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Fintech
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March 13, 2024
Genesis, Gemini Can't Ax SEC Suit Over Crypto Loan Program
A New York federal judge refused Wednesday to toss the U.S. Securities and Exchange Commission's allegations that crypto exchange Gemini Trust Co. and bankrupt crypto lender Genesis Global Capital LLC violated securities laws by running the now-defunct investment program Gemini Earn that sold alleged unregistered securities.
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March 13, 2024
CFPB Slams 'Forum-Shopping' Bid To Halt Card Late-Fee Rule
The Consumer Financial Protection Bureau is urging a Texas federal judge to refuse bank industry groups' request for an emergency injunction over the agency's recently finalized $8 credit card late-fee rule, arguing their case is too flimsy to justify putting the new rule on hold.
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March 13, 2024
North American Deal-Makers Bearish On 2024 M&A
A minority of deal-makers in North America expected increases in mergers and acquisitions activity moving into 2024, though their counterparts in Asia and the EMEA region were significantly more optimistic, a new report from software company SS&C Intralinks shows.
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March 12, 2024
Crypto Bank Anchorage Brings On Ex-SEC Atty As Legal Chief
Crypto bank Anchorage Digital has hired a former U.S. Securities and Exchange Commission senior attorney and Bain Capital regulatory adviser to head its legal operations after the departure of its general counsel, the bank announced early Wednesday.
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March 12, 2024
Terraform Can Retain Dentons In Ch. 11, Firm Will Return $48M
Terraform Labs can hire Dentons US LLP as its special counsel in its Chapter 11 case, a Delaware federal bankruptcy judge ruled Tuesday, with the firm agreeing to return $48 million of a $70 million retainer that was hit with objections.
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March 12, 2024
Wells Fargo Can Arbitrate Cardholders' Suit, Conduent Can't
New Mexico residents who claim Wells Fargo mishandled reports of fraud involving their state-issued debit cards will see their proposed class action claims against the bank sent to arbitration — but their claims against a third-party contractor can stay in court, a federal magistrate judge has determined.
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March 12, 2024
Binance Investors Must Wait To Depose Ex-CEO, Judge Says
A Florida federal judge has said that the investors suing crypto exchange Binance over alleged money laundering and securities law violations don't need to rush to depose its former CEO, Changpeng Zhao, now that his criminal sentencing has been delayed.
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March 12, 2024
Treasury Sanctions More Iran-Backed Terrorist Operatives
The U.S. Department of the Treasury on Tuesday unveiled new sanctions against a handful of individuals with ties to the designated terrorist group Al-Ashtar Brigades, singling out "key Iran-based operatives" as well as a financier for the group.
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March 12, 2024
IP Offices Tell Congress Legal Changes Not Needed For NFTs
The U.S. Patent and Trademark Office and the U.S. Copyright Office told Congress in a report Tuesday about the intellectual property implications of nonfungible tokens, identifying opportunities and concerns about the technology, while advising against changing IP law or policy as a result.
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March 12, 2024
OCC's Hsu Says 'Operational Resilience' Regs May Be Coming
The Office of the Comptroller of the Currency's acting chief, Michael Hsu, said Tuesday that federal regulators are looking at pursuing new rules to bolster larger banks' ability to withstand and recover from external and internal disruptions to their critical operations.
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March 12, 2024
Crypto Mixer Operator Found Guilty Of Money Laundering
A Washington, D.C., jury on Tuesday found the operator of crypto mixing service Bitcoin Fog guilty of facilitating tens of millions of dollars in transactions linked to illicit activities on darknet marketplaces.
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March 12, 2024
TransUnion Unit Pays $37M On Credit Card Data Misuse Claim
TransUnion's data unit Argus Information & Advisory Services will pay $37 million to the federal government to resolve allegations it violated the False Claims Act by allegedly misusing anonymized credit card data it obtained from banks under contracts with federal regulators over a decade-long period, the U.S. Department of Justice announced Tuesday.
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March 12, 2024
Paul Weiss' Digital Tech Chair On AI's Promises And Perils
While generative artificial intelligence promises to increase access to justice and kill the billable hour, we don't know how to prevent it from unleashing misinformation and disinformation on the electorate, says Katherine Forrest, a former Manhattan federal judge who is now chair of Paul Weiss Rifkind Wharton & Garrison LLP's digital technology group.
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March 11, 2024
Forex Firm Wants CFTC Sanctioned For 'Bad Faith' Behavior
A foreign exchange firm accused by the U.S. Commodity Futures Trading Commission of defrauding customers is calling on a New Jersey federal judge to sanction the agency for a "pattern of misconduct" that includes knowingly submitting false statements to the court and attempting to intrude on attorney-client privilege.
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March 11, 2024
Coinbase Asks 3rd Circ. To Force SEC To Set Rules For Crypto
Crypto exchange Coinbase asked the Third Circuit on Monday to force the U.S. Securities and Exchange Commission to set rules of the road for digital assets in an opening brief that argued the agency failed to provide "a reasoned explanation" for why it denied an earlier request for crypto rulemaking.
