Sullivan
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Biography

Joel is a highly-regarded trailblazer in the fintech, blockchain, and cryptocurrency space. Joel's clients’ size and nature vary from governments, top cryptocurrencies, and large enterprises to smaller startups, who describe him as a "very sharp and very experienced partner" who is "super pragmatic" and can "sort through the chaff and get to the nub of things impressively quickly."

His representative client work includes advising the Marshall Islands in creating digital sovereign currencies; helping to launch ndau, a buoyant stablecoin virtual currency; structuring for Gita Holdings/GreatX a structured, principal-protected tokenized investment product allowing investors to obtain upside exposure to hotel room blocks in various hotel properties; as well as providing regulatory advice to prominent blockchain projects including Aeternity, IOTA, NEM, and Celsius.

Being recognized worldwide as an authority on blockchain and digital asset issues, Joel currently sits on several of the industry’s leading research groups and has spoken extensively worldwide. He works on global regulatory policy initiatives for the Chamber of Digital Commerce, the Blockchain Research Institute, the Global Blockchain Business Council, Wharton Reg@Tech, and the Wall Street Blockchain Alliance’s Legal Working Group. He co-founded the Stablecoin Foundation, a global trade association for stablecoins in October 2018.

Joel was recognized by Chambers and Partners as one of 13 leading Fintech, Blockchain, and Cryptocurrency lawyers in the United States and as one of the six leading Fintech lawyers in the United States by the Legal 500. He was also named Law360’s 2020 Fintech MVP.

His ability to express new and extremely complex legal issues in plain English has made Joel a go-to source for clients as well as conferences and reporters around the world. In the past, he has spoken at the World Economic Forum's Blockchain Central in Davos, Harvard Law School, the Government of the Bahamas and the Carnegie Corporation, and been quoted by the Wall Street Journal, New York Times, Forbes, Reuters, and CoinDesk, among others.

In addition to a J.D. from the University of Iowa College of Law, Joel has a M.B.A. from the Wharton School, University of Pennsylvania.

