Daniel Michael

In addition to representing clients in regulatory investigations and examinations, Mr. Michael regularly conducts internal investigations for clients and has advised companies on crisis management, regulatory analyses of current and prospective business operations, and the development and enhancement of policies and compliance-related controls.

Mr. Michael’s representations have included, among others:

• a large financial institution in an SEC investigation focusing on possible deficiencies in cybersecurity controls that the SEC Staff declined to pursue after two presentations made on the strength of the controls
• an investment adviser in an SEC off-channel texting sweep that did not result in charges from the SEC
• a large crypto trading platform and an NFT/cryptocurrency issuer in SEC investigations, neither of which the SEC chose to pursue following advocacy made during the Wells process
• Citigroup Global Markets, Inc. in an enforcement action concerning an alleged decade-long practice of charging unsubstantiated underwriting expenses, in which Citigroup settled to an order with a books and records charge and no disgorgement or undertakings
• investment advisers and broker-dealers in SEC examinations that cited deficiencies that involved material misstatements, overvaluations, conflicts of interest relating to a cash sweep program and cybersecurity matters, none of which were referred to the Enforcement Division following the presentation of advocacy and remedial plans

Prior to joining Skadden, Mr. Michael served as the chief of the SEC Enforcement Division’s Complex Financial Instruments Unit, where he oversaw a nationwide team of attorneys and market specialists in investigations and enforcement actions involving complex financial products and market practices.

At the SEC, he handled and supervised numerous matters concerning valuation, volatility, digital asset offerings, DeFi protocols, Regulation Best Interest and sales practices, security-based swaps, asset-backed securities and the SEC financial responsibility rules.

Mr. Michael has spoken and written extensively on SEC enforcement and white collar criminal matters and is the author of a quarterly column published by Reuters that focuses on regulatory issues relating to digital assets and blockchain technology. In recognition of his written work, Mr. Michael was honored as a recipient of a Law360 Distinguished Legal Writing Award in 2023.