Expert Analysis

• At The Fed. Circ., Means-Plus-Function Is Not Quite Dead

  

  Recent Federal Circuit opinions confirm that means-plus-function claims continue to be drafted, issued, litigated and even infringed — but minding the restrictions imposed over the years by courts and statute requires three steps, says Jay Yates at Patterson & Sheridan.

• Crypto Trading App Statement Advances SEC's New Direction

  

  While the U.S. Securities and Exchange Commission's staff statement from last week carving out an exemption from broker-dealer registration for crypto-trading apps isn't a formal or permanent rule, it's the clearest signal yet of a quickly emerging coherent regulatory framework for digital assets, says Stephen Aschettino at Fox Rothschild.

• How Cos. Can Prep For Conn. Data Privacy Amendments

  

  Effective July 1, 2026, amendments to the Connecticut Data Privacy Act narrow the safe harbor for data used by banks, insurance companies and other financial services businesses, highlighting how state regulators plan to focus on how companies handle sensitive data and honor the data rights of the state's residents, say attorneys at Day Pitney.

• E-Discovery Quarterly: Recent Rulings On ESI Control

  

  Several recent federal court decisions have perpetuated a split over what constitutes “control” of electronically stored information — with judges divided on whether the standard should turn on a party's legal right or practical ability to obtain the information, say attorneys at Sidley.

• How Banks Can React To Risks In FinCEN Whistleblower Rule

  

  Financial institutions should reassess and, if necessary, strengthen existing policies, procedures and other frameworks related to whistleblowers and internal reporting in light of the Financial Crimes Enforcement Network's recent proposal to formalize a whistleblower award program, say attorneys at Arnold & Porter.

• 2 Discovery Rulings Break With Heppner On AI Privilege Issue

  

  While a New York federal court’s recent ruling in U.S. v. Heppner suggests that some litigants’ communications with AI tools are discoverable, two other recent federal court decisions demonstrate that such interactions generally qualify for work-product protection under the Federal Rules of Civil Procedure, says Joshua Dunn at Brown Rudnick.

• Series

  Isshin-Ryu Karate Makes Me A Better Lawyer

  

  My involvement in martial arts, specifically Isshin-ryu, which has principles rooted in the eight codes of karate, has been one of the most foundational in the development of my personality, and particularly my approach to challenges — including in my practice of law, says Kaitlyn Stone at Barnes & Thornburg.

• CFTC Chair's Speech Hints At Innovation-Friendly Policies

  

  Remarks made by Commodity Futures Trading Commission Chair Michael Selig at the Futures Industry Association's conference last month provided the most comprehensive articulation of his regulatory agenda and signaled a shift in the CFTC's regulatory posture, including a rare focus on agency coordination and support for digital asset innovation, say attorneys at Willkie.

• How CFPB Opinion Changes Earned Wage Access Definition

  

  The Consumer Financial Protection Bureau's recent conclusion that earned wage access is not "credit" for purposes of Regulation Z of the Truth in Lending Act improves on prior guidance on these products in several meaningful ways, say attorneys at K&L Gates.

• Insights From OppFi Suit On Building Calif. Bank Partnerships

  

  A California state judge’s tentative ruling, walking through business evidence that Utah bank FinWise was not a “rent-a-bank” that fintech firm Opportunity Financial used as a front to dodge interest rate caps on in-state lenders, offers a helpful road map for structuring legally compliant bank-fintech partnerships under California law, say attorneys at Manatt.

• CFTC Actions Show Prediction Market Insider Trading Risks

  

  It is a myth that insider trading law does not apply in prediction markets, as the U.S. Commodity Futures Trading Commission's recent enforcement actions illustrate that it has full authority to pursue such cases federally — and intends to, says attorney Gregg Goldfarb.

• 5 Takeaways From Capital Proposals For Community Banks

  

  While much commentary has centered on how federal regulators' proposed capital overhaul would affect the biggest banks, there are several aspects that regional and community institutions should note too, including the potential benefits of the expanded risk-based approach and reduced capital requirements for mortgage origination, say attorneys at Covington.

• Lockdown To Ledger: COVID Rulings Inform Crypto Coverage

  

  As cryptocurrencies move deeper into mainstream financial markets, courts tasked with determining whether traditional insurance policies respond to digital asset losses have been evaluating coverage through the analytical framework of COVID-19 business interruption litigation, with one key recurring theme, say attorneys at Kennedys.

• Opinion

  State Bars Need To Get Specific About AI Confidentiality

  

  Lawyers need to put actual client information into artificial intelligence tools to get their full value, but they cannot confidently do so until state bars offer clear, formal authority on which plan tiers of the three most popular generative AI tools are safe to use when sharing specific client details, says attorney Nick Berk.

• Mortgage EO Casts Wide Net In Push To Ease Lending Rules

  

  A recent executive order targeting mortgage credit access states an intent to promote competition among all types of lenders and is notable for its breadth, resetting regulatory expectations in a number of areas including origination, digitization and licensing, says Kara Ward at Baker Donelson.