Capital Markets

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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 Friday after pricing an upsized $840 million initial public offering guided by Latham & Watkins LLP, Sidley Austin LLP and Ballard Spahr LLP.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • March 18, 2026

    LA Driver Used $2M COVID Loan For Crypto, DOJ Says

    A Los Angeles man who allegedly took $2 million from federal COVID-19-related relief programs and used the money to fund cryptocurrency trading now faces money laundering, wire fraud and bank fraud charges, according to a Department of Justice announcement issued Wednesday.

Expert Analysis

  • Methods For Challenging State Civil Investigative Demands

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    Ongoing challenges to enforcement actions underscore the uphill battle businesses face in arguing that a state investigation is prohibited by federal law, but when properly deployed, these arguments present a viable strategy to resist civil investigative demands issued by state attorneys general, say attorneys at Troutman Pepper.

  • How Blockchain Could Streamline Real Estate Transactions

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    As U.S. real estate markets face pressure to adopt digital frameworks, blockchain technology offers a credible solution for consolidating execution, payment and recording into a single record, with a unified ledger potentially replacing fragmented processes with digitally authenticated events, say attorneys at King & Spalding.

  • Calif.'s Civility Push Shows Why Professionalism Is Vital

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    The California Bar’s campaign against discourteous behavior by attorneys, including a newly required annual civility oath, reflects a growing concern among states that professionalism in law needs shoring up — and recognizes that maintaining composure even when stressed is key to both succeeding professionally and maintaining faith in the legal system, says Lucy Wang at Hinshaw.

  • Should Prediction Markets Allow Trading On Nonpublic Info?

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    Recent trading activity, such as the Polymarket wager on the U.S. capture of Venezuelan President Nicolás Maduro, has raised questions about whether some participants may be engaging in trading that is based on material nonpublic information, and highlights ongoing uncertainty about how existing derivatives and anti-fraud rules apply to event-based contracts, say economic consultants at the Brattle Group.

  • Series

    Trivia Competition Makes Me A Better Lawyer

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    Playing trivia taught me to quickly absorb information and recognize when I've learned what I'm expected to know, training me in the crucial skills needed to be a good attorney, and reminding me to be gracious in defeat, says Jonah Knobler at Patterson Belknap.

  • Coinbase Ruling Outlines Litigation Committee Conflict Risks

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    The Delaware Court of Chancery's recent rejection in Grabski v. Andreessen of a special litigation committee's motion to terminate or settle — its first such decision in over a decade — over conflict concerns highlights why the independence of SLC counsel matters just as much as that of committee members, says Joel Fleming at Equity Litigation Group.

  • Series

    Law School's Missed Lessons: What Cross-Selling Truly Takes

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    Early-career attorneys may struggle to introduce clients to practitioners in other specialties, but cross-selling becomes easier once they know why it’s vital to their first years of practice, which mistakes to avoid and how to anticipate clients' needs, say attorneys at Moses & Singer.

  • CFIUS Initiative May Smooth Way For Some Foreign Investors

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    A new program that will allow certain foreign investors to be prevetted and admitted to fast-track approval by the Committee on Foreign Investment in the United States will likely have tangible benefits for investors participating in competitive M&A, say attorneys at Simpson Thacher.

  • When Tokenized Real-World Assets Collide With Real World

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    The city of Detroit's ongoing case against Real Token, alleging building code and safety violations across over 400 Detroit residential properties, highlights the brave new world we face when real estate assets are tokenized via blockchain technology — and what happens to the human tenants caught in the middle, say Biying Cheng and Cornell law professor David Reiss.

  • Series

    Judges On AI: Practical Use Cases In Chambers

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    U.S. Magistrate Judge Allison Goddard in the Southern District of California discusses how she uses generative artificial intelligence tools in chambers to make work more efficient and effective — from editing jury instructions for clarity to summarizing key documents.

  • Opinion

    Corporations Should Think Twice About Mandatory Arbitration

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    The U.S. Securities and Exchange Commission's recent acceptance of mandatory arbitration provisions in corporate charters and bylaws does not make them wise, as the current system of class actions still offers critical advantages for corporations, says Mohsen Manesh at the University of Oregon School of Law.

  • Series

    Trail Running Makes Me A Better Lawyer

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    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.

  • Navigating New Risks Amid Altered Foreign Issuer Landscape

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    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.

  • What Applicants Can Expect From Calif. Crypto License Law

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    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.

  • Malpractice Claim Assignability Continues To Divide Courts

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    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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