Education
  • University of Pennsylvania, Wharton School (M.B.A.)
  • The University of Iowa (J.D., with distinction)
  • The University of Iowa (B.B.A.)
Bar & Court Admissions
  • New York
Professional Qualifications
  • Member, Wall Street Blockchain Alliance and its Legal Working Group
  • Member, Digital Currency & Ledge Defense Coalition
  • Member, New York City Bar Futures and Derivatives Regulation Committee
  • Member, ABA Derivatives and Futures Law Committee
  • Faculty Member, Blockchain Research Institute
  • Former Adjunct Professor, NYU Law School, Global Derivatives Regulation
  • Member, Board of Directors, University of Iowa Law School Foundation
  • Member, Editorial Board of the Journal of Structured Finance (published by Institutional Investor)
Awards & Honors
  • Top 15 U.S. Legal Crypto Practitioners, Citywealth, 2022
  • Law360’s 2020 Fintech MVP
  • Chambers FinTech (2019-2026)
  • "Deal Maker of the Year," Finance Monthly,2014 ($1.5 billion issuance by SanDisk)
  • "Lawyer of the Year," Corporate LiveWire, 2014
  • New York Super Lawyers (2006-2007; 2013-2026)
  • Recognized as a Leading Partner by The Legal 500 U.S. (2025-2026)
  • Recognized as a Leading Lawyer by The Legal 500 U.S. (2019-2024)
  • Recommended by The Legal 500 U.S. (2009-2017, 2019-2025)
Viewpoints
All Viewpoints
Irish Digital Firms Now on the Clock to Comply with Anti-Money Laundering Rules
With the European Union’s (“EU”) focus on strengthening its rules to prevent money laundering and terrorism financing, Ireland recently joined the ranks of member states who incorporated the EU’s financial crime regulations into domestic law. Ireland’s legislation, The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill, strengthens existing anti-money laundering legislation and gives effect to the EU’s 5th Anti-Money Laundering Directive. The EU’s 5th Anti-Money Laundering Directive, among other things, seeks to (i) improve transparency on the real owners of companies; (ii) extend anti-money laundering and counter terrorism financing rules to virtual currencies, tax related services, and traders in works of art; and (iii) enhance the powers of EU Financial Intelligence Units and facilitate their cooperation. Given the public, private, and governmental interest in virtual currency trends, it is the anti-money laundering and counter terrorism rules on Irish digital firms that are causing the biggest stir. Specifically, these rules now apply to Irish entities which provide services that are in charge of holding, storing, and transferring virtual currencies which means these businesses will have to identify their customers and report any suspicious activity to the EU’s Financial Intelligence Units, which compile and process reports about suspicious transactions. In honoring its commitments as an EU member state and to comply with the most recent directive, the new Irish law requires businesses in Ireland that provide financial services for virtual currencies to comply with anti-money laundering rules. The Central Bank of Ireland commented that Irish digital firms, also known as virtual asset service providers, will need to register with the Central Bank for anti-money laundering and counterterrorist financing purposes. While Irish digital firms are no doubt aware of best practices in the industry, the new rules will require each affected entity to reassess their day-to-day approach and comply with enhanced scrutiny and additional monitoring.
FinCEN's Proposed AML Enhancements for Money Service Businesses and Other Financial Institutions
On September 17, 2020, the Financial Crimes Enforcement Network ("FinCEN") published an Advance Notice of Proposed Rulemaking ("Notice") to obtain public comments on proposed enhancements to anti-money laundering ("AML") programs.[1] The Notice poses 11 questions for the public regarding FinCEN’s interest in new regulations requiring financial institutions to adopt "effective and reasonably designed" AML programs. The Notice does not propose any new rules. Instead, it presents areas where FinCEN is focusing attention and may in the future propose new rules depending on public comments and suggestions and other political considerations. Key Changes Suggested by the Notice 1. Adopt new regulations clearly defining an ‘‘effective and reasonably designed’’ AML program. FinCEN’s proposed rule would focus on defining "effectiveness" and "reasonably designed." FinCEN would define a compliant AML program as one that would: Identify, assess and mitigate risks from illegal activities in view of the financial institution’s own risk profile and any published federal AML priorities. Covered financial institutions include banks, brokers, money service businesses, casinos, and among others. Comply with the recordkeeping and reporting requirements of the Bank Secrecy Act of 1970. Provide information with a high degree of usefulness to the government consistent with the institution’s own risk profile and any published federal AML priorities.[2] 2. Adopt an express regulatory requirement for a risk assessment program. FinCEN recognizes that today almost all financial institutions who are subject to AML requirements (for example, banks, brokers, money service businesses, casinos, and others) design their AML programs based on risk assessments. FinCEN views the risk assessment process as a critical part of AML programs. Some financial institutions, like banks and brokers, are required by law to conduct risk assessments. Even though a risk assessment is not an express requirement for all financial institutions, under current practice AML program examiners (for example, the IRS) impose risk assessments as part of the evaluations of whether AML programs are effective. Therefore, a risk assessment is often a de facto requirement for all financial institutions subject to AML obligations, and now FinCEN believes that given the importance of a risk assessment, it should be required by law. 3. Publish a bi-annual list of national AML priorities. FinCEN is considering whether to issue AML priorities and then require financial institutions to consider such priorities in risk assessments. 4. Adopt a specific requirement to reasonably manage and mitigate the risks identified in the risk assessment and the published AML priorities. FinCEN believes the vast majority of financial institutions are doing just this without any express requirement, but as part of a well-designed AML program. This requirement would formalize this process. Our Assessment of FinCEN’s Proposed New Regulations In our view, FinCEN’s Notice does not make the case that a new set of rules and regulations are needed at this point. In fact, the Notice states that the vast majority of financial institutions are already doing what the Notice would require. If there is a problem in the implementation of the detailed AML requirements that would be corrected by new laws, FinCEN should expressly outline these issues. Financial institutions are already swamped with AML compliance obligations and most certainly make strenuous efforts to adhere to the existing regulations. FinCEN’s proposals can be implemented without new regulations. There is nothing stopping FinCEN from publishing a list of AML priorities right now. FinCEN is already issuing guidance on a host of issues and could just as well make financial institutions focus on these matters even more with some simple guidance. FinCEN is not requesting comments on the costs of the new rules. Small financial institutions already have to hire expensive consultants to comply on AML and risk assessments are becoming the purview of experts with the attendant additional costs. However, we note that generally before FinCEN can adopt new regulations, it must first solicit public comment and undertake a cost benefit analysis. [1] Available at https://www.govinfo.gov/content/pkg/FR-2020-09-17/pdf/2020-20527.pdf. [1] 85 Fed. Reg. 58026 (Sept 18,2020). Available at https://www.govinfo.gov/content/pkg/FR-2020-09-18/pdf/FR-2020-09-18.pdf.
Top Tier Firm, Legal 500 United States 2026
Sullivan & Worcester Ranked in the Legal 500 United States 2026 Edition
