A&O Shearman global insights

Beyond fintech: The DOJ and the new playbook for crypto enforcement

The ground under U.S. digital asset enforcement is shifting, and fast. In this episode of Beyond Fintech, we unpack the transition from years of “regulation by enforcement” toward calls for greater regulatory clarity, and what a Trump 2.0 policy posture could mean in practice.  

Are we entering a recalibrated era where fraud, market manipulation, and illicit finance become the principal focus for prosecutors and regulators? How should founders, exchanges, and institutional investors adapt their risk frameworks as the enforcement lens narrows but sharpens? 

Our panel brings perspective from the front lines of crypto enforcement:  

• Dario de Martino, lead of our global fintech and blockchain practice and M&A partner in our New York office. 
• John Nathanson, partner and co-head of our global investigations and white-collar practice. A former assistant U.S. attorney in the eastern district of New York, serving in the business and securities fraud unit. John has represented digital asset industry clients in enforcement matters since 2018, including crypto exchanges KuCoin and Gemini and has been part of the Binance DOJ monitor team. 
• Gene Ingoglia, partner in our litigation and white-collar defense practice. Gene is also a former assistant U.S. attorney in the southern district of New York, serving in the securities and commodities fraud unit. He now represents digital asset industry clients in enforcement matters, including crypto exchanges such as Bitmex. 

Together, they explore 

• The shift from “regulation by enforcement” to a push for “regulatory clarity” 
• DOJ and CFTC’s narrowed focus on fraud, market manipulation, and money laundering 
• The SEC’s evolving strategy, including a new Crypto Task Force and recent case outcomes 
• The Unicoin case and its implications for asset-backed token scrutiny and real-world asset tokenization 
• The growing role of state attorneys general in shaping the enforcement landscape 
• How global developments are reshaping risk assessments for crypto firms. 

Whether you are stewarding a platform through scrutiny, diligencing an investment, or tracking the regulatory reset from the sidelines, this conversation translates fast‑moving enforcement trends into practical signals for the road ahead. 

Beyond fintech is your essential guide to the seismic shifts redefining digital finance, regulation, and innovation. Each episode brings together leading voices from A&O Shearman’s global practice and industry trailblazers to decode the fast-moving world of crypto enforcement, token incentives, stablecoins, digital bonds, privacy, and cybersecurity. Beyond fintech provides the sharp analysis and practical takeaways to turn complexity into clarity, arming founders, investors, and decision-makers with the signals they need for the road ahead. 

Beyond fintech: Stablecoins and Central Bank digital currencies

In this thought-provoking episode of the Fintech and Blockchain Podcast, A&O Shearman’s leading experts dive deep into the evolving regulatory landscape surrounding USD-backed stablecoins and central bank digital currencies (CBDCs).   

As digital assets continue to reshape global finance, the U.S. Securities and Exchange Commission’s (SEC) shifting stance on the security status of stablecoins has sparked critical conversations across the fintech ecosystem. What does it mean for issuers, platforms, and investors when a stablecoin is—or isn’t—a security? And how are regulators balancing innovation with systemic risk?  

Join Dario de Martino, M&A Partner in New York and Co-Chair of A&O Shearman’s Global FinTech and Blockchain Group, Susan Gault-Brown, Partner in Washington, D.C., and a seasoned regulatory adviser to asset managers and fintech innovators, and Bill Satchell, Of Counsel in Washington, D.C., with nearly four decades of experience advising banks on complex regulatory matters.   

Together, they unpack the categories of stablecoins, prudential oversight frameworks, DeFi challenges, and international regulatory alignment. Their insights offer clarity on how legal definitions are evolving—and what that means for the future of digital finance. 

Are stablecoins the bridge between traditional finance and decentralized innovation? How will the GENIUS Act and other global frameworks reshape the issuance and classification of digital assets? And what role will central banks play in the next phase of digital currency adoption? Tune in for a practical, forward-looking discussion that’s essential listening for anyone navigating the fast-changing world of fintech, crypto, and digital regulation.    

Related content

• The GENIUS Act: Transforming U.S. Stablecoin Regulation 
• SEC Staff Takes a Position on the Security Status of USD-Backed Stablecoins 
• MiCAR Under the Microscope – Stablecoin Issuance in the EU 
• The UK Future Cryptoasset Regulatory Framework 

The Fuse Podcast: The future of digital assets with Ryan Hayward

In this thought-provoking episode of The Fuse Podcast, Shruti Ajitsaria—Partner and Head of Fuse, A&O Shearman’s award-winning tech innovation hub—leads a dynamic panel of industry leaders through the fast-evolving world of digital assets.

