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Fintech
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July 01, 2025
Banking Veteran's Latest SPAC Leads 3 IPOs Raising $420M
Banking executive Betsy Cohen's latest special purpose acquisition company began trading Tuesday after raising $220 million, in the largest of three initial public offerings totaling $420 million to join a resurgent SPAC market.
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July 01, 2025
Banking Groups Call For Indexing Of Regulatory Thresholds
The American Bankers Association and its state counterparts are urging federal regulators to prioritize updating thresholds that trigger heightened supervisory obligations to account for inflation and the growth of the banking sector, arguing that the current standards unintentionally subject some institutions to burdensome requirements.
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July 01, 2025
Justices Face Busy Summer After Nixing Universal Injunctions
The U.S. Supreme Court's decision to limit nationwide injunctions was one of its biggest rulings of the term — a finding the court is likely going to be dealing with all summer. Here, Law360 takes a look at the decision, how it and other cases on the emergency docket overshadowed much of the court's other work, and what it all means for the months to come.
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July 01, 2025
FTX Bahamas, Celsius Settle Clawback Claims
Crypto exchange FTX's Bahamas unit and crypto lender Celsius Network have reached a deal to end Celsius' attempt to claw back $516.6 million transferred out of Celsius accounts just prior to its Chapter 11 filing.
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July 01, 2025
NY AG Urges Lawmakers To Strengthen Stablecoin Legislation
New York's Attorney General Letitia James is calling on U.S. lawmakers to strengthen pending bills to regulate so-called stablecoins in a letter made public Tuesday that argued neither the House nor the Senate's proposals contain the necessary guardrails to protect consumers.
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June 30, 2025
Catching Up With Delaware's Chancery Court
Delaware's Supreme Court was kept busy this past week with litigants' attempts to challenge its previous decisions, as well as those of Delaware's Court of Chancery, which included an argument that the state's high court incorrectly ruled in favor of energy company Boardwalk Pipeline Partners LP by rejecting the Chancery's decision upholding class claims branding the call-in of public shares unfair. In case you missed it, here's the latest from the Delaware Chancery Court.
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June 30, 2025
Pa. Joins States Requiring Licenses For Crypto Exchanges
Businesses that enable the transfer of cryptocurrency will soon be required to meet the same bar as money transmitters in the state of Pennsylvania under a newly signed state law.
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June 30, 2025
Fintech Group Goes To Bat For CFPB's Open Banking Rule
A top fintech trade group has fired back in defense of a Biden-era open banking rule that bank groups and the Consumer Financial Protection Bureau want struck down in Kentucky federal court, accusing them of twisting the law in a flawed effort to kill off the regulation.
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June 30, 2025
Hong Kong's IPO Surge Creates More Competition For US
Hong Kong led global exchanges on new listings for operating companies in the first half of 2025, partly benefiting from a U.S.-China rift that is prompting more mainland China companies to seek secondary listings in Hong Kong, according to new data released on Monday.
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June 30, 2025
Apple Can't Duck DOJ Monopolization Lawsuit
A New Jersey federal judge refused Monday to let Apple duck the U.S. Department of Justice lawsuit accusing the company of monopolizing smartphone markets, crediting DOJ allegations about the restrictions Apple imposes on iMessage, smartwatch compatibility, mobile wallets, cloud gaming and more.
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June 30, 2025
Ripple To Abandon Appeal After NY Judge Rebuffed SEC Deal
Ripple Labs CEO Brad Garlinghouse has said the blockchain firm plans to drop its appeal in its landmark case with the U.S. Securities and Exchange Commission, ending the matter after the New York federal judge overseeing the case refused to sign off on a settlement that would've truncated a court-ordered $125 million penalty.
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June 30, 2025
Justices Let Stand IRS' Summons For Coinbase User's Info
The U.S. Supreme Court rejected Monday a cryptocurrency investor's challenge to an IRS summons for his financial records from the exchange Coinbase, letting stand a First Circuit ruling that upheld limitations on privacy rights for records held by third-party financial institutions.
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June 27, 2025
Crytpo Co. Boss Gets 8 Years For $40M Ponzi Schemes
A Brooklyn federal judge on Friday sentenced the head of multiple cryptocurrency companies to nearly eight years in prison for his role atop interrelated Ponzi schemes that raised over $40 million from investors based on false promises of guaranteed returns.
