Consulting

Technology moves faster than the law. That gap, the pacing problem, is where most regulatory risk in emerging technology originates. It is also where the advantage sits for organizations that manage the gap deliberately. Wulf Kaal works in that gap as a scholar, adviser, and expert witness. Wulf advises governments and policymakers, enterprises, international law firms, investment funds, and founders. The work draws on 129 scholarly publications, proprietary datasets on private funds and token markets, and prior practice at Cravath, Swaine & Moore and Goldman Sachs.

Advisory practice

Digital assets and market structure. Securities-law status of tokens and tokenized real-world assets, stablecoin design, custody and exchange arrangements, and formation and compliance for digital-asset funds. Artificial intelligence and agentic systems. Governance frameworks for autonomous AI agents, liability allocation when software transacts on its own account, model and data governance, and the institutional design questions that follow. Securities regulation and private funds. SEC and FINRA regulatory strategy, investment-adviser and broker-dealer obligations, fiduciary duties, disclosure, insider trading, and compliance programs for private investment funds. Decentralized governance. DAO design, token-holder voting, on-chain governance mechanisms, and reputation-based validation.

Expert witness and litigation support

Wulf works with major international law firms in complex litigation involving private investment funds, alternative investments, and digital assets. Engagements include expert reports, deposition and trial testimony, and consulting-expert analysis of market practice and regulatory standards. He is a FINRA arbitrator. Every engagement begins with a conflicts check.

Background

Wulf Kaal is a tenured Professor of Law at the University of St. Thomas School of Law in Minneapolis, where he teaches federal securities regulation and a seminar on decentralization. He is the author of 129 scholarly works on financial regulation, digital assets, and technology governance, and co-author of the De Gruyter textbook Decentralization with Craig Calcaterra.

Start an engagement

Email wulf@wulfkaal.com with a short description of the matter, the parties involved, and the timeline.   Consulting engagements are advisory. They do not constitute legal representation and do not create an attorney-client relationship.