
Christina Zaroulis Milnor
Christina Zaroulis Milnor is a nationally recognized securities enforcement and investigations attorney. She spent more than a decade at the U.S. Securities and Exchange Commission, including service as Assistant Secretary with responsibility for enforcement and litigation matters, and earlier roles in the Division of Enforcement and the Office of General Counsel. In 2024, she returned to private practice as a founding partner of Mincey Bell Milnor, advising financial industry clients in matters before the SEC, FINRA, and other regulators.
Topic
November 13, 2026 November 13, 2025
Bitcoin/Crypto PIPEs Highlights & Red Lights
Highlights
- Institutional Adoption Accelerates
- Spot Bitcoin ETFs approved in major markets
- Traditional finance (BlackRock, Fidelity, etc.) entering the space
- Custody, compliance, and on-ramps maturing
- Regulatory clarity slowly improving
Red Lights (Risks & Concerns)
- SEC enforcement-first approach continues to cloud project viability
- Ambiguity around which tokens qualify as securities
- Market Manipulation & Liquidity Issues
- Short-term volatility discourages traditional capital allocators