CFTC Directs Prediction Markets To Stop Geo-Blocking Users

By Aislinn Keely

The U.S. Commodity Futures Trading Commission on Thursday directed prediction market platforms and other registrants to ensure nationwide access to their offerings, which could set up a challenging scenario for platforms under court orders to block some contracts in certain states as part of ongoing prediction market litigation.

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Analysis

Blue Congress, Red Regulators: 5 FinReg Predictions

By Jon Hill & Sarah Jarvis

Lawmakers are set to return to Washington, D.C., next week for the final stretch of Republican control on Capitol Hill before Democrats take over, a reversal that is reshaping the outlook for financial services oversight in the remainder of President Donald Trump's term.

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Analysis

Binance Mega-Hack Confirms Cyberinsurance Industry Fears

By Abraham Gross

The theft of $6.3 billion in crypto assets from cryptocurrency exchange Binance brought to life long-standing fears in the cyberinsurance industry that the scale of some state-backed cyberattacks may be uninsurable.

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SEC Notifies White House Of Broker Crypto Rule Proposal

By Jessica Corso

The U.S. Securities and Exchange Commission could soon introduce a proposal that would clarify the rules around broker-dealers' financial responsibilities and recordkeeping obligations when it comes to cryptocurrency assets, as the agency hopes to "support innovation" in the space.

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Ark. Calls Kalshi 'Pocket-Sized Bookie' In Latest State Action

By Aislinn Keely

Arkansas is the latest state to accuse Kalshi of violating its gaming laws by offering event contracts on sports, asserting that the bulk of the prediction market operator's business "is not a risk management tool; it is a pocket-sized bookie."

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Tribes Win Injunction Against Kalshi After 9th Circ. Reversal

By Ganesh Setty

A California federal court has blocked Kalshi from offering sports event contracts on the lands of three Native American tribes, after the Ninth Circuit found they were likely to prevail on their Indian Gaming Regulatory Act claims.

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Analysis

Racing Against Whistleblowers Could Cost Companies

By Phillip Bantz

The U.S. Department of Justice's new cash rewards program for tips on criminal fraud threatens to ramp up the pressure on companies to hurry internal investigations and quickly report suspected misconduct to the government before whistleblowers do, which could backfire in some cases, according to experts.

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California Regulator Orders Crypto ATM Co. To Pay $5.1M

By Katryna Perera

CoinFlip, an operator of cryptocurrency ATMs, has been ordered to pay $5.1 million by California's Department of Financial Protection and Innovation for allegedly failing to protect state users from financial fraud and for charging excessive fees to California consumers.

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FINRA Fines Webull $4.2M For AML, Best-Execution Failures

By Katryna Perera

Webull Financial LLC has agreed to pay the Financial Industry Regulatory Authority $4.2 million to resolve claims that it failed to implement proper anti-money laundering programs to verify customer identities and that it failed to properly monitor for suspicious transactions, among other things.

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DOJ Says Willow Bridge's RealPage Deal Needs No Tweaks

By Bryan Koenig

The U.S. Department of Justice responded to commenters pushing for changes to the rent price-fixing settlement it reached with Willow Bridge Property Co. LLC, arguing there's no need to add a distinction in the deal between rent renewals and first-time leases.

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Terror Victims Call Revised Binance Claims 'Leaner,' 'Robust'

By Katryna Perera

A group of plaintiffs alleging Binance and its former CEO aided and abetted 30 terrorist attacks have urged a New York federal judge to keep the suit alive, saying they have beefed up their claims to show how Binance "deliberately engineered its unregistered cryptocurrency platform to spur illicit use."

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Deals Rumor Mill

Oracle Scraps $7B China Chip Deal Under Pressure, And More

By Al Barbarino

Oracle has called off a $7 billion microchip leasing deal with China's Tencent, a tungsten mining company affiliated with President Donald Trump's sons is planning to go public at a $2 billion valuation, and Clayton Dubilier & Rice is exploring the purchase of the $40 billion payments processor Global Payments. 

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Series

Open-Water Swimming Makes Me A Better Lawyer

Swimming long distances in open waters is not necessarily an escape from my intellectual property practice, but a complementary discipline that similarly rewards sustained attention, intellectual curiosity, resilience and the ability to pursue a distant objective without losing command of the immediate task, says Christina MacDougall at Morgan Lewis.

