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Key Updates Since the White House Crypto Report

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Join the MoFo Fintech and Digital Assets team for a timely webinar where we’ll unpack the White House Crypto Report,...

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Join the MoFo Fintech and Digital Assets team for a timely webinar where we’ll unpack the <a href="https://www2.mofo.com/e/323401/-the-white-house-crypto-report/bz5ys/1092000695/h/XHOyp9UZoW3LN5PgU40xyKLqcUDkFmScv515y4_NRMs" target="_blank">White House Crypto Report</a>, Strengthening American Leadership in Digital Financial Technology, released on July 30, 2025. Authored by a working group of cabinet members and federal agency officials focused on expanding the U.S. digital asset markets, the Report represents the most sweeping set of Executive Branch recommendations to modernize U.S. financial laws since the Dodd-Frank Wall Street Reform and Consumer Protection Act. This program will address the roles of federal regulators in shaping digital asset market structure, proposed changes to bank oversight on digital asset activities, and the evolving regulatory treatment of stablecoins and payments. It will also cover litigation and government investigation risk mitigation, recommendations on countering illicit finance, taxation of digital assets, cybersecurity and privacy risk mitigation, and relevant updates since the release of the Report.<hr>

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Alex, co-lead of the firm's Digital Assets practice within the Fintech Group, advises banks and technology companies on a wide range of regulatory and supervisory matters, including de novo bank charters, enforcement and examination issues, bank-Fintech partnerships, complex claims resolution, resolution planning, and digital asset activities. Her experience includes addressing supervisory examination issues, regulatory due diligence and compliance, bankruptcy, and digital asset product development. With experience serving in senior FDIC roles and an extensive background counseling the largest financial institutions and technology companies in the U.S., Alex offers clients a broad market perspective, practical solutions, and a deep appreciation for the nuances of today’s regulatory landscape.Alex served in various leadership roles at the FDIC. As an associate director, she was the lead regulatory policy expert for the Division of Complex Institution Supervision and Resolution, focusing on U.S. and global regulatory issues affecting the largest and most systemically important banking institutions. She worked closely with Federal Reserve staff on resolution plan rules, related guidance, and feedback letters, and engaged directly with banks and trade associations.Alex is widely respected for her thought leadership, making live appearances on Bloomberg’s The Close and speaking on current banking developments domestically and abroad. She has been quoted extensively, including in American Banker, Bloomberg Law, The Washington Post, The Wall Street Journal, OpenBanker, Law360, Coindesk, and Risk. Alex also provides technical assistance to congressional staff on digital asset legislation.She earned her J.D. from Georgetown University Law Center and received her B.A. cum laude from Williams College.<h4>Representative Experience</h4><ul><li>Global Fintech and Stablecoin Issuer: Advise on stablecoin and payments products, provide policy and regulatory advice</li><li>Leading Cryptocurrency Exchange: Advise on impacts of regulatory proposals; provide policy and regulatory on various bank partnerships </li><li>Leading Digital Asset Infrastructure Company: Advising on regulatory and policy matters following GENIUS enactment </li><li>Advise de novo bank charter applicant before U.S. banking regulators </li><li>Advise large/mid-size banks and technology companies in preparation for supervisory examinations, responding to MOUs and public enforcement actions before state and federal banking regulators </li><li>Representation of fifty state bankers associations and DC on amici brief in the U.S. Court of Appeals for the Tenth Circuit contesting Colorado’s legislative efforts to opt-out of DIDMCA </li><li>Advise nationwide money transmission/payments company and Fintech providers on regulatory compliance and licensing issues, including issues involving pass-through insurance, brokered deposits, and marketing representations </li><li>Represent banking institutions and technology companies on regulatory and transactional issues involving their banking as a service platform, including deposit account onboarding/enhanced due diligence, third-party risk management issues, and due diligence frameworks involving the sponsorship of merchant acquirer/cryptocurrency exchange programs </li><li>Advise banks on resolution planning requirements under Title I of the Dodd-Frank Act and the FDIC IDI Rule, including related supervisory engagement </li><li>Advised one of the largest global technology cloud service providers opposite federal regulators in their role as a bank service provider </li><li>Advised a leading global payments and enterprise blockchain company on new product launch, bankruptcy issues, and regulatory due diligence</li></ul>

