ICO Legal Star to Leave Big Law for Tech Company

Photographer: Chris Ratcliffe/Bloomberg

Cooley LLP’s Marco Santori will become the president of a cryptocurrency services company after helping pioneer an increasingly popular tool to help initial coin offerings comply with securities laws.

The New York-based Cooley partner and leader of its fintech practice will join startup Blockchain Luxembourg S.A., which bills itself as the “world’s leading software platform for digital assets,” the company announced Feb. 5. A Blockchain spokeswoman didn’t give a date for his arrival, saying he will leave Cooley when “he is sure that his clients are supported.”

Santori in October co-authored a white paper on the “Simple Agreement for Future Tokens,” which is intended to satisfy Securities and Exchange Commission regulations and ease investments in the ICO space. The SAFT is open to wealthy individuals known as accredited investors, who can participate in potentially more risky offerings of unregistered securities.

Santori, who also will become Blockchain’s chief legal officer, has advised the company as its global policy counsel while working at Cooley. He will succeed co-founder and president Nicolas Cary, who will continue as vice chairman at the company.

Blockchain has raised more than $70 million to help fund its technology that has facilitated more than 100 million transactions with virtual currency, according to its website.

“I couldn’t be more proud to join the team building an open, fair financial future for all of us,” Santori tweeted.

Santori also is the legal ambassador for the Delaware Blockchain Initiative and an adviser to the International Monetary Fund. He came to Cooley from Pillsbury Winthrop Shaw Pittman LLP in 2016.

To contact the reporter on this story: Andrew Ramonas in Washington at aramonas@bloomberglaw.com

To contact the editor responsible for this story: Seth Stern at sstern@bloomberglaw.com