The U.S. Securities and Exchange Commission obtained a temporary restraining order in New York federal court Friday to block two offshore entities from carrying out a $1.7 billion digital token offering that the agency says violates securities laws.
The Consumer Financial Protection Bureau said it's putting together a "task force" to conduct a wide-ranging survey of the consumer financial regulatory landscape and recommend improvements, a project that some consumer advocates worry could just wind up providing cover for industry-friendly rule changes.
A trio of federal financial regulators released a joint statement on Friday urging anyone dealing with digital currencies to ensure they are adhering to obligations under anti-money laundering and countering the financing of terrorism regulations, regardless of what those digital assets are called.
Mobile banking company Current has accused Facebook of ripping off its logo by promoting a virtually identical one for its forthcoming cryptocurrency wallet, Libra.
MasterCard, eBay and Visa confirmed to Law360 on Friday that they won't be joining the Facebook-led Libra digital currency project, a move that comes one week after PayPal announced it was ending its involvement.
Alex Touma of White & Case LLP has worked for major Silicon Valley firms, including assisting Facebook with the launch of its planned digital currency, earning him a spot among fintech law practitioners under age 40 honored by Law360 as Rising Stars.
Communications technology company CM.com said Friday it has elected to postpone its initial public offering because of unfavorable market conditions, after setting course in late September for a float that was expected to raise €100 million ($110.5 million).
Reed Smith LLP has added a capital markets attorney from Morrison & Foerster LLP as a partner in its global corporate practice in New York.
The past week has seen asset manager BlueCrest drag a U.S. hedge fund into court following its expansion into the U.K., a City watchdog sue a Panamanian connected to an illegal land sale scheme and a Hong Kong food distributor file suit against shipping giant MSC. Here, Law360 looks at those and other new claims in the U.K.
The chairman of the U.S. Commodity Futures Trading Commission said Thursday that the cryptocurrency Ether is definitively a commodity in line with Bitcoin, which has also been excluded from securities laws and falls under the purview of the Commodity Exchange Act.
A former Locke Lord LLP attorney accused of laundering money in connection with an alleged $400 million cryptocurrency scam on Thursday pled not guilty to a new indictment that further charged him with bank fraud.
Former Intuit executive Melissa Netram has been appointed director of the U.S. Commodity Futures Trading Commission's fintech initiative, or LabCFTC, the agency announced Thursday.
The Conference of State Bank Supervisors has asked the payments industry to weigh in on proposed model legislation that could drive the standardization of state money transmission laws, the consortium of banking regulators said in a statement Thursday.
A shuttered Long Island tech startup accused of defrauding investors out of at least $30 million is at the mercy of a New York state court after failing to respond to allegations by the state's attorney general, the attorney general's office said Thursday.
USA Technologies Inc. has inked an agreement to receive $50 million in equity and debt financing from Antara Capital Master Fund LP, which is meant to help strengthen the payments processing technology company's business.
U.S.-based venture capital-backed companies saw a drop in fundraising from the second quarter of 2019, but the third quarter still ranked as one of the highest this century in terms of overall value, according to a report from PricewaterhouseCoopers and CB Insights.
Steptoe & Johnson LLP's Jared Butcher advised the cryptocurrency exchange Bitfinex on its $1 billion non-U.S. initial exchange offering, landing him on the list of fintech law practitioners under age 40 honored by Law360 as Rising Stars.
Murphy & McGonigle PC nabbed two new partners with a combined 22 years of U.S. Securities and Exchange Commission experience to bolster its fast-growing trading and markets team in Washington, D.C., the firm announced this week.
The U.S. Securities and Exchange Commission denied Bitwise Asset Management's bid to launch a bitcoin exchange-traded fund in a Wednesday order, stating that it was not convinced the "real bitcoin market" can be resistant to manipulation or fraud.
Two Democratic U.S. senators urged members of the Libra Association to proceed with caution and warned of the intense regulatory scrutiny extending beyond their involvement in Libra to the companies' existing business activities, should they stick with the project.
Several prominent players in the Bitcoin Cash cryptocurrency network urged a Florida federal court Wednesday to let them out of a suit over their alleged "hijacking" of a software upgrade that a Miami-based company says led to a $4 billion "global capitalization meltdown."