Alexandra Barrage

Partner

Deborah L. Connor, former chief of the Money Laundering and Asset Recovery Section (MLARS) of the U.S. Department of Justice (DOJ), is a partner in MoFo’s Investigations + White Collar Defense Group. With more than 25 years of service at DOJ, most recently leading its anti-money laundering (AML)/Bank Secrecy Act (BSA) enforcement, Deborah is a leading authority in criminal AML/BSA matters. Drawing upon her unmatched experience in criminal investigations, litigation, and enforcement, Deborah focuses on guiding financial institutions, multinational companies, and individuals through cross-border internal investigations, regulatory enforcement defense, white collar criminal defense, and compliance counseling involving legal issues pertaining to sanctions, anti-corruption, AML/BSA, and cryptocurrency, among others.As chief and principal deputy chief of MLARS, Deborah supervised investigations and prosecutions of numerous high-profile cases involving allegations of corporate and financial misconduct and resolutions involving deferred prosecution and non-prosecution agreements in relation to financial institutions and emerging technologies in the financial services markets, as well as blockchain-based digital assets. As chief, she exercised supervisory authority over the DOJ’s AML program, specifically any charges involving violations of BSA statutes. Deborah has worked with domestic regulators, including the Financial Crimes Enforcement Network, the Office of the Comptroller of the Currency, the Federal Reserve, and the Office of Foreign Assets Control, as well as enforcement officials throughout the federal government, including the Departments of State, Commerce, and Treasury. She was also responsible for helping to oversee the Department’s Asset Forfeiture Program. Deborah also served as senior counsel to the assistant attorney general for the Criminal Division.Prior to joining the Criminal Division, Deborah had a distinguished 16-year career as an assistant U.S. attorney in the U.S. Attorney’s Office for the District of Columbia, where she held several leadership positions and supervised hundreds of prosecutors. In her last five years with the office, Deborah served as chief of the Fraud and Public Corruption Section, where she supervised the office’s white collar prosecutions including complex AML and sanctions evasion investigations and prosecutions against global financial institutions and their employees, civil and criminal forfeiture cases, and major financial fraud actions involving corporations and government agencies. As a criminal prosecutor, Deborah has investigated a broad range of white collar and other federal criminal matters, tried over 40 criminal trials in both D.C. Superior and Federal Courts, supervised more than 100 criminal trials, and briefed and argued criminal appeals. Deborah began her career at DOJ as a civil trial attorney in the Antitrust Division’s former Computers and Finance Section.Deborah received numerous awards while at DOJ, including five Special Achievement Awards, and the United States Attorney’s Star Award in the U.S. Attorney’s Office. During her time at the Criminal Division, Ms. Connor twice received the Assistant Attorney General’s Exceptional Service Award and the Assistant Attorney General’s Award for Distinguished Service. In 2021, Deborah was named one of Global Investigations Review’s (GIR) Top 100 Women in Investigations.Prior to joining DOJ, Deborah was a litigation associate at a large D.C.-based law firm, and before entering the practice of law, she joined a large Chicago-based commercial bank, where she served as a relationship manager for U.S. subsidiaries of multinational corporations.Deborah is a frequent speaker on AML and financial crimes enforcement. She has participated as a keynote speaker or panelist at conferences such as the American Bar Association’s (ABA) National Institute on White Collar Crime, ABA’s Financial Crimes Enforcement Conference, the Association of Certified Anti-Money Laundering Specialists’ (ACAMS) Annual AML & Anti-Financial Crime Conference, the Practising Law Institute, and the American Gaming Association.Deborah received her J.D. cum laude from Georgetown University Law Center, where she served on the Georgetown Law Journal as a notes editor. She received her B.A. from Miami University of Ohio.<h4>Representative Experience</h4><ul><li>Supervised the investigation and resolution of a matter involving a global financial institution and its European subsidiary related to fraud on financial investors. The matter resulted in a deferred prosecution agreement with the parent and a guilty plea with a subsidiary, guilty pleas of three employees, financial penalties, fines, and disgorgement.</li><li>Supervised the investigation and resolution of a matter involving a global financial institution and a foreign subsidiary in connection with bond deal underwriting. The matter resulted in a deferred prosecution agreement, a guilty plea for a subsidiary, financial penalties, and the conviction of two former high-level employees.</li><li>Supervised the investigation and resolution of a matter involving a foreign sovereign wealth fund, as part of the misappropriation of over $4.5 billion from the fund. The matter resulted in seizures of over $1.7 billion in assets as part of a civil forfeiture recovery.</li><li>Supervised the investigation and resolution of a matter involving a foreign financial institution related to a money laundering conspiracy in connection with a bribery scheme. The matter resulted in a deferred prosecution agreement, financial penalties, forfeiture, and the guilty pleas of two employees.</li><li>Supervised the investigation and resolution of a matter involving a foreign financial institution related to the processing of transactions in violation of U.S. sanctions. The matter resulted in a parent-level guilty plea and a non-prosecution agreement with a subsidiary, in addition to forfeiture.</li></ul>

