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Crypto and Emerging Technologies: Strategic Insights for Financial Market Participants in 2026

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On March 24, Morrison Foerster partners Michael Birnbaum, Val Dahiya, Ed Imperatore, Dan Jones, and Haima Marlier will speak on a...

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On March 24, Morrison Foerster partners Michael Birnbaum, Val Dahiya, Ed Imperatore, Dan Jones, and Haima Marlier will speak on a Lunch & Learn panel entitled "Crypto and Emerging Technologies: Strategic Insights for Financial Market Participants in 2026" at the SIFMA C&L Annual Seminar in Orlando, FL.Rapid advances in crypto and other emerging technologies are reshaping how capital markets and financial ecosystem participants manage risk, compliance, and growth. MoFo’s Lunch & Learn will deliver practical, regulator-informed insights for broker-dealers, in-house legal and compliance teams, risk executives, and other market participants across fintech, digital assets, privacy and cybersecurity, and U.S. and EU regulatory developments. Panelists will focus on actionable guidance to help organizations anticipate regulatory expectations and operational challenges in 2026.For more information and registration, please reference the <a href="https://events.sifma.org/cl-annual" target="_blank">event site</a>.<hr>

Crypto and Emerging Technologies: Strategic Insights for Financial Market Participants in 2026

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Michael Birnbaum is a go-to litigator for high-stakes cases and investigations who serves as managing partner of Morrison Foerster’s New York office and served previously as the head of MoFo’s New York Litigation Department.As a member of the firm’s Investigations + White Collar, Securities Enforcement, and Securities Litigation Groups, Michael represents financial institutions, professional services firms, investment advisers, broker-dealers, and public companies in internal investigations and government enforcement matters. He advises clients facing inquiries from the SEC, FINRA, and other regulators, drawing on his prior experience as a senior trial counsel at the SEC to help clients navigate complex regulatory and enforcement issues. He has achieved significant results, including at trial, in matters involving investment funds and other financial institutions, addressing allegations of fraudulent securities offerings, registration violations, and supervisory failures related to the sale of securities.Michael’s practice also focuses on representing clients in complex commercial litigation in state and federal courts and before arbitration panels in trade secret, defamation, and “business divorce cases, and in restructuring-related disputes involving high-stakes chapter 11 proceedings and related litigation. He advises creditors’ committees in investigations and claims alleging fraudulent transfers, breaches of fiduciary duty, equitable subordination, and other contested issues that arise in bankruptcy proceedings. Michael is frequently engaged at critical inflection points in a case, where litigation risk, governance issues, and potential regulatory exposure intersect, and he brings a trial-ready, strategic approach to resolving complex disputes in bankruptcy courts and other forums.Michael is frequently invited to speak on topics related to securities litigation and enforcement, including by the Practising Law Institute (PLI) and Securities Docket. He also publishes articles relating to trending topics in these areas and serves on the editorial board of Wall Street Lawyer.Before joining private practice, Michael served at the SEC for 11 years, where he worked closely with SEC investigative units including the Asset Management Unit, the Market Abuse Unit, and the Complex Financial Instruments Unit. He also worked with attorneys at various U.S. Attorney’s Offices, the Manhattan District Attorney’s Office, and foreign securities regulators on securities-related investigations and prosecutions.