Jonathan Cho

Jonathan Cho

Senior Counsel

Email

jonathan.cho@aoshearman.com

Phone

+1 212 756 1118

Offices

New York

V-CARD
Jonathan’s practice focuses on a broad range of insolvency, derivatives, digital asset, and market infrastructure issues.
He regularly advises financial institutions and other clients on structuring, enforcement, and regulatory compliance issues in connection with derivatives, securitization, and lending transactions; on counterparty rights under a variety of different U.S. insolvency regimes, including those for corporates, broker-dealers, futures commission merchants, and banks, including with respect to the enforceability of close-out netting; on derivatives clearing organization, central securities depository, payment system, and other U.S. market infrastructure matters; and on custodial and secured lending issues in relation to digital assets. He is also an expert on cross-border financial restructurings under Chapter 15 of the United States Bankruptcy Code.

Experience

Representative matters

  • A major cryptocurrency exchange and custodian in relation to various insolvency matters, including preparation of memoranda for foreign regulators on legal models for the custody of cryptocurrencies in the United States and the treatment of custodial assets in the event of U.S. bankruptcy proceedings.
  • A major financial institution in relation to its prospective cryptocurrency custodial offering, including structuring matters and preparation of customer documentation.
  • Lenders in relation to issues around taking and perfecting security over Bitcoin in the United States.
  • Drafting annual netting opinions for ICMA and ISLA on the GMRA and GMSLA, covering a broad swathe of U.S. counterparty types.
  • On the enforceability of close-out netting and related issues in connection with non-standard transaction structures and counterparty types.
  • On bankruptcy remoteness issues in relation to the insolvency of parties in derivatives and securities clearing chains, including customers, futures commission merchants, broker-dealers, derivatives clearing organizations, and clearing agencies.
  • European financial institutions on enforceability, bankruptcy, and resolution issues affecting their relationships with U.S. central securities depositories.
  • Acting as U.S. counsel in U.S. Chapter 15 bankruptcy filings for: Greensill Capital (UK) Limited; Virgin Atlantic Airways Limited; Cline Mining Corporation; Oilsand Quest Inc.; and Nortel Networks Corporation.

Published Work

  • “What next after the collapse and stabilisation of Silicon Valley Bank?”, Allen & Overy update, March 15, 2023
  • "Crypto-tunities: Transaction strategies in the challenging crypto markets", Allen & Overy update, July 13, 2022
  • "Oh no, where's my crypto? What happens to crypto assets when a custodian fails", Allen & Overy update, June 23, 2022

Speaking Engagements

  • Guest Participant, Recognition Roundtable, Financial Stability Board, December 2023

Leadership Positions And Professional Affiliations

  • Admitted: Bar of the State of New York, 2010
  • United States District Court for the Southern District of New York, 2010
  • United States District Court for the Eastern District of New York, 2010
  • United States Court of Appeals for the Second Circuit, 2023

Qualifications

Admissions

Admitted: Bar of the State of New York, 2009

Academic

J.D., Columbia Law School, 2009

B.A., Brown University, 2006

Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.