Overview
(May 23, 2022, Washington, DC) — Steptoe & Johnson LLP is pleased to announce that Coy Garrison, past counsel to U.S. Securities and Exchange Commissioner Hester M. Peirce, has joined the firm’s Washington, DC office as a partner in the Blockchain & Cryptocurrency, and Financial Services practices.
Garrison’s practice at Steptoe will focus on counseling private fintechs, public companies, and financial institutions on how to navigate the challenging legal and regulatory issues relating to cryptocurrency and blockchain technology. He also will advise clients on their SEC reporting and disclosure obligations, including in the growing area of environmental, social, and governance (ESG) matters.
As Commissioner Peirce's lead advisor on crypto matters, Garrison counseled her on every SEC crypto enforcement matter since November 2019. Additionally, Garrison crafted crypto policy positions, including composing two token safe harbor proposals and negotiating the Commission's no-action position on custody of digital asset securities by special purpose broker-dealers. Garrison also served as counsel to Bill Hinman, former Director of the SEC’s Division of Corporation Finance. Garrison coordinated and advised on reviews of all proposed registered offerings by crypto exchange-traded products (ETPs) and token offerings, represented the Commission on the Financial Stability Oversight Council’s Digital Assets Working Group, and worked closely with FinHub Director Val Szczepanik on a variety of matters.
"Coy knows the SEC ins and outs, after a decade working there on matters regulating our securities markets, preventing fraud, and protecting investors, as well as on enhanced requirements and guidance relating to public company disclosures," said Steptoe chair Gwen Renigar. "Coy will add great depth to the firm, and value to our clients as they prepare for enhanced SEC initiatives and examination priorities including digital assets, ESG reporting, and private funds. We're excited to welcome him to the firm."
Alan Cohn, co-chair of Steptoe's Blockchain & Cryptocurrency practice, added, "Coy's addition substantially enhances our team and deepens our capabilities in counseling clients navigating the complex legal and regulatory environment surrounding cryptocurrencies and digital assets. The digital asset industry is growing each day, as are the regulatory challenges faced by new entrants and more established institutions. Against that background, the industry is still seeking clarity around how existing regulations apply to this technology. Coy is uniquely situated to provide regulatory counsel and insights to clients on the securities law implications of their business plans given his work for the SEC."
When it comes to financial services, Garrison will leverage his years of service in the SEC's Division of Corporation Finance to advise public companies and their boards on compliance with SEC disclosure requirements and proxy matters, including shareholder proposals and ESG matters. Additionally, he will advise companies on their SEC reporting and disclosure obligations in connection with registered securities offerings. Furthermore, Garrison brings to Steptoe experience working on a variety of complex and novel transactions, including real estate investment trust (REIT) spinoffs, ETPs with esoteric investment objectives, and new pricing methods for offerings. He also has experience analyzing well-known seasoned issuer (WKSI) and bad actor waiver requests, and no-action requests.
"I look forward to joining Steptoe and partnering with the lawyers in the Blockchain & Cryptocurrency practice, the Financial Services practice, and beyond," said Garrison. "I have a keen understanding of the securities law issues that arise in the crypto context and will leverage my experience to seek creative solutions for clients. As the SEC moves to enhance ESG and other disclosure requirements, I can also add value for existing and new public company clients that need representation and regulatory guidance in navigating their obligations."
Garrison earned his J.D., magna cum laude, from Pepperdine University School of Law, and his B.A. from the University of Maryland.
Steptoe was among the first law firms to establish a practice dedicated to blockchain and cryptocurrency. The team includes former high-ranking officials from the Department of Justice, the Department of Homeland Security, the Internal Revenue Service (IRS), Treasury Department, the Commodity Futures Trading Commission (CFTC), and the SEC. The firm and its lawyers have handled or are handing some of the biggest matters in this space before the DOJ, SEC, CFTC, the Office of Foreign Assets Control (OFAC), and State Attorneys General.
About Steptoe
In more than 100 years of practice, Steptoe has earned an international reputation for vigorous representation of clients before governmental agencies, successful advocacy in litigation and arbitration, and creative and practical advice in structuring business transactions. Steptoe has more than 500 lawyers and other professional staff across offices in Beijing, Brussels, Chicago, Hong Kong, London, Los Angeles, New York, San Francisco, and Washington. For more information, visit www.steptoe.com.