Deborah Connor

Val Dahiya is a partner in the firm’s Broker-Dealer Compliance + Regulation and Capital Markets practice groups, Co-Head of its Securities + Derivatives Regulatory Solutions team, and Co-Lead of the firm’s Digital Assets practice within the Fintech Group.Val advises financial services clients on complex compliance, regulatory, and transactional matters arising under U.S. Securities and Exchange Commission (SEC) and Financial Institution Regulatory (FINRA) jurisdiction. She has nearly two decades of experience in advising on securities market infrastructure, including over 10 years of work history at the SEC and three years at FINRA.<h4 dir="ltr">Professional Experience: SEC and FINRA </h4>Prior to joining Morrison Foerster, Val chaired the securities trading and markets practice and served as office managing partner at another international law firm. Before that, she served as the Washington, D.C. Branch Chief in the Office of Trading Practices in the Division of Trading and Markets at the SEC, where she provided analysis and recommendations on complex legal and policy issues related to the securities industry, including the application of Exchange Act rules and regulations to emerging areas such as cryptocurrencies and digital assets. Val’s counsel was essential in shaping SEC policies and ensuring their consistent application across the evolving financial landscape. Prior to this, Val’s responsibilities as Special Counsel in the Division of Trading and Markets included providing essential guidance on securities regulation compliance, including the Commission’s financial integrity and regulatory programs for broker-dealers and securities exchanges. Val also worked closely with the Divisions Office of Market Supervision reviewing self-regulatory organization (SRO) rule filings. In her capacity as Attorney/Senior Counsel in the Division of Examinations, Broker-Dealer Group, Val led comprehensive examinations and inspections of broker-dealers and dually registered entities, ensuring compliance with federal securities laws and SRO rules. Her responsibilities also extended to preparing enforcement referral memoranda and assisting the Enforcement Division in complex trading cases. While at the SEC, Val also worked extensively on issues related to trading practices, including market making, ETFs, direct market or sponsored access, when-issued securities, and trading in the grey markets.Prior to her tenure at the SEC, Val worked at FINRA (formerly NASD), where she conducted reviews and investigations of broker-dealer activities, identified violations of relevant regulations, and made disciplinary recommendations. Her work at FINRA involved analyzing trading activity for irregularities and patterns indicating violative conduct.Collectively, this experience informs Val’s counsel on the highly complex regulatory issues associated with broker-dealer, transfer agent, clearing agency, exchange and Alternative Trading System (ATS) operations, registration requirements, and compliance.<h4 dir="ltr">Capabilities</h4>Val also advises clients in the distributed ledger technology space that are seeking to understand the potential securities regulatory implications. Her practice ranges from product counseling all the way through to counseling on complex compliance and regulatory issues.Other areas Val is particularly well qualified to advise on include:<ul dir="ltr"><li dir="ltr">broker-dealer compliance issues relating to Regulations ATS, NMS, M, SCI, and SHO, as well Rules 15c2-11, 15c3-5, and 15c3-3;</li><li dir="ltr">Regulation BI and standard of care issues;</li><li dir="ltr">books-and-records requirements;</li><li dir="ltr">large trader and position reporting;</li><li dir="ltr">forex trading;</li><li dir="ltr">market access and other electronic trading issues;</li><li dir="ltr">information barriers and insider trading;</li><li dir="ltr">soft dollars and commission sharing arrangements;</li><li dir="ltr">the net capital and customer protection rules; and</li><li dir="ltr">cybersecurity and data protection issues.</li></ul><h4 dir="ltr">Leadership</h4>Val is a member of the Nasdaq Exchange Review Council for each of Nasdaq’s six exchanges. Prior to joining Morrison Foerster, Val served as office managing partner at another international law firm.

