Mark W.Rasmussen

Partner

Dallas + 1.214.220.3939

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Mark Rasmussen is a trial lawyer and regulatory counselor with nearly 20 years of experience representing clients in complex litigation and regulatory matters.

Mark advises clients on governance and shareholder issues, bankruptcy litigation, securities and consumer class actions, derivative investigations, fiduciary duty claims, merger disputes, trade secrets litigation, and contract disputes. Mark also has substantial experience with internal investigations and regulatory investigations involving the SEC (Securities and Exchange Commission), CFTC (Commodity Futures Trading Commission), DOJ (Department of Justice), and state securities regulators (including the Texas State Securities Board).

Since 2016, Mark has advised clients on digital assets, blockchain technology, and fintech matters, including token issuances, securities regulations, money transmitter and virtual currency regulations, and disputes. In 2018, he was appointed by Chief Judge Barbara Lynn, of the Northern District of Texas, to be the first-ever receiver in a Securities and Exchange Commission enforcement action involving an ICO (initial coin offering) promoter. In addition, Mark is coeditor and coauthor of the book Blockchain for Business Lawyers and is a frequent speaker on legal issues related to blockchain technology.

Mark is committed to pro bono service. Some of his matters include obtaining asylum for a monk and green cards for abused women under the Violence Against Women Act. He also assists victims of human trafficking to expunge their criminal records. And he has represented an Hasidic Jewish inmate and members of a Native American church in religious liberty lawsuits against government entities under the First Amendment.

