Shearman And Sterling

Cryptocurrency

October 10, 2022

UK and US Overview of Cryptoassets & Insolvency

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UK AND US OVERVIEW OF CRYPTOASSETS & INSOLVENCY

Cryptoassets have emerged from relative obscurity to become an increasingly significant and mainstream presence: in just five years the global market cap for cryptocurrencies rose from around $15 billion to over $3 trillion at its peak in November of last year. This has fueled a prolific expansion of crypto-focused businesses (e.g., cryptocurrency exchanges, crypto payment gateways, custodian wallet providers) and has led to increasing numbers of businesses accepting crypto as a form of payment and/or holding it on their balance sheets.

In this context, it is clear that “cryptoasset insolvencies” will be an increasingly regular occurrence. However, the rapid growth of the asset class has left governments, lawmakers and regulators struggling to determine if and how existing legal and regulatory frameworks apply, or to the extent they do not, what additional laws and regulations may be needed.

As the worlds of cryptoassets and insolvency collide, partners Alexander Wood and Helena Potts, counsels Tom McKay and Kevin Heverin and associate Kate O’Donoghue have put together a publication analyzing legal, practical and regulatory issues that are likely to arise in an insolvency context.

Read “Cryptoassets & Insolvency: Legal, Regulatory and Practical Considerations.”

Authors and Contributors

Alexander Wood

Partner

Financial Restructuring & Insolvency

+44 20 7655 5935

+44 20 7655 5935

London

Helena Potts

Partner

Financial Restructuring & Insolvency

+44 20 7655 5964

+44 20 7655 5964

London

Tom McKay

Counsel

Financial Restructuring & Insolvency

+44 20 7655 5578

+44 20 7655 5578

London

Kevin Heverin

Counsel

Financial Restructuring & Insolvency

+44 20 7655 5764

+44 20 7655 5764

London

Kate O'Donoghue

Associate

Financial Restructuring & Insolvency

+44 20 7655 5108

+44 20 7655 5108

London