Val Dahiya

Co-Head of Securities + Derivatives Regulatory Solutions

Rachel Fiorill is a partner in Morrison Foerster’s National Security Group. Having served as an Enforcement Section Chief at the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) and with over a decade of private sector experience, Rachel brings unparalleled experience in economic sanctions, Bank Secrecy Act/Anti-Money Laundering (BSA/AML), U.S. government and internal investigations, export controls, and national security matters.Clients seek Rachel’s counsel on their most complex sanctions enforcement and compliance matters, including those in relation to meeting OFAC’s sanctions compliance program expectations. Rachel draws on her previous OFAC Enforcement Division leadership experience and her experiences collaborating with senior management and agency officials within the Treasury Department to provide her clients with practical, risk-based advice regarding sanctions enforcement and compliance.Rachel has extensive experience assisting clients in navigating the evolving financial crimes regulatory landscape in connection with investigations by OFAC, the Department of Justice, the New York Department of Financial Services, Congress, and other federal and international regulators. Her practice focuses economic sanctions, BSA/AML, anti-corruption, export control, and information and communications technology and services (ICTS) matters. She regularly advises global financial institutions, investment companies, and U.S. and non-U.S. companies operating in the technology, payments, and cryptocurrency industries on sanctions and cross-border risk management, compliance program reviews, government inquires and resolutions, internal investigations, corporate transactions, and due diligence assessments.During her time at OFAC, Rachel led the investigation and resolution of hundreds of enforcement actions, including several groundbreaking civil monetary penalties. As Enforcement Division Section Chief, Rachel oversaw all aspects of investigations of possible sanctions violations, including review and clearance of subpoenas, correspondence, case disposition memoranda, penalty notices, settlements, findings of violation, cautionary letters, and cease-and-desist orders. She also gained particular experience with Ukraine/Russia, Iran, and Syria sanctions, coordinated investigative activities with federal law enforcement and intelligence agencies, and provided technical sanctions guidance and support to law enforcement agencies and prosecutors.Rachel received her J.D. from Georgetown University Law Center, where she served as the special projects editor for The Tax Lawyer. While at Georgetown, she participated in the Housing and Community Development clinic at the Harrison Institute for Public Law. Rachel concurrently earned her Master of Public Policy from Georgetown University. She graduated cum laude from Brandeis University with a Bachelor of Arts in economics and politics.

Rachel Fiorill

Matthew’s practice focuses on the structuring of cross‑border M&A transactions and corporate reorganizations, particularly involving the United States, China, Japan, and the rest of the Asia‑Pacific region. He specializes in guiding clients through the intricacies of cross‑border transaction structures and intellectual property management from a tax perspective.Matthew has deep experience advising fund sponsors and institutional investors on tax issues relating to the formation of, and investments in, private equity funds, venture capital funds, real estate funds, and other alternative investment products. He has particular expertise in the U.S. taxation of government‑linked investors such as sovereign wealth funds and central banks.Matthew has represented multinational corporations and funds in transactions across more than 30 jurisdictions covering a wide range of industries, including technology, telecommunications, healthcare, real estate, consumer, media, and energy.Matthew is a Registered Foreign Lawyer with the Law Society of Hong Kong.While at Columbia Law School, Matthew was a three‑year Harlan Fiske Stone Scholar.