Facebook chairman Mark Zuckerberg is slated to testify before a U.S. House of Representatives committee later this month, opening another front in legislators' attempts to scrutinize the social media giant's proposed cryptocurrency Libra.
Lilya Tessler of Sidley Austin LLP helped digital currency exchange Coinbase make headlines in 2018, advising on its acquisition of broker-dealer Keystone Capital Corp., alternative trading system Venovate Marketplace Inc. and investment adviser Digital Wealth LLC, earning her a spot among fintech law practitioners under age 40 honored by Law360 as Rising Stars.
A New York state appeals court has rejected former Goldman Sachs programmer Sergey Aleynikov's latest appeal of his conviction over claims he stole the financial giant's computer code for its high-frequency trading platform, finding no double jeopardy bar to the prosecution.
The splitting of a cryptocurrency blockchain under a "hard fork" does not create taxable income if no new cryptocurrency is received, but taxable income is generated by "airdrops" that deliver new cryptocurrency, the IRS said in guidance released Wednesday.
While artificial intelligence has already revolutionized the e-discovery field, the development of emotionally intelligent AI promises to explore data in an even more nuanced and human way, thereby further reducing the burden on legal teams, say Lisa Prowse and Brian Schrader at e-discovery services provider BIA.
It is unclear how the virtual currency sector will find a practical way to comply with the recent expansion of the Financial Crimes Enforcement Network regulation known as the travel rule, but any solution is likely to have both unintended consequences and unintended benefits, say attorneys with King & Spalding.
The U.K. Competition and Markets Authority's recent fine against PayPal for violating U.K. merger control rules — despite the company's attempts to put safeguards in place — demonstrates how rigid the CMA can be when it comes to initial enforcement orders, say attorneys at Fried Frank.
Although most lawyers are well-prepared to defend or justify the value of an insurance claim for clients, often law firms have not clearly identified their own potential liabilities, planned for adequate insurance or established prudent internal risk management practices, says Victor Sordillo at Sompo International.
With lateral transfers between law firms on the rise, it is more important than ever for partners to understand the steps they must take to adhere to ethics rules and other requirements when making a transition, say attorneys at Harris Wiltshire.
The U.S. Securities and Exchange Commission’s recent expansion of permissible prefiling communications between issuers and certain potential investors may allow issuers to be in a better position to gauge interest in the market in a cost-effective manner, say attorneys at Debevoise.
A recent U.S. House Committee on Financial Services hearing highlights the lack of clarity on cryptocurrencies' legal obligations, as well as potentially shifting expectations as legislators and regulators consider how to oversee cryptocurrencies as a consumer financial product, say Duane Pozza and Antonio Reynolds at Wiley Rein.
By employing tactical empathy techniques to understand the interests behind the positions taken by others, attorneys can gain the upper hand in deal negotiations and litigation while still promoting and preserving long-term relationships with opponents, judges and others, say Shermin Kruse of TEDxYouth@Wrigleyville and Ursula Taylor of Strategic Health.
Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.
U.S. Supreme Court Justice Neil Gorsuch's new book "A Republic, If You Can Keep It" offers hope for our constitutional system through stories of American greatness, and sheds much-needed light on originalism for skeptics, says Sixth Circuit Judge Amul Thapar.
The new amendments to Cuban sanctions, together with an August executive order blocking Venezuelan government property, illustrate the Trump administration’s approach of restricting these countries' general access to the U.S. financial system while carving out permissible transactions with the private sectors in those countries, say attorneys at Hunton.
While I applaud all of the law firms that have signed the American Bar Association's campaign to improve attorney well-being, to achieve a truly holistic solution we must ask difficult questions about what we do, how we do it and the expectations we have set for ourselves and our clients, says Edward Shapiro at Much Shelist.
In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.
With private equity firms clamoring to put an increasing supply of dry powder to work, business owners should come to the bargaining table prepared, and resist the temptation of a quick, off-market deal, say David Kaufman and Nathan Viehl at Thompson Coburn.
The IRS seems to be taking an enforce-first-give-guidance-later approach to cryptocurrency reporting requirements, creating a limbo where even crypto exchanges and investors that aim to comply may face negative tax consequences down the road, says Wendy Walker at Sovos Compliance.