Karen Ubell

Karen Ubell is a partner in Goodwin’s Technology group and serves as Co-Chair of the Digital Currency and Blockchain practice. She practices general corporate and securities law, focusing primarily on transactions and regulatory compliance in connection with the implementation and adoption of novel technologies, including blockchain, distributed networks, cryptocurrencies, and digital assets. Karen represents investors and issuers in digital asset offerings, private financings, and securities offerings, and advises startups and existing companies in the implementation and development of blockchain technologies and tokenization models. Karen also advises blockchain projects, digital asset trading platforms, and blockchain industry groups on regulatory compliance as well as direct interactions with regulators, offering unique perspective and insight gained from her experience in the Division of Corporation Finance at the US Securities and Exchange Commission (SEC).

Karen’s experience in the blockchain, cryptocurrency and fintech industries and deep knowledge of blockchain technology and applicable laws allows her to propose creative solutions and actively partner with clients to identify and design potential alternatives amid a complex and evolving regulatory landscape.

She has extensive experience serving as corporate counsel to emerging companies developing and distributing cryptographic tokens and other digital assets. Clients have described Karen as “among the most experienced, thoughtful, and versatile cryptocurrency lawyers in the nation.”

Karen also regularly advises companies on general corporate matters such as entity formation, debt and equity financing transactions, and corporate governance matters and counsels companies on regulatory matters associated with launching blockchain networks and distributing digital assets. She also assists investors in creating novel structures or terms specifically designed to align and capture shareholder value in blockchain networks and digital assets.

Karen’s experience includes:

• Advising industry-leading projects regarding developing and structuring blockchain networks including compliant distributions of digital assets, NFTs, defi protocols and numerous Web3 platforms, working hand in hand with founders and technology team as they design and structure new projects and new digital assets.
• Facilitating first of their kind regulatory settlements on behalf of financial technology companies including digital asset issuers.
• Advising leading Silicon Valley venture capital funds regarding token-based investments and equity investments in blockchain technology companies.

Karen served as an attorney in the Division of Corporation Finance at the US Securities and Exchange Commission from 2010 to 2016. Prior to joining Goodwin, Karen served as Special Counsel at Cooley LLP in Palo Alto.

Karen has been recognized for her work most recently in the 2025 edition of the Chambers Fintech guide, in which she was ranked as a Leading Lawyer for Blockchain & Cryptocurrencies. She is also recognized as a recommended lawyer for Fintech & Crypto and for Corporate Governance by the Legal 500 US and has been listed since 2023 in the Who’s Who Legal: Fintech & Blockchain guide. Clients note that Karen’s “ability to advise on strategic corporate matters, coupled with a keen understanding of regulatory compliance, makes her an invaluable asset to clients operating in the blockchain space." Additionally, Karen has been named a Women Leader in Tech Law by The Recorder’s 2024 California Legal Awards, which recognizes women lawyers handling the game-changing, law-shaping, market moving work in and around the tech sector.

Karen’s recent speaking engagements include:

• “Token Launches in 2025: What’s Market? Compliant Airdrops, Community Incentives, and Secondary Market Strategies,” The L Suite 2025 Crypto Offsite (October 22, 2025)
• “Building in a New Day,” Fordham Law Blockchain Regulatory Symposium (October 6, 2025)
• “The Goodwin Exchange: The Latest Updates in Blockchain and Crypto,” Goodwin Event (September 25, 2025) 
• “Developments in Cryptocurrency and Blockchain Enforcement,” Practising Law Institute’s 11th Annual Alternative Finance Summit (September 3, 2025)
• “The Real Winner of the GENIUS Act: A Policy Roundtable on Stablecoin Regulation and Market Structure,” Form & Structure Podcast (July 31, 2025)
• “Bend Don’t Break: Navigating Product Driven Strategies in Regulated Financial Industries,” Avalanche Summit London 2025 (May 20, 2025)
• “Blockchain & Digital Assets: Change is Coming – Key Considerations for the Year Ahead,” Goodwin Webinar (January 22, 2025)
• “Developments in Cryptocurrency and Blockchain Enforcement,” Practising Law Institute’s Alternative Finance Summit 2023: Fintech, Blockchain, and Crowdfunding (September 4, 2024)
• “Token-Based Compensation: Regulatory and Tax Considerations,” Goodwin Webinar (February 15, 2024)
• “Blockchain & Digital Assets: Lessons Learned in 2023 and Key Considerations for the Year Ahead,” Goodwin Webinar (January 17, 2024)
• “Developments in Cryptocurrency and Blockchain Enforcement,” Practising Law Institute’s Alternative Finance Summit 2023: Fintech, Blockchain, and Crowdfunding (September 26, 2023)
• “Former SEC Lawyer: What You’re Missing About Securities, Ripple/XRP, & Prometheum,” Overpriced JPEGs Podcast (August 9, 2023)
• “The SEC vs Crypto,” Overpriced JPEGs Podcast (June 9, 2023)
• "Token Masterclass,” Crypto Legal Frontier (May 11, 2023)
• "Understanding the Glory of Staking,” Avalanche Summit II (May 4, 2023)
• “Navigating Blurred Lines: Legal Considerations for Developers,” Solana Breakpoint 2022 (November 5, 2022)
• “Token Structuring,” TechGC’s CryptoGC Retreat (October 25, 2022)
• “Crypto Lawyer Karen Ubell on Crypto Regulation, the SEC, and DAOs,” Stronghold SpeakBold Fireside Chat (October 18, 2022)
• “DAOs and Web3: Will New Technology Bring the Death of the C-Corp?” Goodwin Virtual Event (May 17, 2022) 
• “Nonfungible Tokens (NFTs) How High Can They Go?” Practising Law Institute (September 22, 2022)