<h4>Selective Significant Representations</h4><h5>Complex Litigation</h5><ul><li>Farmland Partners, Inc. Named “Litigator of the Week” by AmLaw Litigation Daily for achieving a landmark settlement for Farmland Partners Inc. (FPI), a publicly traded farmland REIT, in a “short-and-distort” case that was prompted by a defamatory article that drove down FPI’s stock price by 39% in one day. The previously anonymous author, who wrote under the alias “Rota Fortunae,” and his clients utilized the scheme to profit from their short positions. As part of the settlement, the author acknowledged publicly that his article was full of false statements and made a payment that was multiples of the profits he made off the scheme. Meanwhile, FPI prevailed on its defense of a class action accusing the company and principals of securities fraud.</li><li>Leading Audit Firm. Won full victory for leading audit firm in confidential arbitration concerning work performed in connection with government contracts, including an award of fees.</li><li>Traackr, Inc. Achieved favorable settlement in trade secrets litigation after successfully narrowing claims and theories of relief through motion practice and discovery.</li></ul><h5>Bankruptcy Proceedings</h5><ul><li>Unsecured Creditors of Incora Ltd. Represented in connection with a chapter 11 bankruptcy trial in U.S. Bankruptcy Court for the Southern District of Texas. We reached a conditional settlement for the Committee after investigating potential wrongdoing by various stakeholders—including securities law violations—and seeking standing to pursue claims to subordinate other stakeholders’ interests.</li><li>Unsecured Creditors of Nikola Corporation. Represented in connection with a chapter 11 bankruptcy proceeding in D. Del. bankruptcy court. As part of our representation, we are evaluating certain potential claims, including for potential securities law violations by various individuals, and investigating facts relating to several existing securities law cases against individuals connected to Nikola.</li><li>Unsecured Creditors’ Committees in Bankruptcy Proceedings. Led investigations and drove favorable settlements in matters including Clovis Oncology, Inc. (D. Del.) and Wesco Aircraft Holdings, Inc. (S.D. Tex.) (pending approval).</li></ul><h5>Government Enforcement</h5><ul><li>A Multinational Electronics Company. Representation in an SEC FCPA investigation involving conduct in Latin America related to a business relationship with a company that was subsequently involved in a government corruption scandal.</li><li>Investors in Cryptocurrency. Advise clients regarding litigation and regulatory investigations in connection with initial coin offerings and related transactions.</li><li>Special Purpose Acquisition Companies (SPACs). Represent SPACs, sponsors, and other investors in SEC investigations regarding various SPACs’ initial public offerings and de-SPAC transactions, and counsel clients engaging in such transactions regarding regulatory and litigation risks.</li><li>A Major Pharmaceutical Company. Successfully convinced SEC not to pursue an action against pharmaceutical company following investigation into the company’s FDA-related disclosures.</li><li>Leading Crowdfunding Entity. Representation in providing compliance advice and counsel in connection with FINRA inquiries arising from alleged unregistered securities offerings and disclosure issues.</li><li>An International Broker-Dealer. Representation in responding to FINRA and SEC inquiries related to the treatment of domestic and international client accounts.</li></ul>

