Fintech

  • June 11, 2021

    Toomey Says Feds Must Harness, Not Overregulate Crypto

    Instead of putting virtual shackles around the cryptocurrency industry, Sen. Pat Toomey, R-Pa., says the U.S. government should focus on working with stakeholders to address outdated rules and use the digital currency as a means to track down bad actors — like those who perpetrated the Colonial Pipeline hack.

  • June 11, 2021

    NY Bill Halting Cryptocurrency Mining Dies In Assembly

    A New York bill to pause certain cryptocurrency mining operations pending environmental review has died in the Assembly after passing the state Senate earlier this week.

  • June 11, 2021

    SEC Maps Out Gensler's Regulatory Ambitions Over Next Year

    The U.S. Securities and Exchange Commission is planning to propose new rules on board diversity and climate change disclosures this fall and make proposals on special purpose acquisition companies the following spring, according to an agenda released Friday.

  • June 11, 2021

    New CFPB Agenda Ices More Trump-Era Regulatory Projects

    The Consumer Financial Protection Bureau is backing off Trump-era plans to potentially design new disclosures for payday loan borrowers and won't be using its rulemaking authority to set more boundaries on what it considers abusive conduct, at least for now.

  • June 11, 2021

    SEC Bulletin Warns Bitcoin Futures Are 'Highly Speculative'

    Investors exposed to Bitcoin and Bitcoin futures are making a "highly speculative investment" and are taking on considerable risk, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission said in an investor bulletin.

  • June 11, 2021

    BoE Joins Global Drive To Upgrade Tech To Match Markets

    The Bank of England announced on Friday the launch of a new innovation research hub for regulatory technology in London to help keep central banks up to speed with advances in financial technology in the marketplace.

  • June 10, 2021

    MoneyGram Fraud Case Dismissed Post-Compliance Revamp

    A Pennsylvania district court judge dismissed anti-money laundering charges against MoneyGram International Inc. on Thursday, marking the end of an eight-year deferred prosecution agreement with the U.S. Department of Justice. 

  • June 10, 2021

    CryptoPunk NFT Sells For Record $11.7M In Sotheby's Auction

    A non-fungible token of digital artwork called a "CryptoPunk" sold for $11.7 million at auction, a record price for a piece from the CryptoPunk collection, art house Sotheby's said Thursday.

  • June 10, 2021

    JBS Says It Paid $11M Ransom To Cybercriminals

    Meat supplier giant JBS has said it paid a ransom worth $11 million in response to a cyberattack that disrupted its operations at plants across the U.S., days after Colonial Pipeline Co. revealed that it paid cybercriminals $4.4 million during its own ransomware attack.

  • June 10, 2021

    Biden Could Fuel More ESG, Anti-Bribery Integration: Report

    The U.S. and Canada lag the rest of the world when it comes to the integration of environmental, social and governance programs into existing anti-bribery and anti-corruption compliance frameworks, but that could change stateside under the Biden administration, a report published Thursday says.

  • June 10, 2021

    FINRA Fines Firm $1.4M On Alleged BestEx Failures

    A Chicago-based securities market maker allegedly failed to provide best execution on more than 40,000 orders during a three-year period, contributing to a nearly $1.4 million settlement with the Financial Industry Regulatory Authority.

  • June 10, 2021

    Del. Justices Reverse Texas Atty's $15K Nastygram Fine

    A Texas attorney who received a nearly $15,000 Delaware Chancery Court sanction for firing off an allegedly menacing email to an opposing attorney sent something "completely inappropriate," but not prejudicial to justice or seriously threatening, Delaware's justices ruled Thursday in a reversal order.

  • June 10, 2021

    Klarna Hits $45.6B Valuation In Latest Funding Round

    Buy-now, pay-later company Klarna said Thursday it secured a $45.6 billion valuation in a new SoftBank-led funding round, a valuation it called the second-highest worldwide for a privately held financial technology company.

