Michelle Gitlitz is the Global Head of Crowell & Moring’s Blockchain and Digital Assets practice, co-leads Crowell & Moring's Financial Services Practice, and is a partner in the White Collar and Regulatory Enforcement and Corporate groups. She is located in the firm’s New York office.
An experienced regulatory lawyer and litigator, Michelle’s practice focuses on the legal and regulatory issues facing both emerging and established companies that invest in and incorporate blockchain technology and digital assets into their businesses. Her experience includes advising clients on the legal, regulatory, and risk management issues surrounding coin/token offerings (including launching new offerings and remediating prior offerings); working with clients in connection with digital currency exchanges and platforms; establishing new blockchains and nodes; and advising clients on navigating federal and state money transmission laws.
Michelle also has experience in handling federal and state government regulatory inquiries and enforcement actions relating to financial services, securities, and disclosure issues.
Michelle is a sought-after leader, speaker, and writer who frequently collaborates with federal legislators on blockchain and digital asset issues. She has experience in virtual currency money transmission and authored “An Introduction to Virtual Currency Money Transmission Regulation” in the Blockchain & Cryptocurrency Regulation, a treatise published annually by Global Legal Insights. She is a board member of the MIT Computation Law Report and a member of and contributor to the Wall Street Blockchain Alliance and the Digital Chamber of Commerce. She also founded and serves as president and director of Diversity in Blockchain, Inc., a nonprofit organization committed to creating equal, open, and inclusive opportunities in the blockchain industry, and the Art & Antiquities Blockchain Consortium (AABC), a non-profit committed to reimagining cultural heritage solutions through the use of blockchain technology and its guiding principles. In recognition of her leadership, the National Law Journal and New York Law Journal have named Michelle a Trailblazer and Crain's New York Business has recognized her as a Notable Woman in Law.
Representative Matters
- Counsel both emerging companies and established businesses on the legal and regulatory issues that arise when companies invest in and incorporate blockchain technology into their businesses.
- Advise clients in connection with digital currency apps, including assistance with regulatory compliance, user agreements, and privacy policies.
- Advise clients on the formation and regulation of platforms and exchanges to trade digital/cryptocurrencies.
- Provide strategic advice to clients on federal Bank Secrecy Act and anti-money laundering (AML) laws.
- Advise clients in connection with state (including New York State BitLicense and trust charter) money transmission licensing and exemption issues.
- Counsel clients on money transmission issues relating to digital wallets for both person-to-person (P2P) and person-to-business (P2B) payments.
- Advise clients on legal, regulatory, and risk management issues surrounding coin/token offerings, including launching new security token offerings and remediating prior offerings.
- Advise clients on coding issues associated with using Ethereum tokens in capital raising ventures, including providing guidance on related restrictions required under the federal securities laws.
- Advise clients in connection with the formation of new blockchains, including representing node participants.
- Advise charitable organizations on the receipt of cryptocurrency donations.
- Advise hedge funds that invest in emerging technologies including, distributive ledger technologies, blockchain, artificial intelligence, as well as digital currencies.
- Represent companies, officers, and directors in connection with investigations by the Securities and Exchange Commission (OCIE and Enforcement divisions), Department of Justice, FINRA, National Futures Association, and other state and federal regulatory agencies arising out of possible violations of law.
- Represent founder and former CEO of an electronic communication network (ECN) in connection with an employment dispute.
- Represent one of the country’s premier banking and financial services institutions to recover damages for repudiation of customer obligations under interest rate swap agreements.
- Represent an energy company in connection with the repudiation of an asset purchase agreement.
- Represent former partner in an investment banking and consulting firm in connection with failure to pay him money owed under a separation agreement.
- Represent a manufacturer of nutritional supplements in connection with a formal order of investigation issued by the Securities and Exchange Commission.
- Represent a Special Committee of a mining company in connection with a Securities and Exchange Commission investigation of possible violations of the securities laws by the company and its officers, directors, and affiliates.
- Represent independent trustees of mutual fund trusts in connection with allegations relating to violations of Section 15(c) of the Investment Company Act of 1940 for alleged failure to evaluate factors to be considered when approving or renewing investment advisory contracts on behalf of shareholders.
- Represent the board of trustees and the investment adviser to a family of mutual funds in connection with the policies and practices with respect to investments by certain funds in IPOs of equity securities.
Affiliations
Admitted to practice: New York, U.S. District Courts for the Eastern and Southern Districts of New York
Professional Activities and Memberships
- Co-Founder, Diversity in Blockchain, Inc.
- Co-Founder, Art & Antiquities Blockchain Consortium
- Member, MIT Computational Law Report Advisory Board Member
- Member, Chamber of Digital Commerce
- Member, Wall Street Blockchain Alliance
Speeches & Presentations
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"A FinTech Sector Briefing," LA Area Chamber of Commerce Webinar
(November 17, 2020).
Moderator: Nicole Janigian Simonian; Presenters: Michelle Ann Gitlitz and Michel C. Narganes.
