Cravath Publishes Summer 2026 Issue of Alumni Journal
Donald L.
Thompson
Senior Attorney, Corporate
Donald L. Thompson is a member of the Financial Institutions Group (FIG) Practice and focuses his practice on advising broker‑dealers and other financial services firms on a broad range of securities regulatory, enforcement, examinations, compliance and transactional matters.
Mr. Thompson has extensive experience counseling clients on a broad range of complex regulatory matters before the Securities and Exchange Commission (SEC) and self‑regulatory organizations, such as the Financial Industry Regulatory Authority (FINRA), including matters relating to crypto assets; broker‑dealer and investment adviser status and registration requirements; Rule 15a‑6 arrangements; investment research; Regulation ATS; Rule 15c2‑11; Regulation M; and Reg BI. He also has represented clients in SEC and FINRA enforcement investigations, examinations and litigation.
Mr. Thompson brings to bear significant first-hand experience from his time working within FINRA’s Office of Fraud Detection and Market Intelligence.
Mr. Thompson grew up in Tampa, Florida. He received a B.S. cum laude from Florida State University in 2014, a J.D. cum laude in 2017 from Florida State University College of Law, where he was the Managing Editor of the Law Review, and a Master of Laws in Securities and Financial Regulation (LL.M.) with distinction from Georgetown University Law Center in 2018.
Mr. Thompson joined Cravath in 2025. Prior to joining Cravath, he was associated with another law firm in Washington, D.C.
Mr. Thompson has extensive experience counseling clients on a broad range of complex regulatory matters before the Securities and Exchange Commission (SEC) and self‑regulatory organizations, such as the Financial Industry Regulatory Authority (FINRA), including matters relating to crypto assets; broker‑dealer and investment adviser status and registration requirements; Rule 15a‑6 arrangements; investment research; Regulation ATS; Rule 15c2‑11; Regulation M; and Reg BI. He also has represented clients in SEC and FINRA enforcement investigations, examinations and litigation.
Mr. Thompson brings to bear significant first-hand experience from his time working within FINRA’s Office of Fraud Detection and Market Intelligence.
Mr. Thompson grew up in Tampa, Florida. He received a B.S. cum laude from Florida State University in 2014, a J.D. cum laude in 2017 from Florida State University College of Law, where he was the Managing Editor of the Law Review, and a Master of Laws in Securities and Financial Regulation (LL.M.) with distinction from Georgetown University Law Center in 2018.
Mr. Thompson joined Cravath in 2025. Prior to joining Cravath, he was associated with another law firm in Washington, D.C.
Education
-
LL.M., 2018, Georgetown Universitycum laude
-
J.D., 2017, Florida State University College of Lawcum laude
-
B.A., 2014, Florida State Universitycum laude
Admitted In
- District of Columbia
Deals & Cases
July 31, 2026
TMX Group’s Strategic Investment in the $2.3 Billion Combination of MEMX and BOX
On July 30, 2026, TMX Group, a global provider of data, listing services, trading markets, clearing facilities and other services to the global financial community, announced a definitive agreement to make a strategic investment in MEMX, an exchange operator and market technology provider. Concurrent with that transaction, BOX, a U.S. equity options market with both electronic and floor-based trading, will be combined with MEMX, and TMX Group will have an approximately 59% ownership interest in the combined business. Under the terms of the agreement, this transaction will create a consolidated U.S. exchange group with an enterprise value of approximately $2.3 billion. The new entity will be funded by an equity investment from TMX Group of approximately $800 million, a rollover of TMX’s existing equity interest in BOX, committed rollovers from a group of MEMX and BOX investors, comprised of key market participants, and an investment from a new financial partner. Cravath is representing TMX Group in connection with the transaction.
Publications
March 23, 2026
SEC Issues Interpretation on Application of Securities Laws to Crypto Assets
On March 23, 2026, Cravath prepared a memo for its clients entitled “SEC Issues Interpretation on Application of Securities Laws to Crypto Assets.” The memo examines an interpretation and guidance issued by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission clarifying the application of federal securities laws to certain crypto assets and transactions involving crypto assets.
