In 2018, we were retained to represent numerous entities involved in the cryptocurrency environment related to investigations being conducted by state and federal agencies. Our investigations break down into two sections: civil litigation and enforcement. We are currently handing 12 SEC investigations that primarily center on whether various entities raised funds through an unregistered public offering, and whether they acted as unregistered broker-dealers or investment companies. Separately, the SEC is also looking into possible misrepresentations and misuse of proceeds in a few of these matters. On the state side, we have represented 8 entities in responding to information requests and subpoenas by state agencies.