Wealthtech
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Practical Guidance for Cutting-Edge Clients
We specialize in counseling wealthtech clients, including investment advisers, broker-dealers, and fintech partners that leverage disruptive technologies to provide cutting-edge investment services and novel investment programs. Select clients include Altruist, Meow, CrowdStreet, Webull, Oportun, and Vauban (Carta).
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Comprehensive Expertise and Practical Experience
Our attorneys understand the unique challenges that come with integrating new technologies and products into the existing regulatory frameworks. We offer practical, tailored solutions, drawing on deep expertise to help investment advisers fulfill their fiduciary duties and otherwise comply with federal and state law.
We specialize in working with innovative wealthtech companies using technologies such as blockchain, artificial intelligence, and social media to provide cutting-edge investment services and programs.
A Complete Range of Services:
Our wealthtech practice involves the following types of services:
- Setting up and operating alternative investment platforms: We counsel the sponsors of investment platforms that facilitate alternative investments to address structuring, documentation, and regulatory compliance. This includes, for example, angel and venture investing platforms for retail accredited investors; fractional investments in high-value alternative assets like art, real estate, and movies; renewable energy asset trading and investment platforms; and crowdfunding platforms. Typically this work involves counselling that balances Securities Act, Securities Exchange Act (broker-dealer), Investment Advisers Act, Investment Company Act, and Commodity Exchange Act considerations.
- Setting up and operating asset and wealth management platforms: We advise novel broker-dealer and investment adviser clients around Securities Exchange Act and Investment Advisers Act considerations.
- Status and registration issues under the securities laws: We advise on whether companies are subject to regulation as investment companies, investment advisers, broker-dealers, and other regulated entities; on structuring companies and their operations to permissibly avoid regulation; on seeking no-action, exemptive, and similar relief from various regulatory requirements; and, where necessary, on registering with the applicable regulators.
- Blockchain and digital assets: We help structure digital asset offerings, blockchain protocols, investment platforms, and investment vehicles for regulatory compliance.
- Capital markets transactions: We assist companies engaged in mergers, acquisitions, initial public offerings, and similar transactions involving entities regulated under the securities and commodities laws.
Overview
We specialize in working with innovative wealthtech companies using technologies such as blockchain, artificial intelligence, and social media to provide cutting-edge investment services and programs.
A Complete Range of Services:
Our wealthtech practice involves the following types of services:
- Setting up and operating alternative investment platforms: We counsel the sponsors of investment platforms that facilitate alternative investments to address structuring, documentation, and regulatory compliance. This includes, for example, angel and venture investing platforms for retail accredited investors; fractional investments in high-value alternative assets like art, real estate, and movies; renewable energy asset trading and investment platforms; and crowdfunding platforms. Typically this work involves counselling that balances Securities Act, Securities Exchange Act (broker-dealer), Investment Advisers Act, Investment Company Act, and Commodity Exchange Act considerations.
- Setting up and operating asset and wealth management platforms: We advise novel broker-dealer and investment adviser clients around Securities Exchange Act and Investment Advisers Act considerations.
- Status and registration issues under the securities laws: We advise on whether companies are subject to regulation as investment companies, investment advisers, broker-dealers, and other regulated entities; on structuring companies and their operations to permissibly avoid regulation; on seeking no-action, exemptive, and similar relief from various regulatory requirements; and, where necessary, on registering with the applicable regulators.
- Blockchain and digital assets: We help structure digital asset offerings, blockchain protocols, investment platforms, and investment vehicles for regulatory compliance.
- Capital markets transactions: We assist companies engaged in mergers, acquisitions, initial public offerings, and similar transactions involving entities regulated under the securities and commodities laws.
Alerts
Federal Reserve’s “Payment Accounts” Proposal: A Term Sheet for Industry Input
The Federal Reserve Board is requesting public input on a prototype for a special purpose Federal Reserve Bank account (a “Payment Account”) that eligible institutions could use to clear and settle their own payments directly. Interestingly, the Federal Reserve Board’s Payments Account proposal is structured as a term sheet, serving as a preliminary framework. This presents a critical window for industry stakeholders to influence the proposed Payment Account’s design, operational parameters, and potential use cases.
Client Highlights
Wilson Sonsini Advises Circle in Connection with Launch of Circle StableFX
On November 13, 2025, Circle Technology Services, LLC, a global financial technology company and stablecoin market leader, announced the launch of Circle StableFX, an institutional-grade engine for onchain stablecoin foreign exchange (FX), built on Arc. Wilson Sonsini Goodrich & Rosati advised Circle on the launch, led by Fintech and Financial Services partner Jess Cheng.
