Four Decades for Justice
Cravath partners with clients to help navigate the legal and business issues arising out of the dynamic blockchain and digital asset ecosystem. We pair technical expertise with exceptional client service, earning a client’s praise that “the Cravath team actually read through our open source code in our blockchain protocol to provide legal advice. This was the first law firm that ever did this. I was amazed with the brilliance of their understanding of blockchain technology and the law.”
Cravath advises startups and public companies, banks, broker‑dealers and other financial institutions on issues involving cryptoassets and stablecoins, digital payments, decentralized finance (DeFi), protocol design, DAOs and Web3 more generally. We provide counsel on the challenges and benefits of blockchain technology, cryptocurrencies and other digital assets as assessed against a fluid and rapidly evolving regulatory landscape.
The integrated, cross‑disciplinary advice we provide spans regulatory, transactional, tax, intellectual property, data privacy and security, litigation and policy matters. We bring to bear a broad base of legal expertise and market knowledge, as well as a deep bench comprising former leaders at the U.S. Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the U.S. Department of the Treasury, the U.S. Patent and Trademark Office, the U.S. Department of Justice and various U.S. Attorneys’ Offices.
Our attorneys are influential thought leaders who regularly provide insights into emerging and complex issues, including the intersection of cryptoasset regulation and securities law, the future of crypto enforcement and intellectual property rights within a Web3 environment. Cravath has been recognized as a top‑tier firm for crypto by The Legal 500 and has also been recognized in the areas of fintech, financial services litigation, financial services regulatory and securities regulation by numerous third‑party publications.
Cravath advises startups and public companies, banks, broker‑dealers and other financial institutions on issues involving cryptoassets and stablecoins, digital payments, decentralized finance (DeFi), protocol design, DAOs and Web3 more generally. We provide counsel on the challenges and benefits of blockchain technology, cryptocurrencies and other digital assets as assessed against a fluid and rapidly evolving regulatory landscape.
The integrated, cross‑disciplinary advice we provide spans regulatory, transactional, tax, intellectual property, data privacy and security, litigation and policy matters. We bring to bear a broad base of legal expertise and market knowledge, as well as a deep bench comprising former leaders at the U.S. Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the U.S. Department of the Treasury, the U.S. Patent and Trademark Office, the U.S. Department of Justice and various U.S. Attorneys’ Offices.
Our attorneys are influential thought leaders who regularly provide insights into emerging and complex issues, including the intersection of cryptoasset regulation and securities law, the future of crypto enforcement and intellectual property rights within a Web3 environment. Cravath has been recognized as a top‑tier firm for crypto by The Legal 500 and has also been recognized in the areas of fintech, financial services litigation, financial services regulatory and securities regulation by numerous third‑party publications.
Deals & Cases
November 15, 2023
On November 13, 2023, the U.S. District Court for the Southern District of Florida denied plaintiffs’ motion to certify a class asserting market manipulation claims under the federal securities laws against Cravath clients Robinhood Markets, Inc., Robinhood Financial LLC and Robinhood Securities, LLC (together, “Robinhood”).
Deals & Cases
September 01, 2023
Cravath represented Robinhood Markets, Inc. (“Robinhood”) in its Share Purchase Agreement (the “Share Purchase Agreement”) with the United States Marshals Service (the “USMS”), acting for and on behalf of the United States, pursuant to which Robinhood agreed to purchase 55,273,469 shares of the company’s Class A common stock (the “Shares”) from the USMS for an aggregate purchase price of $605,694,411.59, or approximately $10.96 per share. The transaction closed on August 31, 2023.
Deals & Cases
July 26, 2022
On July 25, 2022, Judge Danny Y. Chou of the Superior Court of the State of California, County of San Mateo, issued a decision holding that the automatic discovery stay pursuant to Section 77z‑1(b)(1) of the Private Securities Litigation Reform Act (the “PSLRA Stay”) applies not only in federal court, but also in state court. Judge Chou therefore granted Cravath clients Dfinity Foundation and Dfinity USA Research, LLC’s (together, the “Dfinity Defendants”) motion to stay discovery pending resolution of the Dfinity Defendants’ demurrer.
Activities & Publications
April 05, 2024
On April 5, 2024, Cravath partner Jelena McWilliams delivered the keynote address at the 8th annual Wharton Conference on Financial Regulation, which was hosted by the Wharton Legal Studies Department of the University of Pennsylvania. The event convened lawyers, financial economists, macro‑economists and government officials to discuss topics related to financial regulation, such as the digital assets and payments system and banking market structure.
Activities & Publications
April 02, 2024
In April 2024, Cravath continued its “Tech Explainers” series, which introduces and explains technical, cutting‑edge concepts and describes their importance in a way that is accessible to and easily understood by business and legal professionals outside the technical community.
