The future of spot bitcoin ETFs, Quinn Emanuel expands in China, Mayer Brown's class action leader joins rival and why Judge Hazel left the bench ?
Reuters Legal
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The D.C. Circuit is set to hear arguments in Grayscale Investments' case against the U.S. SEC over the agency's rejection of the crypto asset manager's application to create a spot bitcoin exchange-traded fund.
The case's outcome could either offer vindication for the SEC's recent crackdown on digital asset products, or pave the way for other companies to offer spot bitcoin exchange-traded funds (ETFs) if the judges rule for Grayscale.
Other would-be issuers of spot bitcoin ETFs rejected by the SEC include FMR LLC's Fidelity, SkyBridge Capital, and Valkyrie Investments Inc.
Donald Verrilli Jr., an Obama-era U.S. solicitor general, is lead counsel for Grayscale. Emily Parise will argue for the SEC before D.C. Circuit Chief Judge Sri Srinivasan, sitting with Circuit Judge Neomi Rao and Senior Circuit Judge Harry Edwards.
U.S. law firm Quinn Emanuel Urquhart & Sullivan said it has opened an office in Beijing, expanding its presence in the Chinese mainland amid heightened U.S.-China tensions.
Quinn Emanuel advises Chinese companies, including several state-owned commercial banks, in overseas and cross-border disputes, arbitration and litigation, said Xiao Liu, the leader of Quinn Emanuel's China practice and its new Beijing office.
The firm already has offices in Shanghai and Hong Kong, and its clients have included International Business Machines Corp's China branch and Chinese steel maker Pangang Group Co Ltd.
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U.S. law firm Willkie, Farr & Gallagher said it has tapped the head of Mayer Brown's Chicago office and a leader of its class action practice as it builds up its own class action team.
Debra Bogo-Ernst said she oversaw about 1,000 lawyers and professional staff as managing partner of Chicago-founded Mayer Brown's hometown office. She was also a co-head of the firm's consumer and class action practice, defending financial institutions and insurance companies from class action claims.
Bogo-Ernst said all of her clients are following her to Willkie, but she declined to identify them.
Last month, now-retired U.S. District Judge George Hazel, 47, became the latest in a recent string of judges to hang up their robes at a relatively young age to enter or return to private practice. Hazel, who joined Gibson Dunn, spoke with Jenna Greene about why he made the move.
In part, the numbers tell the story: A federal district court judge makes $232,600. A Big Law associate straight out of law school makes $215,000, plus a $15,000 (pro-rated) bonus. Hazel said money wasn't the only lure of private practice.
“I wouldn’t be doing this unless I was also excited about the work.”
He also discussed how job hunting as a sitting judge is a delicate undertaking and what retired judges can add to a firm's strengths.
More judge moves:
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