Client Advisories
Enhanced Protection for DeFi Lenders, Buyers, and Investors Under Recent and New UCC Amendments
One of the primary use cases for crypto and digital assets has been lending and borrowing against such crypto assets as collateral, representing billions of dollars of activity. Crypto-backed loans are offered by centralized financial institutions, crypto exchanges, and decentralized finance (DeFi) protocols. Holders of crypto assets have long sought to borrow against their digital assets as collateral to generate leveraged returns and increase yield, such as the recent wave of digital asset treasury (DAT) companies.
Alerts
New York Regulator Issues Updated Guidance for Virtual Currency Custodians
Recognizing the growing demand for virtual currency custodial services and the increased use of sub-custodial relationships in the digital asset space, the New York Department of Financial Services (NY DFS) announced updated Guidance on Custodial Structures for Customer Protection in the Event of Insolvency on September 30, 2025 (2025 Guidance).
Alerts
Defining the Future of Stablecoin Regulation: U.S. Treasury Requests Comment on GENIUS Act Implementation
The U.S. Department of the Treasury’s (Treasury’s) recently issued advance notice of proposed rulemaking (ANPRM) to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act presents a critical opportunity for industry stakeholders—especially stablecoin issuers and digital asset service providers—to help define the regulatory playing field before the rules are written.
Alerts
Public Comment Begins Under the GENIUS Act: Treasury Department Seeks Comment on Detecting Illicit Activity Involving Digital Assets
The U.S. Department of the Treasury issued a Request for Comment required by the recently passed Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), seeking public input on the use of innovative or novel methods, techniques, or strategies to detect and mitigate illicit finance risks involving digital assets. The Request also furthers the Administration’s policy of supporting the responsible growth and use of digital assets, as set out in Executive Order 14178 on “Strengthening American Leadership in Digital Financial Technology.”
Insights
Alerts
Federal Reserve’s “Payment Accounts” Proposal: A Term Sheet for Industry Input
The Federal Reserve Board is requesting public input on a prototype for a special purpose Federal Reserve Bank account (a “Payment Account”) that eligible institutions could use to clear and settle their own payments directly. Interestingly, the Federal Reserve Board’s Payments Account proposal is structured as a term sheet, serving as a preliminary framework. This presents a critical window for industry stakeholders to influence the proposed Payment Account’s design, operational parameters, and potential use cases.
Client Highlights
Wilson Sonsini Advises Circle in Connection with Launch of Circle StableFX
On November 13, 2025, Circle Technology Services, LLC, a global financial technology company and stablecoin market leader, announced the launch of Circle StableFX, an institutional-grade engine for onchain stablecoin foreign exchange (FX), built on Arc. Wilson Sonsini Goodrich & Rosati advised Circle on the launch, led by Fintech and Financial Services partner Jess Cheng.
Client Advisories
Enhanced Protection for DeFi Lenders, Buyers, and Investors Under Recent and New UCC Amendments
One of the primary use cases for crypto and digital assets has been lending and borrowing against such crypto assets as collateral, representing billions of dollars of activity. Crypto-backed loans are offered by centralized financial institutions, crypto exchanges, and decentralized finance (DeFi) protocols. Holders of crypto assets have long sought to borrow against their digital assets as collateral to generate leveraged returns and increase yield, such as the recent wave of digital asset treasury (DAT) companies.
Alerts
New York Regulator Issues Updated Guidance for Virtual Currency Custodians
Recognizing the growing demand for virtual currency custodial services and the increased use of sub-custodial relationships in the digital asset space, the New York Department of Financial Services (NY DFS) announced updated Guidance on Custodial Structures for Customer Protection in the Event of Insolvency on September 30, 2025 (2025 Guidance).
Alerts
Defining the Future of Stablecoin Regulation: U.S. Treasury Requests Comment on GENIUS Act Implementation
The U.S. Department of the Treasury’s (Treasury’s) recently issued advance notice of proposed rulemaking (ANPRM) to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act presents a critical opportunity for industry stakeholders—especially stablecoin issuers and digital asset service providers—to help define the regulatory playing field before the rules are written.
