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Daniel N. Budofsky

Partner
New York

Partner, New York

T: +1.212.858.1219
T: +1.212.858.1219

Areas of Focus

Daniel Budofsky comes recommended for his advice on the Dodd-Frank Act and Volcker Rules and “is an expert on ISDA and has significant knowledge of the credit default swap market."
—Chambers Global

Daniel Budofsky is a partner at Pillsbury specializing in financial services and digital assets. He advises clients on legal and regulatory matters related to digital assets, including cryptocurrencies, DeFi and tokenized securities. He is also head of Pillsbury’s Derivatives and Structured Products Practice.

Daniel’s practice encompasses both regulatory and transactional aspects of digital assets, cryptocurrency, derivatives and structured products. With over 34 years of experience, Daniel has represented token issuers, DeFi developers, token trading platforms, and both lenders and borrowers in cryptocurrency-backed lending arrangements. In derivatives, Daniel has represented both sell-side and buy-side parties in equity derivatives, securities lending and repurchase transactions, energy and commodity hedging, regulatory capital transactions, synthetic securitizations, and other types of derivatives across all asset classes.

Representative Experience

  • Counsel to Axelar in connection with filing of ETF on AXL.
  • Represented Hedera Foundation in connection with regulatory matters.
  • Represented Milo LLC in first of its kind BTC backed mortgage platform.

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  • Represented company in developing cryptocurrency ETF liquidity project.
  • Serves as Chairperson to PLI Course on NFTs.
  • Advised numerous blockchain based companies on regulatory compliance under the U.S. securities and commodity laws, including video gaming companies, proprietary trading companies and collectibles trading platforms.
  • Acted as counsel to the Asset Management Group of the Securities Industry and Financial Markets Association (SIFMA) in connection with derivatives reform.
  • Represented the International Swaps and Derivatives Association (ISDA) in connection with the drafting of the 2006 Fund Derivatives Definitions and the 2011 Equity Derivatives Definitions projects.
  • Advised a leading enterprise blockchain company as strategic counsel on its global crypto and blockchain solutions, including: a crypto liquidity platform that empowers financial institutions and other businesses to deliver crypto asset services to their customers worldwide; a proprietary blockchain-based payment network that provides institutions with real-time settlement and liquidity management; and a potential partnership to create one of the first U.S. bank-issued stablecoins.
  • Advises on token offerings, including utility tokens and security tokens in compliance with U.S. and foreign securities laws in a variety of industries, such as financial services, blockchain technology, gaming, energy, consumer goods, real estate and pharmaceuticals.
  • Advises a leading player in the distributed ledger sector in structuring first-in-kind counterparty relationships with leading financial institutions seeking to adopt distributed ledger solutions. 

Professional Highlights

  • Recognized by Best Lawyers (published by BL Rankings LLC), Derivatives and Futures Law (2006–2026); Securitization and Structured Finance Law (2018–2026); Securities/Capital Markets Law (2023–2025)
  • International Financial Law Review, Leading Lawyer – Financial Services Regulatory; Capital Markets: Structured Finance & Securitisation; Capital Markets: Derivatives – United States (2018–2019)
  • Member of the Projects Team, Ranked in IJ Global – Three Top 20 League Tables for First of 2017 in North America (including Project Finance, Infrastructure Finance and Power Infrastructure Finance)

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  • Honors & Awards
    • Best Lawyers “Lawyer of the Year,” Derivatives and Futures Law (2015)
    • IFLR1000 Financial and Corporate guide, Leading Lawyer (2010–2013, 2016–2019)
    • Chambers Global, Capital Markets: Derivatives (2004, 2007–present)
    • Chambers USA, Capital Markets: Derivatives (2005–present)
    • Chambers USA, America's Leading Lawyers for Business (2016)
    • The Legal 500 U.S. (2014, 2016)
    • Chambers USA, New York – Capital Markets: Derivatives (2004)
  • Associations
    • Member of the Blockchain Trade Association
    • Member, New York City Bar (1992–present)
    • Member, New York State Bar Association, Member and former chairman, Derivatives and Structured Products Law Committee
  • Speaking Engagements
    • “Regulatory Outlook: Blockchain,” Jeff Pulver’s Inaugural WON Wvolution in New York City is a Who’s Who in Shaping the Future of Communication. Chairperson and Speaker (April 2023)
    • “Issues in Financial Regulation: The Applicability of the U.S. Securities Laws, Commodity Laws, and Other Financial Regulation to Various Use Cases of NFTs” Unpacking the Boom: What Your Company Needs to Know about NFTs 2022 (November 2022)
    • “Going Digital,” American College of Investment Counsel’s 2021 Virtual Fall Annual Meeting and Education Conference (Oct. 14, 2021).
    • “Episode #9: Virtual Currency, Digital Securities and Stablecoins,”  The Pillsbury Industry Insights Podcast (June 12, 2020).
    • The Legalities of an ICO – Utilities vs. Securities at Blockhous
  • Press Mentions

Education

  • J.D., New York University School of Law
    Order of the Coif

    B.S., Cornell University

Admissions

  • New York

Daniel's Insights

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