Senate Majority Leader John Thune, R-S.D., has confirmed that the Clarity Act to regulate cryptocurrency markets won't get a vote until the chamber returns from its August recess, but lawmakers on both sides of the aisle have committed to continued negotiations.
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TOP NEWS

Senators Push Back Crypto Bill Vote To September

By Aislinn Keely

Senate Majority Leader John Thune, R-S.D., has confirmed that the Clarity Act to regulate cryptocurrency markets won't get a vote until the chamber returns from its August recess, but lawmakers on both sides of the aisle have committed to continued negotiations.

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Trump Renews Bid To Oust Fed's Cook Over Mortgage Claims

By Rae Ann Varona and Jon Hill

The White House has notified Federal Reserve Gov. Lisa Cook that President Donald Trump is "considering" moving again to oust her from the central bank, setting up another potential legal battle after the U.S. Supreme Court blocked her removal in June.

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OCC Denies EU Fintech's Charter Bid Over 'Significant' Gaps

By Jon Hill

The Office of the Comptroller of the Currency has denied European digital bank Bunq's application to charter a U.S. bank, citing "significant" concerns around the financial resources, business plan and managerial competence of the proposed offshoot.

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US Bancorp Is Latest To Flag Debanking Scrutiny From Feds

By Jon Hill

U.S. Bancorp has become the latest big bank to formally disclose to investors that multiple federal authorities are scrutinizing it in connection with President Donald Trump's push to crack down on so-called debanking, or account closures perceived as politically biased.

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CFTC Warns Gambling-Style Prices Mislead Contracts Traders

By Lauren Berg

The U.S. Commodity Futures Trading Commission Friday told prediction markets under its supervision that they must display clear pricing information for event contracts, warning such entities that they cannot list prices in ways that look like gambling odds.

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LITIGATION

Novig Says NY, Mass. Laws Threaten CFTC-Regulated Trades

By Sydney Price

Sports betting app Novig, which is suing Massachusetts and New York over their gambling and sports wagering laws, says emergency relief is needed for the company to continue carrying out its operations in New York.

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Coinbase Can't Dodge Michigan Rules On Sports Contracts

By Susan Smiley

Federal law does not preempt Michigan's authority to regulate sports-based derivatives, a Michigan federal judge said in a Thursday order denying Coinbase Financial Markets' request for a preliminary injunction against Michigan state officials.

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Kalshi Wants Utah Gambling Law Blocked Pending Appeal

By Tom Lotshaw

Kalshi has urged a federal judge to issue an injunction barring Utah from enforcing its anti-gambling laws against the company's prediction markets while it appeals a ruling holding the state could do so.

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GoFundMe Tricked Donors Into Paying Default Tips, Suit Says

By Allison Grande

Online fundraising platform GoFundMe is using deceptive website design practices to trick consumers into paying optional "tips" that wholly benefit the company and are automatically tacked onto their donations without their explicit consent, according to a putative class action filed in Illinois federal court. 

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EXPERT ANALYSIS

Calif. OppFi Suit Outlines Key Criteria For Bank Partnerships

A California state court's recent ruling in OppFi v. Hewlett offers fintech-bank partnerships a blueprint for structuring lending programs to withstand future true lender challenges, while signaling that enforcement theories may face added scrutiny under the state's ban on underground regulations, say attorneys at Womble Bond.

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LEGAL INDUSTRY

Trump Picks Ex-Personal Lawyer As New White House Counsel

By Courtney Bublé

President Donald Trump's incoming White House counsel is a former personal attorney for the president who is already working for the White House and was at the U.S. Department of Justice during his first term.

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Ill. Gov. Signs Bill Restricting PE Role In Legal Industry

By Emma Cueto

Illinois Gov. JB Pritzker has signed into law a bill designed to target nonlawyer ownership of law firms, outlawing fee sharing with out-of-state alternative business structures and attempting to place restrictions on law firms' use of managed services organizations.

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Spa Fights 9th Circ.'s 'Swinging Dicks' Order At High Court

By Jeff Overley

The Ninth Circuit's rejection of a spa's religious objections to serving transgender customers is incompatible with several major precedents, according to a U.S. Supreme Court petition filed Monday in litigation that soared in prominence when dozens of circuit judges decried a salacious dissent.

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CREXi Can't Stay CoStar Case For Quinn Emanuel DQ Appeal

By Matthew Perlman

A California federal court rejected a bid Monday from Commercial Real Estate Exchange Inc., or CREXi, for a stay in CoStar's copyright case while CREXi looks to undo the disqualification of its attorneys from Quinn Emanuel Urquhart & Sullivan LLP.

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Biz Owners Appeal Morgan Lewis Win In Tax Shelter Suit

By Andrea Keckley

A pair of business owners asked the Florida Supreme Court to reverse a decision affirming judgment in favor of Morgan Lewis & Bockius LLP in a dispute over whether the law firm had routed income through illegal tax shelters.

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COMPANIES IN TODAY'S NEWS

Alliance Defending Freedom

American Civil Liberties Union

American International Group Inc.

BDO LLP

BDO USA LLP

Bank of America Corp.

Boy Scouts of America

CRC Advisors

Capital One Financial Corp.

CoStar Group Inc.

Coinbase Global Inc.

Fair Isaac Corporation

Federalist Society

Financial Industry Regulatory Authority Inc.

GoFundMe Inc.

JPMorgan Chase & Co.

Lambda Legal Defense & Educational Fund

LinkedIn Corp.

LoopNet Inc.

OppFi Inc.

Otis Worldwide Corp.

Pacific Justice Institute

Tidewater, Inc.

U.S. Bancorp

Wells Fargo & Co.

LAW FIRMS IN TODAY'S NEWS

Dhillon Law Group

Gibson Dunn

Hill Ward Henderson

Johnson Pope Bokor Ruppel & Burns LLP

Kaliel Gold

Kopecky Schumacher

Latham & Watkins

Lowell & Associates

Milbank LLP

Miller Canfield

Morgan Lewis

Quinn Emanuel

Snell & Wilmer

Sperling Kenny

Sullivan & Cromwell

Womble Bond

GOVERNMENT AGENCIES IN TODAY'S NEWS

California Supreme Court

Commodity Futures Trading Commission

Executive Office of the President

Federal Deposit Insurance Corp.

Federal Reserve System

Federal Trade Commission

Florida Supreme Court

National Capital Planning Commission

New York Attorney General's Office

Office of the Comptroller of the Currency

U.S. Court of Appeals for the Eighth Circuit

U.S. Court of Appeals for the Ninth Circuit

U.S. Court of Appeals for the Tenth Circuit

U.S. Department of Justice

U.S. District Court for the Central District of California

U.S. District Court for the District of Massachusetts

U.S. District Court for the Eastern District of Michigan

U.S. District Court for the Northern District of Illinois

U.S. District Court for the Southern District of New York

U.S. Supreme Court

United States District Court for the District of Utah

Utah Attorney General's Office

Washington Attorney General's Office