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"Digital Transformation and Government Contracts – Hold on to Your Hats," OOPS 20/20 - Setting Your Sights
(October 19, 2020).
Presenters: Michelle Ann Gitlitz, Mana Elihu Lombardo, Evan D. Wolff, and Lyndsay A. Gorton.
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"Don’t Let Blockchain (DLT) be the next 5G: Blockchain in China and the U.S.," Crowell & Moring Webinar
(September 30, 2020).
Presenters: Adelicia R. Cliffe and Michelle Ann Gitlitz.
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"Supply Chain Considerations for Retail’s New Normal," Crowell & Moring Webinar
(August 5, 2020).
Presenters: Michelle Ann Gitlitz, Holly A. Melton, David R. Stepp, and Helen Osun.
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"COVID and Commercial Leases: A Quarterly Update on Developments," Crowell & Moring Webinar
(July 23, 2020).
Presenters: Gregory D. Call, Michelle Ann Gitlitz, and Tracy E. Reichmuth.
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"Cross-Border Digital Asset Payments: What You Need to Know About Regulations in the U.S. and Canada," Crowell & Moring Webinar
(July 16, 2020).
Presenters: Michelle Ann Gitlitz, Ambassador Robert Holleyman, Carlton Greene, and Jorge Pesok.
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"Emerging Issues in Sanctions, AML and Everything in Between in the Time of COVID-19: 2020 AML & Sanctions Risk Considerations for Digital Assets Companies," Crowell & Moring Webinar
(May 19, 2020).
Presenters: Caroline E. Brown, Michelle Gitlitz, Carlton Greene, Michelle J. Linderman, David (Dj) Wolff, Nicole Sayegh Succar, and Erik Woodhouse.
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"Digital Assets, AML and the Impact on Your Organization," OCIE 2020 Exam Priorities, New York, NY
(February 27, 2020).
Presenters: Michelle Gitlitz and Carlton Greene.
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"When the SEC Comes Calling," The Wall Street Blockchain Alliance, New York, NY
(January 23, 2020).
Presenter: Michelle Gitlitz.
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"Business Boot Camp," Brooklyn Law School, Brooklyn, NY
(January 6, 2020).
Presenter: Michelle Gitlitz.
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"Cryptocurrency 101: Legal, Regulatory and Compliance Considerations," NYSBA Webinar
(December 17, 2019).
Presenter: Michelle Gitlitz.
Publications
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"INSIGHT: Blockchain Can Be Ally In Race For Covid-19 Vaccine, Safety," Bloomberg Law
(August 31, 2020).
Authors: Cheryl A. Falvey, Michelle Ann Gitlitz, and John Fuson.
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"Blockchain & the Retail Industry: Product Safety and Counterfeiting Use Cases," Crowell & Moring’s Retail & Consumer Products Law Observer
(July 24, 2020).
Authors: Michelle Ann Gitlitz, Cheryl A. Falvey and Justin Porter.
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"FinCEN Issues Alert to Financial Institutions Regarding Scam Involving Twitter," Crowell & Moring’s International Trade Law
(July 22, 2020).
Authors: Carlton Greene, Caroline E. Brown, Erik Woodhouse, Michelle Ann Gitlitz and Justin Porter.
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"Recent US Actions Muddy USMCA Media Protections," Law360
(July 21, 2020).
Authors: Robert Holleyman, Christopher A. Cole, Michelle Ann Gitlitz, and Tre Flowers.
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"Art, Antiquities, And Blockchain: New Approaches To The Restitution Of Cultural Heritage," International Journal Of Cultural Policy
(June 12, 2020).
Author: Michelle Ann Gitlitz.
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"Potential Uses of Blockchain by the U.S. Department of Defense," published by the Value Technology Foundation with Crowell & Moring and others
(May 2020).
Co-Authors: Adelicia R. Cliffe, Peter Eyre, and Michelle Ann Gitlitz.
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"SEC Telegram Injunction Is A Wakeup Call For Token Investors," Law360
(April 21, 2020).
Authors: Michelle Ann Gitlitz, Richard B. Holbrook, Jr., Jorge Pesok, and Kayvan M. Ghaffari.
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"Corporate – Blockchain’s Awareness Problem—and How to Solve It," Crowell & Moring's Litigation Forecast 2020
(February 26, 2020).
Contributors: Michelle Ann Gitlitz and S. Starling Marshall.
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"An Introduction to Virtual Currency Money Transmission Regulation," Blockchain & Cryptocurrency Regulation 2020, Global Legal Insights
(October 2019).
Co-Author: Michelle Ann Gitlitz.
Client Alerts & Newsletters
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"Insurers and Industry Groups Launch New and Innovative Blockchain Initiatives,"
Insurance/Reinsurance Alert
(January 28, 2021).
Contacts: Laura Foggan, Michelle Ann Gitlitz, Kelly H. Tsai
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"Thai Re "Insurer Network" Just Latest Example of Blockchain Innovation in Reinsurance,"
Insurance/Reinsurance Alert
(January 12, 2021).
