Managing Principal Lisa Pinheiro and Affiliate Yesha Yadav Joined Crypto Litigation Panel at Consensus 2025

June 26, 2025

Analysis Group Managing Principal Lisa Pinheiro moderated a discussion on the recent past and likely future of cryptocurrency litigation at the Consensus 2025 conference in Toronto. The panel, titled “The Shifting Crypto Litigation Landscape,” featured Susan Lively, Greyscale senior vice president; Matthew Solomon, Cleary Gottlieb partner and former chief litigation counsel at the US Securities and Exchange Commission (SEC); Ryan VanGrack, Coinbase global head of litigation and former SEC senior advisor; and Analysis Group affiliate Yesha Yadav, associate dean and professor of law at Vanderbilt University Law School. 

The panelists discussed the theme of regulation by enforcement in the US that defined the last few years, as well as lessons from several recent cases, including Greyscale’s spot bitcoin ETF litigation against the SEC and the SEC’s securities registration case against Ripple Labs. The conversation touched on the legacy of the Ripple ruling and the need for regulatory clarity regarding when a digital asset is subject to securities laws, with several speakers noting the difficulty in applying existing rules to digital assets. Regarding the future of crypto litigation, the panelists shared their thoughts on private civil litigation, the uptick in enforcement from the states, and whether continued regulatory investment in enforcement misses opportunities to engage with industry and collect information that could inform legacy rulemaking.