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June 27, 2025
Senate Republican Plan Would Cut CFPB Funds, Keep PCAOB
U.S. Senate Banking Committee Republicans' latest budget bill plans have dropped a push to dismantle the Public Company Accounting Oversight Board and pivoted to a lesser — but still severe — cut to the Consumer Financial Protection Bureau's funding.
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June 27, 2025
Tribes Say Kalshi's Sports Contracts Undermine Sovereignty
A group of state and tribal gaming associations plus 27 federally recognized tribes have weighed in on a dispute between trading platform KalshiEx LLC and Maryland regulators, arguing that Kalshi's entrance into the gaming market has adversely impacted tribal gaming revenue and impeded tribes' inherent sovereign right to regulate gaming activity on tribal lands.
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June 27, 2025
Crypto Co. CEO Sued Over Alleged Sex Assault, Retaliation
The CEO of blockchain platform Mask Network has been hit with a suit in New Jersey federal court from a former employee at his affiliated payroll company alleging he sexually assaulted her during a work trip, fired her after she raised concerns about millions in unreported cryptocurrency transactions, and withdrew sponsorship of her U.S. green card.
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June 27, 2025
Injunction OK'd In Ex-FTX Exec Ch. 11 Clawback Case
A Delaware bankruptcy judge approved a preliminary injunction Friday against former FTX executive Ryan Salame to prevent him from dissipating as much as $6 million in assets he is accused of taking from the cryptocurrency exchange prior to its 2022 collapse.
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June 27, 2025
Hagens Berman Client Loses Bid To Lead Super Micro Class
A California federal judge rejected a Hagens Berman Sobol Shapiro LLP client's bid to lead investor claims that Super Micro Computer Inc.'s shares fell roughly 20% after a short seller report accused it of violating its previous settlement with the U.S. Securities and Exchange Commission over accounting improprieties.
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June 27, 2025
Del. Supreme Court Upholds Ruling In $5.5M Earnout Dispute
Delaware's highest court offered no long goodbye Friday to data management venture STX Business Solutions LLC's appeal for a revival of buyer breach claims in a suit dismissed by the Court of Chancery in October.
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June 27, 2025
UK Tribunal Says Visa, Mastercard Fees Infringe Antitrust Law
A U.K. tribunal issued a judgment Friday siding with merchants seeking damages from Visa and Mastercard for claims they were charged excessively high transaction fees, finding the interchange fees merchants pay to banks violate competition law.
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June 27, 2025
Financial Regulators Say Banks Can Use Third-Party TIN Info
Financial regulators on Friday said banks can collect tax identification number information from third parties, rather than just from their customers, pointing to changes in banking since the requirement was enacted under the USA PATRIOT Act.
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June 26, 2025
SEC Won't Modify More Biden-Era Off-Channel Settlements
The U.S. Securities and Exchange Commission declined Thursday to rework another batch of Biden-era settlements tied to so-called off-channel communications on Wall Street, turning down bids that challenged some terms as unfair in light of more lenient later deals.
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June 26, 2025
CSBS Issues Money Transmitter Guidance on Virtual Currency
The Conference of State Bank Supervisors on Thursday released advisory guidance on how to consider virtual currency when calculating a licensee's tangible net worth under the Money Transmission Modernization Act, the first set of recommendations to be published under the CSBS board of directors' newly established process for issuing nonbinding, advisory guidance.
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June 26, 2025
GOP Sens. Aim To Finalize Crypto Market Bill By Sept. 30
Republican senators pledged Thursday to finish their digital asset market structure legislation by the end of September, stressing the urgency of delivering on President Donald Trump's aim to make the U.S. the cryptocurrency capital of the world.
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June 26, 2025
'Pig Butchering' Scam Suit Dismissed For Good
An Alabama resident who sued two cryptocurrency firms and their CEO, accusing them of running a $28 million "pig butchering" scam that defrauded victims by laundering stolen cryptocurrency through a complex network of wallets, has jointly agreed with the defendants to dismiss the suit with prejudice.
Expert Analysis
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Series
Adapting To Private Practice: From NY Fed To BigLaw
While the move to private practice brings a learning curve, it also brings chances to learn new skills and grow your network, requiring a clear understanding of how your skills can complement and contribute to a firm's existing practice, and where you can add new value, says Meghann Donahue at Covington.
