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Capital Markets
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March 20, 2026
BofA Hit With 2nd Class Suit Over Alleged $328M Crypto Scam
Bank of America and a New Jersey IRA‑LLC facilitator are facing a growing wave of litigation over their alleged roles in enabling the $328 million Goliath Ventures cryptocurrency scam, with two new federal class actions filed this week accusing them of helping steer retirement and investment funds into what prosecutors say was a massive Ponzi scheme.
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March 20, 2026
CFTC Gives Update On Crypto Collateral Expectations
The U.S. Commodity Futures Trading Commission gave registrants more information about its expectations around the use of crypto collateral in a Friday notice, which reminded futures commission merchants they must notify the agency's Market Participants Division if they plan to take advantage of a pilot program launched last year.
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March 20, 2026
5th Circ. Won't Rehear FDIC Enforcement Challenge
The Fifth Circuit said Friday that it won't revisit a constitutional challenge to the Federal Deposit Insurance Corp.'s use of in-house enforcement proceedings, turning down a petition that had drawn support from the U.S. Chamber of Commerce and civil liberties groups.
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March 20, 2026
Top SEC Enforcer Signals Continuity After Ryan Departure
The U.S. Securities and Exchange Commission's acting enforcement chief said Friday that the agency will continue to "focus on quality over quantity" when it comes to the cases it brings, projecting continuity with his predecessor's approach after her abrupt departure from the agency earlier this week.
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March 20, 2026
OCC Leaves Itself Flexibility On Stablecoin Yield Question
The Office of the Comptroller of the Currency made clear in its recent stablecoin rule proposal that it plans to bar issuers from paying yields to holders in some instances, but legal experts say the regulator appears to be leaving itself considerable room to decide which arrangements cross a line.
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March 20, 2026
Jury Says Musk Defrauded Twitter Investors In $44B Buyout
A California federal jury found on Friday that Elon Musk committed securities fraud in a civil trial over claims the tech billionaire made false or misleading statements about Twitter's fake "bot" accounts problem in a bid to ditch or renegotiate his $44 billion deal to acquire the social media platform.
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March 20, 2026
State Judge Temporarily Bars Kalshi Wagers In Nevada
A Nevada state judge temporarily blocked prediction market operator Kalshi from offering sports, election and entertainment related event contracts in the Silver State, finding regulators reasonably likely to prevail in an action alleging its event-based contracts violate gaming laws.
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March 20, 2026
Davis Polk, Skadden Lead UK Mining Firm's Upsized $60M IPO
London-based Guardian Metal Resources PLC began trading Friday in the U.S. after raising $60 million in its initial public offering.
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March 20, 2026
PE Firms Map Exits Early As Routes To Liquidity Get Murkier
Private equity firms are planning exits earlier than ever as a core element of due diligence, but executing those departures has become more complex amid competing incentives among investors and sponsors, panelists said Friday at the Tulane Corporate Law Institute.
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March 20, 2026
New FTC Merger Form On Ice During 5th Circ. Appeal
Merging companies are free to use the Federal Trade Commission's older, less onerous merger notice after the Fifth Circuit rejected a bid to keep the agency's overhaul of the filing requirements in place while enforcers appeal a case challenging the changes.
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March 20, 2026
3 Firms Pilot Senior Housing REIT Janus Living's $840M IPO
Janus Living Inc., a senior housing real estate investment trust spun out of Healthpeak Properties, began publicly trading on March 20 after pricing an upsized $840 million initial public offering guided by Latham & Watkins LLP, Sidley Austin LLP and Ballard Spahr LLP.
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March 20, 2026
Taxation With Representation: Clifford Chance, Davis Polk
In this Week's Taxation With Representation, Public Storage acquires National Storage Affiliates Trust, 3M teams up with Bain Capital to buy Madison Fire & Rescue, and Mastercard acquires stablecoin infrastructure firm BVNK.
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March 19, 2026
Depo Stay Kept As Trump Media Settles Merger Docs Dispute
A Florida state judge on Thursday kept a roughly one-month pause on the deposition of certain individuals in Trump Media's lawsuit alleging an investor botched the platform's initial public offering, allowing an arbitrator to resolve a dispute over who controls documents related to the merger with a special purpose acquisition company.
