D. Scott
Bennett

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.

Cravath represented the underwriters in connection with the $683.6 million registered underwritten offering of Class A common stock of Galaxy Digital Inc., a global leader in digital assets and artificial intelligence infrastructure, delivering enduring solutions that accelerate the future digital economy. This was Galaxy Digital Inc.’s first underwritten public offering of its Class A common stock as a listed company on the Nasdaq Global Select Market. The transaction closed on June 3, 2025.

Cravath represented the underwriters in connection with the $559 million registered secondary offering of class A common stock of Hess Midstream LP, a fee‑based, growth‑oriented, limited partnership formed by Hess Midstream GP LP and Hess Infrastructure Partners GP LLC to own, operate, develop and acquire a diverse set of midstream assets and provide fee‑based services to Hess Corporation and third‑party customers. The transaction closed on May 30, 2025.

Cravath represented the underwriters in connection with the €1 billion registered senior notes offering of Cencora, Inc., a leading global pharmaceutical solutions organization centered on improving the lives of people and animals around the world. The transaction closed on May 22, 2025.

Cravath represented QUALCOMM Incorporated in connection with its $1.5 billion registered notes offering. QUALCOMM Incorporated is a global technology leader, helping to bring intelligent computing everywhere through the development and commercialization of foundational technologies. The transaction closed on May 21, 2025.

On June 11, 2025, Cravath prepared a memo for its clients entitled “SEC Solicits Public Comment on the Eligibility Criteria for Foreign Private Issuer Status.” The memo examines a concept release recently published by the U.S. Securities and Exchange Commission to seek public comment on whether to revise the “foreign private issuer” definition in light of shifting trends in the characteristics of the FPI population.

Cravath partners D. Scott Bennett and Nicholas A. Dorsey and of counsels Virginia M. Anderson and Ellen H. Park co‑authored the U.S. Law and Practice chapter of the Chambers Venture Capital Guide, which was published in May 2025. The guide, which is part of the publisher’s Global Practice Guides series, provides the latest legal information on trends in the venture capital market; fund structures, economics and regulation; investments in VC companies; government subsidies and tax; employee incentivization and exits in the 26 jurisdictions covered. The U.S. Law and Practice chapter examines how the artificial intelligence sector drove momentum in the venture capital market throughout the past year; the continued prevalence of “down round” raises, bridge financing solutions and alternative financing solutions for companies that have faced financing challenges; typical venture capital fund structure in the United States and more.

On February 5, 2025, Cravath published the latest edition of its Cravath Venture Capital & Growth Equity Insights newsletter (formerly the Cravath Emerging Company and Venture Capital Insights newsletter), entitled “2024 Recap and 2025 Outlook.” The newsletter provides an overview of global venture capital and related activity during the second half of 2024 and examines emerging fundraising opportunities, key exit trends and increasing secondaries markets activity; offers insights on artificial intelligence investment and cryptocurrency valuation; and provides updates on regulatory developments.

On November 13, 2024, Cravath partners D. Scott Bennett and Nicholas A. Dorsey participated in a webcast entitled “Navigating the Market for Foreign Private Issuers: Unpacking Regulatory Challenges for FPIs in Today’s Economic Landscape,” which was hosted by global accounting and business advisory firm CFGI. During the webcast, Scott and Nick discussed the regulatory and economic challenges faced by foreign private issuers in today's complex financial landscape and the critical issues influencing foreign entities seeking to navigate the U.S. capital markets.

On October 28, 2024, Cravath partners D. Scott Bennett and C. Daniel Haaren participated in “Securities Offerings 2024: A Public Offering from Start to Finish,” a program presented by the Practising Law Institute in New York. The program simulated a public offering from start to finish. Dan chaired the program, and Scott and Dan delivered opening remarks and appeared on panels entitled “Introduction to the Law of Securities Offerings,” which reviewed the basic legal framework for registered public securities offerings, “Working Effectively with the SEC: Preparing Your Registration Statement,” which covered registration statement preparation and SEC review processes, “Important Financial Statements, Accounting Disclosures and Key Securities Offering Documentation,” in which panelists discussed financial disclosure and other offering documentation processes, “Underwriting and Distribution Arrangements,” which reviewed the underwriting and stock exchange listing processes and “Ethics, Due Diligence and the Offering Process,” which surveyed ethical issues that arise in the due diligence and offering processes and how to avoid them.