Paul Zumbro Authors Article on the Treatment of Cryptoasset Firms in Bankruptcy for The Wall Street Journal

Cravath partner Paul H. Zumbro authored an article entitled “How Congress Can Minimize the Cryptopocalypse,” which was published by The Wall Street Journal’s Pro Bankruptcy platform on July 21, 2022. In the article, Paul takes the position that Congress should consider amending the Bankruptcy Code so that the specialized liquidation framework for stockbrokers and commodity brokers is applied to cryptoasset exchanges and intermediaries in order to prioritize customer claims over other creditors. He argues that this application would provide greater certainty and enhanced protection of customer rights—instilling confidence in investors, benefiting the further development of the cryptoasset markets and protecting those markets from disruption. The article was additionally featured in The Wall Street Journal’s Pro Bankruptcy and Central Banking newsletters on July 22, 2022.

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