The way that high-level professional services — investment banking, law, consulting, etc. — work is that a professional firm provides services to a client company, and the company pays the firm, but particular people at the firm pitch and work with particular people at the company, and the people at the company want to work with people they like and trust.

It’s become a parlor game in Washington, on Wall Street, and in Silicon Valley to figure out where U.S. Securities and Exchange Commission Chair Gary Gensler stands on cryptocurrencies. Industry lobbyists tune in when he testifies before Congress. Lawyers parse his speeches. Goldman Sachs Group Inc. wealth advisers recently boasted in a research report about looking for clues in 29 hours of the Blockchain and Money course he developed at the Massachusetts Institute of Technology. That’s an arduous but perhaps not novel undertaking, since videos of the classes have garnered millions of views online, something that amazes even Gensler.

An Activision Blizzard Inc. investor hit the video game giant Tuesday with federal securities fraud claims in Los Angeles claiming it kept shareholders in the dark about an ongoing state investigation into its toxic workplace culture.

Crypto businesses must mind the need to address the concerns of both the SEC and state securities regulators, which administer distinct securities laws and may act separately, based on their own policy concerns.

You can get a good sense of the differences between American and Chinese financial regulation from the recent troubles of Chinese tech companies listed in the U.S.

Akin Gump Strauss Hauer & Feld is continuing to expand its investment funds practice in New York with the addition of Terence Rozier-Byrd from Baker Botts.