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March 19, 2026
Mich. AG Wants Kalshi Enforcement Case Back In State Court
Michigan's attorney general has asked a federal judge to send an enforcement action against prediction market KalshiEX LLC back to state court, saying that the company was just trying to "buy time and make money" with its arguments for federal jurisdiction.
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March 19, 2026
Sens. Urge SEC To Tackle China Exploit Of 'Opaque' Entities
A bipartisan group of Senate Banking Committee members said in a Thursday letter to the U.S. Securities and Exchange Commission that Chinese-owned companies' exploitation of a corporate structure controlled through contractual agreements exposes U.S. investors in such "opaque" entities to serious risks, including a lack of meaningful legal protections.
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March 19, 2026
Gemini Investor Sues Over Crypto Co.'s Post-IPO Biz Shift
Crypto exchange operator Gemini Space Station Inc. and its founders Tyler and Cameron Winklevoss were hit with a proposed shareholder class action accusing them of not disclosing before the firm's initial public offering its plans to shift focus to the prediction market, pull back on global operations and replace certain members of its leadership.
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March 19, 2026
SEC Sued Over Proxy Exclusion Policy Change
The U.S. Securities and Exchange Commission violated the Administrative Procedure Act by implementing "a new, de facto rubber-stamp process" for companies to exclude shareholder proposals from their annual proxy ballots, according to a Thursday suit filed by major shareholder groups.
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March 19, 2026
MLB Deals With Polymarket, CFTC For Sports Market 'Integrity'
Major League Baseball said Thursday that it has struck an exclusive licensing deal with Polymarket to bolster the brand and promote the "integrity" of the baseball-focused prediction markets on the platform, and separately reached a first-of-its-kind information-sharing agreement with the U.S. Commodity Futures Trading Commission.
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March 19, 2026
Fed. Circ. Rejects Last Challenge To Squires' Discretion
The Federal Circuit on Thursday shot down Volkswagen's mandamus petition claiming that the U.S. Patent and Trademark Office director shouldn't have "unfettered discretion" to deny Patent Trial and Appeal Board challenges, closing the last of 14 related appeals.
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March 19, 2026
SEC Looks To Beef Up Rulemaking Staff For Reg S-K Reforms
The U.S. Securities and Exchange Commission is in the process of hiring additional staff to review the corporate disclosure process as it considers taking a bite out of the amount of information publicly traded companies have to disclose in their annual financial reports and ending quarterly reporting requirements, officials said Thursday.
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March 19, 2026
Ex-Bank CEO Cops To $13.6M Fraud, Evading Sanctions
The former CEO of the Puerto Rico-based Nodus International Bank pled guilty Thursday to running a scheme that stole more than $13.6 million from the now-collapsed bank and evading sanctions on Venezuela.
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March 19, 2026
PE Behemoths Eye $10B OpenAI JV, Plus More Rumors
Private equity firms, including TPG and Bain Capital, are considering forming a $10 billion joint venture with OpenAI, Finnish lift maker Kone Oyj is mulling an acquisition of its rival TK Elevator, and Australian investment firm Macquarie has backed out of a bidding war for a stake in Kuwait's oil pipeline network due to the conflict in the Middle East.
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March 19, 2026
Feds' Capital Rule Overhaul Would Give Break To Banks
Federal regulators moved Thursday to launch a comprehensive overhaul of U.S. bank capital rules, rolling out a long-awaited package of proposed changes that are expected to shave billions off the aggregate amount of capital required for banks of all size ranges.
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March 18, 2026
SelectQuote Looks To Escape Investors' Kickback Probe Suit
SelectQuote has asked a New York federal judge to dismiss a proposed class action accusing it of harming investors by concealing a kickback scheme, which is currently the subject of a suit by the U.S. Department of Justice, arguing the existence of the government's suit is not enough to show the shareholders were damaged.
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March 18, 2026
Lawmakers Commit To April Crypto Bill Markup, Or Else
Sen. Cynthia Lummis, R-Wyo., told attendees of a Wasington, D.C., crypto conference Wednesday that she's confident the Senate Banking Committee will mark up a bill to regulate crypto markets after the Easter break now that compromises on key issues including stablecoin yield are in the final stages.
Expert Analysis
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Series
Trail Running Makes Me A Better Lawyer
Navigating the muddy, root-filled path of trail marathons and ultramarathons provides fertile training ground for my high-stakes fractional general counsel work, teaching me to slow down my mind when the terrain shifts, sharpen my focus and trust my training, says Eric Proos at Next Era Legal.
