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Security Interests in Digital Assets

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Geoffrey Peck and Alexandra Steinberg Barrage published an article in Practical Law The Journal entitled "Security Interests in...

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Geoffrey Peck and Alexandra Steinberg Barrage published an article in Practical Law The Journal entitled "Security Interests in Digital Assets" that discusses the evolving legal framework for taking and perfecting security interests in cryptocurrencies, non-fungible tokens, and related digital assets. The authors examine the growing digital finance market and increased interest from traditional financial institutions following significant U.S. and global legal and regulatory developments, including states’ adoption of UCC Article 12. The article also addresses UCC amendments governing digital assets, SEC and CFTC guidance, and the steps lenders and secured creditors should consider to protect their interests amid continuing legal and regulatory uncertainty.Read the <a href="https://www.reuters.com/practical-law-the-journal/transactional/security-interests-digital-assets-2026-09-01/" target="_blank">full article</a> (subscription required).

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Geoff has extensive experience in representing investment banks, private debt funds, hedge funds, business development companies, asset managers, specialty finance companies, borrowers, and issuers in large-cap, middle-market, and mezzanine financings and restructurings.Geoff works with clients on domestic and international financing matters, particularly cross-border transactions, including:<ul><li>Acquisition financings</li><li>Asset-based financings</li><li>Bridge financings</li><li>First/second liens financings</li><li>Hybrid debt/equity financings</li><li>Preferred equity financings</li><li>Private placements</li><li>Project and infrastructure financings</li><li>Trade financings</li><li>Subordinated financings</li><li>Subscription-backed financings</li><li>Unitranche financings</li><li>Warehouse financings</li></ul>Geoff also regularly represents creditor committees, ad-hoc committees, creditors, and debtors in connection with insolvency matters, including complex workouts and restructurings, DIP financings, exit financings, secondary trading of debt and equity, and analysis of special situations trading opportunities.Clients regularly retain Geoff to develop new products and form documents.Geoff maintains an active pro bono practice and is the president of the board of trustees of GAIA, a non-profit organization providing health services in sub-Saharan Africa. He is also an active speaker and regularly writes on finance trends and issues.Before joining Morrison Foerster, Geoff worked at a global investment bank, where he provided legal advice and transaction management services to the bank’s proprietary and special situations investment groups, which included par and distressed trading groups.<h4>Representative Experience</h4><ul><li>Represented Alter Domus (f/k/a Cortland Capital Market Services) as loan agent related to the refinancing and amendment and extension of certain loan facilities of borrower Moran Foods, LLC (also known as Save A Lot). The refinancing includes a new $200 million asset-based lending credit facility and an extended maturity with respect to approximately $377 million of existing first and second lien loans.</li><li>Represented ResCap in its $1.45 billion DIP financing, a hybrid leveraged loan and securitization. International Financing Review named the transaction a 2013 restructuring of the year.</li><li>Represented the lead arranger and commercial lenders in $847 million of financings extended to Ecopetrol, the Colombian petroleum company. The loans were guaranteed by an export credit agency. Trade Finance magazine recognized the transaction as a 2013 deal of the year.</li><li>Represented Cerro de Aguila in its $595 million financing of a 525 MW hydroelectric power plant in Peru. Project Finance magazine recognized the transaction as a 2013 Latin American power deal of the year.</li><li>Represented the lead arrangers in connection with a $3.250 billion syndicated loan financing extended to finance the corporate reorganization of a global real estate company.</li><li>Represented the lead arrangers in connection with $785 million of trade financings extended to a Brazilian exporter.</li><li>Represented the lead arrangers in connection with a $357.5 million first/second lien bankruptcy exit financing extended to Rotech Healthcare.</li><li>Represented the lead arrangers in connection with a $160 million mezzanine financing extended to a Caribbean and Latin American telecommunications and media company.</li><li>Represented the lead arranger in connection with a $150 million subscription-backed financing extended to a global infrastructure fund.</li><li>Represented a business development company in connection with a $125 million syndicated debt capital raise.</li><li>Represented the administrative agent and lender in connection with a $116 million first/second lien financing extended to a chain of residential behavioral and addiction health treatment centers.</li><li>Represented the lead arrangers in connection with $24 million and £24 million of unitranche acquisition financings extended to affiliated U.S. and UK technologies companies.</li><li>Represented an infrastructure private equity fund in financing the acquisition of a 97 MW wind farm located in the Pacific Northwest.</li><li>Represented the lead arrangers in connection with an out-of-court restructuring of loans extended to a large chain of Mexican retail stores.</li><li>Represented Circuit of the Americas in connection with a syndicated loan and mezzanine financing used to construct a motor sports and multi-purpose entertainment venue in Austin, Texas, which hosts, among other events, the Formula 1 United States Grand Prix.</li></ul>

Geoffrey Peck

Partner

Alex, co-lead of the firm's Digital Assets practice, advises banks and technology companies on a wide range of regulatory and supervisory matters, including new bank charters, enforcement and examination issues, stablecoin issuance and facilitation, bank-Fintech partnerships, and digital assets. Her experience includes advising on digital asset product development and agentic commerce issues, supervisory examination remediation, regulatory due diligence and compliance, and bankruptcy. 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 Issuers: Advise on stablecoin issuance and compliance strategy, new products, provide policy and regulatory advice</li></ul><ul><li>Global 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>