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News & Insights

Circle’s Regulatory Clarity Amidst IPO Process

July 01, 2025

Cravath represented Circle Internet Financial, LLC on SEC regulatory matters concerning the non‑applicability of securities laws to payment stablecoins, concurrent with Circle Internet Group Inc.’s initial public offering.

The Cravath team was led by partners Jelena McWilliams, John W. White, D. Scott Bennett, Benjamin Gruenstein and Ryan J. Patrone and included of counsel Ellen H. Park and associates Danielle A. Solaru, Mikayla L. Harris and Peter A. Sotos.

Related Practices & Industries

  • Corporate
  • Financial Institutions Group (FIG)
  • Corporate Governance and Board Advisory
  • Capital Markets
  • Emerging and Founder-Led Companies
  • Litigation
  • Investigations and Regulatory Enforcement
  • Venture Capital & Growth Equity
  • Financial Services and Insurance
  • Fintech
  • Technology
  • Blockchain, Cryptocurrency and Digital Assets

People

Photo
Name
John W. White
Title
Corporate
Title
Partner
Email
jwhite@cravath.com
Phone
+1-212-474-1732
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    Education

    • J.D., 1973, New York University School of Law
      Order of the Coif, cum laude
    • B.S., 1970, University of Virginia
      with Honors

    Admitted In

    • New York
    Photo
    Name
    D. Scott Bennett
    Title
    Corporate
    Title
    Partner
    Email
    sbennett@cravath.com
    Phone
    +1-212-474-1132
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      Education

      • J.D., 2006, Emory University School of Law
      • B.A., 2002, Duke University

      Admitted In

      • New York
      Photo
      Name
      Benjamin Gruenstein
      Title
      Litigation
      Title
      Partner
      Email
      bgruenstein@cravath.com
      Phone
      +1-212-474-1080
      vCard
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        Education

        • J.D., 1999, Harvard Law School
          magna cum laude
        • A.B., 1996, Harvard College
          Phi Beta Kappa, summa cum laude

        Admitted In

        • New York
        • District of Columbia
        Photo
        Name
        Ryan J. Patrone
        Title
        Corporate
        Title
        Partner
        Email
        rpatrone@cravath.com
        Phone
        +1-212-474-1280
        vCard
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          Education

          • J.D., 2015, New York University School of Law
            Order of the Coif; Florence Allen Scholar, magna cum laude
          • B.S., 2012, University of Florida
            summa cum laude

          Admitted In

          • New York
          Photo
          Name
          Ellen H. Park
          Title
          Corporate
          Title
          Partner
          Email
          epark@cravath.com
          Phone
          +1-212-474-1652
          vCard
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            Education

            • J.D., 2017, Harvard Law School
              cum laude
            • B.A., 2013, University of California, San Diego

            Admitted In

            • New York

            Related News & Insights

            Deals & Cases

            February 10, 2025

            FactSet’s Acquisition of LiquidityBook

            On February 10, 2025, FactSet, a global financial digital platform and enterprise solutions provider, announced the acquisition of LiquidityBook, a leading provider of cloud‑native buy- and sell‑side trading solutions, for a gross purchase price of $246.5 million in cash. Cravath is representing FactSet in connection with the transaction.

            Deals & Cases

            January 22, 2025

            CardWorks’s Acquisition of Ally’s Credit Card Business

            On January 22, 2025, CardWorks, Inc. (“CardWorks”), a leader in credit and payments, and Ally Financial Inc. (“Ally”), a financial services company with the nation’s largest all‑digital bank and an industry‑leading auto financing business, announced that they have entered into a definitive agreement for CardWorks, and its wholly‑owned bank subsidiary, Merrick Bank, to acquire Ally’s credit card business, including a portfolio of $2.3 billion in credit card receivables with 1.3 million active cardholders as of December 31, 2024. Cravath is representing CardWorks in connection with the transaction.

            Deals & Cases

            November 19, 2024

            Robinhood’s Acquisition of TradePMR

            On November 19, 2024, Robinhood Markets, Inc. (“Robinhood”) announced that it has entered into an agreement to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors. Final deal consideration is expected to be approximately $300 million, subject to customary purchase price adjustments, consisting of a mix of cash and stock. Cravath is representing Robinhood in connection with the transaction.

            Deals & Cases

            October 25, 2024

            L&G’s Investment in Taurus Investment Holdings

            On October 25, 2024, Legal & General (“L&G”), one of the U.K.’s leading financial services groups and a major global investor, announced its strategic investment in Taurus Investment Holdings, LLC (“Taurus”), a Boston‑based, global real estate private equity firm, alongside an initial commitment of up to $200 million in seed capital to multifamily real estate. Cravath is representing L&G in connection with the transaction.

            Cravath Bicentennial

            Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.

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