Michael Birnbaum

Partner

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

Edward Imperatore is a former Assistant United States Attorney for the Southern District of New York. He represents companies, financial institutions, boards, and executives in internal and government investigations and parallel regulatory and civil litigation. He is experienced in all aspects of white-collar crime and allegations of financial malfeasance, including securities and commodities fraud, accounting fraud, insider trading, market manipulation, BSA/AML violations, sanctions evasion, corporate fraud, digital currency crime, and violations of the Foreign Corrupt Practices Act. He has represented numerous corporate and individual clients before the DOJ, SEC, CFTC, OCC, FDIC, FINRA, FRB, and OFAC, as well as state attorneys general.Edward is frequently recognized by leading industry publications such as Chambers USA where he is ranked as an Up and Coming lawyer in the Litigation: White-Collar Crime & Government Investigations – New York category, and described as “smart, hard-working and sophisticated in his factual and legal analysis” and a “fantastic attorney.” He is also recommended as “one of the most experienced FCPA and securities prosecutors to come out of the government” by The Legal 500 US for Dispute Resolution: Corporate Investigations and White-Collar Criminal Defense.During his tenure in the SDNY, Edward was a senior member of the Securities & Commodities Fraud Task Force and also handled FCPA matters, including three of the largest-ever FCPA criminal resolutions. He is an accomplished trial attorney who tried more than a dozen jury trials to verdict as an Assistant U.S. Attorney. Among his trials were 10 complex, multi-week white-collar trials, including six trials in the SDNY’s Securities Fraud Unit, all of which resulted in convictions. He also argued 11 appeals in the U.S. Court of Appeals for the Second Circuit. Edward is a recipient of the Assistant Attorney General’s Exceptional Service Award.Edward is frequently published and quoted by financial publications and media outlets on white-collar and securities law developments including The Wall Street Journal, Bloomberg, Law360, New York Law Journal, and Law.com, among others. He is also a member of the Federal Bar Council, Federal Criminal Practice Committee, and the New York City Bar, White Collar Crime Committee.Prior to joining Morrison Foerster and the SDNY, Edward served as a law clerk to the Honorable Robert A. Katzmann on the U.S. Court of Appeals for the Second Circuit and the Honorable Lewis A. Kaplan on the U.S. District Court for the SDNY and was a litigation associate at two prominent New York law firms.Edward graduated magna cum laude in the top one percent of his class from Georgetown University Law Center, where he was a senior editor of the Georgetown Law Journal and elected to the Order of the Coif. Edward earned his B.A., magna cum laude, with distinction in History from Amherst College.<h4>Representative Experience</h4><h5>Defense</h5>Corporate Representations<ul><li>McKinsey & Company and McKinsey & Company Africa in a global resolution of FCPA charges arising from allegations of bribery in South Africa, with a deferred prosecution agreement with DOJ and a parallel criminal resolution with the South Africa National Prosecuting Authority.</li><li>A technology company in a multi-agency federal criminal investigation involving allegations of illegal gratuities, which included advising the company on remedial actions related to internal controls. DOJ and SEC took no action against our client.</li><li>Global financial institutions in DOJ and regulatory investigations of allegations of BSA/AML violations and sanctions evasion.</li><li>Global financial institutions in internal investigations of financial and compliance irregularities and related remediation.</li><li>A company conducting an internal investigation into alleged tax and accounting issues, which included counseling the audit committee of the board of directors on matters of corporate governance, including internal controls over financial reporting.</li><li>A multinational, publicly traded global Fortune 500 company before DOJ, SEC, and a multilateral organization in investigations of allegations of foreign bribery and corruption. DOJ and SEC took no action against our client.</li><li>An artificial intelligence company in an SDNY securities and accounting fraud investigation. The SDNY took no action against our client.</li><li>A fintech company in an SDNY criminal investigation of BSA/AML violations. The SDNY took no action against our client.</li><li>A healthcare provider in a one-week arbitration hearing concerning a medical billing dispute with a university physician practice.</li></ul>Individual Representations<ul><li>Senior executives of a public company in a DOJ and SEC accounting fraud investigation. DOJ and SEC took no action against our clients.</li><li>A senior executive of a public company in a DOJ and SEC insider trading investigation. DOJ and SEC took no action against our client.</li><li>A former executive of a global investment bank charged by DOJ with alleged FCPA and money laundering offenses arising from a financing transaction in Africa and Europe.</li><li>A senior executive of a national bank in multiple investigations by federal and state regulators and law enforcement, including SEC, DOJ, FDIC, and FINRA, and in civil class-action lawsuits alleging violations of federal securities laws.</li></ul>

Edward Imperatore

With a strong focus on the fintech sector, Dan Jones advises some of the world's leading financial services firms on all aspects of their UK and European regulatory obligations. Dan has experience across the full spectrum and life cycle of financial services firms: from perimeter guidance, assistance in obtaining a regulatory license, interpretation of applicable regulations and implementation guidance through to M&A regulatory due diligence and transaction support. His clients include global retail and investment banks, asset managers, e-money issuers and payments services providers, crypto-asset issuers, wallets and exchanges. Dan's notable work includes advice to the UK Open Banking implementation body, the development of a digital only retail bank for a U.S. headquartered global bank and preparing the regulatory license application for a leading global payment services provider. Prior to MoFo, Dan spent more than a decade working in both global US and UK law firms, advising leading fintech's on regulatory issues across the UK, Europe and the Middle East. <h4>Representative Experience </h4><ul><li>A payments services provider on regulatory requirements, including licensing and change of control. </li><li>A global social media platform on regulatory compliance. </li><li>A crypto and NFT exchange and wallet in its application for FCA registration and ongoing compliance. </li><li>An app-based consumer lending business in all aspects of its UK establishment including regulatory perimeter guidance and coordination of employment, tax and fundraising advice. </li><li>A SaaS banking platform provider on the application of regulation to its UK and Middle Eastern businesses.</li></ul>

Dan Jones

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>

Crypto and Emerging Technologies: Strategic Insights for Financial Market Participants in 2026

24 Mar 2026 1:40 PM - 2:40 PM EDT