Client Alert: Surviving the Crypto Winter: Tips for Limiting Counterparty Risk

As crypto markets decline, businesses in the crypto industry face real risks of failure. Everyone in the industry is, or should be, thinking about counterparty risk. There has been a lot of focus on how crypto users can protect themselves (i.e., “not your keys, not your crypto”), but less guidance to help crypto businesses protect themselves. If you work with any businesses in the crypto space, here’s some practical advice:

Act Now to Protect Yourself from Clawbacks. If your business is being paid for goods or services, you should consider taking actions to protect yourself while you are still getting paid. If the company paying you later files for bankruptcy, payments you received within 90 days before the bankruptcy, or even longer in some cases, might be clawed back unless you take action to protect yourself. A “preference” lawsuit by the bankruptcy estate typically seeks the return of payments made by a bankrupt company within the 90 days before the bankruptcy filing. 

Read the full alert here.

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© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.

Client Alert: Surviving the Crypto Winter: Tips for Limiting Counterparty Risk

As crypto markets decline, businesses in the crypto industry face real risks of failure. Everyone in the industry is, or should be, thinking about counterparty risk. There has been a lot of focus on how crypto users can protect themselves (i.e., “not your keys, not your crypto”), but less guidance to help crypto businesses protect themselves. If you work with any businesses in the crypto space, here’s some practical advice:

Act Now to Protect Yourself from Clawbacks. If your business is being paid for goods or services, you should consider taking actions to protect yourself while you are still getting paid. If the company paying you later files for bankruptcy, payments you received within 90 days before the bankruptcy, or even longer in some cases, might be clawed back unless you take action to protect yourself. A “preference” lawsuit by the bankruptcy estate typically seeks the return of payments made by a bankrupt company within the 90 days before the bankruptcy filing. 

Read the full alert here.

Related Capabilities

Related Locations

© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.

News and Insights

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Amanda Shafer Berman to Speak on Energy and Administrative Law at WEN-DC Webinar

As the Supreme Court's new Term begins, Jenner & Block Partner Amanda Shafer Berman will join a Women's Energy Network of Washington, DC (WEN-DC) webinar on how the Court's decisions are shaping the energy sector.

October 14, 2026

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Partner Amanda Shafer Berman Quoted in Bloomberg Law on Senate Permitting Overhaul Bill

Partner Amanda Shafer Berman was quoted in an October 5 Bloomberg Law article, "Permitting Deal Gives Projects Defense Against Litigation Delays," on the Senate's new permitting overhaul package and its expected impact on litigation over federal permitting reversals.

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Partner John Storino to Speak at Sandpiper Partners' “AI and Outside Counsel Guidelines Roundtable”

On October 8, Partner John Storino will serve as a panelist at the “AI and Outside Counsel Guidelines Roundtable,” hosted by Sandpiper Partners in Chicago.

October 8, 2026

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Partner Meghan Greenfield to Speak on Supreme Court Climate Case at Edison Electric Institute's Fall Legal Conference

On Wednesday, October 7, Partner Meghan Greenfield will speak on a panel titled "Boulder County v. Suncor Energy: What the Supreme Court's Climate Case Means for the Energy Industry" at the Edison Electric Institute's Fall Legal Conference in Salt Lake City, Utah.

October 7, 2026

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The Form Rules Everything: A Seventh Circuit Ruling on ERISA's Substantial Compliance Doctrine

Partner Joseph Torres and Special Counsel Jennifer Beach authored an article for Employee Relations Law Journal examining the Seventh Circuit's decision in Packaging Corp. of America Thrift Plan for Hourly Employees v. Langdon, a ruling that addresses both the standard of review in ERISA interpleader actions and the continued viability of the substantial compliance doctrine for changing plan beneficiaries.

October 5, 2026