Cryptocurrency Exchange Hires Ex-US Attorney, Bryan Cave Partner as GC
Mary Beth Buchanan, a former top federal prosecutor and Bryan Cave Leighton Paisner partner, is now general counsel of Kraken, a bitcoin exchange operator that's been in the news lately for publicly defying the New York Attorney General's Office.
May 29, 2018 at 04:23 PM
4 minute read
Former federal prosecutor and Bryan Cave Leighton Paisner partner Mary Beth Buchanan has landed in a general counsel role at Kraken, a cryptocurrency exchange operator that has taken a defiant stance toward a New York attorney general inquiry of several businesses in the crypto sector.
Buchanan, a President George W. Bush-appointed former U.S. attorney in Pittsburgh from 2001 to 2009, joined Kraken after leaving her recent post at Bryan Cave, where she served as a partner in the firm's white-collar defense and investigations and securities litigation and enforcement group. In an email on Tuesday, Buchanan said she joined the company as general counsel in April. She was not immediately available for further comment.
Previously, Bryan Cave said in a statement that Buchanan had left the firm to fill an in-house role for an unnamed firm “client,” and the move had been planned “for many months.” A Bryan Cave representative confirmed on Tuesday that Kraken is, in fact, the client that Buchanan joined. Kraken did not immediately respond to a request for comment about Buchanan's hire.
Kraken, founded in 2011 in San Francisco, is a bitcoin exchange operating in the United States, Canada, the U.K., the European Union and Japan. The company bills itself as the largest bitcoin exchange in euro trading “volume and liquidity.”
The company has been in the news in recent weeks in connection with a New York attorney general investigation of multiple cryptocurrency businesses. In April, the AG's Office sent letters and questionnaires to 13 cryptocurrency companies, asking them for information about their operational controls, money laundering, and privacy practices.
Many of the companies targeted with those letters said they would comply with the AG's inquiry, but Kraken CEO Jesse Powell opted for a different approach. Powell on April 18 posted a statement on Twitter criticizing the AG's inquiry and noting that the company had exited the New York market in 2015 after the New York Department of Financial Services imposed a cryptocurrency regulatory framework and BitLicense—a special permit for virtual currency exchanges. Powell described New York as “hostile to crypto,” according to his April 18 statement.
“When I saw this 34-point demand, with a deadline two weeks out, I immediately thought, 'The audacity of these guys—the entitlement, the disrespect for our business, our time!' ” Powell said in the Twitter statement. “Then I realized we made the wise decision to get the hell out of New York three years ago and that we can dodge this bullet.”
With Buchanan now on board at Kraken, that inquiry could be one of her early focuses. She brings to the general counsel role a wealth of experience in regulatory enforcement actions. As Pittsburgh's U.S. attorney, a role she started after a lengthy career as a federal prosecutor, Buchanan oversaw the prosecution of some 5,000 cases, including a focus on child pornography and obscenity cases, according to a statement that Bryan Cave released when she joined that firm in 2013. After leaving the U.S. Attorney's Office, Buchanan joined the United Nations as its ethics and reputational risk officer before moving to Bryan Cave.
Buchanan will likely remain connected to her former firm for some period of time, however. Both the firm and Buchanan are caught up in a lawsuit as defendants. In that suit, filed April 28 in Manhattan federal court, LabMD Inc.—a medical testing company that has largely stopped operating amid legal issues—accused Buchanan of violating the Ethics in Government Act. The embattled medical testing company also alleged that Buchanan hid that violation by advising a whistleblower client to give incomplete testimony in a Federal Trade Commission enforcement action.
Several weeks after the case was filed against Bryan Cave and Buchanan, Richard Wallace, the former FTC whistleblower client referenced in the LabMD suit, contacted ALM with a statement that disputed LabMD's claims. Wallace, who is not a party to the LabMD suit, said it “saddens” him that LabMD filed the suit against his former lawyers, who, in his view, did quality legal work on his behalf.
“I have read the irresponsible and reckless allegations in the complaint filed … against Bryan Cave Leighton Paisner LLP and Mary Beth Buchanan. None of the allegations contained in the complaint are true,” Wallace said in a May 22 statement. “The false allegations contained in the lawsuit are upsetting because Bryan Cave Leighton Paisner LLP and Ms. Buchanan's legal representation on my behalf was always outstanding.”
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllCovington, Steptoe Form New Groups Amid Demand in Regulatory, Enforcement Space
4 minute readConsumer Finance Law Enforcer Takes Private Practice Job at Morgan Lewis
With 'Fractional' C-Suite Advisers, Midsize Firms Balance Expertise With Expense
4 minute readTrending Stories
- 1'A Death Sentence for TikTok'?: Litigators and Experts Weigh Impact of Potential Ban on Creators and Data Privacy
- 2Bribery Case Against Former Lt. Gov. Brian Benjamin Is Dropped
- 3‘Extremely Disturbing’: AI Firms Face Class Action by ‘Taskers’ Exposed to Traumatic Content
- 4State Appeals Court Revives BraunHagey Lawsuit Alleging $4.2M Unlawful Wire to China
- 5Invoking Trump, AG Bonta Reminds Lawyers of Duties to Noncitizens in Plea Dealing
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250