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A selection of matters illustrating our work across digital assets, securities enforcement, AI compliance, and corporate governance. Client details anonymized for confidentiality.
In Gelasio v. Zafar (9th Cir. No. 24-7277), the Northern District of California dismissed our client's claims against an individual and a Hong Kong entity behind an NFT project for lack of personal jurisdiction — a recurring threshold barrier when digital-asset defendants operate offshore.
Briefed and argued the appeal. Brandon Orewyler argued before a Ninth Circuit panel at the James R. Browning Courthouse in San Francisco on February 10, 2026, presenting a purposeful-direction framework grounded in the Ninth Circuit's recent en banc personal-jurisdiction precedent that the defense briefing had failed to address.
On April 29, 2026, the panel unanimously reversed the dismissal, holding all three specific personal jurisdiction prongs satisfied. The case returns to the district court for further proceedings.
A DeFi protocol faced overlapping SEC and CFTC jurisdictional claims after launching a governance token with revenue-sharing features.
Conducted a comprehensive token classification analysis under the Howey framework and the 2026 SEC/CFTC taxonomy. Restructured the token's economic rights to separate governance voting from revenue distribution.
Achieved regulatory clarity with a defensible classification opinion. Protocol launched governance features without triggering securities registration requirements.
A crypto exchange operator received a Wells Notice from the SEC alleging unregistered securities offerings on its platform.
Prepared a comprehensive Wells submission drawing on former SEC enforcement experience. Identified procedural deficiencies in the investigation and presented a factual defense distinguishing the platform's operations from prior enforcement targets.
SEC declined to pursue enforcement action. Client continued operations with enhanced compliance procedures.
Institutional creditors needed to recover digital assets from a major crypto exchange bankruptcy estate, navigating novel questions about asset custody and priority.
Leveraged experience from FTX, Genesis, and Celsius proceedings to develop recovery strategies. Coordinated with bankruptcy counsel on claims classification and asset tracing.
Secured priority treatment for client claims, resulting in substantially higher recovery rates than general unsecured creditors.
An AI startup deploying autonomous trading agents needed to understand liability exposure across securities, commodities, and money transmission frameworks.
Mapped the agent's operations across all applicable regulatory regimes. Identified that CFTC jurisdiction applied to commodity transactions while BSA/AML obligations attached to payment functions.
Delivered a multi-regime compliance roadmap with prioritized implementation steps. Client launched with appropriate registrations and compliance infrastructure in place.
A Web3 startup needed to structure a token launch that would comply with federal securities laws while preserving the utility function of the token.
Designed a phased launch strategy separating the investment contract (initial sale) from the utility token (post-functionality). Prepared offering documents, risk disclosures, and a compliance timeline.
Token launched under Regulation D with proper accredited investor verification. Post-functionality transition plan established for eventual commodity classification.
A DAO with over $50M in treasury assets needed a legal structure that would limit member liability while preserving decentralized governance.
Evaluated LLC, foundation, and unincorporated association structures across multiple jurisdictions. Recommended a Wyoming DAO LLC with custom operating agreement provisions for on-chain governance integration.
Entity formed with liability protection for all members. Governance framework deployed with legally binding on-chain voting mechanisms.
These case studies describe representative experience and do not guarantee similar outcomes. Past results do not guarantee future performance. Each matter is unique and outcomes depend on the specific facts and circumstances involved.
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