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As blockchain technology becomes increasingly integrated into financial services, supply chains, and digital commerce, companies of all sizes—from emerging startups to global institutions—are engaging with digital assets, tokenization, and decentralized finance (DeFi) in new and innovative ways. This expanding ecosystem is accompanied by a shifting regulatory environment, with courts, legislators, and enforcement agencies across jurisdictions actively shaping the legal framework. The implications extend well beyond cryptocurrencies, encompassing smart contracts, non-fungible tokens, digital asset custody, and insolvency treatment. By closely monitoring critical cases, legislative developments, and market trends, our attorneys ensure our clients remain informed, prepared, and strategically positioned in an increasingly digital-driven economy. Our work in the digital assets and cryptocurrency space reflects the evolving legal and regulatory landscape across jurisdictions. The matters below illustrate how these developments are playing out in practice: Representation of a cryptocurrency exchange regarding how to handle federal cryptocurrency financial reporting requirements. Representation of a consortium of global businesses, including ADM, Bunge, and Cargill, on the establishment of a joint venture and the design and rollout of a transformational blockchain platform for supply chain operations in the agricultural commodities sector. The platform, managed by Covantis, aims to modernize global agricultural post-trade execution processes, optimizing the shipment and delivery of bulk commodities like corn and soybeans from Brazil to worldwide destinations. Representation of Coinbase in securing its first crypto custody license in Germany, granted by the German Federal Financial Supervisory Authority (BaFin). This license allows Coinbase Germany GmbH to offer crypto custody and trading services under the licensing regime introduced in January 2020. Representation of BNP Paribas Securities Services, a leading global custodian and securities services provider, on partnering with fintech Fireblocks, a digital asset custody, transfer, and settlement platform, to develop its new digital asset custody offering. Representation of a global fintech company operating a trading and investment business, including a platform for virtual currency transactions, authorization requirements, corporate structure, licensing obligations, and legislation changes. Representation of fintech companies on their crypto payment platforms. Representation of broker-dealer clients seeking to offer crypto accounts or services to crypto customers on providing notice and potentially obtaining prior approval in compliance with regulatory requirements. Achieved dismissal of customer arbitrations relating to various cryptocurrency losses on behalf of a large crypto platform. Successfully acted for a crypto lender/platform in recovering 880 bitcoin and other digital assets following stakeholder proceedings in the High Court in the UK. Successfully defended an $800 million ownership claim against a crypto lender/platform on the basis of jurisdiction. In ongoing High Court proceedings, defending a crypto lender/platform from three high-net-worth individuals for losses in excess of $80 million arising from the freezing and alleged forced buyback of a large holding of a native token. Webinar Series Global Tokenization Webinar Series Gain practical insights into global tokenization trends, regulation, and real-world applications. Services Asset Management Banking and Finance Crypto Assets Financial Services Disputes and Investigations Financial Services Regulation Regulatory Investigations and Enforcement Trade and Export Finance Industries Financial Services Payments and Fintech Retail Banking and Consumer Finance Case Study Ad Hoc Committee of Non-US Customers of FTX.com Eversheds Sutherland played a critical role in the $11 billion FTX Chapter 11 restructurin g—the largest cryptocurrency-related bankruptcy to date—through its representation of the Ad Hoc Committee of Non-US Customers of FTX.com. The Ad Hoc Committee represented more than 70 holders of foreign customer claims from more than 30 countries, accounting for more than $6 billion of the $8 billion in customer claims. Over the course of the restructuring, the Ad Hoc Committee came to include many of the world’s leading distressed secondary investors, including Attestor Limited, Oaktree Capital Management, The Baupost Group, King Street Capital Management, Farallon Capital Management, Canyon Partners, Diameter Capital Partners, Hudson Bay Capital Management, and Silver Point Capital. At the outset, foreign customers faced dismal prospects for recovery. The central legal issue—whether digital assets held on the FTX.com exchange were customer property or estate property—created significant uncertainty. The Ad Hoc Committee drove the resolution of that issue, helping achieve a global, consensual settlement that became the foundation of the confirmed plan of reorganization. That plan, which was negotiated and supported by the Ad Hoc Committee, provides for estimated customer recoveries of approximately 150% on allowed claims. Eversheds Sutherland advised the Ad Hoc Committee as a key consultative party throughout the Chapter 11 process, playing a central role in asset monetization strategies, claims resolution and settlement processes, litigation to protect customer data privacy, and other critical aspects of the restructuring. Eversheds Sutherland’s representation of the Ad Hoc Committee highlights the firm’s ability to navigate novel legal challenges and deliver results through thoughtful strategy, collaborative execution, and focused advocacy in high-profile insolvency matters. Global Tokenization Webinar Series Explore the evolving world of tokenization with our Global Tokenization Webinar Series. This series provides practical insights and perspectives to help you navigate this dynamic area of digital assets. The sessions explore current trends and developments in tokenization, provide regulatory updates across key jurisdictions, examine the benefits and challenges of implementation, and share practical strategies for real-world applications. Each webinar builds on the previous one, offering a comprehensive understanding of tokenization and its impact on financial services. Stay informed: Subscribe to our mailing list for updates on upcoming sessions. Missed a session? No problem. Webinars are recorded and available on demand. Access the recordings below: Focus on Asia Listen here Speakers Adam Pollet and Kenny Tam discuss the state of tokenization in Asia, key market developments and the regulatory frameworks shaping adoption and growth. An Industry Perspective Listen here Adam Pollet is joined by guest speaker, Ryan Zega, Head of Structured Finance at Aptos Labs, to explore tokenization, institutional adoption, regulatory trust, and the critical role of interoperability in driving digital asset innovation. Tokenization in Practice: Navigating Trends and Challenges Listen here Eversheds Sutherland speakers Adam Pollet, Michael Koffler, and Ethan Corey explore the latest developments shaping tokenization, recent US regulatory changes, and practical solutions to overcome real-world challenges. Perspectives from the UK Listen here Speakers Adam Pollet and Tim Fosh discuss the UK regulatory approach to tokenization, including tokenized deposits, securities, and applications beyond traditional asset classes. Key people Matthew Allen Partner United Kingdom Erin E. Broderick Partner Chicago, United States \| New York, United States Tim Fosh Partner United Kingdom Andrea L. 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The digital assets and cryptocurrency market continues to evolve at a rapid pace, presenting both transformative opportunities and complex legal challenges for businesses worldwide.

