Blockchain and Virtual Currency: Insights for Litigators

David L. Taub focuses his practice in the field of municipal derivatives, distressed municipal credits and financial technology (FinTech). David is head of the Firm’s Financial Institutions Advisory Practice.

With more than 30 years of experience representing leading financial institutions and other participants in the global capital markets, David is a widely recognized industry leader for his strategic advisory in innovative financial products and complex securitization transactions. His versatile practice focuses on three core areas: derivatives and financial products, where he specializes in municipal derivatives, distressed municipal credits, and FinTech/blockchain.

Derivatives and Financial Products

David’s robust experience in municipal derivatives includes several of the largest and most ground-breaking primary and secondary market derivative product transactions, many of which have set the standard for today's financings. He advises in the full range of derivative transactions, including swaps, caps, collars, floors, investment vehicles and forward delivery agreements. David also practices in the field of public finance, advising clients on the transactional and tax aspects of the issuance of tax-exempt debt securities. He has served as counsel to issuers, underwriters, purchasers, borrowers and lenders for a variety of tax-exempt financings involving governmental, exempt facility and nonprofit issuers.

David has served as outside counsel to the Municipal Financial Products Committee of the Securities Industry and Financial Markets Association (SIFMA). Commended by clients for his practical approach, he advises on derivatives regulation and strategy, including the requirements of Dodd-Frank related to business conduct standards, the swap push-out rule, swap definitional rules, clearing, margin and end-user issues, and well as the development of regulatory compliant documentation.

Distressed Municipal Credits

David provides legal counsel on the resolution of distressed municipal credits. He advises financial institutions and other market participants in connection with distressed municipal offerings, as well as bankruptcy and restructuring issues in the tax-exempt markets. David has represented creditors in the Jefferson County and Puerto Rico matters and was counsel to the lender in the City of Detroit “DIP” loan and exit financings, arising from the City’s Chapter 9 case.

FinTech/Blockchain

David’s transactional practice intersects with his product and service work in the FinTech space, where he specializes in structuring and negotiating transactions involving financial services and technology companies. As head of the Firm’s Financial Institutions Advisory Practice, David is one of the leaders of the Firm’s FinTech/Blockchain industry practice, and has focused on the use and implementation of blockchain technology in platforms for derivatives, structured finance and securitization. David advises a wide range of market participants across multiple industries, including early-stage and established companies developing blockchain solutions, investors, exchanges, broker-dealers, banks and consulting firms, on the legal and regulatory implications of ICOs, including securities, commodities and money-transfer issues, as well as on state and international regulation. He also assists financial services firms and others in negotiating technology agreements for all types of services in light of the constantly evolving regulatory issues arising from the use of blockchain and other technologies.

Paul Helms helps clients navigate their most serious securities and fraud-related challenges, acting as both a trusted counselor and steady advocate. A former senior attorney at the Securities and Exchange Commission (SEC), where he served as counsel to the Director of Enforcement, Paul draws on his government experience to defend clients in SEC enforcement matters, internal investigations, and private securities litigation.

As the co-lead of McDermott Will & Schulte’s SEC enforcement practice, Paul represents public companies, investment advisers, accounting firms, and corporate leaders nationwide. He knows that investigations and lawsuits are not just legal matters – they can be personally and professionally disruptive. Paul’s approach centers on clear communication, practical strategy, and securing the best possible outcome while minimizing the impact on clients’ lives and businesses.

With experience on both sides of the table, Paul has handled the full spectrum of SEC matters: accounting and disclosure issues, investment adviser and broker-dealer compliance, offering fraud, market manipulation, public finance, Foreign Corrupt Practices Act (FCPA), insider trading, and professional liability. He has led high-profile internal investigations into complex fraud and compliance problems and successfully defended clients in shareholder derivative suits and securities class actions, achieving dismissals and favorable settlements.

Paul also dedicates time to pro bono work. He serves as external general counsel of Episcopal Charities in Chicago and has led fraud-related investigations for nonprofit organizations. Earlier in his career, Paul clerked for Judge James H. Michael Jr. of the US District Court for the Western District of Virginia and served as editor in chief of the Vanderbilt Law Review. He is a Chartered Alternative Investment Analyst (CAIA) and a Certified Fraud Examiner (CFE).

Joseph (Joe) B. Evans is the head of McDermott's FinTech & Blockchain Practice and head of Crypto Litigation and Regulatory. Widely recognized throughout the crypto industry, Joe is one of the top crypto litigators in the world. The American Lawyer has recognized him as a “Trailblazer” for his progressive work in crypto and he is one of the few individuals that is Chambers ranked Band 1 in Crypto-Asset Disputes.

Joe leads the industry’s only crypto-exclusive team whose members spend 100% of their time working on crypto industry matters. One of the few groups in the world ranked by Chambers in Crypto-Asset Disputes, the team has led more significant crypto litigation, both generally and bankruptcy-focused than any other firm. The team also advises on anti-money laundering, sanctions, and other ongoing compliance issues. Frequently called upon to find solutions for the most complex crypto products, Joe’s team prides itself on finding regulatory solutions when others can’t or won’t.

Since 2013, Joe has been representing companies and individuals in all aspects of crypto and blockchain-related legal matters, including defending government investigations, pursuing cutting-edge crypto litigation, obtaining money transmitter and other state licenses, and advising on initial coin offerings. With a focus on crypto regulatory matters, Joe advises the industry’s biggest players on their most important regulatory and licensing matters. His work includes issuing stablecoins, obtaining money transmitter licenses nationwide, obtaining trust charters, and launching new cryptocurrencies and products.

Pioneering first-of-its-kind crypto litigation, Joe has successfully handled matters involving crypto tracing, decentralized autonomous organization (DAO) litigation, and actions against fictitious entities and anonymous founders. His in-court successes include a series of wins in connection with the crypto industry’s largest bankruptcy cases in the United States and defending some of the industry’s largest participants. Joe has qualified crypto tracing experts in federal court and obtained immediate recovery of stolen crypto.

Joe has led the most impactful litigation and investigations for crypto creditor committees and post-bankruptcy confirmation entities in the industry. These representations include Cred, Inc., Voyager Digital, Prime Trust, Genesis Global Capital LLC, Terraform Labs, and Rhodium. Joe defends and brings affirmative litigation in connection with crypto bankruptcy cases, including regularly filing and defending cases worth hundreds of millions of dollars of fiat and crypto.

Additionally, Joe has defended crypto exchanges and other market participants in federal and state investigations. He regularly and successfully defends against these crypto regulatory investigations without penalties, fines, enforcement actions, or media attention of any kind.

Joe has also worked with state and federal regulatory bodies across the United States to advise and provide input on crypto regulation. In 2024, the Wyoming Select Committee on Blockchain, Financial Technology, and Digital Innovation Technology tapped Joe and his team to draft new legislation to protect crypto customers in the event of a bankruptcy filing.  The legislation crafted by Joe and his team specifically protects crypto customers in bankruptcy, even those whose assets are staked, held in stablecoin, or with sub-custodians.