Boston, MA – Sullivan & Worcester announced that its practice groups and attorneys have been ranked and recommended in the Legal 500 United States 2026. The firm’s Real Estate practice was newly ranked Tier 1 in the “Real estate – mid-market ($0-500m)” category and the firm maintained rankings across a variety of practice areas. Partners Nicole Crum and John Steiner were newly ranked as Leading Partners and Ryan Rosenblatt as a Next Generation Partner. Peers and more than 300,000 corporate counsel were surveyed and interviewed globally in the past 12 months to assess law firms’ overall visibility and reputation, culminating in detailed rankings and editorial. The Legal 500 is an independent guide, and firms and individuals are recommended purely on merit. Sullivan's lawyers received the following rankings: Leading Partners: The Legal 500’s Guide to Outstanding Lawyers Nationwide Benjamin Armour - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) Ameek Ashok Ponda - Real Estate Investment Trusts (REITs)  Nicole Crum - Mutual/registered/exchange-traded funds Lewis Segall - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) John Steiner - Real estate – mid-market ($0-500m) Douglas Stransky - International Tax Joel Telpner - Fintech Next Generation Partners: The Legal 500’s Guide to Up-and-Coming Lawyers Nationwide Ryan Rosenblatt - General commercial disputes – mid-market ($250-500m) Sarah Wellings - Real Estate Investment Trusts (REITs) Practice Areas Ranked and Attorneys Recognized Corporate Governance “Our lead partner, Nicole Crum, who leads the investment industry practice, is exceptional. She demonstrates strong industry knowledge yet is very personable and anticipates what we need to know or what we should consider doing to handle any matter. The team roll up their sleeves and provide recommendations as to how we as a board should handle any matter. Strong service commitment and work ethic!” “The team we have at Sullivan & Worcester has served our company for years and knows the management team, staff as well as our board members. They are extremely responsive and proactive and anticipate what we should be aware of, concerned about, excited about, and how to handle oversight, processes and protocols to ensure we are carrying out our fiduciary duties. The partners are experts in this industry.” Leading Partner: Nicole Crum Recommended Lawyers: Howard Berkenblit, David Leahy Dispute Resolution/General Commercial Disputes “Diverse skillset. Client centric. Transparency. Urgency provided on all matters.” “I have worked with Gerry Silver for over 15 years and have found his pragmatic approach to complex matters refreshing. He understands our business, culture and market, and will give me his opinion in a digestible manner.” Next Generation Partner: Ryan Rosenblatt Recommended Lawyers: Gerry Silver, Patrick Dinardo, Laura Steinberg, Michael Sullivan, Amy Zuccarello, Erika Todd, Christopher Shields, Anna Lea McNerney Employee Benefits, Executive Compensation and Retirement Plans: Design “The level of expertise is top shelf. David Guadagnoli seems to know all of ERISA and IRS rulings.” “David Guadagnoli and Amy Sheridan both have superior knowledge in their respective areas. I value the ability to raise issues whether simple or complex. The firm takes the same diligent approach across all spectrums of complexity.” Recommended Lawyers: David Guadagnoli, Amy Sheridan Environment: Transactional Fintech “Sullivan & Worcester is one of the finest firms with which I have worked.” “The lawyers are excellent, and the firm consistently provides the highest quality of customer service.” Leading Partner: Joel Telpner Recommended Lawyers: Natalie Lederman, Benjamin Armour, Scott Kaufman, Harvey Bines, Christopher Curtis Land Use/Zoning Recommended Lawyers: Gregory Sampson, Ashley Brooks, Victor Baltera, Karen Kepler, Ashley Tan M&A: Corporate and Commercial: Venture Capital and Emerging Companies Recommended Lawyers: Scott Kaufman, Lewis Segall, Benjamin Armour, Michael Student M&A: Middle-Market ($0-250m) “The partner Lewis Segall has been working with our company for 15 years and we have a good working relationship with him. He knows our history and very attentive to our needs.” “Lewis Segall is very attentive to our needs. We very much value him.” Leading Partners: Benjamin Armour, Lewis Segall Recommended Lawyers: Natalie Lederman Mutual/Registered/Exchange-Traded Funds “Sullivan & Worcester's practice is defined by its deep expertise in investment funds and its ability to deliver clear, commercially grounded advice across the full fund lifecycle—from formation and structuring to regulatory compliance and complex transactions.” “The team is highly experienced, collaborative, and excel in efficient execution and clear communication.” Leading Partner: Nicole Crum Recommended Lawyers: David Leahy, David Mahaffey, Rachael Schwartz Real Estate Leading Partner: John Steiner Recommended Lawyers: Ashley Brooks, Karen Kepler, Gregory Sampson, Sharon Leifer, Louis Monti, Spencer Stone, Ashley Tan Real Estate Investment Trusts (REITs) “We have built multiple complex and sophisticated REIT platforms over the years and worked with many top-tier REIT specialists, but Sullivan’s REIT practice is by far the best, with Sarah Wellings.” Leading Partner: Ameek Ashok Ponda Next Generation Partner: Sarah Wellings Recommended Lawyers: Angela Gomes, Louis Monti, Shu Wei, Cameron Cosby International Tax “The international collaboration with S&W is exceptional.” “What really stands out is their willingness to engage, openness to different ideas and opinions, clearly expressed expectations, and clients' objectives.” Leading Partner: Douglas Stransky Recommended Lawyers: Lewis Greenwald, Eric Rietveld Tax > US Taxes: Contentious Recommended Lawyers: Richard Jones, David Nagle, Daniel Ryan, Caroline Kupiec Tax > US Taxes: Non-Contentious “Sarah Wellings is, quite simply, the best lawyer we have ever worked with. Her expertise extends far beyond tax and REIT matters, encompassing governance, financing, and complex commercial issues. Decades of experience and technical mastery make her an indispensable partner. Sarah is our central point of contact who makes everything seamless. Her in-house counsel background gives her a unique client perspective: she anticipates needs, solves problems before they arise, and delivers concise, well-structured updates that simplify even the most intricate issues. She coordinates effortlessly with all parties involved. Her judgment is exceptional. Sarah strikes the perfect balance between comprehensive academic rigor and practical, business-oriented advice. She combines technical REIT/tax excellence with commercial instincts, ensuring every recommendation is both legally sound and strategically smart. Her ability to translate complex law into clear, actionable guidance is unmatched. Sarah is incredibly responsive without ever sacrificing quality. She treats our matters as her own, demonstrating a rare ownership mindset and collaborative spirit. Her integrity is uncompromising, giving us absolute confidence in her counsel. In short, Sarah Wellings defines legal excellence: reliable, commercially minded, and client-focused. Working with her feels like being in the safest possible hands; she consistently exceeds expectations and orchestrates complex transactions with clarity and precision.” Recommended Lawyers: Ameek Ashok Ponda, Richard Jones, Douglas Stransky, Sarah Wellings About Sullivan Sullivan & Worcester (Sullivan) is a premier international law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best-in-class client service.
Sullivan Attorneys Selected to 2026 New York Metro Super Lawyers and Rising Stars Lists
Super Lawyers has named 13 attorneys from Sullivan's New York office to its 2026 New York Metro Super Lawyers and Rising Stars lists. Attorneys are recognized for excellence in the practice of law, rated by a high degree of peer recognition and professional achievement. The recipients of this designation will be featured in New York Metro Super Lawyers magazine and The New York Times. The following Sullivan attorneys have been named 2026 New York Metro Super Lawyers: Carole Bass - Estate & Probate Keri Wintle Costello - Bankruptcy: Business Scott Kaufman - Mergers & Acquisitions Gerry Silver - General Litigation Michael Sullivan - Business Litigation Joel Telpner - Business/Corporate The following Sullivan attorneys have been named 2026 New York Metro Rising Stars: Joonas Aho - Securities & Corporate Finance Molly Depew - Estate & Probate Anna Lea (Setz) McNerney - Business Litigation Michael Palmisciano - Intellectual Property Christopher Shields - Business Litigation Zachary Sobel - Securities & Corporate Finance Ida Vanto - Mergers & Acquisitions

