation into natural gas trading activities that provided the basis for Congress to amend the Commodity Exchange Act to regulate, for the first time, the electronic trading of swaps in energy commodities. Mr. Berkovitz has also served as counsel to the Senate Subcommittee on Nuclear Regulation, working on nuclear waste and nuclear accident liability legislation. He has also served at the Department of Energy as a deputy assistant secretary in the Office of Environmental Management, which is responsible for cleaning up the nuclear and hazardous wastes resulting from the production of nuclear weapons. Mr. Berkovitz began his career in the Office of General Counsel of the Nuclear Regulatory Commission, where he served for three years as an attorney.

Currently, Mr. Berkovitz also is an Adjunct Professor at Georgetown University Law School, where he teaches derivatives trading and regulation. Mr. Berkovitz obtained an AB in Physics from Princeton University and a JD from the University of California, Hastings College of the Law. 

Professional Activities

Currently, Mr. Berkovitz also is an Adjunct Professor at Georgetown University Law School, where he teaches energy trading and regulation.

Honors & Awards

Publications & News


April 17, 2018

President Trump to Nominate Dan Berkovitz to CFTC

President Donald Trump has announced his intent to nominate WilmerHale Partner Dan Berkovitz to be a commissioner of the Commodity Futures Trading Commission, for the remainder of a five year term that expires April 13, 2023.

August 4, 2017

SEC Confirms Certain ICOs Are Securities Offerings; Regulators Renew Focus on Cryptocurrencies

Participants and observers in cryptocurrency markets have long expected input from the SEC on the question of whether offerings of cryptocurrencies would be subject to the federal securities laws. On July 25, the SEC issued a Report of Investigation pursuant to Section 21(a) of the Securities Exchange Act of 1934 of its investigation of an offering of digital tokens by “The DAO,” an unincorporated virtual organization. This WilmerHale Client Alert was republished in Bloomberg BNA's Securities Regulation & Law Report.

May 26, 2017

WilmerHale Lawyers and Practices Recognized in 2017 Edition of Chambers USA

Chambers and Partners announced its rankings for the 2017 edition of Chambers USA: America's Leading Lawyers for Business, with WilmerHale listed among the nation's best in 50 practice area categories. Chambers also ranked 86 WilmerHale lawyers as leaders in their respective fields.

February 28, 2017

Hedge Fund Law Report Highlights WilmerHale's CFTC Year in Review

The Hedge Fund Law Report profiled a webinar by WilmerHale's Futures and Derivatives Practice that analyzed the Commodity Futures Trading Commission's major actions in 2016 and its top priorities for 2017.

January 23, 2017

2016 CFTC Year-in-Review and a Look Forward

In 2016, the CFTC continued to pursue high-profile enforcement cases and to test its new enforcement authority under the Dodd-Frank Act. This WilmerHale Client Alert was republished by the Harvard Law School Forum on Corporate Governance and Financial Regulation and the Futures and Derivatives Law Report.

November 9, 2016

CFTC Revises Proposed Reg AT

The Commodity Futures Trading Commission on November 3, 2016, proposed revisions  to proposed Regulation Automated Trading (Reg AT). Reg AT, if adopted, will broadly affect those in the futures industry who trade electronically, imposing new registration and supervision requirements on algorithmic traders.

October 24, 2016

Federal Reserve Board Seeks New Limits on Bank Activities in Physical Commodities

An article by Dan Berkovitz and Gail Bernstein published in the National Law Review assesses the Federal Reserve Board of Governors' proposals to impose new restrictions on banks' use of physical commodities.

October 6, 2016

Energy Sector Alert Series: Federal Reserve Board Seeks New Limits on Bank Activities in Physical Commodities

As a result of both legislative mandates as well as Congressional and public concern, the Board of Governors of the Federal Reserve System has been examining whether to impose new restrictions on the activities of banks related to physical commodities.

September 23, 2016

Key Differences Between CFTC and SEC Final Business Conduct Standards and Related Cross-Border Requirements

An article by Paul Architzel, Dan Berkovitz, Gail Bernstein and Seth Davis, originally published in the Journal of Investment Compliance in September 2016 and republished in Market Solutions by the Financial Markets Association (FMA), analyzes the differences between the SEC's newly adopted final business conduct rules for security-based swap dealers and major security-based swap participants under Section 15F(h) of the Securities Exchange Act of 1934 and the parallel rules promulgated under the Commodity Exchange Act by the CFTC with respect to swap dealers and major swap participants.

May 26, 2016

Key Differences Between the CFTC and SEC Final Business Conduct Standards and Related Cross-Border Requirements

In April, the Securities and Exchange Commission adopted its final business conduct rules for security-based swap dealers.