Wilson Sonsini adds Jess Cheng, former senior Federal Reserve Payments Counsel, to the Fintech and Financial Services Group
With the addition of Cheng and others with Fintech expertise, Wilson Sonsini formalizes its “Fintech and Financial Services” group
PALO ALTO, California, December 6, 2022–(BUSINESS WIRE)–Wilson Sonsini Goodrich & Rosati, the premier provider of legal services to technology, life sciences and growth companies worldwide, today announced that Jess Cheng joins the firm as a corporate partner in New York, where she will be a member of the Fintech and Financial Services group. The move demonstrates Wilson Sonsini’s continued efforts to enhance its strengths as a top legal advisor to the fintech community and evolving financial services, as well as its ability to provide a holistic approach when advising clients engaged in both traditional and emerging payment services.
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Jess Cheng, Partner, Wilson Sonsini (Photo: Business Wire)
Cheng has more than a decade of experience managing – and shaping – the regulatory aspects of a wide range of payment services and technologies, spanning traditional systems and cutting-edge payment products. She joins Wilson Sonsini from the Board of Governors of the Federal Reserve System in Washington, DC, where she served as Senior Advisor in the Monetary Affairs and Payment Systems Section. While there, Cheng was at the forefront of payments regulations, including with respect to debit card interchange fees and instant payments, as well as overseeing the FedNow service.
Cheng has extensive expertise in advising on the evolving financial regulatory landscape, particularly with regard to stablecoins and non-bank payment companies; partnerships between banks and fintech companies, including in connection with payment infrastructures that leverage distributed ledgers and other emerging technologies; and the legal, regulatory and public guidelines for central banks’ digital currencies.
Previously, as vice president of blockchain company Ripple, Cheng advised on a wide range of legal and regulatory issues affecting innovative payment products. Acting as a trusted advisor on a range of commercial, operational and product issues, she has crafted pragmatic, business-oriented legal solutions to emerging and complex problems at the intersection of payment technology and financial regulation.
“Jess’ combination of public and private sector experience enables her to offer a unique perspective that will provide both early and late stage clients with actionable insights regarding the payments ecosystem,” said Doug Clark, managing partner of Wilson Sonsini. “Her background and perspective will be particularly valuable to technology companies entering the payments space or those looking to expand their range of financial services, as she can offer a broad set of tailored solutions for innovative clients and others moving forward in the fintech sector .”
Cheng’s addition is the latest significant hire underscoring Wilson Sonsini’s efforts to formalize its Fintech and Financial Services practice. In June 2022, Neel Maitra joined the firm’s Washington, DC office. Maitra was a senior special counsel in the SEC’s Division of Commerce and Markets, where he focused on fintech and cryptocurrency issues. In October 2020, Joshua Kaplan joined Wilson Sonsini’s London office. Kaplan was previously with Checkout.com – a leading global payment solutions provider – where he had served as COO and General Counsel since 2017.
Wilson Sonsini provides comprehensive and cutting-edge corporate, regulatory, intellectual property and litigation legal representation for innovative companies across fintech and financial services. Among the firm’s areas of experience is advising clients with innovative financial platforms and products on compliance issues. Featured clients include Block, AngelList, Roblox, Crypto.com, CrowdStreet, Bitwise, Bakkt, Rally Rd and Checkout.com.
“Wilson Sonsini has been representing fintech clients since the industry first emerged, and our experience has helped us attract talented lawyers like Jess and others, and led to the formalization of our Fintech and Financial Services group,” said Amy Caiazza, a partner at Wilson Sonsini who leads the group. “Jess’s goal-oriented approach and her public and private sector experience are what the next generation of fintech clients need – a holistic and creative approach to their unique challenges and an ability to identify problems before they arise.”
“I chose Wilson Sonsini because of the firm’s outstanding reputation for working with iconic technology clients and collaborative approach to helping innovators thrive in highly regulated industries,” said Cheng. “The payments sector is on the brink of significant change and I am delighted to draw on my public sector experience to work with entrepreneurs, start-ups and investors at the forefront of financial services. My payments background complements the firm’s top-notch team, which enhances our ability to provide creative strategies to navigate the changing regulatory landscape and help clients succeed on all aspects of their journey, from startup to public company.”
Prior to working for the Federal Reserve Board—and following her in-house role at Ripple—Cheng was an advisor in the International Monetary Fund’s legal department, where she advised on the strategic direction of the fund’s fintech work agenda and provided technical assistance to member countries. She began her career as an associate at Wachtell, Lipton, Rosen & Katz, after which she served as an advisor and officer at the Federal Reserve Bank of New York.
Cheng received his JD from Columbia Law School in 2009 and a BA in Economics from Yale University in 2006.
About Wilson Sonsini Goodrich & Rosati
For more than 60 years, Wilson Sonsini’s services and legal disciplines have focused on serving the most important challenges facing the management and board of business enterprises. The firm is nationally recognized as a leading provider to growing and established clients seeking legal counsel to complete sophisticated corporate and technology transactions; manage governance and enterprise-scale matters; assisting with intellectual property development, protection and IP-driven transactions; represent them in contentious disputes; and/or advise them on antitrust or other regulatory matters. With deep roots in Silicon Valley, Wilson Sonsini has 19 offices in technology and business hubs around the world. For more information, please visit www.wsgr.com.
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