Karen’s recent publications include:

• Contributor, “Digital Currency & Blockchain Quarterly Litigation Update,” Goodwin Insight (July 28, 2025)
• Co-Author, “Federal Stablecoin Legislation Poised to Implement Comprehensive Regulatory Framework for Payment Stablecoins,” Goodwin Client Alert (June 24, 2025)
• Co-Author, “Crypto Regulatory Framework Begins to Take Shape in Congress,” Goodwin Audio Insight (May 15, 2025)
• Contributor, “Digital Currency & Blockchain Quarterly Litigation Update,” Goodwin Insight (April 22, 2025)
• Co-Author, “Crypto Growth Opportunities via Public Capital Markets Under the Trump Administration,” Goodwin Audio Insight (April 18, 2025)
• Co-Author, “SEC Outlook: Potential Updates Under Nominated Chairman Atkins,” Goodwin Insight (February 7, 2025)
• Co-Author, “Trump Signs Executive Order Outlining Pro-Crypto Policy,” Goodwin Client Alert (January 24, 2025)
• Co-Author, “Changes Expected as Trump Administration Continues to Take Shape,” Goodwin Insight (January 6, 2025)
• Contributor, “Digital Currency & Blockchain 2024 Year End Review,” Goodwin Insight (December 19, 2024)
• Contributor, “Digital Currency & Blockchain Quarterly Litigation Update,” Goodwin Insight (September 4, 2024)
• Contributor, “Digital Currency & Blockchain Quarterly Litigation Update,” Goodwin Insight (April 30, 2024)
• Co-Author, “New IRS and FinCEN Reporting Requirements for Businesses that Accept Payments in Digital Assets,” Goodwin Client Alert (January 8, 2024)
• Contributor, “Trends in Regulation of Digital Assets,” White Paper, FTI Consulting and The Block (August 17, 2023)
• Co-Author, “SEC Sues Binance and Coinbase: What Are the Allegations and What Is Next?” Goodwin Client Alert (June 13, 2023)
• Co-Author, “‘Regulation by Enforcement’ in the Digital Asset Industry: A Lagging Response to Stale Facts,” Goodwin Insight (May 31, 2023)
• Co-Author, “DAO Governance Token Holders Can Be Held Responsible for Security Incident,” Westlaw Today (May 1, 2023)
• Co-Author, “Court Holds All DAO Governance Token Holders Can Be Held Responsible for the Actions and Inactions of the DAO,” Goodwin Client Alert (April 10, 2023)
• Co-Author, “Digital Asset Custody and the SEC’s Proposed Safeguarding Rule: Significant Potential Implications and Unanswered Questions,” Goodwin Client Alert (February 28, 2023)
• Co-Author, “2022 Year in Review: Digital Currency and Blockchain Litigation and Enforcement Developments,” Goodwin Insight (February 13, 2023) 
• Co-Author, “CFTC Attempts to Extend Liability to DAO Participants,” Goodwin Client Alert (October 5, 2022)
• Contributor, “The Optimal Token Vesting Schedule,” Mirror (July 27, 2022)
• Co-Author, “SEC Alleges ‘Crypto Asset Securities’ Insider Trading; Case Has Significant Implications For The Digital Asset Industry,” Goodwin Client Alert (July 22, 2022)