刘恩安（Matthew Lau）律师的业务侧重于跨境并购交易和企业重组的结构设计，特别是涉及美国、中国、日本和亚太地区其他国家的交易。他擅长从税务的角度协助客户处理复杂的跨境交易结构和知识产权管理。刘律师在为基金发起人和机构投资者就私募股权基金、风险投资基金、房地产基金和其他另类投资产品的成立和投资相关的税务问题提供法律咨询方面拥有丰富的经验。他尤其擅长处理美国对政府相关投资者（如主权财富基金和中央银行）的征税事宜。刘律师曾代表多家跨国公司和基金在30多个司法管辖区处理交易，涵盖科技、电信、医疗保健、房地产、消费品、媒体和能源等多个行业。刘律师是香港律师会注册外地律师。在美国哥伦比亚大学法学院就读期间，刘律师连续三年获得哈伦•菲斯克•斯通（Harlan Fiske Stone）奖学金。

Matthew Lau

Jeremy Mandell is the co-chair of our Financial Services Group. His practice focuses on financial services regulation, with particular attention to payment and emerging payment issues.Jeremy advises bank, non-bank, and fintech clients on financial services regulatory issues, including issues arising under the Electronic Fund Transfer Act, the Truth in Lending Act, and the Equal Credit Opportunity Act. He has particular experience working on issues related to interbank and emerging payments systems, including blockchain-based payment solutions and stablecoin platforms. He has counseled clients with award-winning apps and innovative products and services on complex issues, bringing a practical, broad-market perspective to product development, ongoing compliance needs, and regulatory engagement.He also has extensive experience working with banks and non-banks on strategic partnerships. As partnerships between banks and fintechs become more prevalent, Jeremy draws on this experience to advise clients on the financial services regulatory and commercial issues that arise in the context of these partnerships.Jeremy is co-editor of The Consumer Finance Law Review, surveying the legal and regulatory approaches to consumer finance law in jurisdictions around the world. In 2025, Jeremy was elected to the American College of Consumer Financial Services as a new Fellow for his numerous published and teaching contributions to the space.Before joining Morrison Foerster, he served as a senior financial services analyst at the Board of Governors of the Federal Reserve System in the Division of Reserve Bank Operations and Payment Systems, where he focused on policy issues related to large-value payments systems. Jeremy leverages this experience to advise clients on various legal and regulatory issues.Jeremy earned his J.D. from The George Washington University Law School in 2010. He earned his M.A. in applied economics from Johns Hopkins University in 2004 and his B.A in economics and international relations from Lehigh University in 2001.