As blockchain technology becomes increasingly integrated into financial services, supply chains, and digital commerce, companies of all sizes—from emerging startups to global institutions—are engaging with digital assets, tokenization, and decentralized finance (DeFi) in new and innovative ways.

This expanding ecosystem is accompanied by a shifting regulatory environment, with courts, legislators, and enforcement agencies across jurisdictions actively shaping the legal framework. The implications extend well beyond cryptocurrencies, encompassing smart contracts, non-fungible tokens, digital asset custody, and insolvency treatment.

By closely monitoring critical cases, legislative developments, and market trends, our attorneys ensure our clients remain informed, prepared, and strategically positioned in an increasingly digital-driven economy.

Regulatory Context in Action

Our work in the digital assets and cryptocurrency space reflects the evolving legal and regulatory landscape across jurisdictions. The matters below illustrate how these developments are playing out in practice:

Representation of a cryptocurrency exchange regarding how to handle federal cryptocurrency financial reporting requirements.
Representation of a consortium of global businesses, including ADM, Bunge, and Cargill, on the establishment of a joint venture and the design and rollout of a transformational blockchain platform for supply chain operations in the agricultural commodities sector. The platform, managed by Covantis, aims to modernize global agricultural post-trade execution processes, optimizing the shipment and delivery of bulk commodities like corn and soybeans from Brazil to worldwide destinations.
Representation of Coinbase in securing its first crypto custody license in Germany, granted by the German Federal Financial Supervisory Authority (BaFin). This license allows Coinbase Germany GmbH to offer crypto custody and trading services under the licensing regime introduced in January 2020.
Representation of BNP Paribas Securities Services, a leading global custodian and securities services provider, on partnering with fintech Fireblocks, a digital asset custody, transfer, and settlement platform, to develop its new digital asset custody offering.
Representation of a global fintech company operating a trading and investment business, including a platform for virtual currency transactions, authorization requirements, corporate structure, licensing obligations, and legislation changes.
Representation of fintech companies on their crypto payment platforms.
Representation of broker-dealer clients seeking to offer crypto accounts or services to crypto customers on providing notice and potentially obtaining prior approval in compliance with regulatory requirements.
Achieved dismissal of customer arbitrations relating to various cryptocurrency losses on behalf of a large crypto platform.
Successfully acted for a crypto lender/platform in recovering 880 bitcoin and other digital assets following stakeholder proceedings in the High Court in the UK.
Successfully defended an $800 million ownership claim against a crypto lender/platform on the basis of jurisdiction.
In ongoing High Court proceedings, defending a crypto lender/platform from three high-net-worth individuals for losses in excess of $80 million arising from the freezing and alleged forced buyback of a large holding of a native token.