Joel S. Telpner

Joel is a highly-regarded trailblazer in the fintech, blockchain, and cryptocurrency space. Joel's clients’ size and nature vary from governments, top cryptocurrencies, and large enterprises to smaller startups, who describe him as a "very sharp and very experienced partner" who is "super pragmatic" and can "sort through the chaff and get to the nub of things impressively quickly."

His representative client work includes advising the Marshall Islands in creating digital sovereign currencies; helping to launch ndau, a buoyant stablecoin virtual currency; structuring for Gita Holdings/GreatX a structured, principal-protected tokenized investment product allowing investors to obtain upside exposure to hotel room blocks in various hotel properties; as well as providing regulatory advice to prominent blockchain projects including Aeternity, IOTA, NEM, and Celsius.

Being recognized worldwide as an authority on blockchain and digital asset issues, Joel currently sits on several of the industry’s leading research groups and has spoken extensively worldwide. He works on global regulatory policy initiatives for the Chamber of Digital Commerce, the Blockchain Research Institute, the Global Blockchain Business Council, Wharton Reg@Tech, and the Wall Street Blockchain Alliance’s Legal Working Group. He co-founded the Stablecoin Foundation, a global trade association for stablecoins in October 2018.

Joel was recognized by Chambers and Partners as one of 13 leading Fintech, Blockchain, and Cryptocurrency lawyers in the United States and as one of the six leading Fintech lawyers in the United States by the Legal 500. He was also named Law360’s 2020 Fintech MVP.

His ability to express new and extremely complex legal issues in plain English has made Joel a go-to source for clients as well as conferences and reporters around the world. In the past, he has spoken at the World Economic Forum's Blockchain Central in Davos, Harvard Law School, the Government of the Bahamas and the Carnegie Corporation, and been quoted by the Wall Street Journal, New York Times, Forbes, Reuters, and CoinDesk, among others.

In addition to a J.D. from the University of Iowa College of Law, Joel has a M.B.A. from the Wharton School, University of Pennsylvania.

