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DLx Law

New York Office

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This content is provided by DLx Law.

Number of employees: 4
Languages: English

Firm Overview:
In 2018, Lewis Cohen and Angela Angelovska-Wilson established DLx Law to support the growth and success of clients working in the blockchain and cryptocurrency space. Joined shortly after formation by Gregory Strong, the firm combines traditional ‘Big Law’-quality regulatory and capital markets experience, deep in-house fintech and blockchain knowledge, and securities, corporate, financial regulatory and consumer protection law enforcement experience.

DLx Law is still one of the only existing US law firms predominantly focused on the blockchain and cryptocurrency sectors, helping a wide variety of established and start-up clients using blockchain technology and/or cryptocurrencies with:
■ Federal and state securities law
■ Money transmission, know-your-customer and anti-money laundering, and other federal and state financial regulations
■ Commodities law
■ Broker-dealer licensing and compliance and alternative trading systems
■ Corporate and commercial law and transactions
■ Start-up and growth funding
■ Business structuring, general legal analysis, and team building
■ Public policy and advocacy

Main Areas of Practice
Cryptocurrencies & Blockchain:

■ Advised Pocketful of Quarters, Inc. (PoQ), a start-up that developed ‘Quarters’— the first blockchain-based digital token to allow online gamers to make purchases across multiple online games and in e-sports tournaments, in its successful request for a no-action letter from the US Securities and Exchange Commission (SEC). This no-action letter clears the way for PoQ to offer its tokens for sale as a consumer good not subject to US federal securities laws. PoQ was the first company to receive a no-action letter from the SEC for sale of an ERC-20 token. (Lewis Cohen and Gregory Strong)
■ Advised a licensed exchange based in Malta that is an operation of a major global conglomerate on nearly all legal aspects of its business, including assisting local counsel in obtaining license in Malta, the optimal jurisdictions in which to operate, a wide range of internal and external-facing policies, operational procedures and the application of cross-jurisdictional legal and regulatory requirements. This matter allowed the team to showcase its depth and breadth of global knowledge and expertise to a significant new global business. (Angela Angelovska-Wilson)
■ Advised Providence St. Joseph Health, one of the largest health systems in the country, on a multi-year strategic alliance agreement with Microsoft to accelerate the digital transformation of health care. The alliance allows St. Joseph Health and Microsoft to collaborate and to build new innovations together that are designed to improve health care delivery and outcomes by combining the power of Microsoft’s cloud artificial intelligence (AI), research capabilities, and collaboration tools with the clinical expertise and care environments of Providence St. Joseph Health. (Lewis Cohen and Angela Angelovska-Wilson)
■ Advising Prycto, a provider of unified digital asset trading infrastructure, in the preparation and negotiation of various contracts with other industry leaders for the provision of liquidity and engagement in market making activities. DLx Law worked with Prycto on the assessment of regulatory risks associated with contemplated business models and the development and implementation of strategies and business processes designed to address or minimise those risks. (Angela Angelovska-Wilson)
■ Advising Eon Capital/Proof of Stake Association (PoSA) in the development of the initial set of legal agreements governing the relationship between staking pools and services and cryptocurrency holders, including a delegation agreement, to allow PoSA to stake cryptoassets on behalf of others in staking protocols. These legal agreements, as the first of their kind, will set precedents for the entire industry. (Angela Angelovska-Wilson, Lewis Cohen, and Gregory Strong)
■ Advising Blox, a leading platform for crypto asset tracking, management, and accounting, as their global counsel. DLx Law provides regular advice with respect to commercial matters, engagement in public policy matters, and advice on potential legal and regulatory matters that may impact not only their operations but their product. In particular, the DLx Law team helps them identify key stakeholders on the issues that are of most importance to them and guide them in their discussions with regulators in various jurisdictions and various industry sectors. (Angela Angelovska-Wilson and Gregory Strong)
■ Advised RiseWallet, a company offering one of the most innovative products in the market, a gift card that makes it simple for users to be introduced to and own a bitcoin—on a complex legal and regulatory strategy in the US. This was a challenging matter due to the fact that FinCEN has taken a position that cryptocurrency cannot fall within the stored value regulations while not offering any alternatives for businesses like RiseWallet. (Angela Angelovska-Wilson)

Key Clients
Pocketful of Quarters, Prycto, Eon Capital/PoSA, Blox, RiseWallet, Providence St. Joseph Health

Recent Highlights & Awards
■ North American Securities Administrators Association (NASAA) Outstanding Service Award 2019 – Gregory Strong