Jeremy Mandell

Co-Chair of Financial Services Group

Haima Marlier is a partner in Morrison Foerster’s Investigations + White Collar Defense Group and co-chairs both its Fintech and Securities Enforcement practices. Drawing on her experience as a former Securities and Exchange Commission (SEC) senior trial counsel, Haima represents public and private companies, financial services providers, and executives, directors, and other individuals in SEC, Commodity Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), state securities regulator, and internal investigations, as well as in related litigation. She has more than 20 years of experience litigating in federal, state, and administrative courts, leading complex negotiations, and representing her clients in mediation. She also counsels clients regarding securities enforcement developments, trends, and risk mitigation.Before joining the firm, Haima spent nearly a decade in the SEC’s Division of Enforcement. While at the SEC, Haima served as lead counsel on a number of prominent enforcement litigations and investigations involving public companies, registered investment advisers, broker-dealers, banks, and individuals in matters arising under the federal securities laws. She has also worked closely with foreign securities regulators, numerous U.S. attorneys’ offices, and FINRA.Haima is a member of Law360’s Securities Editorial Board, serves on the advisory board of Securities Docket, and is on the Board of Trustees of the SEC Historical Society. She mentors Penn State students of color who aspire to become lawyers and is a member of the board of directors of, and a volunteer running coach for, Girls on the Run New Jersey, a nonprofit dedicated to inspiring girls to recognize their inner physical and emotional strengths. She maintains an active pro bono practice.Haima has been recognized by Chambers USA for Securities Regulation: Enforcement and Crypto-Asset Disputes; Crain’s New York Business’s Notable Women in Law and Notable Diverse Leaders in Law; The Legal 500 US as a recommended lawyer in Securities Litigation: Defense, Investigations and White Collar Criminal Defense, and Fintech; Securities Docket’s Enforcement Elite; and the New York Law Journal for her efforts in the diversity and inclusion space.Haima received her J.D. from Boston College Law School and her B.A. from The Pennsylvania State University.<h4>Representative Experience</h4><h5>Cybersecurity</h5><ul><li>Successfully resolved an SEC investigation into a global technology solutions company’s cybersecurity risk disclosures and disclosure controls, policies, and procedures, with an acknowledgment by the SEC of the client’s significant remediation and cooperation.</li><li>Representing a global tech service management company in an SEC inquiry into its cybersecurity incidents and disclosures.</li><li>Represented numerous public companies and other clients in the SEC’s SolarWinds cybersecurity enforcement sweep.</li><li>Advising numerous public companies and SEC-registered firms on the efficacy of their cybersecurity disclosure controls and procedures and the materiality of cybersecurity incidents.</li><li>Represented a major technology company in an internal investigation into its cybersecurity statements and controls, policies, and procedures.</li></ul><h5>Fintech & Crypto</h5><ul><li>Represented a nonprofit foundation supporting a major blockchain, as well as two of its senior individuals, in an SEC investigation, with a complete termination letter issued by the SEC.</li><li>Successfully resolved an SEC crypto investigation into anti-money laundering and other compliance and monitoring programs on behalf a former senior bank executive.</li><li>Representing a leading cryptocurrency exchange platform in responding to SEC, CFTC, and state attorney general subpoenas and other requests for information.</li><li>Obtained a successful federal court settlement for a venture capital fund in a securities class action concerning an unregistered digital token offering.</li><li>Advising numerous Fintech companies, from startups to mature organizations, on securities enforcement compliance best practices and enforcement risk mitigation.</li><li>Represented a private investor in an SEC investigation related to a reverse merger involving a cryptocurrency company with no action taken by the SEC.</li></ul><h5>Artificial Intelligence</h5><ul><li>Representing a major tech company in an SEC investigation focused on AI-related disclosures and policies.</li></ul><h5>Accounting & Financial Reporting</h5><ul><li>Represented the former Chief Operations Officer of a major NASDAQ-listed food distributor in SEC and special committee investigations, with a complete termination letter issued by the SEC, as well as in related Delaware Court of Chancery litigation, which was favorably resolved.</li><li>Successfully resolved SEC and special committee investigations into related-party transaction disclosures and accounting issues, as well as related shareholder litigation, on behalf of a former CEO of a NASDAQ-listed company.</li><li>Represented an audit committee of a public company in an internal investigation resulting from a whistleblower complaint alleging accounting and disclosure issues.</li><li>Represented a leading public company in an internal investigation resulting from a whistleblower complaint alleging accounting and disclosure issues.</li></ul><h5>Other Securities Enforcement Matters</h5><ul><li>Represented the former CEO of a major company listed on the New York Stock Exchange in an SEC insider trading investigation with no action taken by the SEC.</li><li>Represented an individual in an SEC investigation concerning the “pay-to-play” rule.</li><li>Represented a private investment fund in a COVID-19 related SEC insider trading investigation with no action taken by the SEC.</li><li>Represented a broker-dealer in a for-cause FINRA examination into anti-money laundering and other issues.</li><li>Represented a leading international company in government investigation into pharmaceutical drug pricing.</li><li>Represented a biotech company in a Massachusetts Securities Division investigation concerning securities registration exemptions and representations to investors regarding securities registration with no action taken by the state regulator.</li><li>Obtained a successful resolution for a pre-IPO biotech company in a wrongful termination lawsuit brought by a co-founder and former CEO terminated by the board of directors.</li><li>Represented the SEC in all stages of federal and administrative proceedings, including at trial and on appeal, in matters involving violations of the federal securities laws.</li></ul>