Viewpoints
All Viewpoints
Irish Digital Firms Now on the Clock to Comply with Anti-Money Laundering Rules
With the European Union’s (“EU”) focus on strengthening its rules to prevent money laundering and terrorism financing, Ireland recently joined the ranks of member states who incorporated the EU’s financial crime regulations into domestic law. Ireland’s legislation, The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill, strengthens existing anti-money laundering legislation and gives effect to the EU’s 5th Anti-Money Laundering Directive. The EU’s 5th Anti-Money Laundering Directive, among other things, seeks to (i) improve transparency on the real owners of companies; (ii) extend anti-money laundering and counter terrorism financing rules to virtual currencies, tax related services, and traders in works of art; and (iii) enhance the powers of EU Financial Intelligence Units and facilitate their cooperation. Given the public, private, and governmental interest in virtual currency trends, it is the anti-money laundering and counter terrorism rules on Irish digital firms that are causing the biggest stir. Specifically, these rules now apply to Irish entities which provide services that are in charge of holding, storing, and transferring virtual currencies which means these businesses will have to identify their customers and report any suspicious activity to the EU’s Financial Intelligence Units, which compile and process reports about suspicious transactions. In honoring its commitments as an EU member state and to comply with the most recent directive, the new Irish law requires businesses in Ireland that provide financial services for virtual currencies to comply with anti-money laundering rules. The Central Bank of Ireland commented that Irish digital firms, also known as virtual asset service providers, will need to register with the Central Bank for anti-money laundering and counterterrorist financing purposes. While Irish digital firms are no doubt aware of best practices in the industry, the new rules will require each affected entity to reassess their day-to-day approach and comply with enhanced scrutiny and additional monitoring.
FinCEN's Proposed AML Enhancements for Money Service Businesses and Other Financial Institutions
On September 17, 2020, the Financial Crimes Enforcement Network ("FinCEN") published an Advance Notice of Proposed Rulemaking ("Notice") to obtain public comments on proposed enhancements to anti-money laundering ("AML") programs.[1] The Notice poses 11 questions for the public regarding FinCEN’s interest in new regulations requiring financial institutions to adopt "effective and reasonably designed" AML programs. The Notice does not propose any new rules. Instead, it presents areas where FinCEN is focusing attention and may in the future propose new rules depending on public comments and suggestions and other political considerations. Key Changes Suggested by the Notice 1. Adopt new regulations clearly defining an ‘‘effective and reasonably designed’’ AML program. FinCEN’s proposed rule would focus on defining "effectiveness" and "reasonably designed." FinCEN would define a compliant AML program as one that would: Identify, assess and mitigate risks from illegal activities in view of the financial institution’s own risk profile and any published federal AML priorities. Covered financial institutions include banks, brokers, money service businesses, casinos, and among others. Comply with the recordkeeping and reporting requirements of the Bank Secrecy Act of 1970. Provide information with a high degree of usefulness to the government consistent with the institution’s own risk profile and any published federal AML priorities.[2] 2. Adopt an express regulatory requirement for a risk assessment program. FinCEN recognizes that today almost all financial institutions who are subject to AML requirements (for example, banks, brokers, money service businesses, casinos, and others) design their AML programs based on risk assessments. FinCEN views the risk assessment process as a critical part of AML programs. Some financial institutions, like banks and brokers, are required by law to conduct risk assessments. Even though a risk assessment is not an express requirement for all financial institutions, under current practice AML program examiners (for example, the IRS) impose risk assessments as part of the evaluations of whether AML programs are effective. Therefore, a risk assessment is often a de facto requirement for all financial institutions subject to AML obligations, and now FinCEN believes that given the importance of a risk assessment, it should be required by law. 3. Publish a bi-annual list of national AML priorities. FinCEN is considering whether to issue AML priorities and then require financial institutions to consider such priorities in risk assessments. 4. Adopt a specific requirement to reasonably manage and mitigate the risks identified in the risk assessment and the published AML priorities. FinCEN believes the vast majority of financial institutions are doing just this without any express requirement, but as part of a well-designed AML program. This requirement would formalize this process. Our Assessment of FinCEN’s Proposed New Regulations In our view, FinCEN’s Notice does not make the case that a new set of rules and regulations are needed at this point. In fact, the Notice states that the vast majority of financial institutions are already doing what the Notice would require. If there is a problem in the implementation of the detailed AML requirements that would be corrected by new laws, FinCEN should expressly outline these issues. Financial institutions are already swamped with AML compliance obligations and most certainly make strenuous efforts to adhere to the existing regulations. FinCEN’s proposals can be implemented without new regulations. There is nothing stopping FinCEN from publishing a list of AML priorities right now. FinCEN is already issuing guidance on a host of issues and could just as well make financial institutions focus on these matters even more with some simple guidance. FinCEN is not requesting comments on the costs of the new rules. Small financial institutions already have to hire expensive consultants to comply on AML and risk assessments are becoming the purview of experts with the attendant additional costs. However, we note that generally before FinCEN can adopt new regulations, it must first solicit public comment and undertake a cost benefit analysis. [1] Available at https://www.govinfo.gov/content/pkg/FR-2020-09-17/pdf/2020-20527.pdf. [1] 85 Fed. Reg. 58026 (Sept 18,2020). Available at https://www.govinfo.gov/content/pkg/FR-2020-09-18/pdf/FR-2020-09-18.pdf.
Top Tier Firm, Legal 500 United States 2026
Sullivan & Worcester Ranked in the Legal 500 United States 2026 Edition
