Deals & Cases
MLL Legal advises the Pyth Data Association
MLL Legal acts as lead counsel to the Pyth Data Association, the Swiss association that serves as the governance entity and steward of the Pyth network – one of the largest real-time oracle networks in crypto and a leading provider of institutional market data.
The network aggregates price feeds directly from over 120 of the world’s largest financial institutions, exchanges and trading firms, delivering data across crypto, equities, FX, commodities and futures to a wide range of blockchains and applications. Initially relied upon by leading DeFi protocols, the network has since expanded into a broader data layer bridging decentralised and traditional finance.
The PYTH initial exchange offering (IEO) in November 2023 was one of the most notable and successful IEOs of that year. MLL Legal provided comprehensive, multidisciplinary support across the project, including establishing the Association and the international structuring of the project; the transfer of the PYTH tokens and protocol IP from a Panama foundation into the Swiss association; the full range of regulatory, AML and financial market aspects, including the legal qualification of the PYTH token and the establishment of a decentralised autonomous organisation (DAO); the listing of the token on major exchanges; tax advice; and the reclaim and cross-border remint of native PYTH tokens following the FTX bankruptcy – a rare precedent in token recovery.
The team consists of Dr. Kilian Schärli (Lead Partner), Dr. Reto Luthiger (Partner, Regulatory, Fintech & DLT) and Andrea Trost (Counsel, Regulatory, Fintech & DLT).
