Lilya Tessler focuses her practice on representing digital asset trading platforms, blockchain technology companies, US and non-US broker-dealers, financial services firms, and cryptocurrency funds. Lilya is co-head of the Firm’s FinTech and Blockchain Group and leads the firm’s broker-dealer practice.
Lilya advises technology companies on blockchain token offerings, including so-called ICOs. She also counsels financial institutions and digital asset exchanges with day-to-day securities issues, private placement agent requirements, custody rule requirements, cross-border regulatory issues, money services business registration requirements, as well as FINRA and SEC regulatory inquiries. She also advises several US and non-US FinTech companies, including robo-advisors and high-frequency trading firms in evaluating the broker-dealer and investment advisor registration requirements.
Lilya works with transactional lawyers on structuring deals involving financial services and technology companies, digital asset exchanges, and blockchain token offerings. She regularly assists both financial services firms and their vendors in negotiating US and cross-border technology agreements for all types of services and considering the US securities laws and broker-dealer regulatory issues associated with such technologies.
Lilya is a frequent speaker and writer on various topics in FinTech, with a particular focus on distributed ledger technology, blockchain tokens, and digital asset trading platforms.
Lilya is a certified public accountant, FINRA dispute resolution arbitrator, and previously held FINRA Series 7 and 24 licenses.
Counseled Coinbase on various legal questions concerning blockchain tokens and broker-dealer rules
Represented block.one in various corporate, intellectual property and regulatory issues
Represented Polychain Capital in certain aspects of its blockchain token purchases
Represented Venture Capital Working Group with respect to proposed SEC safe harbor for token offerings
Advised on formation of broker-dealers and registration of alternative trading systems to transact or custody digital assets
Represented numerous blockchain technology companies in US and non-US token offerings
Represented financial institutions with day-to-day securities issues, private placement agent requirements, Rule 15a-6 questions and interpretation of the M&A Broker no-action letter, as well as policies and procedures to implement the advice
Negotiated trading and custody agreements for broker-dealers, banks and other financial services companies
Advised retail broker-dealers and private funds on the requirements of Regulation R, Regulation U and Regulation T
Represented The Argon Group on various regulatory issues relating to blockchain token sales*
Represented Citizens Financial Group in its acquisition of Western Reserve Partners, a merger and acquisition advisory firm*
Represented MetaX in its blockchain token launch for Adchain*
Represented block.one in the sale of blockchain tokens for EOS*
Represented Securities Industry and Financial Markets Association (SIFMA) with respect to a comment letter to shorten the settlement cycle in the United States to T+2*
Advised clients on FINRA and SEC regulatory violations and drafted self-reporting disclosure statements for retail and institutional broker-dealers*
Represented The Financial Services Roundtable with respect to a comment letter on the consolidated audit trail (CAT) plan and proposed US Treasury regulations*