Case Study

Ad Hoc Committee of Non-US Customers of FTX.com

Eversheds Sutherland played a critical role in the $11 billion FTX Chapter 11 restructurin g—the largest cryptocurrency-related bankruptcy to date—through its representation of the Ad Hoc Committee of Non-US Customers of FTX.com. The Ad Hoc Committee represented more than 70 holders of foreign customer claims from more than 30 countries, accounting for more than $6 billion of the $8 billion in customer claims. Over the course of the restructuring, the Ad Hoc Committee came to include many of the world’s leading distressed secondary investors, including Attestor Limited, Oaktree Capital Management, The Baupost Group, King Street Capital Management, Farallon Capital Management, Canyon Partners, Diameter Capital Partners, Hudson Bay Capital Management, and Silver Point Capital.

At the outset, foreign customers faced dismal prospects for recovery. The central legal issue—whether digital assets held on the FTX.com exchange were customer property or estate property—created significant uncertainty. The Ad Hoc Committee drove the resolution of that issue, helping achieve a global, consensual settlement that became the foundation of the confirmed plan of reorganization. That plan, which was negotiated and supported by the Ad Hoc Committee, provides for estimated customer recoveries of approximately 150% on allowed claims.

Eversheds Sutherland advised the Ad Hoc Committee as a key consultative party throughout the Chapter 11 process, playing a central role in asset monetization strategies, claims resolution and settlement processes, litigation to protect customer data privacy, and other critical aspects of the restructuring. Eversheds Sutherland’s representation of the Ad Hoc Committee highlights the firm’s ability to navigate novel legal challenges and deliver results through thoughtful strategy, collaborative execution, and focused advocacy in high-profile insolvency matters.

Global Tokenization Webinar Series

Explore the evolving world of tokenization with our Global Tokenization Webinar Series. This series provides practical insights and perspectives to help you navigate this dynamic area of digital assets.

The sessions explore current trends and developments in tokenization, provide regulatory updates across key jurisdictions, examine the benefits and challenges of implementation, and share practical strategies for real-world applications. Each webinar builds on the previous one, offering a comprehensive understanding of tokenization and its impact on financial services.

Stay informed: Subscribe to our mailing list for updates on upcoming sessions. Missed a session? No problem. Webinars are recorded and available on demand. Access the recordings below:

Previous Global Tokenization webinar recordings

Focus on Asia

Listen here

Speakers Adam Pollet and Kenny Tam discuss the state of tokenization in Asia, key market developments and the regulatory frameworks shaping adoption and growth.

An Industry Perspective

Listen here

Adam Pollet is joined by guest speaker, Ryan Zega, Head of Structured Finance at Aptos Labs, to explore tokenization, institutional adoption, regulatory trust, and the critical role of interoperability in driving digital asset innovation.

Tokenization in Practice: Navigating Trends and Challenges

Listen here

Eversheds Sutherland speakers Adam Pollet, Michael Koffler, and Ethan Corey explore the latest developments shaping tokenization, recent US regulatory changes, and practical solutions to overcome real-world challenges.

Perspectives from the UK

Listen here

Speakers Adam Pollet and Tim Fosh discuss the UK regulatory approach to tokenization, including tokenized deposits, securities, and applications beyond traditional asset classes.