Experience

  • Exxon Mobil pursues declaratory judgment action against shareholder proposalJones Day is representing Exxon Mobil Corporation in seeking a declaratory judgment that it may exclude from its proxy statement under SEC Rule 14a-8 a shareholder proposal from activist organizations Arjuna Capital and Follow This that calls for targets to reduce Scope 1, 2, and 3 greenhouse gas emissions.
  • Crypto node validator seeks advice on CFTC issues potentially implicated by liquid staking related to staked ETHOn behalf of a crypto node validator, Jones Day analyzed proposed activity and advised on CFTC regulatory issues related to validation activity in connection with staked ETH.
  • LTL Management, a Johnson & Johnson affiliate, files for chapter 11 to equitably and permanently resolve all current and future talc-related claims against itJones Day represents LTL Management LLC in its chapter 11 bankruptcy case filed October 14, 2021 in the Western District of North Carolina.
  • DraftKings enters landmark licensing agreement to launch gamified NFTs of NFL playersJones Day advised DraftKings Inc. in connection with a landmark licensing agreement with the NFL Players Association for rights to use the name, image, and likeness of NFL players in connection with gamified NFTs (non-fungible tokens).
  • Raine Capital invests in Mythical GamesJones Day advised Raine Capital LLC in its Series C Preferred Stock investment in Mythical Games, including advice regarding tokenized digital assets of Mythical Games.
  • DraftKings launches sports-memorabilia NFT marketplace in U.S.Jones Day is advising DraftKings Inc. on regulatory and legal matters related to the launch of a sports-memorabilia NFT marketplace in the United States.
  • Cryptocurrency company responds to proposed guidance from Financial Action Task ForceJones Day assisted a prominent U.S.-based cryptocurrency company in the preparation and submission of comments in response to proposed guidance from the Financial Action Task Force, an intergovernmental organization focused on policymaking pertaining to the regulation of virtual assets and virtual asset service providers.
  • Bitmain obtains dismissal of all claims in antitrust suit alleging Bitcoin Cash cryptocurrency market manipulationJones Day successfully defended Bitmain Technologies Ltd., Bitmain, Inc., and Bitmain Technologies’ co-founder and former chairperson Jihan Wu against claims that they conspired with other companies and software developers to manipulate the Bitcoin Cash cryptocurrency market.
  • Cryptocurrency company responds to notice of proposed rulemaking issued by FinCENJones Day assisted a prominent U.S.-based cryptocurrency company in the preparation of comments in response to a notice of proposed rulemaking issued by the Financial Crimes Enforcement Network pertaining to recordkeeping and reporting requirements for digital currency transactions.
  • Metals retailer defends multiple regulatory enforcement actionsJones Day is representing a metals retailer in regulatory enforcement actions brought by multiple state securities regulators.
  • Global lifestyle management company explores cryptocurrencies and prepaid access devicesJones Day advised a global lifestyle management company on federal and state regulations concerning the use of cryptocurrencies and prepaid access devices for luxury concierge services.
  • Beneficient Company Group acquires shares in GWG Holdings, Inc.Jones Day advised The Beneficient Company Group, L.P. (BEN), a provider of liquidity products and services to the owners of alternative assets and illiquid investment funds, in its acquisition of shares in GWG Holdings, Inc. (GWG Holdings), a NASDAQ listed company that is a leading provider of liquidity to owners of life insurance in the secondary market, previously held by GWG Holdings’ founding stockholders, Jon R. Sabes and Steven F. Sabes.
  • Jones Day representing first ever receiver in an ICO enforcement actionUpon the recommendation of the United States Securities and Exchange Commission (SEC), the United States District Court for the Northern District of Texas appointed Jones Day partner Mark Rasmussen as receiver to manage the assets of a firm facing alleged securities laws violations related to an Initial Coin Offering (ICO); Jones Day is serving as counsel to the receiver.
  • Canadian ice manufacturer secures Third Circuit affirmation of dismissal of fraud and negligence claims in Delaware bankruptcy court adversary proceedingJones Day secured a precedential ruling from the Third Circuit on behalf of a Canadian ice manufacturer affirming the dismissal of claims alleging that the manufacturer and its former trustees and corporate secretary had violated FINRA and SEC rules in connection with the payment of distributions under a bankruptcy plan of arrangement.
  • Nui Social and Mintage Mining defend against enforcement action relating to cryptocurrency mining productsJones Day is defending Nui Social and Mintage Mining in a Texas State Securities Board enforcement action related to cryptocurrency mining products.
  • FTS International completes $403.7 million IPOJones Day advised FTS International, Inc., a large provider of hydraulic fracturing services in North America, in connection with its $403.7 million initial public offering of Common Stock, underwritten by Credit Suisse, Morgan Stanley, Wells Fargo Securities, Barclays, Citigroup, and Evercore ISI.
  • Marketing company explores cryptocurrencies and cryptocurrency miningJones Day is advising a marketing company on state and federal regulations concerning cryptocurrencies and cryptocurrency mining.
  • IBM amicably resolves litigation over subcontractor payments related to state of the art technology system deployed at Texas A&M's Kyle FieldJones Day defended International Business Machines Corporation ("IBM") against payment claims brought by fiber optic cable installation subcontractors in connection with major renovations and upgrades to Texas A&M's Kyle Field, where IBM designed and provisioned state of the art passive optical network ("PON") and distributed antenna system ("DAS") communications systems.
  • Investment manager sets up cryptocurrency hedge fundJones Day is assisting an investment manager in setting up a cryptocurrency hedge fund, including setting up corporate form and complying with relevant U.S. and state securities regulations.
  • Special Litigation Committee of the Board of Directors of CoreCivic defends series of shareholder derivative actionsJones Day is representing the Special Litigation Committee of the Board of Directors of CoreCivic, a private prison operator, in a series of shareholder derivative actions that have been filed in state and federal court in Tennessee.

    • The following represents experience prior to joining Jones Day:

    Represented a technology start-up and venture capital firm in a trade secret lawsuit against a national electronics retailer in the California federal court, securing a $22 million jury verdict, plus punitive damages and attorneys' fees.

    Represented a gold mining company and its officers and directors in a securities fraud lawsuit in New York federal court, securing a dismissal of some claims followed by a favorable settlement.

    Represented a Fortune 500 hospital operator in a corporate takeover dispute in Texas federal court, obtaining the dismissal of lawsuit alleging violations of federal securities laws.

    Represented a global investment bank in its $686 million fraud lawsuit against a hedge fund relating to a contemplated CDO transaction.