Alerts
Public Comment Begins Under the GENIUS Act: Treasury Department Seeks Comment on Detecting Illicit Activity Involving Digital Assets
The U.S. Department of the Treasury issued a Request for Comment required by the recently passed Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), seeking public input on the use of innovative or novel methods, techniques, or strategies to detect and mitigate illicit finance risks involving digital assets. The Request also furthers the Administration’s policy of supporting the responsible growth and use of digital assets, as set out in Executive Order 14178 on “Strengthening American Leadership in Digital Financial Technology.”
WSGR Events
Women in Wealthtech Happy Hour
Wilson Sonsini is delighted to invite you to a happy hour in Menlo Park for an evening of connection and conversation with women from across the wealthtech industry. Come share insights, expand your network, and foster meaningful professional relationships.
WSGR Events
AI-volution | Expect the Unexpected! Issues Wealthtechs Confront in Using AI
Join Wilson Sonsini's Fintech and Artificial Intelligence Groups for a timely webinar exploring unexpected legal and regulatory questions wealthtech companies may face when using AI. The webinar will address issues for registered investment advisers, broker-dealers, and technology companies that partner with them. Questions to be discussed include how using AI can trigger registration requirements as an investment adviser or a broker-dealer, even when used largely for analytics; when engineers who create AI-based programs for wealthtech companies may be subject to regulation based on their coding activities; when AI-based trading may cause market manipulation concerns; what regulators expect to see from AI-related policies and procedures; and others.
WSGR Events
Fintech Marketing – Navigating the Complex Waters of Federal Regulation
Join Wilson Sonsini partners Amy Caiazza, Jess Cheng, Neel Maitra, and Libby Weingarten for a discussion of how fintech companies can craft innovative marketing campaigns while navigating the complex web of federal regulations. In this program, we will explore the key regulatory frameworks that fintech companies must comply with when marketing their products and services and consider best practices and common pitfalls.
WSGR Events
Fintech Ecosystems Lunch & Discussion
The financial services landscape continues to evolve, with recent innovations ranging from embedded finance to the use of AI for enhancing investment strategies. Please join Wilson Sonsini, KPMG, and Mercato Partners for a lunch discussion on topics of import for the fintech ecosystem, including regulatory, industry, and transaction trends in fintech.
Speaking Engagements
Being Predictive: Financial AI and the Regulatory Future
The arrival of generative artificial intelligence (AI) has captured the imagination of the public and policymakers. While often hailed as the newest new thing in many sectors, AI has been a core financial technology for decades. From market makers to consumer‐facing fintechs, our financial markets both deploy and innovate cutting‐edge AI.
WSGR Events
AI-volution in Financial Services: Navigating the Legal & Regulatory Complexities
Evolution or revolution? AI is emerging as a crucial force in financial services—combatting payments fraud, enhancing investment strategies, and heightening digital engagement. In this program, we bring together industry trailblazers at the forefront of AI innovation in financial services. Hear about how AI is impacting the financial services landscape and the key legal considerations at this fast-changing intersection of technology and regulation.
Events
WSGR Events
Women in Wealthtech Happy Hour
Wilson Sonsini is delighted to invite you to a happy hour in Menlo Park for an evening of connection and conversation with women from across the wealthtech industry. Come share insights, expand your network, and foster meaningful professional relationships.
WSGR Events
AI-volution | Expect the Unexpected! Issues Wealthtechs Confront in Using AI
Join Wilson Sonsini's Fintech and Artificial Intelligence Groups for a timely webinar exploring unexpected legal and regulatory questions wealthtech companies may face when using AI. The webinar will address issues for registered investment advisers, broker-dealers, and technology companies that partner with them. Questions to be discussed include how using AI can trigger registration requirements as an investment adviser or a broker-dealer, even when used largely for analytics; when engineers who create AI-based programs for wealthtech companies may be subject to regulation based on their coding activities; when AI-based trading may cause market manipulation concerns; what regulators expect to see from AI-related policies and procedures; and others.
WSGR Events
Fintech Marketing – Navigating the Complex Waters of Federal Regulation
Join Wilson Sonsini partners Amy Caiazza, Jess Cheng, Neel Maitra, and Libby Weingarten for a discussion of how fintech companies can craft innovative marketing campaigns while navigating the complex web of federal regulations. In this program, we will explore the key regulatory frameworks that fintech companies must comply with when marketing their products and services and consider best practices and common pitfalls.