Contacts: Laura Foggan, Michelle Ann Gitlitz, Kelly H. Tsai
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"FinCEN Issues Final Rule Establishing Anti-Money Laundering Requirements for State-Regulated Banks,"
International Trade Bulletin
(September 28, 2020).
Contacts: Carlton Greene, Caroline E. Brown, Michelle Ann Gitlitz, Nicole Sayegh Succar
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"SEC Continues Enforcement Push against ICO Issuers by Imposing Penalty Against Unikrn of Substantially All its Assets,"
White Collar Alert
(September 21, 2020).
Contacts: Michelle Ann Gitlitz, Richard B. Holbrook Jr., Jorge Pesok
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"NYDFS and OCC Announce Major Overhauls Important for Virtual Currency Businesses,"
International Trade Bulletin
(July 8, 2020).
Contacts: Michelle Ann Gitlitz, Carlton Greene, Jorge Pesok, Nicole Sayegh Succar
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"Expansion of Section 230 of U.S. Communications Decency Act with July 1 implementation of U.S.-Mexico-Canada Agreement (USMCA),"
(July 1, 2020).
Contacts: Robert Holleyman, Christopher A. Cole, Michelle Ann Gitlitz
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"FinCEN Director Identifies Virtual Currency Compliance Risks and COVID-19 Related Issues at Consensus 2020 Conference,"
White Collar Alert
(May 20, 2020).
Contacts: Caroline E. Brown, Michelle Ann Gitlitz, Carlton Greene, Jorge Pesok, Nicole Sayegh Succar
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"Wakeup Call: The Order Halting Telegram’s Token Issuance Carries Significant Implications for All SAFT Investors,"
White Collar Alert
(April 6, 2020).
Contacts: Michelle Ann Gitlitz, Richard B. Holbrook Jr., Kayvan M. Ghaffari, Jorge Pesok
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"Class Action Alleging XRP is a Security Survives Critical Motion to Dismiss,"
White Collar Alert
(March 2, 2020).
Contacts: Michelle Ann Gitlitz, Jorge Pesok
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"Some Useful Clarity on the Legal Status of Cryptocurrencies in the United Kingdom,"
International Dispute Resolution Alert
(December 4, 2019).
Contacts: Laurence Winston, Michelle Ann Gitlitz
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"IRS Releases First Cryptocurrency Tax Guidance Since 2014,"
Tax Alert
(October 10, 2019).
Contacts: Michelle Ann Gitlitz, Charles C. Hwang, S. Starling Marshall, Carina C. Federico
Media Mentions
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Crypto Companies Gear Up For Battle On Digital Wallet Proposal
December 28, 2020 — Bloomberg Law
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What Does VCOIN's SEC Authorization Mean For Securities Law And Crypto?
December 3, 2020 — Cointelegraph
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Legislators Seek Clearer Regulatory Path For Digital Tokens
October 23, 2020 — Law360
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The National Law Journal Presents 2020 New York Trailblazers (Page 9)
September 21, 2020 — New York Law Journal
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Federal Payments Licensing Push Could Boost Crypto Adoption
September 11, 2020 — Cointelegraph
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How A Federal Payments License Could Encourage Cryptocurrency Adoption
September 11, 2020 — CryptoDaily
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OCC's Potential Boon For Payment Industry Faces Headwinds
September 10, 2020 — Law360
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Stars Align For Clarity In Fintech Banking Regulations
June 11, 2020 — Law360
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So You Want To Be A FinTech Lawyer?
May 1, 2020 — Chambers Associates
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Wave Of Suits Could Lead To New Era In Crypto Litigation
April 9, 2020 — Law360
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There's One Place Where Women Lead In Blockchain: Big Law
March 6, 2020 — Bloomberg Law
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Ripple IPO Talk Sparks Buzz About Crypto-Related Floats
January 30, 2020 — Law360
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Legal And Regulatory Experts Weigh In On The SEC's Proposed Changes To The Accredited Investor Status
January 21, 2020 — Forbes
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Blockchain Has A Diversity Problem. Here's How To Fix It
December 24, 2019 — Decrypt
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Bombshell Report Finds Inclusion Lacking In The Blockchain Industry
December 23, 2019 — Forbes
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Blockchain Regulation Pioneer Joins Crowell & Moring
December 9, 2019 — ICLG
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Under Pressure From All Sides, Law Firms Are Responding By Scaling Up
December 4, 2019 — The American Lawyer
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Grayscale Puts Trust To The Test By Pursuing SEC Registration
November 23, 2019 — Cointelegraph
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Libra Association Soldiers On After PayPal Withdraws
October 8, 2019 — Compliance Week
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Crowell Snags Blockchain Leader From Blank Rome
October 4, 2019 — The American Lawyer
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Blockchain Lawyer Michelle Ann Gitlitz Joins Law Firm Crowell & Moring
October 4, 2019 — BlockTribune
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Crowell & Moring Brings On Blockchain Leader Michelle Gitlitz
October 3, 2019 — Bloomberg Law
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Crowell & Moring Bolsters Fintech Group With New Lead Hire
October 3, 2019 — Law360
Firm News & Announcements