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Jess Cheng
Partner
Fintech and Financial Services
New York

D212-453-2853

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  • Modern Payments Regulatory Insights

    Jess previously served as senior counsel at the Federal Reserve Board of Governors, where she led the drafting of modernized payments regulations and interagency policymaking on digital assets and stablecoins, and as an officer at the New York Fed, a provider of central bank payment services and master accounts.

  • Creative and Pragmatic In-House Fintech Experience

    Jess has deep experience crafting business-minded legal solutions to novel and complex issues at the intersection of technology and financial regulation, including from her previous role as deputy general counsel at enterprise crypto company Ripple.

  • A Thought Leader on the Evolving Payments Industry

    Jess has published articles cited by the U.S. Department of the Treasury, speeches of government officials, and central bank publications. She has written extensively on payments industry developments and been quoted in American Banker, Coin Desk, and TechCrunch. 

Jess Cheng helps innovative companies adapt and thrive in the evolving payments space. She is a partner in the New York office of Wilson Sonsini Goodrich & Rosati, where she represents clients as a member of the firm’s Fintech and Financial Services group.

Jess excels at providing advice that is easy to understand, straightforward to execute, and business-minded, including in the following areas:

  • Regulatory counseling: Jess assists clients in making regulatory compliance a business asset. She helps clients navigate the complex and evolving regulatory frameworks governing payments (such as anti-money laundering, consumer protection, and marketing restrictions), emerging technologies (such as artificial intelligence, blockchain-based payment infrastructures, and payment stablecoins), and related bank-regulatory matters.
  • Crafting specialized commercial frameworks: Jess is adept at helping fintech companies, digital marketplaces, neobanks, and innovative payment service providers craft creative and sophisticated contractual arrangements to underpin payment offerings, including bespoke bank partnerships — with a view to minimizing regulatory risks, incorporating industry best practices, and strategically advancing her client’s business goals. Jess provides tailored and expert solutions for companies of all sizes, maturity, and risk tolerances. 
  • Strategic product counseling: Jess’s practice is at the forefront of developments in payments law and industry evolution. As a trusted adviser and strategic legal expert, Jess keeps clients informed about emerging risks, regulatory changes, and industry trends.

Prior to joining the firm, Jess served as senior counsel at the Federal Reserve Board of Governors, where she advised on a spectrum of payments-related matters. She spearheaded the drafting of modernized regulations on debit card interchange and instant payment regulations. She also worked with congressional staff on stablecoin legislation and central bank digital currencies. Jess has extensive expertise counseling on the central bank’s innovative core instant payment infrastructure, the FedNow Service.

Earlier in her career, Jess was counsel at the International Monetary Fund, where she advised on the strategic direction of the Fund’s fintech work agenda and provided technical assistance to advance law reform in central bank legislation. Previously, she was deputy general counsel at Ripple and counsel and officer at the Federal Reserve Bank of New York. She began her legal career as an associate at the New York law firm Wachtell, Lipton, Rosen & Katz.

Experience

Jess Cheng helps innovative companies adapt and thrive in the evolving payments space. She is a partner in the New York office of Wilson Sonsini Goodrich & Rosati, where she represents clients as a member of the firm’s Fintech and Financial Services group.

Jess excels at providing advice that is easy to understand, straightforward to execute, and business-minded, including in the following areas:

  • Regulatory counseling: Jess assists clients in making regulatory compliance a business asset. She helps clients navigate the complex and evolving regulatory frameworks governing payments (such as anti-money laundering, consumer protection, and marketing restrictions), emerging technologies (such as artificial intelligence, blockchain-based payment infrastructures, and payment stablecoins), and related bank-regulatory matters.
  • Crafting specialized commercial frameworks: Jess is adept at helping fintech companies, digital marketplaces, neobanks, and innovative payment service providers craft creative and sophisticated contractual arrangements to underpin payment offerings, including bespoke bank partnerships — with a view to minimizing regulatory risks, incorporating industry best practices, and strategically advancing her client’s business goals. Jess provides tailored and expert solutions for companies of all sizes, maturity, and risk tolerances. 
  • Strategic product counseling: Jess’s practice is at the forefront of developments in payments law and industry evolution. As a trusted adviser and strategic legal expert, Jess keeps clients informed about emerging risks, regulatory changes, and industry trends.

Prior to joining the firm, Jess served as senior counsel at the Federal Reserve Board of Governors, where she advised on a spectrum of payments-related matters. She spearheaded the drafting of modernized regulations on debit card interchange and instant payment regulations. She also worked with congressional staff on stablecoin legislation and central bank digital currencies. Jess has extensive expertise counseling on the central bank’s innovative core instant payment infrastructure, the FedNow Service.

Earlier in her career, Jess was counsel at the International Monetary Fund, where she advised on the strategic direction of the Fund’s fintech work agenda and provided technical assistance to advance law reform in central bank legislation. Previously, she was deputy general counsel at Ripple and counsel and officer at the Federal Reserve Bank of New York. She began her legal career as an associate at the New York law firm Wachtell, Lipton, Rosen & Katz.

Focus Areas
Recent Insights
Alerts
CFPB Releases Final Open Banking Rules: Key Takeaways for Fintech Companies
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) announced its long-awaited final rule on “Personal Financial Data Rights” (the Final Rule). The Final Rule implements Section 1033 of the Dodd-Frank Act, which provides consumers the right to access and port their financial information between banks and other financial entities. For an analysis of the proposed rule, please see our analysis here.
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Client Highlights
Wilson Sonsini Advises Stripe on Acquisition of Bridge
On October 21, 2024, financial infrastructure platform Stripe confirmed that it is acquiring stablecoin infrastructure provider Bridge. Wilson Sonsini Goodrich & Rosati advised Stripe on the transaction.

“Stablecoins are room-temperature superconductors for financial services. Thanks to stablecoins, businesses around the world will benefit from significant speed, coverage, and cost improvements in the coming years. Stripe is going to build the world’s best stablecoin infrastructure, and, to that end, we are delighted to welcome Bridge to Stripe,” wrote Stripe CEO Patrick Collison on X.

The transaction, which is subject to regulatory approvals and other closing conditions, is expected to close in the coming months.

The Wilson Sonsini team that advised Stripe on the transaction includes:
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Recent Events
Speaking Engagements
TCH Annual Conference: In the Absence of AI Regulation, Why are There So Many Hurdles to Its Use?
In the Absence of AI Regulation, Why are There So Many Hurdles to Its Use?
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Speaking Engagements
ETA Transact Tech NYC: AI and Fintechs
Please join fintech and financial services Partner, Jess Cheng, along with Donald Riddick (Chief Legal Officer and Secretary, Featurespace) and Kevin Shamoun (SVP Product & Innovation, Fortis Pay)at the ETA Transact Tech NYC Conference on October 16th for their panel: "Artificial Intelligence and Fintechs."
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