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Crypto.com expands internal legal team with former K&L Gates partner
Mandatory Credit: John David Mercer-USA TODAY Sports
(Reuters) – Crypto.com has expanded its legal department, adding former US law firm partner Stephen Humenik from K&L Gates to head the cryptocurrency exchange’s global derivatives unit, a spokesman for the company confirmed to Reuters on Tuesday.
Humenik had been an investment management partner in Washington, DC and Chicago at K&L Gates since 2019. He started at the global firm headquartered in Pittsburgh, Covington & Burling, where he led the futures and derivatives practice.
The hiring of Humenik for a newly created position followed other senior law firm additions in recent months on Crypto.com, the sixth largest crypto exchange by daily volume, according to researcher CryptoCompare. Crypto.com is the brand name of devices operating under Foris DAX Inc.
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Humenik is at least the second K&L Gates partner this year to join Singapore-based Crypto.com, after Justin Wales left the law firm in January to become the financial platform’s legal leader for North America.
A spokesman for K&L Gates declined to comment Tuesday.
Other new legal appointments also include Marcos Jarne as head of Latin America legal.
Humenik joins the company in the midst of a broad decline in the crypto market, affected by investor volatility. Crypto.com and other companies have said in recent weeks that they intend to cut jobs. Crypto.com CEO Kris Marszalek said last month that the company would reduce the company’s workforce by 5%.
Humenik, whose career previously included policy and enforcement roles with the derivatives regulator US Commodity Futures Trading Commission (CFTC), did not immediately return a message seeking comment on Wednesday.
In February, CFTC Chairman Rostin Behnam told U.S. lawmakers that Congress should strengthen the agency’s power to monitor the digital currency market.
K&L Gates and another major US company, Sidley Austin, signed up in March to lobby for Crypto.com, federal revelations show. The companies said they would lobby on issues including cryptocurrency oversight and regulation.
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