Cravath Publishes Winter 2026 Issue of Alumni Journal
Financial Institutions Group (FIG)
Cravath represents leading financial institutions in connection with domestic and cross‑border transactional, regulatory, supervisory, enforcement and governance matters. Our lawyers also advise fintech companies and non‑bank firms in evaluating charter options, bank partnerships and acquisitions of banks. Cravath is uniquely positioned among leading U.S. firms by our deep bench of regulatory attorneys and legal knowledge at the intersection of law and policy. The strength of this practice is grounded in our attorneys’ collective regulatory and legislative expertise, comprehensive knowledge of the financial services and fintech sectors and solutions‑oriented practical judgment.
Our integrated Financial Institutions Group (FIG) Practice draws upon the experience of our seasoned attorneys, most of whom were formerly with government organizations, regulatory agencies and legislative bodies, including the Board of Governors of the Federal Reserve System, the U.S. Securities and Exchange Commission, the U.S. Department of the Treasury, the U.S. Department of Justice, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and various U.S. Attorneys’ Offices. These varied regulatory, enforcement and policymaking experiences have allowed our attorneys to understand not only legal issues at hand but why the law was written the way it was written and what policy objectives the law intended to accomplish. We are able to leverage this knowledge as we negotiate complex regulatory and enforcement matters with governmental agencies on behalf of clients.
Our clients, which include many of the world’s leading financial institutions, fintechs and other financial services providers, rely on our lawyers’ strategic advice to navigate the changing regulatory environment and the increasingly complex challenges it presents. Cravath’s position at the forefront of regulatory developments enables us to provide invaluable insight when advising our financial services clients across a broad array of issues, including:
- Transactions with or involving regulated institutions
- Regulatory strategies for fintech companies
- The full range of regulatory matters under federal and state bank regulatory frameworks
- Cryptoasset-related matters
- Volcker Rule matters
- Enhanced prudential standards and other Dodd-Frank Act issues
- Basel III capital and liquidity requirements
- Investigations, examination and enforcement matters involving federal and state banking agencies
Cravath is consistently recognized in the areas of financial services litigation, financial services regulatory, fintech, investigations and securities regulation by numerous third‑party publications. Cravath has been named Fintech Law Firm of the Year by The Deal and a Fintech Practice Group of the Year by Law360. The Firm is also a four-time winner of Law360’s Banking Practice Group of the Year award.
Our integrated Financial Institutions Group (FIG) Practice draws upon the experience of our seasoned attorneys, most of whom were formerly with government organizations, regulatory agencies and legislative bodies, including the Board of Governors of the Federal Reserve System, the U.S. Securities and Exchange Commission, the U.S. Department of the Treasury, the U.S. Department of Justice, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and various U.S. Attorneys’ Offices. These varied regulatory, enforcement and policymaking experiences have allowed our attorneys to understand not only legal issues at hand but why the law was written the way it was written and what policy objectives the law intended to accomplish. We are able to leverage this knowledge as we negotiate complex regulatory and enforcement matters with governmental agencies on behalf of clients.
Our clients, which include many of the world’s leading financial institutions, fintechs and other financial services providers, rely on our lawyers’ strategic advice to navigate the changing regulatory environment and the increasingly complex challenges it presents. Cravath’s position at the forefront of regulatory developments enables us to provide invaluable insight when advising our financial services clients across a broad array of issues, including:
- Transactions with or involving regulated institutions
- Regulatory strategies for fintech companies
- The full range of regulatory matters under federal and state bank regulatory frameworks
- Cryptoasset-related matters
- Volcker Rule matters
- Enhanced prudential standards and other Dodd-Frank Act issues
- Basel III capital and liquidity requirements
- Investigations, examination and enforcement matters involving federal and state banking agencies
Cravath is consistently recognized in the areas of financial services litigation, financial services regulatory, fintech, investigations and securities regulation by numerous third‑party publications. Cravath has been named Fintech Law Firm of the Year by The Deal and a Fintech Practice Group of the Year by Law360. The Firm is also a four-time winner of Law360’s Banking Practice Group of the Year award.