Boston, MA – Sullivan & Worcester announced that its practice groups and attorneys have been ranked and recommended in the Legal 500 United States 2026. The firm’s Real Estate practice was newly ranked Tier 1 in the “Real estate – mid-market ($0-500m)” category and the firm maintained rankings across a variety of practice areas. Partners Nicole Crum and John Steiner were newly ranked as Leading Partners and Ryan Rosenblatt as a Next Generation Partner. Peers and more than 300,000 corporate counsel were surveyed and interviewed globally in the past 12 months to assess law firms’ overall visibility and reputation, culminating in detailed rankings and editorial. The Legal 500 is an independent guide, and firms and individuals are recommended purely on merit. Sullivan's lawyers received the following rankings: Leading Partners: The Legal 500’s Guide to Outstanding Lawyers Nationwide Benjamin Armour - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) Ameek Ashok Ponda - Real Estate Investment Trusts (REITs)  Nicole Crum - Mutual/registered/exchange-traded funds Lewis Segall - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) John Steiner - Real estate – mid-market ($0-500m) Douglas Stransky - International Tax Joel Telpner - Fintech Next Generation Partners: The Legal 500’s Guide to Up-and-Coming Lawyers Nationwide Ryan Rosenblatt - General commercial disputes – mid-market ($250-500m) Sarah Wellings - Real Estate Investment Trusts (REITs) Practice Areas Ranked and Attorneys Recognized Corporate Governance “Our lead partner, Nicole Crum, who leads the investment industry practice, is exceptional. She demonstrates strong industry knowledge yet is very personable and anticipates what we need to know or what we should consider doing to handle any matter. The team roll up their sleeves and provide recommendations as to how we as a board should handle any matter. Strong service commitment and work ethic!” “The team we have at Sullivan & Worcester has served our company for years and knows the management team, staff as well as our board members. They are extremely responsive and proactive and anticipate what we should be aware of, concerned about, excited about, and how to handle oversight, processes and protocols to ensure we are carrying out our fiduciary duties. The partners are experts in this industry.” Leading Partner: Nicole Crum Recommended Lawyers: Howard Berkenblit, David Leahy Dispute Resolution/General Commercial Disputes “Diverse skillset. Client centric. Transparency. Urgency provided on all matters.” “I have worked with Gerry Silver for over 15 years and have found his pragmatic approach to complex matters refreshing. He understands our business, culture and market, and will give me his opinion in a digestible manner.” Next Generation Partner: Ryan Rosenblatt Recommended Lawyers: Gerry Silver, Patrick Dinardo, Laura Steinberg, Michael Sullivan, Amy Zuccarello, Erika Todd, Christopher Shields, Anna Lea McNerney Employee Benefits, Executive Compensation and Retirement Plans: Design “The level of expertise is top shelf. David Guadagnoli seems to know all of ERISA and IRS rulings.” “David Guadagnoli and Amy Sheridan both have superior knowledge in their respective areas. I value the ability to raise issues whether simple or complex. The firm takes the same diligent approach across all spectrums of complexity.” Recommended Lawyers: David Guadagnoli, Amy Sheridan Environment: Transactional Fintech “Sullivan & Worcester is one of the finest firms with which I have worked.” “The lawyers are excellent, and the firm consistently provides the highest quality of customer service.” Leading Partner: Joel Telpner Recommended Lawyers: Natalie Lederman, Benjamin Armour, Scott Kaufman, Harvey Bines, Christopher Curtis Land Use/Zoning Recommended Lawyers: Gregory Sampson, Ashley Brooks, Victor Baltera, Karen Kepler, Ashley Tan M&A: Corporate and Commercial: Venture Capital and Emerging Companies Recommended Lawyers: Scott Kaufman, Lewis Segall, Benjamin Armour, Michael Student M&A: Middle-Market ($0-250m) “The partner Lewis Segall has been working with our company for 15 years and we have a good working relationship with him. He knows our history and very attentive to our needs.” “Lewis Segall is very attentive to our needs. We very much value him.” Leading Partners: Benjamin Armour, Lewis Segall Recommended Lawyers: Natalie Lederman Mutual/Registered/Exchange-Traded Funds “Sullivan & Worcester's practice is defined by its deep expertise in investment funds and its ability to deliver clear, commercially grounded advice across the full fund lifecycle—from formation and structuring to regulatory compliance and complex transactions.” “The team is highly experienced, collaborative, and excel in efficient execution and clear communication.” Leading Partner: Nicole Crum Recommended Lawyers: David Leahy, David Mahaffey, Rachael Schwartz Real Estate Leading Partner: John Steiner Recommended Lawyers: Ashley Brooks, Karen Kepler, Gregory Sampson, Sharon Leifer, Louis Monti, Spencer Stone, Ashley Tan Real Estate Investment Trusts (REITs) “We have built multiple complex and sophisticated REIT platforms over the years and worked with many top-tier REIT specialists, but Sullivan’s REIT practice is by far the best, with Sarah Wellings.” Leading Partner: Ameek Ashok Ponda Next Generation Partner: Sarah Wellings Recommended Lawyers: Angela Gomes, Louis Monti, Shu Wei, Cameron Cosby International Tax “The international collaboration with S&W is exceptional.” “What really stands out is their willingness to engage, openness to different ideas and opinions, clearly expressed expectations, and clients' objectives.” Leading Partner: Douglas Stransky Recommended Lawyers: Lewis Greenwald, Eric Rietveld Tax > US Taxes: Contentious Recommended Lawyers: Richard Jones, David Nagle, Daniel Ryan, Caroline Kupiec Tax > US Taxes: Non-Contentious “Sarah Wellings is, quite simply, the best lawyer we have ever worked with. Her expertise extends far beyond tax and REIT matters, encompassing governance, financing, and complex commercial issues. Decades of experience and technical mastery make her an indispensable partner. Sarah is our central point of contact who makes everything seamless. Her in-house counsel background gives her a unique client perspective: she anticipates needs, solves problems before they arise, and delivers concise, well-structured updates that simplify even the most intricate issues. She coordinates effortlessly with all parties involved. Her judgment is exceptional. Sarah strikes the perfect balance between comprehensive academic rigor and practical, business-oriented advice. She combines technical REIT/tax excellence with commercial instincts, ensuring every recommendation is both legally sound and strategically smart. Her ability to translate complex law into clear, actionable guidance is unmatched. Sarah is incredibly responsive without ever sacrificing quality. She treats our matters as her own, demonstrating a rare ownership mindset and collaborative spirit. Her integrity is uncompromising, giving us absolute confidence in her counsel. In short, Sarah Wellings defines legal excellence: reliable, commercially minded, and client-focused. Working with her feels like being in the safest possible hands; she consistently exceeds expectations and orchestrates complex transactions with clarity and precision.” Recommended Lawyers: Ameek Ashok Ponda, Richard Jones, Douglas Stransky, Sarah Wellings About Sullivan Sullivan & Worcester (Sullivan) is a premier international law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best-in-class client service.
Sullivan Attorneys Selected to 2026 New York Metro Super Lawyers and Rising Stars Lists
Super Lawyers has named 13 attorneys from Sullivan's New York office to its 2026 New York Metro Super Lawyers and Rising Stars lists. Attorneys are recognized for excellence in the practice of law, rated by a high degree of peer recognition and professional achievement. The recipients of this designation will be featured in New York Metro Super Lawyers magazine and The New York Times. The following Sullivan attorneys have been named 2026 New York Metro Super Lawyers: Carole Bass - Estate & Probate Keri Wintle Costello - Bankruptcy: Business Scott Kaufman - Mergers & Acquisitions Gerry Silver - General Litigation Michael Sullivan - Business Litigation Joel Telpner - Business/Corporate The following Sullivan attorneys have been named 2026 New York Metro Rising Stars: Joonas Aho - Securities & Corporate Finance Molly Depew - Estate & Probate Anna Lea (Setz) McNerney - Business Litigation Michael Palmisciano - Intellectual Property Christopher Shields - Business Litigation Zachary Sobel - Securities & Corporate Finance Ida Vanto - Mergers & Acquisitions

