Selendy Gay Elsberg, a New York-based law firm founded in 2018, is making waves in the crypto industry by challenging alleged improper practices of crypto exchanges and digital token issuers. The firm operates as a complementary force to regulators like the SEC, bringing both plaintiff-side and defense-side cases to trial.
Partner Jordan Goldstein, a former federal prosecutor and corporate M&A lawyer, has deep financial expertise and experience across sectors, making him one of the top lawyers in the crypto space. Partner Oscar Shine, who worked in Silicon Valley before law school, brings a strong background in securities class action defense cases and government enforcement matters.
On the plaintiffs’ side, Selendy Gay Elsberg has filed class actions against major crypto-asset exchanges and token issuers on behalf of crypto-asset purchasers, often representing retail investors and small-dollar traders who have been taken advantage of by “unscrupulous actors.” The firm aims to hold those actors accountable and sees this as a virtuous use of the class action mechanism.
On the defense side, the firm represents crypto-issuers in high-profile contract, securities, and RICO claims. While they may be unfairly pegged as anti-crypto due to their plaintiffs’ cases, Shine clarifies that they are anti-fraud and view blockchain technology as promising and innovative, but believe any technology can be abused.
Navigating the emerging area of crypto law has its challenges. One major challenge is the tremendous variation and nuance within the cryptocurrency space, despite it often being lumped together as a single entity. Whether a cryptocurrency is a security or a commodity and what cause of action and defense is available to plaintiffs and defendants are questions that are still being litigated.
Being selective about the cases they take on and the claims they bring is one way that Selendy Gay Elsberg sets itself apart. The firm ensures that the claims they bring are defensible at each level and believes that throwing a lot of claims out and hoping something sticks is the wrong approach.
Overall, Selendy Gay Elsberg is at the forefront of crypto litigation, playing a crucial role in shaping the legal landscape for the industry. Their focus on both plaintiff-side and defense-side cases, along with their deep understanding of the crypto space, positions them as a key player in driving greater regulation and stability in the cryptocurrency market.