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Reviewing Trump Admin's Rapid Pro-Crypto Regulatory Pivot
The digital asset industry has received a boost from the explicitly pro-crypto Trump administration, which in its first few months reversed Biden-era rules and installed industry proponents at regulatory agencies, marking one of the biggest regulatory about-faces by a government in recent memory, says Robert Appleton at Olshan Frome.
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Top 3 Litigation Finance Deal-Killers, And How To Avoid Them
Like all transactions, litigation finance deals can sometimes collapse, but understanding the most common reasons for failure, including a lack of trust or a misunderstanding of deal terms, can help both parties avoid problems, say Rebecca Berrebi at Avenue 33 and Boris Ziser at Schulte Roth.
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A 2-Step System For Choosing A Digital Asset Reporting Path
Under the Internal Revenue Service's new digital asset reporting regulation, each type of asset may have three potential reporting destinations, so a detailed testing framework can help to determine the appropriate path, says Keval Sonecha at Sonecha & Amlani.
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How Attys Can Use A Therapy Model To Help Triggered Clients
Attorneys can lean on key principles from a psychotherapeutic paradigm known as the "Internal Family Systems" model to help manage triggered clients and get settlement negotiations back on track, says Jennifer Gibbs at Zelle.
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A Tale Of Two Admins: Parsing 1st Half Of SEC's FY 2025
The first half of the U.S. Securities and Exchange Commission's fiscal year 2025, which ended March 31, was unusually eventful, marked by a flurry of enforcement actions in the last three months of former Chair Gary Gensler's tenure and a prompt pivot after Inauguration Day, say attorneys at Jones Day.
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How Banks Can Manage Risk As AI Adoption Expands
Following new, supportive comments from financial regulatory leaders about the use of artificial intelligence in the industry, banks may move toward wider, less-tentative adoption of the technology, but will also need to deploy important risk management measures, say attorneys at WilmerHale.
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What Banks Must Do To Attract Gen Z Customers
The young adults of Generation Z bank differently, so financial institutions must engage appropriately if they wish to attract this key population, including by leveraging savvy marketing, well-designed online interfaces and top-notch customer service, says Madeline Thieschafer at Fredrikson & Byron.
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What Bank Regulator Consolidation Would Mean For Industry
Speculation over the Trump administration’s potential plans to consolidate financial service regulators is intensifying uncertainty, but no matter the outcome for the Consumer Financial Protection Bureau, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency, the industry should expect continued policy changes, say attorneys at Foley & Lardner.
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Getting Ahead Of The SEC's Continued Focus On Cyber, AI
The U.S. Securities and Exchange Commission is showing it will continue to scrutinize actions involving cybersecurity and artificial intelligence, but there are proactive measures that companies and financial institutions can take to avoid regulatory scrutiny going forward, say attorneys at Morgan Lewis.
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3 Steps For In-House Counsel To Assess Litigation Claims
Before a potential economic downturn, in-house attorneys should investigate whether their company is sitting on hidden litigation claims that could unlock large recoveries to help the business withstand tough times, says Will Burgess at Hilgers Graben.
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Breaking Down Ill. Bellwether Case For Bank Preemption
The banking industry's pending lawsuit against the state of Illinois stands to permanently enjoin state regulation of bank card processing, as well as clarify the outstanding and consequential issue of whether conflict preemption continues to cover third parties in certain circumstances, says Tom Witherspoon at Stinson.
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A Primer On The Trading And Clearing Of Perpetual Contracts
The U.S. Commodity Futures Trading Commission recently released a request for comment on the trading and clearing of perpetual-style derivatives, most common in the cryptocurrency market, necessitating a deep look at how these contracts operate and their associated risks, say attorneys at Moore & Van Allen.
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Series
Teaching College Students Makes Me A Better Lawyer
Serving as an adjunct college professor has taught me the importance of building rapport, communicating effectively, and persuading individuals to critically analyze the difference between what they think and what they know — principles that have helped to improve my practice of law, says Sheria Clarke at Nelson Mullins.
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Planning For Open Banking Despite CFPB Uncertainty
Though pending litigation or new Consumer Financial Protection Bureau leadership may reshape the Biden-era regulation governing access to consumer financial data, companies can use this uncertain period to take practical steps toward an open banking strategy that will work regardless of the rule’s ultimate form, says Adam Maarec at McGlinchey Stafford.