Joel S. Telpner

Joel S. Telpner

Joel is a highly-regarded trailblazer in the fintech, blockchain, and cryptocurrency space. Joel's clients’ size and nature vary from governments, top cryptocurrencies, and large enterprises to smaller startups, who describe him as a "very sharp and very experienced partner" who is "super pragmatic" and can "sort through the chaff and get to the nub of things impressively quickly."

His representative client work includes advising the Marshall Islands in creating digital sovereign currencies; helping to launch ndau, a buoyant stablecoin virtual currency; structuring for Gita Holdings/GreatX a structured, principal-protected tokenized investment product allowing investors to obtain upside exposure to hotel room blocks in various hotel properties; as well as providing regulatory advice to prominent blockchain projects including Aeternity, IOTA, NEM, and Celsius.

Being recognized worldwide as an authority on blockchain and digital asset issues, Joel currently sits on several of the industry’s leading research groups and has spoken extensively worldwide. He works on global regulatory policy initiatives for the Chamber of Digital Commerce, the Blockchain Research Institute, the Global Blockchain Business Council, Wharton Reg@Tech, and the Wall Street Blockchain Alliance’s Legal Working Group. He co-founded the Stablecoin Foundation, a global trade association for stablecoins in October 2018.

Joel was recognized by Chambers and Partners as one of 13 leading Fintech, Blockchain, and Cryptocurrency lawyers in the United States and as one of the six leading Fintech lawyers in the United States by the Legal 500. He was also named Law360’s 2020 Fintech MVP.

His ability to express new and extremely complex legal issues in plain English has made Joel a go-to source for clients as well as conferences and reporters around the world. In the past, he has spoken at the World Economic Forum's Blockchain Central in Davos, Harvard Law School, the Government of the Bahamas and the Carnegie Corporation, and been quoted by the Wall Street Journal, New York Times, Forbes, Reuters, and CoinDesk, among others.

In addition to a J.D. from the University of Iowa College of Law, Joel has a M.B.A. from the Wharton School, University of Pennsylvania.