  • June 10, 2021

    Deals Rumor Mill: Robinhood, Flipkart, Sportradar

    Robinhood is pushing its IPO to next month, Indian e-commerce giant Flipkart could raise $3 billion or more at a roughly $40 billion valuation, and Swiss sports data analyst Sportradar is dropping SPAC merger plans to pursue a traditional IPO. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • June 10, 2021

    Dolfin Can't Escape PE Firm's $9M Crypto Fraud Suit

    A London judge refused Thursday to dismiss a lawsuit brought by a private equity firm seeking to track down $9.25 million lost through an alleged cryptocurrency scam, finding that the complex dispute needs to go to trial.

  • June 10, 2021

    Banks Face Tough Global Capital Rules For Crypto Assets

    Global financial regulators proposed tougher capital requirements on Thursday for banks holding Bitcoin and other cryptocurrencies, as authorities seek to manage threats to the financial system caused by the rapid growth of digital assets.

  • June 09, 2021

    MoneyLion Asked To Provide More Info In CFPB, Minn. Probes

    The Consumer Financial Protection Bureau and Minnesota regulators have sought additional information from MoneyLion Inc. as part of ongoing regulatory investigations into the mobile banking platform, which is preparing to go public through a $2.4 billion blank-check merger.

  • June 09, 2021

    Goodwin Guides Card Issuer Marqeta To $1.2B Public Debut

    Payment card issuer Marqeta saw a jump in share price Wednesday after raising over $1.2 billion in its Goodwin Procter LLP-led initial public offering.

  • June 09, 2021

    Crypto Exchange Taps Ex-Prosecutor For Top Compliance Job

    Cryptocurrency exchange Bitstamp has hired a former cybercrime prosecutor with nearly a decade of compliance experience between financial technology companies and more traditional financial firms to be its new chief compliance officer, the company said Wednesday.

  • June 09, 2021

    SEC Launches Review Of Equity Market Rules

    U.S. Securities and Exchange Commission Chairman Gary Gensler said Wednesday that he had advised SEC staff to review equity markets rules to ensure investors are getting the best prices on trades and are not being slipped hidden costs by more sophisticated market players.

  • June 09, 2021

    Crypto Firm Solana's Token Sale Nabs $314M

    Blockchain developer Solana Labs on Wednesday said it raised more than $314 million from a consortium of venture capital firms and individual investors in a private token offering.

  • June 09, 2021

    In Global First, El Salvador Deems Bitcoin Legal Tender

    El Salvador on Wednesday became the first country in the world to recognize Bitcoin as legal tender, a move that comes just days after the country's President Nayib Bukele publicly announced the plan.

  • June 09, 2021

    Attys For Qudian Investors Net Nearly $3M Fee

    A team of mostly Glancy Prongay & Murray LLP attorneys will receive nearly $3 million for their work representing investors in a Chinese online microlender who alleged the company failed to mention a major auto loan project when it held its IPO, a federal judge in Manhattan decided.

  • June 08, 2021

    US Financial Crime Compliance Costs Surged In 2020: Survey

    Projected spending by U.S. financial institutions on financial crime compliance shot up by one-third to $35.2 billion in 2020 compared to the previous year, in part due to "increased due diligence times and costs" brought on by the COVID-19 pandemic, according to a new report that surveyed more than 1,000 compliance professionals globally.

  • June 08, 2021

    Defendants In SEC's Landmark Liu Case Must Repay $21M

    A California federal court has granted a request by the U.S. Securities and Exchange Commission to order the core defendants of an alleged EB-5 visa fraud case to pay back close to $21 million, rejecting the defendants' argument that the agency showed they had no net profit.

Expert Analysis

  • A Gov't Contractor's Road Map To Biden Cybersecurity Order

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    Following President Joe Biden's recent executive order to improve U.S. cybersecurity, Justin Chiarodo and Sharon Klein at Blank Rome highlight how four key elements will particularly affect government contractors and their suppliers, and what contractors should expect as they prepare to operate in a new compliance environment.

  • A Biz Strategy Model To Improve Lateral Atty Hiring Diversity

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    Quantitative comparison tools commonly used by companies in evaluating merger targets will allow law firms to assess lateral hire candidates in a demographically neutral manner, help remove bias from the hiring process and bring real diversity to the legal profession, says Thomas Latino at Florida State University.