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March 11, 2024
FDIC's Crypto Caution Has 'Significant Downsides,' Hill Says
Travis Hill, vice chair of the Federal Deposit Insurance Corp., said Monday that the agency's cautious attitude toward cryptocurrency needs more nuance and risks sending the wrong message to banks that they shouldn't even "bother trying" to get involved with anything crypto-related.
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March 11, 2024
Bitcoin Miner's Vendor Accused Of Taking $6.4M Computers
A bitcoin mining company has launched a contract dispute involving the cost of electricity in Washington federal court against a vendor that hosted its computers, alleging the host refused to return equipment worth $6.4 million after it failed to supply enough power to the devices.
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March 11, 2024
3 Firms Seek To Lead, Combine Axos 'Bait And Switch' Cases
Two consumers who separately sued Axos Bank over its handling of interest rates on savings deposit accounts offered through one of its online divisions have urged a California federal judge to consolidate their lawsuits and appoint three law firms representing them as interim co-lead counsel in the combined case.
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March 08, 2024
Trump 'An Existential Threat' To Rule Of Law, Attys Warn
Former President Donald Trump represents an "existential threat" to democracy and the rule of law, legal experts said Friday at a conference on white collar crime in San Francisco.
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March 08, 2024
Visa, Mastercard's Standing Challenge Fails In Swipe Fee Case
A New York federal judge in a newly unsealed order rejected Visa and Mastercard's bid for summary judgment that claimed that merchants suing the card companies over allegedly anticompetitive conduct lack standing to do so under U.S. Supreme Court precedent.
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March 08, 2024
DOJ Eyes FCPA For New Whistleblower Rewards Program
U.S. Department of Justice officials on Friday signaled a renewed emphasis on fighting foreign corruption, saying its planned whistleblower rewards program should prove useful in Foreign Corrupt Practices Act cases against private companies, and warned companies against running afoul of new rules barring the sale of personal data to foreign adversaries of the U.S.
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March 08, 2024
SEC Crypto Target Can't Send Securities Query To 11th Circ.
A Florida federal judge has declined to send the question of whether crypto transactions on public exchanges are securities to the Eleventh Circuit after rejecting a bid to toss a securities enforcement case against an alleged $37 million cryptocurrency pump-and-dump scheme.
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March 08, 2024
Fed Sharpens Threat Safeguard Rules For Payment Utilities
The Federal Reserve said Friday that it has finalized expanded risk-management requirements aimed at hardening key providers of payments infrastructure against cybersecurity disruptions, extreme weather and other threats to their critical operations.
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March 08, 2024
Kwok Judge Lets Gov't Keep $302M In Crypto For Restitution
A New York federal judge has denied a request to return more than $300 million in assets to holders of cryptocurrrency issued by bankrupt Chinese exile Ho Wan Kwok's Himalaya Exchange, finding that the federal government has a continued interest in the property it seized.
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March 08, 2024
CFIUS Rules May Need Review Amid 'Exponential' Growth
Foreign direct investment-related enforcement and penalty processes in the U.S. could use a review amid "exponential" growth in FDI regimes across the globe, greater awareness of national security risks, and increased U.S. outreach to foreign partners, a U.S. Treasury Department official said Friday.
Expert Analysis
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What Financial Cos. Must Know For Handling T+1 Settlements
The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.
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Breaking Down FDIC's New Advertising And Signage Rule
The Federal Deposit Insurance Corp.’s final rule on signage and advertising, coming on the heels of a campaign against nonbank businesses purporting to offer FDIC-insured deposit products, introduces important new requirements and clarifies existing regulations for both traditional depository institutions and novel digital platforms, say attorneys at Venable.
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The Double-Edged Sword Of Biometrics In Financial Services
Financial institutions are increasingly turning to biometrics for identity verification and fraud prevention, and while there are many benefits to such features, banks must remain vigilant against growing AI technologies that could make users' information vulnerable to biometrics hackers, say Elizabeth Roper at Baker McKenzie and Chris Allgrove at Ingenium Biometric Laboratories.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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As Promised, IRS Is Coming For Crypto Tax Evaders
The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Following Banking Regulators' Breadcrumbs To 2024 Priorities
Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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The Questions Around Prometheum's SEC-Compliant Strategy
While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Ex-OpenSea Staffer Case May Clarify When Info Is Property
In considering the appeal of a former OpenSea manager’s wire fraud conviction in U.S. v. Chastain, the Second Circuit may soon provide guidance about whether economic information is traditional property in certain insider trading prosecutions — a theory of fraud that the U.S. Supreme Court has repeatedly narrowed, say attorneys at Debevoise.
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Money Transmitter Licensing: An Issue Too Costly To Ignore
Money transmitter licensing has become particularly relevant in recent years as digital currencies and payment technologies have piqued regulator interest, and companies should consider whether they need to be licensed to avoid disruption of operations, as well as significant fines and penalties, says Clayton Swears at Hudson Cook.
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CFPB's Proposed Overdraft Rule Evokes A Dickensian Tale
The Consumer Financial Protection Bureau's new proposed rule, declaring overdraft credit to be under Truth In Lending Act protection, creates tension between vigorous agency action and judicial concerns about administrative overreach that calls to mind Charles Dickens' "A Tale of Two Cities," say Eric Mogilnicki and David Stein at Covington.
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Considerations For Lawyer Witnesses After FTX Trial
Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.