    Represented a national health insurer in ERISA, antitrust, and RICO class action lawsuit concerning reimbursement of medical benefits at usual, customary, and reasonable rates.

    Represented a private equity company in a highly contested restructuring of a producer of alumina-based materials, obtaining approval of refinancing plan under which client and other senior lenders received payment in full.

    Represented a Fortune 500 pharmaceuticals company in a breach-of-contract dispute under the AAA rules involving the calculation of supply prices and development costs under the agreement.

    Represented a marine container leasing company in an international arbitration under the CPR rules involving the interpretation of a joint venture agreement under English law (obtained a complete defense verdict).

    Advised a global sports, fashion, and media company in enhancing its FCPA compliance program.

    View All

    APRIL 2024 Commentary

    Second Circuit Rules U.S. Securities Laws Reach Certain Digital Asset Transactions

    November 2023 Alert

    CFPB Seeks to Expand Regulatory Powers Over Consumer Payment Tech Entities

    SEPTEMBER 2023 Alert

    Much-Anticipated Tax Reporting Regulations on Digital Asset Transactions Issued

    September 2023 Alert

    Grayscale Scores Win Against the SEC, but the Agency's Significant Market Test Remains Unaddressed

    September 2023 Alert

    SEC Brings Its First Enforcement Action Against Non-Fungible Token Sellers

    August 2023 Commentary

    Ripple and Terraform Labs: Two New York District Courts Address the Status of Certain Crypto Assets as Securities

    July 2023 Commentary

    Federal Agencies Coordinate Action Against Celsius for Fraud and Manipulation

    May 2023 Commentary

    SEC Seeks Additional Comment on Whether DeFi Systems Must Register as "Exchanges"

    APRIL 2023 Commentary

    EU and U.S. Regulatory Sandboxes: Groundbreaking Tools for Fostering Innovation and Shaping Applicable Regulations

    APRIL 2023 Commentary

    Economic Report of the President to the Crypto Industry: Thanks, But No Thanks
    View All

    Additional Publications

    • March 2022
      NFT Museums in the Metaverse
    • February 11, 2019
      Building Blockchain Expertise Into a Practice that Pays, ABA Podcast

