Derivatives and Fintech

Milbank’s leading Derivatives and Fintech Practice advises fintech companies, digital asset platforms, cryptocurrency businesses, trading firms, exchanges, asset managers, dealers and other financial services clients on high-stakes transactions, litigation, investigations, enforcement defense and regulatory matters.

Our team is led by a unique combination of commercially oriented lawyers with in-demand experience from the CFTC, SEC, DOJ and U.S. Supreme Court. Our lawyers have counseled market-leading companies in strategic transactions and achieved precedent-setting victories in trial and appellate courts nationwide. We also advise on licensing, CFTC and SEC registration, trade compliance, digital asset classification, derivatives regulation and white-collar criminal and civil enforcement matters.

With one of the deepest benches of former government officials of any law firm, our combined level of credentialed leadership, pragmatic regulatory judgment, courtroom experience and transactional execution is why the world’s leading fintech and digital asset companies turn to Milbank for their most consequential matters.

Litigation and Enforcement Defense

Milbank litigators secure landmark results in SEC and CFTC enforcement actions, securities class actions, cryptocurrency disputes and complex state and federal litigation. Working seamlessly with Milbank’s premier Supreme Court and Appellate practice — led by the advocate who secured a precedent-setting 5-4 victory in the first cryptocurrency case before the U.S. Supreme Court — we build appellate strategy into cases from the outset, positioning clients for success at every stage.

Our recent results include securing the dismissal with prejudice of all SEC claims against the operator of a regulated U.S. cryptocurrency exchange and obtaining a first-of-its-kind victory for a leading prediction market in litigation against the CFTC.

Regulatory Counseling for Fintech, Digital Assets and Derivatives

Milbank provides practical, business-focused guidance on CFTC regulation, SEC regulation, derivatives compliance, digital asset market structure, trading platform regulation, exchange registration, dealer compliance and asset manager obligations.

Our recent work includes filing a precedent-setting joint petition with the SEC and CFTC seeking a joint determination on whether certain crypto-based derivatives should be regulated by the SEC, the CFTC or both, as well as advising on the fastest-ever CFTC designation for a contract market. We have developed a particular niche advising trading platforms, dealers and asset managers on CFTC registration and compliance frameworks, helping clients navigate the rapidly evolving regulatory landscape for digital assets, cryptocurrency, blockchain-based products and derivatives.

We also design compliance systems for the lawful offering and trading of novel derivative products, often at the forefront of regulatory interpretation.

Investigations

Milbank represents fintech and crypto companies in high-stakes investigations by the CFTC, SEC, DOJ and other federal and state authorities. Our team has particular experience in investigations involving trading platforms, staking services, digital asset classification, market structure, token-related products and complex financial instruments.

We have handled numerous first-of-their-kind investigations for new-economy leaders and secured favorable resolutions in DOJ, SEC and CFTC matters, including investigations involving staking services for cryptocurrency tokens and allegations concerning the valuation of hedge fund and mutual fund assets invested in complex derivatives.

M&A and Strategic Business Transactions

Milbank combines deep financial regulatory knowledge with leading corporate and M&A capabilities to help fintech, digital asset, derivatives and financial services companies navigate their most consequential transactions.

Our team recently advised a global quantitative trading firm on its joint venture with a publicly traded financial services company to acquire a leading CFTC-regulated Designated Contract Market and Derivatives Clearing Organization. We also served as regulatory counsel to a leading digital sports entertainment and gaming company in its acquisition of a federally licensed exchange designated by the CFTC.

From structuring and diligence through regulatory strategy, approvals and execution, Milbank helps clients manage the full transaction lifecycle in highly regulated financial markets.