WSGR Events
Fintech Ecosystems Lunch & Discussion
The financial services landscape continues to evolve, with recent innovations ranging from embedded finance to the use of AI for enhancing investment strategies. Please join Wilson Sonsini, KPMG, and Mercato Partners for a lunch discussion on topics of import for the fintech ecosystem, including regulatory, industry, and transaction trends in fintech.
Speaking Engagements
Being Predictive: Financial AI and the Regulatory Future
The arrival of generative artificial intelligence (AI) has captured the imagination of the public and policymakers. While often hailed as the newest new thing in many sectors, AI has been a core financial technology for decades. From market makers to consumer‐facing fintechs, our financial markets both deploy and innovate cutting‐edge AI.
WSGR Events
AI-volution in Financial Services: Navigating the Legal & Regulatory Complexities
Evolution or revolution? AI is emerging as a crucial force in financial services—combatting payments fraud, enhancing investment strategies, and heightening digital engagement. In this program, we bring together industry trailblazers at the forefront of AI innovation in financial services. Hear about how AI is impacting the financial services landscape and the key legal considerations at this fast-changing intersection of technology and regulation.
Megan J. Baier
Partner
Megan represents technology and life sciences clients in corporate transactional matters.
Mark B. Baudler
Partner
Mark is a corporate law veteran, having advised start-ups and mature public companies for more than 25 years.
Bradley H. Doline
Partner
Brad brings significant expertise in cross-border transactions across a range of sectors, with a particular focus on emerging companies, venture capital, and fund formation.
J. Matthew (Matt) Lyons
Partner
J. Matthew (Matt) Lyons is a corporate partner in the Austin office of Wilson Sonsini Goodrich & Rosati, where his practice focuses on the representation of companies and their investors in the emerging companies ecosystem. For the past 25 years, he has been a leading attorney in the Texas market, advising public and private companies, venture and private equity funds, and entrepreneurs on new entity formation, venture financings, public and private offerings, mergers, acquisitions and divestitures, and issues related to corporate governance and executive compensation. Matt’s clients include companies in the technology, life sciences, healthcare, retail and CPG, and media and communications industries.
Allison B. Spinner
Partner
Allison is head of the firm’s corporate department. She represents companies, investment banks, and venture and private equity firms in corporate transactions and governance matters.
Michael McDonald
Of Counsel
Michael McDonald is Of Counsel at Wilson Sonsini Goodrich & Rosati. He is knowledgeable about the Investment Advisers Act of 1940, the Investment Company Act of 1940, and FINRA rules and regulation, and regularly provides regulatory counseling services to clients in these industries.
Alice Cao
Associate
Alice Cao is an associate in the Washington, D.C., office of Wilson Sonsini Goodrich & Rosati, where she advises companies in the fintech and financial services spaces on transactional and regulatory matters involving securities and commodities laws.
People
Megan J. Baier
Partner
Megan represents technology and life sciences clients in corporate transactional matters.
Mark B. Baudler
Partner
Mark is a corporate law veteran, having advised start-ups and mature public companies for more than 25 years.
Bradley H. Doline
Partner
Brad brings significant expertise in cross-border transactions across a range of sectors, with a particular focus on emerging companies, venture capital, and fund formation.
J. Matthew (Matt) Lyons
Partner
J. Matthew (Matt) Lyons is a corporate partner in the Austin office of Wilson Sonsini Goodrich & Rosati, where his practice focuses on the representation of companies and their investors in the emerging companies ecosystem. For the past 25 years, he has been a leading attorney in the Texas market, advising public and private companies, venture and private equity funds, and entrepreneurs on new entity formation, venture financings, public and private offerings, mergers, acquisitions and divestitures, and issues related to corporate governance and executive compensation. Matt’s clients include companies in the technology, life sciences, healthcare, retail and CPG, and media and communications industries.
Allison B. Spinner
Partner
Allison is head of the firm’s corporate department. She represents companies, investment banks, and venture and private equity firms in corporate transactions and governance matters.
Michael McDonald
Of Counsel
Michael McDonald is Of Counsel at Wilson Sonsini Goodrich & Rosati. He is knowledgeable about the Investment Advisers Act of 1940, the Investment Company Act of 1940, and FINRA rules and regulation, and regularly provides regulatory counseling services to clients in these industries.
Alice Cao
Associate
Alice Cao is an associate in the Washington, D.C., office of Wilson Sonsini Goodrich & Rosati, where she advises companies in the fintech and financial services spaces on transactional and regulatory matters involving securities and commodities laws.