As tokenization, blockchain infrastructure, and regulatory reform reshape the financial landscape, this conversation offers a front-row seat to the forces driving innovation and disruption in digital finance. 

Joining Shruti are three distinguished voices at the forefront of digital transformation: 

• Barney Reynolds, former Global Co-Head of Financial Services Regulatory at A&O Shearman, now Partner at Sullivan & Cromwell, renowned for advising global financial institutions through seismic regulatory shifts. 
• Ryan Hayward, Head of Digital Assets and Strategic Investments at Barclays, who leads the bank’s global strategy on tokenization, governance, and fintech partnerships. 
• Benjamin Santos-Stephens, CEO of ClearToken, a pioneering clearing house for digital assets, with a background spanning Nomura’s Laser Digital and Instinet’s global product strategy. 

Together, they unpack the infrastructure and policy frameworks shaping the future of digital finance—from the UK’s ambition to become a global hub for digital asset innovation, to the challenges of interoperability, inclusion, and market adoption.

What role will financial market infrastructures play in enabling tokenized economies? How are regulators balancing innovation with risk? And what does the future hold for institutional-grade digital asset platforms? 

The Fuse Podcast brings together industry leaders, technologists, and legal experts to explore the intersection of emerging technologies and law. Each episode offers practical insights into how innovation is reshaping business models, regulatory frameworks, and operational strategies. Designed for decision-makers navigating digital transformation, this series delivers forward-looking conversations that decode complex trends and spotlight actionable opportunities as technology drives the future of law. 

Beyond fintech: On the front line of privacy, AI and cybersecurity

The fintech and blockchain ecosystem is moving faster than ever—and the stakes for getting privacy, cybersecurity and AI governance right have never been higher. In this episode, we explore the regulatory patchwork shaping U.S. privacy compliance, the escalating sophistication of cyber threats, and the real-world pressures facing digital asset platforms as they scale. From biometric data rules to ransomware’s resurgence, we unpack the risks, the regulatory direction of travel, and the practical steps market participants are taking now to stay both compliant and resilient. 

How should fintechs navigate fragmented state and federal privacy regimes while innovating with AI? What can the Bybit cyber-attack teach the market about today’s threat actors and the importance of incident readiness? And as ransomware rebounds in 2025, how do differing reporting obligations and supervisory expectations across jurisdictions reshape board-level governance and risk appetite? Tune in for grounded, front-line insights—and a roadmap for what to watch next. 

Our guests bring deep, complementary expertise from A&O Shearman’s global Fintech and Blockchain group: 

• Dario de Martino, M&A partner in New York and co-chair of the Fintech and Blockchain group, advises on cryptocurrency and digital assets transactions and the evolving regulatory perimeter.  
• Helen Christakos, partner in Silicon Valley and U.S. privacy lead, guides clients through the complex patchwork of federal and state privacy laws affecting fintech companies, including the Gramm-Leach-Bliley Act and emerging state privacy acts.  
• Anna Rudawski, partner in New York focused on cybersecurity and incident response, counsels clients on governance, breach reporting, and rapid response to sophisticated cyber intrusions 

Together, they examine AI’s role in critical decision-making, the regulation of biometric data under state law (including standalone regimes in Illinois, Texas and Washington), and how companies can fortify controls, reporting lines and incident playbooks amid intensifying regulatory scrutiny. 

Beyond fintech is your essential guide to the seismic shifts redefining digital finance, regulation, and innovation. Each episode brings together leading voices from A&O Shearman’s global practice and industry trailblazers to decode the fast-moving world of crypto enforcement, token incentives, stablecoins, digital bonds, privacy, and cybersecurity. Beyond fintech provides the sharp analysis and practical takeaways to turn complexity into clarity, arming founders, investors, and decision-makers with the signals they need for the road ahead.    

The Trump Sessions: What U.S. crypto policy developments mean for the market

In a bold move that’s already reshaping the global digital asset landscape, President Trump’s second-term administration has wasted no time in signaling a dramatic shift in U.S. crypto policy. Within days of taking office, a sweeping executive order was signed to cement America’s leadership in digital financial technology—ushering in what many are calling the most crypto-friendly administration in U.S. history. 

In this episode of The Trump Sessions, A&O Shearman’s leading U.S. crypto partners unpack the legal, regulatory, and market implications of this seismic policy pivot. What does this mean for crypto-native firms and traditional financial institutions alike? How will the new enforcement posture affect compliance strategies? And what ripple effects might we see across international markets as the U.S. reasserts itself as a digital asset powerhouse? 