  • El Salvador's Use Of Bitcoin Complicates US Commercial Law

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    El Salvador recently became the first country to recognize Bitcoin as currency, presenting significant implications for U.S. commercial law as the development will likely trigger the cryptocurrency to now fall within the definition of "money" under the Uniform Commercial Code, say Joe Carlasare and Eric Fogel at SmithAmundsen.

  • Why Legacy Insurance May Not Protect Adopters Of Bitcoin

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    Evidenced by El Salvador's adoption of the Bitcoin standard this week, there is an emerging need for insurance products to cover the risk of owning and holding the digital asset, as it may not fall into the protected categories in legacy insurance products, say attorneys at Mound Cotton.

  • How Curbs On Russia And Belarus Trade Will Affect Tech Cos.

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    Attorneys at Kirkland examine how the Biden administration's newly authorized Russian sanctions, restrictions on dealings with companies in Belarus and other likely measures will affect the technology sector and how companies should respond to the changes.

  • Obstacles To Defining Injury, Class In Cyberattack Suits

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    As cyberattacks and data privacy litigation evolve, quantifying and identifying uninjured class members becomes increasingly complex and further complicates economic models of injury, as shown by the lawsuit filed last month in a Georgia federal court after the Colonial Pipeline hack, says Michael Kheyfets at Edgeworth Economics.

  • Smaller Firms Need Employee Wellness Programs, Too

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    As we emerge from the pandemic, small and midsize firms — which offer an ideal setting for companywide connection — should follow in the footsteps of larger organizations and heed the American Bar Association’s recommendations by adopting well-being initiatives and appointing a chief wellness officer, says Janine Pollack at Calcaterra Pollack.

  • Stop Networking, Start Relationship Marketing

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    USA 500 Clubs' Joe Chatham offers four tips for lawyers to get started with relationship marketing — an approach to business development that prioritizes authentic connections — and explains why it may be more helpful than traditional networking post-pandemic.

  • Mortgage Servicers Should Prepare To Be In CFPB Crosshairs

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    In light of recent indications that the Consumer Financial Protection Bureau will make housing security a top priority, residential mortgage servicers should prepare for increased enforcement scrutiny as foreclosures and evictions rise post-pandemic, say attorneys at Manatt.

  • What Attorneys Should Know About Fee Deferral

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    Milestone Consulting’s John Bair explores contingency-fee structuring considerations for attorneys, laying out the advantages — such as tax benefits and income control — as well as caveats and investment options.

  • Predictions On Pandemic's Lasting Impact On Legal Education

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    The pandemic accelerated the pace of technological change for legal education, and some of the changes to how law school courses are taught and on-campus interviews are conducted may be here to stay, says Leonard Baynes at the University of Houston.

  • 5 Steps Oil And Gas Cos. Can Take To Manage Cyber Risk

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    In light of the recent ransomware attack on Colonial Pipeline, oil and gas companies should consider potential legal exposure from cybersecurity breaches, implement plans and procedures for dealing with such incidents, and review vulnerabilities related to external parties, says Valerie Hatami at Conner & Winters.

  • 3 Approaches For Measuring Short Squeeze Trading Damages

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    In the ongoing multidistrict securities litigation over the impact of trading restrictions Robinhood imposed in response to January’s meme stock short squeeze, three proposed damages frameworks offer alternatives to the problematic approach of basing such estimates on lost trading opportunities, say consultants at Analytic Focus.

  • Lawyer Perfectionism Is A Disease We Can Control

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    The pursuit of perfection that is prevalent among lawyers can lead to depression, anxiety and other mental health impacts, but new attorneys and industry leaders alike can take four steps to treat this malady, says Liam Montgomery at Williams & Connolly.

  • IRS Summons Ruling Isn't A Total Loss For Investors

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    A California federal court’s recent order allowing an IRS information summons on cryptocurrency exchange Kraken paradoxically provides hope for investors concerned about their privacy by limiting the scope of the agency’s inquiry, says Joshua Smeltzer at Gray Reed.

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