Deals & Cases
January 23, 2026
BitGo’s IPO
Cravath represented the underwriters in connection with the $212.8 million initial public offering of class A common stock of BitGo Holdings, Inc. (“BitGo”), a leading infrastructure provider of digital asset solutions for businesses, offering solutions including custody, wallets, staking, trading, settlement and digital asset management. The shares were listed on the New York Stock Exchange. The transaction closed on January 23, 2026.
Deals & Cases
November 17, 2025
MSI’s $1.44 Billion Investment in Barings
On November 17, 2025, Mitsui Sumitomo Insurance Co., Ltd. (“MSI”), a leading Japanese insurance company and subsidiary of MS&AD Insurance Group Holdings, Inc., announced it has agreed to acquire an 18% equity interest in Barings LLC (“Barings”), an asset management company and wholly owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), from MassMutual. MassMutual will receive approximately $1.44 billion as a result of the transaction. Barings will continue to operate as an independent subsidiary of MassMutual. Cravath is representing MSI in connection with the transaction.
Deals & Cases
October 20, 2025
Banco Sabadell’s Defense Against BBVA’s Takeover Bid
On October 17, 2025, Banco Sabadell announced that the public takeover bid launched by BBVA in May 2024 received support from only 25.47% of shareholders, and therefore lapsed as it failed to reach the minimum acceptance threshold required for completion. Banco Sabadell will continue as an independent bank. Cravath is representing Banco Sabadell as U.S. counsel in connection with this matter.
Deals & Cases
October 01, 2025
TXSE Group Secures SEC Approval of Texas Stock Exchange
On September 30, 2025, TXSE Group Inc (“TXSE Group”) announced that the U.S. Securities and Exchange Commission (“SEC”) has formally approved the Texas Stock Exchange’s Form 1 registration to operate as a national securities exchange. Cravath represented TXSE Group in connection with this matter.
Deals & Cases
September 25, 2025
Webster Financial Corporation’s Fixed Rate Reset Subordinated Notes Offering
Cravath represented the underwriters in connection with the $350 million fixed rate reset subordinated notes offering of Webster Financial Corporation, a bank holding company of Webster Bank, a commercial bank with a national bank charter focused on providing financial products and services to businesses, individuals and families. The transaction closed on September 11, 2025.
Activities
March 25, 2026
Elad Roisman Interviews SEC Chair at Blockworks’ 2026 Digital Asset Summit
On March 24, 2026, Cravath partner Elad Roisman participated in Blockworks’ Digital Asset Summit 2026 in New York. The summit hosted asset managers, financial institutions, crypto service providers, allocators and policy makers and regulators to discuss onchain institutional finance, digital assets in public markets, stablecoins and global payments, DeFi and risk management and U.S. and global digital asset policy. Elad interviewed SEC Chairman Paul Atkins in a keynote conversation.
Activities
March 25, 2026
Elad Roisman Moderates Sessions at PLI’s The SEC Speaks in 2026 Program
Cravath partner Elad Roisman participated in “The SEC Speaks in 2026,” a program presented by the Practising Law Institute in cooperation with the U.S. Securities and Exchange Commission from March 19‑20, 2026, in Washington, D.C. The program provided an essential update on the current initiatives and priorities at the Commission through panel discussions by senior staff at the Divisions of Investment Management, Trading and Markets, Corporation Finance, Enforcement, Examinations and Economic and Risk Analysis, and the Offices of the Chief Accountant, General Counsel and more. Elad moderated the Division of Corporation Finance and Division of Trading and Markets panels alongside other former SEC Commissioners.
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.
Activities
February 25, 2026
Elad Roisman Speaks at NICSA’s 2026 Strategic Leadership Forum
On February 24, 2026, Cravath partner Elad Roisman participated in the National Investment Company Service Association’s 2026 Strategic Leadership Forum, which was held from February 23‑25 in Miami, Florida. The event featured deep dive conversations on the topics of digital assets, AI, regulation, retirement innovation and the future of wealth platforms. Elad spoke on a panel entitled “The Shifting Rulebook: SEC Then & Now,” which reviewed the changes in SEC priorities, what’s to come and how to stay ahead of compliance challenges.
