Karen Ubell, a former attorney for the Securities and Exchange Commission as well as former co-chair of the blockchain technology and tokenization group at Cooley, has joined Goodwin Procter as partner in its San Francisco office, the firm announced Tuesday.
Ubell, who had been at Cooley for over four years and prior to that spent the previous six years at the SEC, said she was impressed with the level of investment the firm has put into its digital currency and blockchain technology practice.
Karen Ubell of Goodwin Procter.“I’m very excited about the move,” Ubell, whose first official day is Tuesday, said in an interview. “It is going to be great for my clients and for myself.”
“Disruption brought on by blockchain technology and digital assets is leading to a multitude of novel legal and regulatory issues,” Mitzi Chang, co-chair of the firm’s digital currency and blockchain technology practice, said in a statement. “Karen’s deep private and public-sector expertise in this space brings tremendous value to our clients and it is a perfect fit for Goodwin’s platform at the intersection of capital and innovation in California and globally.”
Ubell’s practice focuses on advising digital currency and blockchain clients on interactions with regulators, compliance and the implementation and adoption of novel technologies, including but not specific to blockchain, distributed networks and cryptocurrency assets. She has also represented investors and issuers of token-based offerings and works with startups and other early-stage companies in their development of tokenization models.
Grant Fondo, the other co-chair of Goodwin’s blockchain technology and tokenization group, said that Ubell is unique in that she doesn’t just “dabble” in cryptocurrency as an aside to her corporate and securities practice.
“She is a true blockchain and digital assets attorney,” Fondo said in an interview.
Goodwin’s blockchain practice dates back to March 2015, according to Fondo, and because of that comparatively early start in the industry, he said he feels their experience and depth create an environment where someone with Ubell’s skills can thrive.
Ubell said that she believes most of her clients will be moving with her, and that the ones she has spoken with thus far have been happy about the change of platform.
Chang, Fondo and Ubell all agreed that, current economic anomalies aside, the cryptocurrency game is poised to get bigger.
“As we have seen through the years, every year there is more and more interest,” Chang said. “What was a smaller practice is now starting to gain the interest of more traditional types of clients who may not have heard about blockchain technology five years ago. I see an upward trajectory there.”
Ubell said that that upward trajectory is manifested in more money dedicated by investors to cryptocurrency, and that the projects they are undertaking are more grand in scale.
“They have not lost confidence,” Ubell said of cryptocurrency investors during the pandemic. “Investors are still deploying capital and finding innovative ways to utilize blockchain technology.”
Along with that growth comes increased competition, though, as firms realize there is money to be made as the comfort level of those more “traditional” clients grows.
“There are more firms in the space now,” Chang said. “Traditional Wall Street firms are getting involved, whereas a few years ago it was just tech-focused firms. It is becoming more mainstream.”
Like most laterals over the past several months, Ubell’s onboarding and introduction to the firm will be virtual, and a return to the office to be with her new colleagues is still at least a few months away.
“I look forward to joining Grant, Mitzi and the full Goodwin team in continuing to navigate the complex regulatory landscape and developing solutions to support this emerging technology,” Ubell said in a statement.
Cooley did not respond to a request for comment regarding Ubell’s departure.