A recent guilty plea in U.S. v. Wahi in the U.S. District Court for the Southern District of New York, a crypto insider trading case, sets up an interesting situation where the defendants — who have already pled guilty to wire fraud — are challenging the SEC’s parallel civil charges.  Among other things, they are arguing that crypto tokens traded on a secondary market are not securities, regardless of whether they may have been considered “investment contracts” at issuance.

For the massive secondary crypto market ecosystem, this case has the potential to broadly extend SEC jurisdiction or upend the space, depending on one’s point of view.

Read the full Law360 article here.

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Photo of Julia Alonzo Julia Alonzo

Julia Alonzo is the Litigation Department Legal Director.  She works closely with the department’s co-chairs to manage its business and operations, and works with the entire department to execute on its strategic plan.  As a long-time Proskauer lawyer, and an accomplished member of…

Julia Alonzo is the Litigation Department Legal Director.  She works closely with the department’s co-chairs to manage its business and operations, and works with the entire department to execute on its strategic plan.  As a long-time Proskauer lawyer, and an accomplished member of its Litigation Department,  Julia has taken on an additional firm-wide leadership role that focuses on building a community that  provides fair opportunities for women attorneys across all departments and at all stages of their careers.

Julia also serves on the Firm’s Hiring Committee and Summer Program Committee.

Until 2024, Julia was a Senior Counsel in Proskauer’s Litigation Department, with a focus on securities, corporate governance, and restructuring litigation.

Photo of Joshua M. Newville Joshua M. Newville

Joshua M. Newville is a partner in the Litigation Department and a member of Proskauer’s White Collar Defense & Investigations Group and the Asset Management Litigation team.

Josh handles securities litigation, enforcement and regulatory matters, representing corporations and senior executives in civil and…

Joshua M. Newville is a partner in the Litigation Department and a member of Proskauer’s White Collar Defense & Investigations Group and the Asset Management Litigation team.

Josh handles securities litigation, enforcement and regulatory matters, representing corporations and senior executives in civil and criminal investigations. In addition, Josh advises registered investment advisers and private fund managers on regulatory compliance, SEC exams, MNPI/insider trading and related risks.

Before joining Proskauer, Josh was senior counsel in the U.S. Securities and Exchange Commission’s Division of Enforcement, where he investigated and prosecuted violations of the federal securities laws. Josh served in the Enforcement Division’s Asset Management Unit, a specialized unit focusing on investment advisers and the asset management industry. His prior experience with the SEC provides a unique perspective to help asset managers manage risk and handle regulatory issues.

Photo of Michael Guggenheim Michael Guggenheim

Michael Guggenheim is an associate in the Litigation Department and a member of the Securities Litigation and White Collar Defense & Investigation groups. He focuses on a wide range of business disputes and regulatory and investigative matters, including enforcement actions brought by the…

Michael Guggenheim is an associate in the Litigation Department and a member of the Securities Litigation and White Collar Defense & Investigation groups. He focuses on a wide range of business disputes and regulatory and investigative matters, including enforcement actions brought by the SEC and state attorneys general. In connection with the historic restructuring of Puerto Rico’s debts, Michael is a core part of the team that advises the Financial Oversight and Management Board for Puerto Rico on a variety of issues related to Puerto Rico Oversight, Management, and Economic Stability Act, including advising the Oversight Board on statutory and regulatory developments.

Michael has experience with every stage of litigation, including taking depositions, drafting dispositive and discovery motions, coordinating discovery, preparing witnesses for testimony, and drafting appellate briefs. He has represented clients in both state and federal courts, as well as in arbitrations and government investigations.

Michael maintains an active pro bono practice, which has included litigating against the State of New York to invalidate regulations that would circumvent statutorily mandated protections for children placed in foster care. In addition, he spent a five-month secondment at the New York City Law Department in the Administrative Law and Regulatory Litigation Division.

Michael earned his J.D. from Harvard Law School and his B.A., summa cum laude, from Rutgers University. While in law school, Michael worked for the Litigation Department of the San Francisco City Attorney, was a teaching assistant for the Harvard Law School Negotiation Workshop, and litigated election law cases with Common Cause. He also served as the Executive Managing Editor of the Harvard Law & Policy Review and coached the Boston College mock trial team. In his free time, Michael enjoys practicing yoga.