Haimavathi Marlier

Boris Segalis is a partner in Morrison Foerster’s Data, Cyber + Privacy Group. For over a dozen years, he has counseled clients on privacy and cybersecurity issues in the context of strategic product advice, corporate transactions, and regulatory investigations.Boris regularly advises clients on the development and implementation of data-driven products and services, on global privacy and cybersecurity compliance, and on handling cyber incidents affecting companies and users globally. Boris also regularly defends companies in U.S. federal, state, and global privacy and cybersecurity investigations, including representing clients in front of the Federal Trade Commission (FTC), the New York and California attorneys general, and foreign regulators.Boris’s practice focuses on advising clients on the requirements of a variety of U.S. privacy and cybersecurity laws, including the California Privacy Rights Act (CCPA/CPRA) and other U.S. state privacy laws; state cybersecurity requirements such as the New York State Department of Financial Services (NYDFS)’s Cybersecurity Regulation; the Children’s Online Privacy Protection Act (COPPA); the Family Educational Rights and Privacy Act (FERPA); CAN-SPAM; NIST’s Cybersecurity Framework (CFS); the Telephone Consumer Protection Act (TCPA); and the Video Privacy Protection Act (VPPA). Boris regularly advises financial institutions and Fintech companies on the Gramm-Leach-Bliley Act (GLBA), the Fair Credit Reporting Act (FCRA), and the Payment Card Industry Data Security Standard (PCI DSS). Boris also has experience advising companies on privacy concerns stemming from the Illinois Biometric Information Privacy Act (BIPA) and other biometric data requirements. Boris has a strong command of global privacy and cybersecurity laws and advises companies on regulations such as the General Data Protection Regulation (GDPR), the EU-U.S. Data Privacy Framework, and the EU’s ePrivacy Directive.Boris counsels clients ranging from emerging to late-stage to public companies across industries, including technology, data brokerage, AI, financial services and Fintech, crypto, life sciences, consumer services, e-commerce, AdTech, media, and others. For seven consecutive years, Boris has been individually recognized by Chambers USA in the Privacy & Data Security category and is recognized by Chambers Global for Privacy & Data Security – USA. He has also been recognized by The Legal 500 as a leading lawyer in cyber law (including data privacy and data protection). Crain’s New York Business has previously included him in its 40 Under 40 list, and New York Metro has recognized Boris as both a Super Lawyer and a Rising Star.Boris is a Certified Information Privacy Professional (CIPP/US) through the International Association of Privacy Professionals (IAPP), has previously served as co-chair of NYC IAPP KnowledgeNet, and served on the IAPP’s Research Board. Boris currently serves as one of the leaders of the UJA Privacy and Cybersecurity Group. Boris also is an adjunct professor at Vanderbilt University School of Law, where he co-teaches a class on the law of data as an asset.

