Not entirely sure if there is a correlation between the lawyers hired and the results of the applications. From the latest response of the Securities and Exchange Commission of the United States of America (SEC), their major concerns are that the market is too small and would be susceptible to market manipulation, per the Exchange Act and the Commission’s Rules of Practice.

From my understanding, these are all legal arguments to be presented to the SEC by the applicants’ legal representations. The CEOs to the issuer companies assist the lawyers in this process, by feeding to them the necessary information needed about the company, so that these lawyers would make a case for them, and present it to the SEC.

While the CEOs of these issuing companies are important, it’s more important how skillful these lawyers are in making their case in accordance with the law.

Currently, these law firms hired are doing a great job for the crypto-space, and they have amassed pioneer experience in this legal space related to cryptos. I wonder, however, would they need to combine their knowledge with those top-notched in the securities & capital markets field to yield a greater chance of this already-difficult moon shot?