Jenner & Block, a US-based law firm, hired Laurel Loomis Rimon, a former prosecutor from Paul Hastings, to lead its financial technology and crypto practice.
Rimon worked for the US Departments of Justice and Homeland Security before. Rimon is currently working as a co-chair and partner for the fintech and crypto assets department of a company based in Washington, D.C.
The addition of Rimon to the firm highlights its commitment to the financial and tech sectors amidst increased regulatory attention on the crypto industry. Rimon’s extensive experience in both the government and private sectors makes her a valuable asset for clients dealing with enhanced scrutiny.
The US government has been increasingly aggressive toward the crypto industry, with regulators becoming more involved in crypto platforms.
On March 27, The US Commodity Futures Trading Commission initiated a lawsuit against Binance accusing them of neglecting American legislation and creating an illegitimate compliance system.
Coinbase, a heavyweight in the industry, stated they anticipate legal action from the Securities and Exchange Commission. Moreover, multiple regulators and the Department of Justice are examining the downfall of the FTX exchange which occurred last year.
Rimon claims that the government is highly proactive in terms of regulations, with numerous departments hiring additional personnel and receiving supplementary resources to carry out investigations and take any necessary action.
Rimon’s Government Experience
Rimon boasts an impressive 15-year tenure in the federal government, having started out at the Justice Department and eventually assuming the title of assistant deputy enforcement director at the CFPB. Their deep knowledge of this sector speaks to their commitment to their work.
During her time at the Justice Department, Rimon was part of the team that charged E-Gold Ltd., the first digital cryptocurrency company to plead guilty to money laundering in 2008. In private practice, she co-chaired the fintech group at the law firm O’Melveny & Myers before moving to Paul Hastings in February 2022.
Rimon was drawn to Jenner due to its extensive experience in litigation and government investigations, two areas that are traditional focuses of the Chicago-founded firm.
In conclusion, Jenner’s decision to hire a former prosecutor with a wealth of experience in government and private practice reflects the firm’s commitment to the fintech and crypto sectors.
Rimon’s appointment is timely, given the increased regulatory attention on the crypto industry. She is now in a position to guide more clients through enhanced scrutiny and compliance issues.