Donald L. Thompson is a member of the Financial Institutions Group (FIG) Practice and focuses his practice on advising broker‑dealers and other financial services firms on a broad range of securities regulatory, enforcement, examinations, compliance and transactional matters.
Mr. Thompson has extensive experience counseling clients on a broad range of complex regulatory matters before the Securities and Exchange Commission (SEC) and self‑regulatory organizations, such as the Financial Industry Regulatory Authority (FINRA), including matters relating to crypto assets; broker‑dealer and investment adviser status and registration requirements; Rule 15a‑6 arrangements; investment research; Regulation ATS; Rule 15c2‑11; Regulation M; and Reg BI. He also has represented clients in SEC and FINRA enforcement investigations, examinations and litigation.
Mr. Thompson brings to bear significant first-hand experience from his time working within FINRA’s Office of Fraud Detection and Market Intelligence.
Mr. Thompson grew up in Tampa, Florida. He received a B.S. cum laude from Florida State University in 2014, a J.D. cum laude in 2017 from Florida State University College of Law, where he was the Managing Editor of the Law Review, and a Master of Laws in Securities and Financial Regulation (LL.M.) with distinction from Georgetown University Law Center in 2018.
Mr. Thompson joined Cravath in 2025. Prior to joining Cravath, he was associated with another law firm in Washington, D.C.
Mr. Thompson has extensive experience counseling clients on a broad range of complex regulatory matters before the Securities and Exchange Commission (SEC) and self‑regulatory organizations, such as the Financial Industry Regulatory Authority (FINRA), including matters relating to crypto assets; broker‑dealer and investment adviser status and registration requirements; Rule 15a‑6 arrangements; investment research; Regulation ATS; Rule 15c2‑11; Regulation M; and Reg BI. He also has represented clients in SEC and FINRA enforcement investigations, examinations and litigation.
Mr. Thompson brings to bear significant first-hand experience from his time working within FINRA’s Office of Fraud Detection and Market Intelligence.
Mr. Thompson grew up in Tampa, Florida. He received a B.S. cum laude from Florida State University in 2014, a J.D. cum laude in 2017 from Florida State University College of Law, where he was the Managing Editor of the Law Review, and a Master of Laws in Securities and Financial Regulation (LL.M.) with distinction from Georgetown University Law Center in 2018.
Mr. Thompson joined Cravath in 2025. Prior to joining Cravath, he was associated with another law firm in Washington, D.C.
Education
-
LL.M., 2018, Georgetown Universitycum laude
-
J.D., 2017, Florida State University College of Lawcum laude
-
B.A., 2014, Florida State Universitycum laude
Admitted In
- District of Columbia
Deals & Cases
July 31, 2026
TMX Group’s Strategic Investment in the $2.3 Billion Combination of MEMX and BOX
On July 30, 2026, TMX Group, a global provider of data, listing services, trading markets, clearing facilities and other services to the global financial community, announced a definitive agreement to make a strategic investment in MEMX, an exchange operator and market technology provider. Concurrent with that transaction, BOX, a U.S. equity options market with both electronic and floor-based trading, will be combined with MEMX, and TMX Group will have an approximately 59% ownership interest in the combined business. Under the terms of the agreement, this transaction will create a consolidated U.S. exchange group with an enterprise value of approximately $2.3 billion. The new entity will be funded by an equity investment from TMX Group of approximately $800 million, a rollover of TMX’s existing equity interest in BOX, committed rollovers from a group of MEMX and BOX investors, comprised of key market participants, and an investment from a new financial partner. Cravath is representing TMX Group in connection with the transaction.
Publications
March 23, 2026
SEC Issues Interpretation on Application of Securities Laws to Crypto Assets
On March 23, 2026, Cravath prepared a memo for its clients entitled “SEC Issues Interpretation on Application of Securities Laws to Crypto Assets.” The memo examines an interpretation and guidance issued by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission clarifying the application of federal securities laws to certain crypto assets and transactions involving crypto assets.
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