While regulators have continued to tighten their approach towards regulating crypto, law firms with increasing cases have thrived on keeping up with the pace. Earlier today, prominent law-focused firm Jenner & Block announced its latest recruit aimed to counter the intensifying crypto regulations.
The company disclosed it had hired former US prosecutor Laurel Loomis Rimon, who once worked for the U.S. Justice Department and Consumer Financial Protection Bureau, as its latest Co-chair who will oversee its clients – crypto and fintech companies.
Hired To Help And Oppose
Emerging as Jenner & Block’s latest notable recruit, Rimon will meet the firm’s client needs. Per the report, Rimon will represent financial institutions, fintech firms, and crypto platforms needing the company’s legal services on government regulations and compliance.
Notably, the law firm’s latest move in hiring someone with expert experience in the job benefits the company and the crypto industry. Rimon noted:
There is a ton of activity. Many of the agencies have staffed up and been given additional resources, so on a practical level, they can be more active and bring more actions.
Rimon has knowledge and experience in law and financial technology, such as cryptocurrency. The former US prosecutor has worked with the Consumer Financial Protection Bureau (CFPB) as an assistant deputy enforcement director and as general counsel in the inspector general’s office at the Department of Homeland Security.
Before that, Rimon worked with the US Justice department for over 15 years. Given the company’s expertise in litigation and government investigations, Rimon was attracted to the Jenner & Block law firm.
Intensifying Crypto Regulations
Notably, Rimon’s recruitment comes amid intensified regulatory scrutiny in the crypto industry. As of last week, Binance, the largest crypto exchange by volume, was sued by the Commodity Futures and Commission (CFTC) over alleged trading and derivatives rules violations.
A week prior, another popular crypto exchange, Coinbase, received a Wells notice – a letter that suggests a looming lawsuit for securities law violation – from the US Securities and Exchange Commission (SEC).
Meanwhile, regardless of the regulatory scrutiny, the global crypto market has maintained composure. Over the past 24 hours, the global crypto market capitalization has plummeted by nearly 1% at the time of writing, with a value above $1.2 trillion.
Featured image from Unsplash, Chart from TradingView