Publications
February 13, 2026
Cravath Publishes Finance & Capital Markets Quarterly Review for Q4 2025
On February 13, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the fourth quarter of 2025. Highlights from this edition include:
Deals & Cases
January 23, 2026
BitGo’s IPO
Cravath represented the underwriters in connection with the $212.8 million initial public offering of class A common stock of BitGo Holdings, Inc. (“BitGo”), a leading infrastructure provider of digital asset solutions for businesses, offering solutions including custody, wallets, staking, trading, settlement and digital asset management. The shares were listed on the New York Stock Exchange. The transaction closed on January 23, 2026.
Deals & Cases
November 17, 2025
MSI’s $1.44 Billion Investment in Barings
On November 17, 2025, Mitsui Sumitomo Insurance Co., Ltd. (“MSI”), a leading Japanese insurance company and subsidiary of MS&AD Insurance Group Holdings, Inc., announced it has agreed to acquire an 18% equity interest in Barings LLC (“Barings”), an asset management company and wholly owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), from MassMutual. MassMutual will receive approximately $1.44 billion as a result of the transaction. Barings will continue to operate as an independent subsidiary of MassMutual. Cravath is representing MSI in connection with the transaction.
Deals & Cases
October 20, 2025
Banco Sabadell’s Defense Against BBVA’s Takeover Bid
On October 17, 2025, Banco Sabadell announced that the public takeover bid launched by BBVA in May 2024 received support from only 25.47% of shareholders, and therefore lapsed as it failed to reach the minimum acceptance threshold required for completion. Banco Sabadell will continue as an independent bank. Cravath is representing Banco Sabadell as U.S. counsel in connection with this matter.
Deals & Cases
October 01, 2025
TXSE Group Secures SEC Approval of Texas Stock Exchange
On September 30, 2025, TXSE Group Inc (“TXSE Group”) announced that the U.S. Securities and Exchange Commission (“SEC”) has formally approved the Texas Stock Exchange’s Form 1 registration to operate as a national securities exchange. Cravath represented TXSE Group in connection with this matter.
Deals & Cases
September 25, 2025
Webster Financial Corporation’s Fixed Rate Reset Subordinated Notes Offering
Cravath represented the underwriters in connection with the $350 million fixed rate reset subordinated notes offering of Webster Financial Corporation, a bank holding company of Webster Bank, a commercial bank with a national bank charter focused on providing financial products and services to businesses, individuals and families. The transaction closed on September 11, 2025.
Activities
March 25, 2026
Elad Roisman Interviews SEC Chair at Blockworks’ 2026 Digital Asset Summit
On March 24, 2026, Cravath partner Elad Roisman participated in Blockworks’ Digital Asset Summit 2026 in New York. The summit hosted asset managers, financial institutions, crypto service providers, allocators and policy makers and regulators to discuss onchain institutional finance, digital assets in public markets, stablecoins and global payments, DeFi and risk management and U.S. and global digital asset policy. Elad interviewed SEC Chairman Paul Atkins in a keynote conversation.
Activities
March 25, 2026
Elad Roisman Moderates Sessions at PLI’s The SEC Speaks in 2026 Program
Cravath partner Elad Roisman participated in “The SEC Speaks in 2026,” a program presented by the Practising Law Institute in cooperation with the U.S. Securities and Exchange Commission from March 19‑20, 2026, in Washington, D.C. The program provided an essential update on the current initiatives and priorities at the Commission through panel discussions by senior staff at the Divisions of Investment Management, Trading and Markets, Corporation Finance, Enforcement, Examinations and Economic and Risk Analysis, and the Offices of the Chief Accountant, General Counsel and more. Elad moderated the Division of Corporation Finance and Division of Trading and Markets panels alongside other former SEC Commissioners.
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.
Activities
February 25, 2026
Elad Roisman Speaks at NICSA’s 2026 Strategic Leadership Forum
On February 24, 2026, Cravath partner Elad Roisman participated in the National Investment Company Service Association’s 2026 Strategic Leadership Forum, which was held from February 23‑25 in Miami, Florida. The event featured deep dive conversations on the topics of digital assets, AI, regulation, retirement innovation and the future of wealth platforms. Elad spoke on a panel entitled “The Shifting Rulebook: SEC Then & Now,” which reviewed the changes in SEC priorities, what’s to come and how to stay ahead of compliance challenges.
Publications
February 13, 2026
Cravath Publishes Finance & Capital Markets Quarterly Review for Q4 2025
On February 13, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the fourth quarter of 2025. Highlights from this edition include:
Cravath Bicentennial
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