Join Dario de Martino, M&A Partner and Global Head of Fintech and Blockchain at A&O Shearman, alongside John Nathanson, Co-Head of Global Investigations and White Collar, and Gene Ingoglia, Partner in Litigation and White Collar Defense. With deep experience advising crypto exchanges, fintech innovators, and institutional investors, these experts offer a front-row view into the evolving regulatory terrain—and what it means for the future of crypto. 

Whether you're a policy watcher, investor, or industry leader, this episode offers essential insights into the opportunities and challenges of this new era. Will the U.S. finally deliver the regulatory clarity the crypto sector has long demanded? Can innovation and enforcement coexist in this rapidly evolving space? 

In The Trump Sessions podcast series, our legal and policy experts unpack the global business implications of major U.S. policy shifts under the Trump administration. Covering topics from trade and tariffs to crypto regulation and AI, each episode offers strategic insights into how evolving U.S. priorities are reshaping cross-border investment, compliance, and innovation. The series delivers sharp analysis and practical guidance for navigating geopolitical change in a volatile regulatory landscape. 

The Fuse Podcast: AI

The latest episode of The Fuse Podcast is an insightful exploration of the challenges facing organisations who are at the vanguard of AI adoption.

AI has the potential to automate processes, enhance decision-making, and introduce efficiencies across various sectors. However, it also brings new risks and amplifies existing ones, such as discrimination, IP infringement, and cyber business interruption. Understanding, mitigating and managing these risks is crucial for safe and responsible AI adoption – but how do you do that?

On this edition of The Fuse Podcast by A&O Shearman, we are joined by:

• Dr Michael Berger, the head of Munich Re's Insure AI team, which focuses on structuring insurance solutions for AI risks, including the risk of incorrect predictions and discrimination.
• Mark Titmarch, the CPO and co-founder and head of insurance of Testudo, one of Fuse’s cohort companies. Testudo is creating new AI insurance products to enable institutions to adopt AI safely and responsibly.

In our conversation, we delve into the intricacies of AI, exploring both its potential and limitations, as well as key considerations from a legal and regulatory perspective. We discuss how different industries can use or plan to use AI in their operations in a safe way, the role of insurance in mitigating AI-related risks, and the key trends and predictions for the coming year in the AI sector.

This is a rich dialogue on the current state and future potential of AI, offering valuable perspectives for anyone interested in the evolving landscape of artificial intelligence.

The Trump Sessions: Tariffs, trade, CFIUS and M&A

As President Trump embarks on his second term, sweeping executive orders are reshaping the U.S. economic and regulatory landscape—bringing both disruption and opportunity. In this inaugural episode of The Trump Sessions, A&O Shearman’s legal and policy experts unpack the implications of the administration’s bold new direction for global trade, foreign investment, and dealmaking. 

Join Ken Rivlin, David Higbee, Elaine Johnston, Jessica Delbaum, and Lorenz Haselberger—senior partners at A&O Shearman—as they explore the volatile tariff environment, the evolving role of CFIUS in foreign investment screening, and the shifting prospects for inbound and outbound M&A.  

With the administration’s Reciprocal Tariff Program and broader trade strategy already sending shockwaves through global markets, this episode offers timely insights and practical guidance for businesses navigating uncertainty. 

What does the future hold for cross-border transactions under heightened scrutiny? How will dealmakers adapt to a more protectionist and unpredictable trade regime? And what strategies can companies deploy to mitigate risk and seize emerging opportunities?  

Tune in to hear expert analysis and forward-looking perspectives that will help you stay ahead in a rapidly changing regulatory climate. 

In The Trump Sessions podcast series, our legal and policy experts unpack the global business implications of major U.S. policy shifts under the Trump administration. Covering topics from trade and tariffs to crypto regulation and AI, each episode offers strategic insights into how evolving U.S. priorities are reshaping cross-border investment, compliance, and innovation. The series delivers sharp analysis and practical guidance for navigating geopolitical change in a volatile regulatory landscape. 

Related content 

• How will the Trump administration impact M&A? – A detailed look at the expected “Trump bump” in dealmaking and regulatory shifts.  
• Trump’s Reciprocal Tariff Program – An analysis of the executive order imposing new tariffs and its implications for global trade.  
• U.S. Tariff Risks and Risk Mitigation – Guidance for companies on how to assess and respond to tariff-related risks. 

Market horizons: European primary bond markets regulation takeaways with ICMA

European primary bond markets are at an inflection point. A fast-changing regulatory rulebook is reshaping how deals are executed, how liability is managed, and how issuers and investors engage — and the implications for deal teams are immediate. 

