Cryptocurrency Securities & Regulatory Analysis

WilmerHale provides comprehensive securities and futures regulation analysis for cryptocurrency businesses, combining deep expertise in securities law with technical understanding of blockchain technology to deliver informed, actionable guidance on novel regulatory challenges.

Securities & Futures Regulation Expertise

With deep roots in securities, futures and derivatives regulation, WilmerHale delivers technical insight and judgment on complex regulatory issues facing digital asset businesses. The firm has been at the forefront of cryptocurrency regulation since the earliest days of blockchain, providing strategic counsel on securities classification, compliance frameworks, and regulatory structuring.

Services Provided

Regulatory Analysis & Opinion Letters

• Securities law classification analysis for digital assets and tokens
• Legal opinions for token offerings and digital asset products
• Compliance and disclosure services for cryptocurrency businesses
• Howey test analysis and securities determination
• Federal and state securities law guidance

Token Offering Regulatory Counsel

• Initial coin offering (ICO) legal analysis and compliance
• Ethereum-based token implementation review
• Token sale regulatory structuring and documentation
• Tokenized securities compliance guidance
• SAFT (Simple Agreement for Future Tokens) structuring

Regulatory Strategy & Compliance

• SEC and CFTC regulatory compliance frameworks
• Digital asset trading platform regulatory analysis
• Stablecoin regulatory compliance
• Securities registration exemptions (Reg D, Reg S, Reg A+)
• Ongoing regulatory monitoring and updates

Client Base

WilmerHale serves a diverse range of cryptocurrency and blockchain clients including:

• Stablecoin issuers navigating securities and banking regulations
• Bitcoin swap execution facilities regulated by the CFTC
• Digital asset trading platforms offering derivatives and spot products
• Cryptocurrency futures exchanges
• Token issuers conducting public and private offerings
• Service providers and intermediaries in the digital asset ecosystem

Representative Experience

Token Sales & ICOs

• Advised on a $61 million token sale by Dfinity, a leading next-generation blockchain network
• Represented a client in a $19 million financing to launch the Fei decentralized stablecoin, with investors including Andreessen Horowitz (a16z), Framework Ventures, Coinbase Ventures, and Naval Ravikant
• Provided securities law analysis for numerous Ethereum-based token implementations and ICO structures

Tokenized Securities

• Represented technology companies that 'tokenized' traditional securities to create liquidity in traditionally illiquid assets
• Guided clients through broker-dealer registrations for tokenized securities platforms
• Advised on securities law compliance for security token offerings

Regulatory Approvals

• Secured CFTC approval for the first bitcoin currency swap trading platform
• Obtained NYDFS limited purpose trust company charter for a stablecoin issuer
• Advised digital asset trading platforms on derivative product regulatory compliance

Why Choose WilmerHale

Since the inception of blockchain and cryptocurrency, WilmerHale has provided efficient, strategic advice to clients working in the blockchain ecosystem. The firm combines deep regulatory expertise in securities, futures, and derivatives with genuine technical understanding of blockchain technology and digital asset mechanics. This unique combination enables WilmerHale to provide practical, business-focused regulatory guidance on the most challenging securities law questions facing cryptocurrency businesses.