Firm News: Cahill Adds Preeminent Derivatives and Bank Regulatory Partner Gary Kalbaugh 09.15.2025

Cahill Adds Preeminent Derivatives and Bank Regulatory Partner Gary Kalbaugh

His addition further expands the capabilities of the firm's Digital Assets and Emerging Technology practice to cover commodities, futures, derivatives, and bank regulatory matters

Date: 09/15/25

Cahill today announced that Gary Kalbaugh has joined the firm as a partner in its New York office, where he will advise clients on derivatives, futures, commodities, and bank regulation. He has become a member of CahillNXT, the firm's globally recognized Digital Assets and Emerging Technology practice, and will also launch Cahill's Commodities, Futures, and Derivatives practice and deepen its bank regulatory capabilities.

"Gary's arrival underscores our commitment to growth and leadership in the digital assets and fintech space," said Herbert Washer, Chair of Cahill's Executive Committee. "CahillNXT was founded on the principle that clients operating at the intersection of financial services and digital financial technology need seamless, best-in-class counsel across high-stakes litigation, regulatory enforcement, compliance, transactional, and tax matters. With Gary's deep experience and insight on derivatives and banking law, we are exceptionally well-positioned to offer guidance on these issues to our bank, fintech, and crypto native clients."

Gary joins Cahill from ING Financial Holdings Corporation, where he served as Deputy General Counsel and Director advising ING's board and senior management on derivatives and bank regulatory matters and oversaw ING's CFTC-registered swap dealer and its SEC-registered securities-based swap dealer. Gary is the author of Derivatives Law and Regulation, the leading treatise covering the regulation of futures, swaps, security-based swaps, derivatives, and similar financial products. Gary has taught derivatives law at Columbia Law School and banking and derivatives law at Hofstra Law School. He is past chair of the New York City Bar Association's futures and derivatives regulation committee and a member of the CFTC's Future of Finance Subcommittee covering digital financial technologies including cryptographically secured digital assets and artificial intelligence. He also co-developed ING legal's global artificial intelligence training program and led U.S. regulatory initiatives relating to ING's blockchain pilot programs.

"Gary literally wrote the book on how derivatives and other financial products are regulated," said Samson Enzer, the founder and Co-Chair of CahillNXT. "As more and more financial market participants expand their exposure to trading in crypto derivatives products like perpetual futures, there is explosive demand for the unique expertise that Gary brings to the table as an authority on how derivatives and bank regulations may apply to financial innovations involving digital assets, blockchain, Web3, AI and other emerging areas. We are thrilled to add Gary to the bench of expertise that we can offer DeFi and TradFi clients who are hungry for advice on these issues."

"Gary is without a doubt the preeminent attorney in the derivatives space," said Lewis Cohen, Co-Chair of CahillNXT. "With recent legislative and regulatory developments in the digital assets arena, it is more important than ever for clients to have trusted counsel with deep knowledge of spot markets and CFTC oversight. Since launching the CahillNXT group at Cahill, we have worked diligently to build a team of attorneys recognized as leaders in their fields, expanding the scope and sophistication of our services."

Recent additions to CahillNXT include D.C.-based crypto native tax partner Jason Schwartz and London-based counsel Jonathan Galea, a crypto native expert on European crypto regulations including MiCA.

"I'm thrilled to join Cahill, which has shown true leadership and unmatched commitment to clients in the digital assets industry," said Gary. "The firm's drive to excel in every area it touches aligns perfectly with my work across digital assets, derivatives, and commodities. Together, we have an exceptional opportunity to provide clients with cutting-edge counsel at a time of rapid regulatory and market evolution."