Boris Segalis

Rhys Bortignon is a partner in Morrison Foerster’s Capital Markets practice, based in New York. Rhys’ practice focuses on derivatives and structured products. He is a member of the firm’s Derivatives, Commodities + Structured Products practice group and Co-Head of its Securities + Derivatives Regulatory Solutions team.With a focus on practical and commercial solutions, Rhys provides counsel to a diverse range of U.S. and international clients, from both the buy side and sell side, including corporates, investment banks, commercial banks, private equity, funds, investment managers, and sovereigns. Rhys offers strategic guidance to his clients from both a transactional and a regulatory perspective and navigates complex cross-border issues with proficiency, providing pragmatic advice to clients operating globally.Rhys’ experience spans the spectrum of derivative transactions across asset classes, including rates, foreign exchange, credit, equity, digital assets, and commodities. He also frequently advises on margin loans, repo and securities lending transactions, the hedging components of project and corporate financings, as well as various structured products. Rhys is well-versed in U.S. derivatives legal and regulatory matters under the Dodd-Frank Act, the Commodity Exchange Act, and the Securities Exchange Act as well as related CFTC, SEC, and prudential regulation, including the regulation of security-based swaps, swaps, futures and options as well as security-based swap dealers, futures commission merchants, introducing brokers, swap dealers, commodity pool operators, commodity trading advisors, and exchanges and clearing organizations. Rhys advises on leading-edge issues in the derivatives space, such as AI, digital assets, distributed ledger technologies (including DeFi), energy transition matters, and sustainability-linked transactions. He frequently authors thought leadership pieces on current and proposed derivatives regulations in the United States.Rhys sits on the Board of Directors of the LGBT Bar Association of New York, a voluntary professional organization dedicated to ensuring full equality for members of the LGBTQ+ community, promoting the advancement of LGBTQ+ legal professionals, and serving the larger community through various pro bono initiatives.Prior to joining the firm, Rhys was counsel at another international law firm in New York. He also gained experience as an associate at leading law firms in London and Sydney. Rhys is admitted to practice law in New York, England & Wales, and New South Wales, Australia.<h4>Representative Experience</h4><h5>Securitizations</h5><ul><li>Advised a global vehicle rental and leasing company with respect to its derivatives transactional and regulatory matters, including in connection with its international securitization platform and related financing activities</li></ul><h5>Equity Derivatives</h5><ul><li>Represented a leading geothermal company engaged in recovered energy generation in connection with its Rule 144A private offering of green convertible senior notes and the negotiation and execution of the associated capped call transactions with various dealer counterparties</li><li>Represented a data security and analytics pioneer in connection with its private Rule 144A offering of convertible senior notes, and the negotiation and execution of the associated capped call transactions with various dealer counterparties</li><li>Represented the initial purchasers and the capped call transaction counterparties in a digital sports betting and gaming platform’s offering of convertible senior notes, including the negotiation and execution of the associated capped call transactions</li><li>Represented a major South American mobile telecoms operator on its derivatives trading documentation in connection with its high-yield bond tap issuance</li><li>Represented the sole bookrunner in connection with the offering of a leading player in the global snack arena’s guaranteed zero-coupon exchangeable bonds and associated derivatives elements</li></ul><h5>Lending + Finance</h5><ul><li>Represented an international specialty finance company in connection with its global funding structure, which included: a notes offering; a consent solicitation of the holders of multiple preexisting issuances of notes; an amended multi-currency revolving credit facility; and the amendment and restatement of the company’s private placement notes purchase agreement</li><li>Represented a portfolio company of a Canadian asset management firm in connection with its entrance into a warehouse facility intended to finance a portfolio of consumer home rental contracts</li></ul><h5>Business Restructuring + Insolvency</h5><ul><li>Represented an operator of power infrastructure in the United States and its applicable debtor subsidiaries in connection with the consummation of the strategic transactions contemplated by the company’s chapter 11 plan of reorganization and provided assistance with the completion of its restructuring. The plan of reorganization entailed, among other components: the infusion of new equity capital pursuant to a common equity rights offering; a revolving credit facility; a Term Loan B credit facility; a Term Loan C credit facility; and a bilateral line of credit, as well as full repayment of the company's formerly existing first-lien funded debt and the consensual equitization of all of the company’s formerly existing unsecured notes. Representation included the drafting and negotiation of the foregoing debt financing transactions (including implementing intercreditor and first-lien security arrangements for derivative counterparties) and the renegotiation and implementation of commodity derivative documentation with several counterparties.</li></ul><h5>Project Finance</h5>Advised on the derivatives transactional and regulatory aspects of several high-profile project financing matters, including drafting and negotiation derivatives documentation, structuring hedging trades, and advising on intercreditor and other related matters:<ul><li>Represented a group of 13 commercial banks in connection with a non-recourse senior secured financing of the redevelopment of multiple terminals of a major global airport in the United States</li><li>Represented a group of international commercial banks in connection with a non-recourse financing of a wind project in Brazil</li><li>Represented a group of international banks as lenders and issuing banks in connection with the non-recourse first- and second-lien project financings of a wind farm and a solar power plant in Chile</li><li>Represented a leading private equity firm specializing in the energy industry in connection with a senior secured facility to finance the development, operation and maintenance of certain assets in the United States</li></ul><h5>M&A</h5><ul><li>Represented a leading private equity firm specializing in the energy industry in its sale of one of the premier independent utility-scale energy storage and renewable energy platforms in the United States to a French multinational utility company</li></ul>

Key Updates Since the White House Crypto Report

16 Oct 2025 12:30 PM - 1:45 PM EDT