Wilson Sonsini's Fintech and Financial Services Group represents an expansive list of wealthtech companies.
Recent client successes include the following:
Other Regulatory Matters
- Counselled Meow on registered investment adviser issues based on a neo-bank investment program
- Secured exemptive orders under the Investment Company Act of 1940 for Confluent and Cloudflare
- Structured and helped launch Vauban (Carta)’s equity investment program
- Structured tracking stock program for FIG Technologies related to development of gaming products
Representative Financings
- Altruist’s $169 million Series E financing
- Altruist’s $111 million Series D financing
- Crowdstreet’s Series D financing
- Meow’s Series A financing
- Paxos’ $300 million Series D financing
- Public.com’s $220 million Series D financing
- Public.com’s $65 million Series C financing
Representative Transactions
- Altruist’s acquisition of Shareholders Service Group
- Oportun’s acquisition of Digit
- Public.com’s acquisition of Otis Wealth
- Bakkt’s acquisition of Apex Crypto
- Bakkt’s acquisition of Bumped
- Bakkt’s acquisition of VPC Impact Acquisition Holdings
- Bakkt’s follow-on offering
- SK Growth Opportunities’ acquisition of Webull
Client Successes
Wilson Sonsini's Fintech and Financial Services Group represents an expansive list of wealthtech companies.
Recent client successes include the following:
Other Regulatory Matters
- Counselled Meow on registered investment adviser issues based on a neo-bank investment program
- Secured exemptive orders under the Investment Company Act of 1940 for Confluent and Cloudflare
- Structured and helped launch Vauban (Carta)’s equity investment program
- Structured tracking stock program for FIG Technologies related to development of gaming products
Representative Financings
- Altruist’s $169 million Series E financing
- Altruist’s $111 million Series D financing
- Crowdstreet’s Series D financing
- Meow’s Series A financing
- Paxos’ $300 million Series D financing
- Public.com’s $220 million Series D financing
- Public.com’s $65 million Series C financing
Representative Transactions
- Altruist’s acquisition of Shareholders Service Group
- Oportun’s acquisition of Digit
- Public.com’s acquisition of Otis Wealth
- Bakkt’s acquisition of Apex Crypto
- Bakkt’s acquisition of Bumped
- Bakkt’s acquisition of VPC Impact Acquisition Holdings
- Bakkt’s follow-on offering
- SK Growth Opportunities’ acquisition of Webull
Related Practices
Related Industries
Recent Insights
Alerts
Federal Reserve’s “Payment Accounts” Proposal: A Term Sheet for Industry Input
The Federal Reserve Board is requesting public input on a prototype for a special purpose Federal Reserve Bank account (a “Payment Account”) that eligible institutions could use to clear and settle their own payments directly. Interestingly, the Federal Reserve Board’s Payments Account proposal is structured as a term sheet, serving as a preliminary framework. This presents a critical window for industry stakeholders to influence the proposed Payment Account’s design, operational parameters, and potential use cases.
Learn More
Client Highlights
Wilson Sonsini Advises Circle in Connection with Launch of Circle StableFX
On November 13, 2025, Circle Technology Services, LLC, a global financial technology company and stablecoin market leader, announced the launch of Circle StableFX, an institutional-grade engine for onchain stablecoin foreign exchange (FX), built on Arc. Wilson Sonsini Goodrich & Rosati advised Circle on the launch, led by Fintech and Financial Services partner Jess Cheng.
Learn More
Recent Events
WSGR Events
Women in Wealthtech Happy Hour
Wilson Sonsini is delighted to invite you to a happy hour in Menlo Park for an evening of connection and conversation with women from across the wealthtech industry. Come share insights, expand your network, and foster meaningful professional relationships.
Learn More
WSGR Events
AI-volution | Expect the Unexpected! Issues Wealthtechs Confront in Using AI
Join Wilson Sonsini's Fintech and Artificial Intelligence Groups for a timely webinar exploring unexpected legal and regulatory questions wealthtech companies may face when using AI. The webinar will address issues for registered investment advisers, broker-dealers, and technology companies that partner with them. Questions to be discussed include how using AI can trigger registration requirements as an investment adviser or a broker-dealer, even when used largely for analytics; when engineers who create AI-based programs for wealthtech companies may be subject to regulation based on their coding activities; when AI-based trading may cause market manipulation concerns; what regulators expect to see from AI-related policies and procedures; and others.
Learn More
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