In this episode of Market Horizons, partner Amanda Thomas and counsel Jennifer Cresswell sit down with Miriam Patterson and Ruari Ewing, senior directors in the International Capital Market Association’s Primary Markets team, to unpack the key takeaways from the ICMA/A&O Shearman 2025 European Primary Bond Markets Regulation conference, held at our London office on Tuesday, 4 February.  

The conversation moves from the conference room to the practical: how are evolving disclosure expectations changing the way deals are structured and timed? Where are the pressure points in prospectus compliance and product governance that deal teams are encountering right now? And what does best practice look like across the market as the regulatory framework continues to shift? 

This conversation explores what is changing, what is not, and how market participants can navigate the next phase of European primary issuance with confidence. 

Market Horizons delivers expert analysis from A&O Shearman's capital markets specialists on the regulatory and structural forces shaping global debt and equity issuance. Each episode combines front-line deal experience with policy insight to give issuers, underwriters, and advisers a practical view of where markets are heading and what it takes to execute with confidence. 

Global restructuring outlook: Restructuring reinvented in UAE

In this episode of Global Restructuring Outlook 2025, we turn our focus to the United Arab Emirates, where the restructuring landscape has undergone a seismic shift. 

Following the implementation of a new bankruptcy code and three landmark restructurings in 2024, the UAE is now emerging as a sophisticated and globally aligned restructuring jurisdiction. But what does this transformation mean for businesses, creditors, and investors navigating financial distress in the region? 

Join Adam Banks, Partner at A&O Shearman and co-head of the firm’s restructuring practice in the Middle East, and Adam Fadian, Partner at A&O Shearman and lead advisor on the Drake & Scull restructuring, as they unpack the implications of these groundbreaking developments.  

Drawing on their direct involvement in the restructurings of Drake & Scull, JBF RAK, and Emirates Hospitals Group, they offer insider perspectives on how the UAE courts have embraced international best practices, including features inspired by the U.S. Chapter 11 process. 

What lessons can be learned from the UAE’s adoption of priority financing and creditor cram-down mechanisms? How did the courts navigate previously untested legal frameworks to deliver outcomes that rival global standards? And what does the future hold for distressed companies operating in the Gulf region? 

This episode is essential listening for anyone interested in the evolution of restructuring law in emerging markets, the role of legal innovation in economic resilience, and the growing influence of international legal harmonization. 

Global Restructuring Outlook 2025 explores the key legal, financial, and geopolitical developments shaping the restructuring landscape worldwide. Featuring expert insights from across jurisdictions—including the U.S., UK, EU, China, and the UAE—the series examines landmark rulings, evolving insolvency regimes, and the growing influence of private credit. Designed for business leaders and restructuring professionals, each episode offers strategic perspectives on navigating distressed situations and unlocking value in complex, cross-border environments. 

Related content 

• Pathway for future restructuring processes in the UAE
• Global Restructuring Outlook 2025 

Global Restructuring Outlook: China’s real estate reckoning

In this eye-opening episode of A&O Shearman’s Global Restructuring Outlook podcast series, hosts Viola Jing, Partner in the Hong Kong Restructuring Team, and Katrina Buckley, Global Co-Head of Restructuring, delve into the seismic shifts reshaping the restructuring landscape in Greater China.  

With the real estate sector at the epicenter of financial distress, they unpack how government policy, market volatility, and mounting debt have triggered a wave of complex restructuring efforts across both mainland China and Hong Kong.

Listeners will gain insider perspectives on how offshore schemes of arrangement, debt-to-equity swaps, and “closed door” liability management exercises are being deployed to stabilize some of the region’s largest property developers.  

The episode also explores the broader economic implications of these restructurings, including their impact on Hong Kong’s bearish property market, the office rental crisis, and the struggling hotel sector.  

What does this mean for investors, creditors, and policymakers? And how might these developments ripple across the global financial system? 

Tune in to explore how China’s real estate credit crunch is reshaping offshore and onshore restructuring strategies. 

Global Restructuring Outlook 2025 explores the key legal, financial, and geopolitical developments shaping the restructuring landscape worldwide. Featuring expert insights from across jurisdictions—including the U.S., UK, EU, China, and the UAE—the series examines landmark rulings, evolving insolvency regimes, and the growing influence of private credit. Designed for business leaders and restructuring professionals, each episode offers strategic perspectives on navigating distressed situations and unlocking value in complex, cross-border environments. 

Related content 

China’s restructuring landscape dominated by struggles of real estate sector