Fintech

  • October 11, 2019

    SEC Blocks $1.7B Digital Token Offering In Court

    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.

  • October 11, 2019

    New CFPB 'Task Force' To Review Consumer Financial Law

    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.

  • October 11, 2019

    Look Beyond Crypto Labels, SEC, CFTC And FinCEN Warn

    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.

  • October 11, 2019

    Current Accuses Facebook Of Copying Crypto Wallet Logo

    Mobile banking company Current has accused Facebook of ripping off its logo by promoting a virtually identical one for its forthcoming cryptocurrency wallet, Libra.

  • October 11, 2019

    Visa, MasterCard, EBay Drop Out Of Libra Association

    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.

  • October 11, 2019

    Rising Star: White & Case's Alex Touma

    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.

  • October 11, 2019

    Dutch Tech Biz CM.com Pumps Brakes On €100M IPO

    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).

  • October 11, 2019

    Reed Smith Nabs Ex-Morrison & Foerster Capital Markets Atty

    Reed Smith LLP has added a capital markets attorney from Morrison & Foerster LLP as a partner in its global corporate practice in New York.

  • October 11, 2019

    UK Litigation Roundup: Here's What You Missed In London

    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.

  • October 10, 2019

    Ether Is Definitively A Commodity, CFTC Chair Says

    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.

  • October 10, 2019

    Ex-Locke Lord Atty Denies New Charge In $400M Crypto Case

    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.

  • October 10, 2019

    Former Intuit Exec Takes Over Top Role At LabCFTC

    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.

  • October 10, 2019

    State Bank Supervisors Seek Input On Model Payments Law

    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.

  • October 10, 2019

    NY AG Gets Default Judgment For Tech Startup's $30M Scam

    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.

  • October 10, 2019

    Payments Processor USA Technologies Nabs $50M In Funding

    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.

  • October 10, 2019

    US Venture Funding Falls In Q3, But Stays Historically High

    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.

  • October 10, 2019

    Rising Star: Steptoe & Johnson's Jared Butcher

    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.

  • October 10, 2019

    Murphy & McGonigle Adds 2 Former SEC Attys In DC

    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.

  • October 09, 2019

    SEC Nixes Bitwise ETF Bid Citing Bitcoin Market Manipulation

    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.

  • October 09, 2019

    Sens. Warn Payment Cos. On Dangers Of Sticking With Libra

    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.

  • October 09, 2019

    Bitcoin Players Seek Exit From Market 'Hijacking' Suit

    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."

  • October 09, 2019

    Zuckerberg To Face Lawmakers' Questions On Libra

    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.

  • October 09, 2019

    Rising Star: Sidley Austin's Lilya Tessler

    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.

  • October 09, 2019

    Ex-Goldman Coder Loses Appeal Of Data Theft Conviction

    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.

  • October 09, 2019

    IRS Clarifies Tax Treatment Of Crypto Hard Forks, Airdrops

    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.

Expert Analysis

  • How Emotionally Intelligent AI Could Assist With E-Discovery

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    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.

  • FinCEN 'Travel Rule' Update Sets Challenges For Crypto Cos.

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    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.

  • PayPal Case Illustrates Difficulty Of Avoiding CMA Penalties

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    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.

  • Preventable Risks Your Law Firm May Be Overlooking

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    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.

  • 6 Ethics Tips For Attorneys Making Lateral Transfers

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    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 Ins And Outs Of SEC's Expanded 'Test The Waters' Rule

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    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.

  • Regulatory Scrutiny Exposes Crypto Oversight Challenges

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    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.

  • Consider The Power Of Tactical Empathy

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    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.

  • The Problem — And Opportunity — Of Implicit Bias In The Bar

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    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.

  • Series

    Judging A Book: Thapar Reviews Gorsuch's 'A Republic'

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    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.

  • Another Rollback In US-Cuba Financial Relations

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    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.

  • Opinion

    True Wellness Requires A Deeper Look At Atty Profession

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    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.

  • Roundup

    Pursuing Wellness

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    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.

  • What To Do When A Private Equity Firm Wants Your Business

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    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.

  • Opinion

    IRS Must Clarify Cryptocurrency Reporting Rules

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    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.