Insights

Washington – January 22, 2024: Richard Holbrook has rejoined Crowell & Moring as a partner in the firm’s Corporate Group, where he brings over 25 years of experience.

San Francisco - September 13, 2021: Crowell & Moring advised X-Margin, a pioneer in applying privacy-preserving technology to credit and financial market risk, in its $8 million Series A funding round. X-Margin enables lenders of all sizes to operate a scalable, data-driven lending business. X-Margin's risk engine currently monitors $2 billion of trading portfolio assets. X-Margin Credit connects institutional lenders and borrowers, and addresses a key issue holding back the growth of credit in the crypto space. Currently, lenders have little visibility over a borrower’s trading risk and often no control over the assets purchased with the credit extended. Borrowers can establish their creditworthiness without revealing sensitive portfolio information through X-Margin’s privacy preserving technology and cryptographic proofs.

Washington, June 27, 2019: Crowell & Moring represented Clearway Energy, Inc. (CWEN), a publicly-traded energy infrastructure investor, in the repowering of two existing wind assets in Texas with an aggregate capacity of 283 MW, held in a partnership with CWEN’s affiliate Clearway Energy Group.

On November 1, the President’s Working Group on Financial Markets (“PWG”), joined by the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”), issued its long-awaited Report on Stablecoins (“Report”). The Report comes months after the PWG’s July 2021 meeting to discuss interagency work on stablecoins and preparation of the Report. The Report includes (1) a high-level background on stablecoins,1 (2) a description of potential risks associated with stablecoins, and (3) recommendations to Congress for legislation or, absent such action, descriptions of potential regulatory actions.

On August 26, 2020, the U.S. Securities and Exchange Commission (SEC) announced that it has finalized amendments to the definitions of accredited investor under Rule 501 of Regulation D and qualified institutional buyer (QIB) under Rule 144A of the Securities Act of 1933, as amended (the Securities Act). The SEC originally proposed the amendments on December 18, 2019, and the final version is largely consistent with the SEC’s proposed version. The amendments will be effective 60 days after publication in the Federal Register.

On July 28, 2020, the National Venture Capital Association (NVCA) released updates to its model legal documents for use in VC financing transactions (the NVCA Agreements). The NVCA Agreements have become the industry standard equity financing documents for Series A financings and beyond, and are used by startups, VC investors and lawyers in Silicon Valley and elsewhere. Prior to this round of updates, the NVCA Agreements were last updated in October 2019 and January 2018.