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Sebastian Souchet
Law Clerk
Fried, Frank, Harris, Shriver & Jacobson LLP

Sebastian Souchet is a law clerk in the Financial Services Group of the Corporate Department.

Sebastian earned his J.D., magna cum laude, from Fordham University School of Law, where he was a member of the Fordham Law Review, a Mary Daly Scholar, and was elected to the Order of the Coif. He earned his B.A., summa cum laude, from Adelphi University, where he graduated from the University’s Honors College.

Practice Areas


  • Fordham University, School of Law J.D., magna cum laude, Order of the Coif
  • Adelphi University B.A., summa cum laude

Recent Articles & Comments

February 18, 2022

Governor Brainard's comments on stablecoin market concentration are important. Ms. Brainard notes that there "is a high degree of concentration among a few dollar-pegged stablecoins: as of January 2022, the largest stablecoin by market capitalization made up almost half of the market, and the four largest stablecoins together made up almost 90 percent" (pp. 1-2). Moreover, she highlights the fact that stablecoins are being used as a means of access to decentralized financial markets and…

January 25, 2022

The CRS report raises a number of important policy questions in addition to the question of which entities should be considered and regulated as banks.

Such questions include:

What, if any, anti-competitive effects does consolidation of the banking system have?

What are the implications of the consolidation of the banking system with respect to systemic financial risk?

What is the threshold for considering an entity a bank, and what, if any, impact does the…

January 21, 2022

Notably, the FRB identifies as a significant risk, that a U.S. CBDC may lead to a disintermediation of private sector financial institutions by allowing investors to hold their money directly with the government, rather than through a bank or money market fund.

Sebastian Souchet is a law clerk in the Financial Services Practice. Fried Frank's Steven Lofchie contributed to this comment.

December 15, 2021

Ms. Massari and Ms. Allen reject - each for separate (but not unrelated) reasons - the recommendation of the PWG to regulate stablecoin issuers as insured depository institutions. While Ms. Massari identifies several economic and regulatory issues posed by applying the insured depository institution framework to the stablecoin business model, Ms. Allen emphasizes the various systemic consequences and risks of regulating stablecoin issuers under that framework. On the whole, U.S. policymakers…