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Navigating New Risks Amid Altered Foreign Issuer Landscape
The U.S. Securities and Exchange Commission's potential rulemaking to redefine who qualifies as a foreign private issuer will shape securities regulation and enforcement for decades, affecting not only FPIs and U.S. investors but also the U.S.' position in global capital markets, says Elisha Kobre at Sheppard.
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What Applicants Can Expect From Calif. Crypto License Law
With the July effective date for California's Digital Financial Assets Law fast approaching, now is a critical time for companies to prepare for licensure, application and coverage compliance ahead of this significant regulatory milestone that will reshape how digital asset businesses operate in California, say attorneys at MoFo.
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Malpractice Claim Assignability Continues To Divide Courts
Recent decisions from courts across the country demonstrate how different jurisdictions balance competing policy interests in determining whether legal malpractice claims can be assigned, providing a framework to identify when and how to challenge any attempted assignment, says Christopher Blazejewski at Sherin & Lodgen.
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What Clarity Act Delay Reveals About US Crypto Regulation
The Senate Banking Committee's decision to delay markup of the Clarity Act, which would establish a comprehensive federal framework for digital assets, illuminates the political and structural obstacles that shape U.S. crypto regulation, despite years of bipartisan calls for regulatory clarity, says David Zaslowsky at Baker McKenzie.
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How Latest Nasdaq Proposals Stand To Raise Listings Quality
Nasdaq's recent proposals stand to heighten both quantitative and qualitative standards for issuers, which, if approved, may bring investors stronger market integrity and access but also raise the listings bar, say attorneys at Norton Rose.
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Opinion
CFIUS Must Adapt To Current Foreign Investment Realities
To continue protecting the U.S.’ long-term strategic and economic interests, the Committee on Foreign Investment in the United States should implement practical enhancements that leverage technology, expertise and clear communication, and enable it to keep pace with evolving demands, says attorney Sohan Dasgupta.
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Where PCAOB Goes Next After A Year Of Uncertainty
The Public Company Accounting Oversight Board will likely bring fewer enforcement matters in 2026, reflecting a notable change in board priorities following the change in administrations, say Robert Cox and Nicole Byrd at Whiteford Taylor and Matthew Rogers at Bridgehaven Consulting.
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Weathering FINRA's Scrutiny Of Foreign Small-Cap Issuers
To prepare for the Financial Industry Regulatory Authority's recently announced targeted examinations, broker-dealers and firms that assist with IPOs abroad should consult years of FINRA guidance on managing the money-laundering and fraud risks inherent to foreign small-capitalization offerings, say Michael Watling and Elika Mohebbi at Seward & Kissel.
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How Attorneys Can Navigate Shifts In Financing Landscape
Direct government investment in companies in strategic sectors is expected to continue this year, with legal practitioners facing increased demands to navigate hybrid capital structures, evolving regulatory considerations and the alignment of financing terms with long-term business and strategic objectives, say attorneys at Skadden.
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Series
Teaching Logic Makes Me A Better Lawyer
Teaching middle and high school students the skills to untangle complicated arguments and identify faulty reasoning has made me reacquaint myself with the defined structure of thought, reminding me why logic should remain foundational in the practice of law, says Tom Barrow at Woods Rogers.
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Series
Law School's Missed Lessons: Practicing Resilience
Resilience is a skill acquired through daily practices that focus on learning from missteps, recovering quickly without internalizing defeat and moving forward with intention, says Nicholas Meza at Quarles & Brady.
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Takeaways From The DOJ Fraud Section's 2025 Year In Review
Former acting Principal Deputy Chief Sean Tonolli of the U.S. Department of Justice's Fraud Section, now at Cahill Gordon, analyzes key findings from the section’s annual report — including the changes implemented to adapt to the new administration’s priorities — and lays out what to watch for this year.
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What An Uptick In Shareholder Activism Means For Banking
With increasing bank M&A activity, activists are becoming more focused on larger banking institutions, but there are ways banks can begin to prepare in case they need to defend against activist campaigns, say attorneys at Debevoise.
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Anticipating The SEC's Cybersecurity Focus After SolarWinds
While the U.S. Securities and Exchange Commission's recent voluntary dismissal of its enforcement action against SolarWinds Corp. and its chief information security officer marks a significant victory for the defendants, it does not mean the SEC is done bringing cybersecurity cases, say attorneys at MoFo.