    Speaking Engagements

    • July 26, 2022
      Non-fungible Tokens and the Gamification of the Markets, Loan Syndications & Trading Association
    • May 17, 2022
      The future of Finance is Now: Blockchain, NFTs, Cryptocurrency, and the Role of Digital Assets, Washington State Bar Association
    • June 10, 2021
      NFTs: Key Considerations for an Emerging Asset Class, Futures Industry Association Member Event
    • May 8, 2021
      Enforcement 2021: Perspectives from Government Agencies
    • May 7, 2020
      Enforcement 2020: Perspectives from Government Agencies
    • May 21, 2019
      PLI One-Hour Briefing: "Investor Protection and the SEC’s Digital Asset Framework "
    • April 10, 2019
      Cybercrime, Cryptocurrency, and ICOs, Texas Bar CLE
    • April 3, 2019
      PLI's Private Litigation in the Blockchain Era
    • February 15, 2019
      BYU Blockchain Summit
    • January 16, 2019
      Blockchain: A U.S. Perspective and Implications for the Banking Business
    • December 18, 2018
      ABA SciTech Focus on Blockchain: Cryptocurrencies, Initial Coin Offerings, and Financial Regulations
    • December 11, 2018
      PLI's Blockchain Technology, Smart Code, and Smart Contracts: Issues and Risks
    • November 8, 2018
      Jones Day Emerging Technology Seminar
    • November 6, 2018
      Blockchain and Cryptocurrency: Challenges and Opportunities
    • October 22, 2018
      Blockchain Technology and Legal Issues, Dallas Bar Association
    • October 19, 2018
      Demystifying Cryptocurrency and Blockchain for the Federal Equity Receiver, NAFER Annual Conference
    • October 17, 2018
      Digital Asset Strategies Summit
    • October 4, 2018
      Beyond the Basics of Blockchain, New York State Bar Association
    • October 2018
      Beyond the Basics of Blockchain: Current and Future Use Cases and Corresponding Regulatory Development, New York State Bar Association
    • September 25, 2018
      Blockchain and Smart Contracts: The Legal Landscape, Tech Titans Blockchain Forum
    • September 13, 2018
      SEC Hot Topics Institute, Donnelley Conference
    • September 10, 2018
      41st Annual Southwest Securities Conference
    • September 7, 2018
      An Introduction to Blockchain Technology and Key Issues for Lawyers Advising Clients in that Space, Dallas Bar Association
    • August 17, 2018
      Federalist Society Cryptocurrency Teleforum
    • August 2, 2018
      Republican Attorneys General Association RLDF Tech Summit: Cryptocurrencies and Compliance
    • June 28, 2018
      Blockchain in Shared Services
    • June 22, 2018
      ALAS General Meeting: What Law Firms Need to Know about Cryptocurrency
    • June 11-12, 2018
      Bitcoin and Cryptocurrency Investment (BCI) Summit
    • June 7, 2018
      Legal Issues for Lawyers Advising Clients on Blockchain Technology, West Legal Education
    • June 6, 2018
      Mastering Bitcoin, Blockchain and Digital Currencies, The Rossdale Group
    • May 8, 2018
      Lessons Learned and Practice Pointers: Regulators' Perspectives Regarding Cryptocurrency Receiverships, NAFER Regional Conference
    • April 25-26, 2018
      Third Annual Latin America Privacy & Cybersecurity Symposium
    • April 18, 2018
      International Legal Technology Association: Blockchain 101
    • April 11, 2018
      Blockchain in the Enterprise, Federal Reserve Bank of Dallas
    • March 23, 2018
      The Future of ICOs: Initial Deed Offerings via the ERC-721 Standard
    • March 8, 2018
      Blockchain Technology in the Energy Sector, 2018 WSPP Spring Operating Committee Meeting
    • February 28, 2018
      The Blockchain Revolution: Baking Privacy, Cybersecurity, and Data Integrity Into Government and Company Systems Using Distributed Ledger Technologies, The Masters Conference
    • February 16, 2018
      BYU Blockchain Summit
    • January 24, 2018
      Reinventing Money: The State of Cryptocurrency, Ft. Worth Business Press
    • December 7, 2017
      Blockchain and Cryptocurrencies: Applications and Legal Issues
    • Novemer 7, 2017
      Blockchain for the Financial Industry
    • October 24, 2017
      Blockchain Boot Camp, North Texas Blockchain Alliance
    • September 26, 2017
      Blockchain & Smart Contracts
    • September 15, 2017
      Blockchain and Cryptocurrencies: Applications and Legal Issues
    • August 30, 2017
      Mastering Bitcoin, Blockchain, and Digital Currency
    • August 24, 2017
      NIRI Southwest Regional Conference: Key Issues Facing Public Companies, SEC Enforcement Actions, Corporate Governance, and Public Disclosure Initiatives
    • July 26, 2017
      Blockchain Technology in the Media and Entertainment Industry
    • April 6, 2017
      Bitcoin and Blockchain Technology: Legal Issues and Emerging Trends
    • February 14, 2017
      Federal Court Practice: Responding to Complaints
    • December 7, 2016
      SEC Enforcement Trends and Forecast of Future Enforcement Activity -- Dallas CPA Society
    • October 31, 2016
      The Nuts and Bolts of Responding to Complaints in Federal and Texas State Court
    • September 27, 2016
      Constitutional Challenges to the SEC's Administrative Proceedings and Recent Amendments to the SEC's Rules of Practice
    • May 19, 2016
      Recent Amendments to the Federal Rules of Civil Procedure: A Concise Overview of What Changed and How Courts are Interpreting the New Rules
    • March 30, 2016
      Recent Developments in Delaware M&A Litigation: Is the Disclosure-Only Settlement Dead?
    • January 12, 2016
      Disclosure to the Government: Navigating the Complex World of Privilege Waiver and Cooperation Credit
    • October 27, 2015
      Attorney-Client Privilege and Work Product Doctrine in Internal Investigations: Latest Developments for Corporate, Securities and White Collar Attorneys

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