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Irish Digital Firms Now on the Clock to Comply with Anti-Money Laundering Rules
With the European Union’s (“EU”) focus on strengthening its rules to prevent money laundering and terrorism financing, Ireland recently joined the ranks of member states who incorporated the EU’s financial crime regulations into domestic law. Ireland’s legislation, The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill, strengthens existing anti-money laundering legislation and gives effect to the EU’s 5th Anti-Money Laundering Directive. The EU’s 5th Anti-Money Laundering Directive, among other things, seeks to (i) improve transparency on the real owners of companies; (ii) extend anti-money laundering and counter terrorism financing rules to virtual currencies, tax related services, and traders in works of art; and (iii) enhance the powers of EU Financial Intelligence Units and facilitate their cooperation. Given the public, private, and governmental interest in virtual currency trends, it is the anti-money laundering and counter terrorism rules on Irish digital firms that are causing the biggest stir. Specifically, these rules now apply to Irish entities which provide services that are in charge of holding, storing, and transferring virtual currencies which means these businesses will have to identify their customers and report any suspicious activity to the EU’s Financial Intelligence Units, which compile and process reports about suspicious transactions. In honoring its commitments as an EU member state and to comply with the most recent directive, the new Irish law requires businesses in Ireland that provide financial services for virtual currencies to comply with anti-money laundering rules. The Central Bank of Ireland commented that Irish digital firms, also known as virtual asset service providers, will need to register with the Central Bank for anti-money laundering and counterterrorist financing purposes. While Irish digital firms are no doubt aware of best practices in the industry, the new rules will require each affected entity to reassess their day-to-day approach and comply with enhanced scrutiny and additional monitoring.
FinCEN's Proposed AML Enhancements for Money Service Businesses and Other Financial Institutions
On September 17, 2020, the Financial Crimes Enforcement Network ("FinCEN") published an Advance Notice of Proposed Rulemaking ("Notice") to obtain public comments on proposed enhancements to anti-money laundering ("AML") programs.[1] The Notice poses 11 questions for the public regarding FinCEN’s interest in new regulations requiring financial institutions to adopt "effective and reasonably designed" AML programs. The Notice does not propose any new rules. Instead, it presents areas where FinCEN is focusing attention and may in the future propose new rules depending on public comments and suggestions and other political considerations. Key Changes Suggested by the Notice 1. Adopt new regulations clearly defining an ‘‘effective and reasonably designed’’ AML program. FinCEN’s proposed rule would focus on defining "effectiveness" and "reasonably designed." FinCEN would define a compliant AML program as one that would: Identify, assess and mitigate risks from illegal activities in view of the financial institution’s own risk profile and any published federal AML priorities. Covered financial institutions include banks, brokers, money service businesses, casinos, and among others. Comply with the recordkeeping and reporting requirements of the Bank Secrecy Act of 1970. Provide information with a high degree of usefulness to the government consistent with the institution’s own risk profile and any published federal AML priorities.[2] 2. Adopt an express regulatory requirement for a risk assessment program. FinCEN recognizes that today almost all financial institutions who are subject to AML requirements (for example, banks, brokers, money service businesses, casinos, and others) design their AML programs based on risk assessments. FinCEN views the risk assessment process as a critical part of AML programs. Some financial institutions, like banks and brokers, are required by law to conduct risk assessments. Even though a risk assessment is not an express requirement for all financial institutions, under current practice AML program examiners (for example, the IRS) impose risk assessments as part of the evaluations of whether AML programs are effective. Therefore, a risk assessment is often a de facto requirement for all financial institutions subject to AML obligations, and now FinCEN believes that given the importance of a risk assessment, it should be required by law. 3. Publish a bi-annual list of national AML priorities. FinCEN is considering whether to issue AML priorities and then require financial institutions to consider such priorities in risk assessments. 4. Adopt a specific requirement to reasonably manage and mitigate the risks identified in the risk assessment and the published AML priorities. FinCEN believes the vast majority of financial institutions are doing just this without any express requirement, but as part of a well-designed AML program. This requirement would formalize this process. Our Assessment of FinCEN’s Proposed New Regulations In our view, FinCEN’s Notice does not make the case that a new set of rules and regulations are needed at this point. In fact, the Notice states that the vast majority of financial institutions are already doing what the Notice would require. If there is a problem in the implementation of the detailed AML requirements that would be corrected by new laws, FinCEN should expressly outline these issues. Financial institutions are already swamped with AML compliance obligations and most certainly make strenuous efforts to adhere to the existing regulations. FinCEN’s proposals can be implemented without new regulations. There is nothing stopping FinCEN from publishing a list of AML priorities right now. FinCEN is already issuing guidance on a host of issues and could just as well make financial institutions focus on these matters even more with some simple guidance. FinCEN is not requesting comments on the costs of the new rules. Small financial institutions already have to hire expensive consultants to comply on AML and risk assessments are becoming the purview of experts with the attendant additional costs. However, we note that generally before FinCEN can adopt new regulations, it must first solicit public comment and undertake a cost benefit analysis. [1] Available at https://www.govinfo.gov/content/pkg/FR-2020-09-17/pdf/2020-20527.pdf. [1] 85 Fed. Reg. 58026 (Sept 18,2020). Available at https://www.govinfo.gov/content/pkg/FR-2020-09-18/pdf/FR-2020-09-18.pdf.
Top Tier Firm, Legal 500 United States 2026
Sullivan & Worcester Ranked in the Legal 500 United States 2026 Edition
Boston, MA – Sullivan & Worcester announced that its practice groups and attorneys have been ranked and recommended in the Legal 500 United States 2026. The firm’s Real Estate practice was newly ranked Tier 1 in the “Real estate – mid-market ($0-500m)” category and the firm maintained rankings across a variety of practice areas. Partners Nicole Crum and John Steiner were newly ranked as Leading Partners and Ryan Rosenblatt as a Next Generation Partner. Peers and more than 300,000 corporate counsel were surveyed and interviewed globally in the past 12 months to assess law firms’ overall visibility and reputation, culminating in detailed rankings and editorial. The Legal 500 is an independent guide, and firms and individuals are recommended purely on merit. Sullivan's lawyers received the following rankings: Leading Partners: The Legal 500’s Guide to Outstanding Lawyers Nationwide Benjamin Armour - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) Ameek Ashok Ponda - Real Estate Investment Trusts (REITs)  Nicole Crum - Mutual/registered/exchange-traded funds Lewis Segall - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) John Steiner - Real estate – mid-market ($0-500m) Douglas Stransky - International Tax Joel Telpner - Fintech Next Generation Partners: The Legal 500’s Guide to Up-and-Coming Lawyers Nationwide Ryan Rosenblatt - General commercial disputes – mid-market ($250-500m) Sarah Wellings - Real Estate Investment Trusts (REITs) Practice Areas Ranked and Attorneys Recognized Corporate Governance “Our lead partner, Nicole Crum, who leads the investment industry practice, is exceptional. She demonstrates strong industry knowledge yet is very personable and anticipates what we need to know or what we should consider doing to handle any matter. The team roll up their sleeves and provide recommendations as to how we as a board should handle any matter. Strong service commitment and work ethic!” “The team we have at Sullivan & Worcester has served our company for years and knows the management team, staff as well as our board members. They are extremely responsive and proactive and anticipate what we should be aware of, concerned about, excited about, and how to handle oversight, processes and protocols to ensure we are carrying out our fiduciary duties. The partners are experts in this industry.” Leading Partner: Nicole Crum Recommended Lawyers: Howard Berkenblit, David Leahy Dispute Resolution/General Commercial Disputes “Diverse skillset. Client centric. Transparency. Urgency provided on all matters.” “I have worked with Gerry Silver for over 15 years and have found his pragmatic approach to complex matters refreshing. He understands our business, culture and market, and will give me his opinion in a digestible manner.” Next Generation Partner: Ryan Rosenblatt Recommended Lawyers: Gerry Silver, Patrick Dinardo, Laura Steinberg, Michael Sullivan, Amy Zuccarello, Erika Todd, Christopher Shields, Anna Lea McNerney Employee Benefits, Executive Compensation and Retirement Plans: Design “The level of expertise is top shelf. David Guadagnoli seems to know all of ERISA and IRS rulings.” “David Guadagnoli and Amy Sheridan both have superior knowledge in their respective areas. I value the ability to raise issues whether simple or complex. The firm takes the same diligent approach across all spectrums of complexity.” Recommended Lawyers: David Guadagnoli, Amy Sheridan Environment: Transactional Fintech “Sullivan & Worcester is one of the finest firms with which I have worked.” “The lawyers are excellent, and the firm consistently provides the highest quality of customer service.” Leading Partner: Joel Telpner Recommended Lawyers: Natalie Lederman, Benjamin Armour, Scott Kaufman, Harvey Bines, Christopher Curtis Land Use/Zoning Recommended Lawyers: Gregory Sampson, Ashley Brooks, Victor Baltera, Karen Kepler, Ashley Tan M&A: Corporate and Commercial: Venture Capital and Emerging Companies Recommended Lawyers: Scott Kaufman, Lewis Segall, Benjamin Armour, Michael Student M&A: Middle-Market ($0-250m) “The partner Lewis Segall has been working with our company for 15 years and we have a good working relationship with him. He knows our history and very attentive to our needs.” “Lewis Segall is very attentive to our needs. We very much value him.” Leading Partners: Benjamin Armour, Lewis Segall Recommended Lawyers: Natalie Lederman Mutual/Registered/Exchange-Traded Funds “Sullivan & Worcester's practice is defined by its deep expertise in investment funds and its ability to deliver clear, commercially grounded advice across the full fund lifecycle—from formation and structuring to regulatory compliance and complex transactions.” “The team is highly experienced, collaborative, and excel in efficient execution and clear communication.” Leading Partner: Nicole Crum Recommended Lawyers: David Leahy, David Mahaffey, Rachael Schwartz Real Estate Leading Partner: John Steiner Recommended Lawyers: Ashley Brooks, Karen Kepler, Gregory Sampson, Sharon Leifer, Louis Monti, Spencer Stone, Ashley Tan Real Estate Investment Trusts (REITs) “We have built multiple complex and sophisticated REIT platforms over the years and worked with many top-tier REIT specialists, but Sullivan’s REIT practice is by far the best, with Sarah Wellings.” Leading Partner: Ameek Ashok Ponda Next Generation Partner: Sarah Wellings Recommended Lawyers: Angela Gomes, Louis Monti, Shu Wei, Cameron Cosby International Tax “The international collaboration with S&W is exceptional.” “What really stands out is their willingness to engage, openness to different ideas and opinions, clearly expressed expectations, and clients' objectives.” Leading Partner: Douglas Stransky Recommended Lawyers: Lewis Greenwald, Eric Rietveld Tax > US Taxes: Contentious Recommended Lawyers: Richard Jones, David Nagle, Daniel Ryan, Caroline Kupiec Tax > US Taxes: Non-Contentious “Sarah Wellings is, quite simply, the best lawyer we have ever worked with. Her expertise extends far beyond tax and REIT matters, encompassing governance, financing, and complex commercial issues. Decades of experience and technical mastery make her an indispensable partner. Sarah is our central point of contact who makes everything seamless. Her in-house counsel background gives her a unique client perspective: she anticipates needs, solves problems before they arise, and delivers concise, well-structured updates that simplify even the most intricate issues. She coordinates effortlessly with all parties involved. Her judgment is exceptional. Sarah strikes the perfect balance between comprehensive academic rigor and practical, business-oriented advice. She combines technical REIT/tax excellence with commercial instincts, ensuring every recommendation is both legally sound and strategically smart. Her ability to translate complex law into clear, actionable guidance is unmatched. Sarah is incredibly responsive without ever sacrificing quality. She treats our matters as her own, demonstrating a rare ownership mindset and collaborative spirit. Her integrity is uncompromising, giving us absolute confidence in her counsel. In short, Sarah Wellings defines legal excellence: reliable, commercially minded, and client-focused. Working with her feels like being in the safest possible hands; she consistently exceeds expectations and orchestrates complex transactions with clarity and precision.” Recommended Lawyers: Ameek Ashok Ponda, Richard Jones, Douglas Stransky, Sarah Wellings About Sullivan Sullivan & Worcester (Sullivan) is a premier international law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best-in-class client service.
Sullivan Attorneys Selected to 2026 New York Metro Super Lawyers and Rising Stars Lists
Super Lawyers has named 13 attorneys from Sullivan's New York office to its 2026 New York Metro Super Lawyers and Rising Stars lists. Attorneys are recognized for excellence in the practice of law, rated by a high degree of peer recognition and professional achievement. The recipients of this designation will be featured in New York Metro Super Lawyers magazine and The New York Times. The following Sullivan attorneys have been named 2026 New York Metro Super Lawyers: Carole Bass - Estate & Probate Keri Wintle Costello - Bankruptcy: Business Scott Kaufman - Mergers & Acquisitions Gerry Silver - General Litigation Michael Sullivan - Business Litigation Joel Telpner - Business/Corporate The following Sullivan attorneys have been named 2026 New York Metro Rising Stars: Joonas Aho - Securities & Corporate Finance Molly Depew - Estate & Probate Anna Lea (Setz) McNerney - Business Litigation Michael Palmisciano - Intellectual Property Christopher Shields - Business Litigation Zachary Sobel - Securities & Corporate Finance Ida Vanto - Mergers & Acquisitions

Joel S. Telpner