Activities & Publications
March 18, 2024
On March 14, 2024, Cravath hosted its 2024 Web3 Regulatory Forum at its offices in New York. The event brought together lawyers from the Firm, market participants, executives, investors and others for presentations by practitioners, current and former regulators, and interactive roundtables examining the most significant regulatory developments in the digital assets and Web3 space.
Activities & Publications
March 12, 2024
On March 12, 2024, Cravath partner Jeffrey T. Dinwoodie published a short essay in the Yale Journal on Regulation’s Notice & Comment blog entitled “A Way Forward for the SEC and Crypto: The SEC’s History of Tailoring Regulatory Frameworks for Nontraditional Securities.” It discusses the SEC’s history of tailoring the securities regulatory framework to the structural features, uses and risks of nontraditional securities—e.g., asset-backed securities, options and security-based swaps. The essay argues that “investors and the market generally would benefit if the SEC would begin the necessary—and inevitable—work of systematically evaluating and developing a regulatory regime for cryptoasset securities.”
Activities & Publications
February 13, 2024
Cravath partner Jeffrey T. Dinwoodie was interviewed on the February 11, 2024 episode of the “Law of Code” podcast. In the interview, Jeff discussed his experience working at the U.S. Securities and Exchange Commission and his views on regulatory topics involving blockchains, cryptoassets and other emerging technologies.
Deals & Cases
November 15, 2023
On November 13, 2023, the U.S. District Court for the Southern District of Florida denied plaintiffs’ motion to certify a class asserting market manipulation claims under the federal securities laws against Cravath clients Robinhood Markets, Inc., Robinhood Financial LLC and Robinhood Securities, LLC (together, “Robinhood”).
Deals & Cases
September 01, 2023
Cravath represented Robinhood Markets, Inc. (“Robinhood”) in its Share Purchase Agreement (the “Share Purchase Agreement”) with the United States Marshals Service (the “USMS”), acting for and on behalf of the United States, pursuant to which Robinhood agreed to purchase 55,273,469 shares of the company’s Class A common stock (the “Shares”) from the USMS for an aggregate purchase price of $605,694,411.59, or approximately $10.96 per share. The transaction closed on August 31, 2023.
Deals & Cases
July 26, 2022
On July 25, 2022, Judge Danny Y. Chou of the Superior Court of the State of California, County of San Mateo, issued a decision holding that the automatic discovery stay pursuant to Section 77z‑1(b)(1) of the Private Securities Litigation Reform Act (the “PSLRA Stay”) applies not only in federal court, but also in state court. Judge Chou therefore granted Cravath clients Dfinity Foundation and Dfinity USA Research, LLC’s (together, the “Dfinity Defendants”) motion to stay discovery pending resolution of the Dfinity Defendants’ demurrer.
Activities & Publications
April 05, 2024
On April 5, 2024, Cravath partner Jelena McWilliams delivered the keynote address at the 8th annual Wharton Conference on Financial Regulation, which was hosted by the Wharton Legal Studies Department of the University of Pennsylvania. The event convened lawyers, financial economists, macro‑economists and government officials to discuss topics related to financial regulation, such as the digital assets and payments system and banking market structure.
Activities & Publications
April 02, 2024
In April 2024, Cravath continued its “Tech Explainers” series, which introduces and explains technical, cutting‑edge concepts and describes their importance in a way that is accessible to and easily understood by business and legal professionals outside the technical community.
Activities & Publications
March 18, 2024
On March 14, 2024, Cravath hosted its 2024 Web3 Regulatory Forum at its offices in New York. The event brought together lawyers from the Firm, market participants, executives, investors and others for presentations by practitioners, current and former regulators, and interactive roundtables examining the most significant regulatory developments in the digital assets and Web3 space.
Activities & Publications
March 12, 2024
On March 12, 2024, Cravath partner Jeffrey T. Dinwoodie published a short essay in the Yale Journal on Regulation’s Notice & Comment blog entitled “A Way Forward for the SEC and Crypto: The SEC’s History of Tailoring Regulatory Frameworks for Nontraditional Securities.” It discusses the SEC’s history of tailoring the securities regulatory framework to the structural features, uses and risks of nontraditional securities—e.g., asset-backed securities, options and security-based swaps. The essay argues that “investors and the market generally would benefit if the SEC would begin the necessary—and inevitable—work of systematically evaluating and developing a regulatory regime for cryptoasset securities.”
Activities & Publications
February 13, 2024
Cravath partner Jeffrey T. Dinwoodie was interviewed on the February 11, 2024 episode of the “Law of Code” podcast. In the interview, Jeff discussed his experience working at the U.S. Securities and Exchange Commission and his views on regulatory topics involving blockchains, cryptoassets and other emerging technologies.
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