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Are You Happy With Your In-House Role? Take Our Survey

Is your company giving you everything you need to succeed? What are some misconceptions about working in-house? Help Law360 Pulse answer these questions and more in this year's In-House Satisfaction Survey.

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Alston & Bird Hires 2 Ex-Goodwin Procter Real Estate Pros

By Kevin Penton

Alston & Bird LLP has added two real estate attorneys previously with Goodwin Procter LLP as partners in Los Angeles, the firm announced Friday.

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US Charges 3 Over $129M AI Scam Using Fake UK Lawyers

By Laura Stewart Liberty

U.S. prosecutors said Thursday they have charged three men, including one facing extradition from London, for allegedly defrauding companies of $129 million through a scheme that used AI to impersonate executives and U.K. lawyers.

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Defeated Texas Justice Being Considered For Federal Bench

By Courtney Bublé

With the clock ticking on Republicans' control of the Senate, President Donald Trump is considering putting a Texas Supreme Court justice who just lost reelection on the federal bench.

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Ice Miller Sued Over $729K Award After Losing Federal Forum

By Andrea Keckley

A couple who hired Ice Miller LLP to defend their organization against a breach of contract suit have accused the firm in Indiana federal court of exposing them to additional litigation with a settlement that failed to preserve federal jurisdiction over future disputes.

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Japan's Anderson Mori Plans 2-Office Spring Launch In Texas

By Lynn LaRowe

Japan's Anderson Mori & Tomotsune is planning to enter the U.S. market next year with offices in Dallas and Houston, citing the Lone Star State's status as a business hub and client demand from global and Japanese businesses as factors driving the expansion.

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WilmerHale Rehires Treasury Official, Former Counsel In DC

By Jack Rodgers

A former Treasury Department official who worked as the agency's undersecretary for domestic finance has rejoined WilmerHale's financial institutions group as a partner, the firm announced Friday.

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Brief

Goldberg Segalla Adds Retail And Hospitality Partner In NJ

By Matt Perez

Goldberg Segalla LLP announced it has hired a former Reilly McDevitt & Henrich PC attorney to be a partner in its retail and hospitality practice group.

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Law360's Legal Lions Of The Week

By Kevin Penton

Susman Godfrey LLP, Langer Grogan & Diver PC, Hausfeld LLP and MoloLamken LLP lead this week's edition of Law360 Legal Lions, after the Ninth Circuit ruled that a former federal judge erred by scrapping a $4.7 billion jury verdict against the National Football League in a class action over the price of its Sunday Ticket broadcast package.

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Law Firm Sues Sierra Leone Over $361K Legal Bill

By Jared Foretek

Law firm Cohen Seglias Pallas Greenhall & Furman PC claims in a complaint filed in D.C. federal court that Sierra Leone's government stiffed it on more than $300,000 in legal fees and costs after the firm defended it against earlier claims of unpaid fees by Jenner & Block.

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Roundup

GC Cheat Sheet: The Hottest Corporate News Of The Week

By Michele Gorman

The U.S. Department of Justice's new cash rewards program for tips on criminal fraud could backfire in some cases, experts say. Elsewhere, attorneys are weighing new strategies in the wake of Texas' historic blue shift during the midterm elections. These are some of the stories in corporate legal news you may have missed in the past week.

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Brief

US Legal Sector Jobs Reached Record High In October

By Tracey Read

The legal industry's hot streak continued last month, adding 2,400 more jobs in October to reach a record high, according to seasonally adjusted data released Friday by the U.S. Bureau of Labor Statistics.

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Mich. Supreme Court Chief Next To Lead Chief Justice Group

By Melanie Dorsey

The Michigan Supreme Court's chief justice has been named president-elect of the Conference of Chief Justices, a national organization representing the highest-ranking state judicial officers, and she plans to focus on expanding access to legal services, reforming attorney licensing and strengthening courthouse security.

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3rd Circ. Preview: UPenn Staff Rifts, FTC $3M Fee Fight

By George Woolston

The Third Circuit began its November session by examining Tree of Life synagogue shooter Robert Bowers' appeal of his death sentence and is set to hear a number of other matters ranging from a state's bid to restore millions of dollars in food aid, to the federal government fighting a $3 million counsel fee award, to reviewing the third-party harassment test.

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Blank Rome Partner, Hotel Founder Disputes $15.6M Tax Bill

By Zak Kostro

A Blank Rome LLP partner who founded a luxury boutique hotel in Italy told the U.S. Tax Court the IRS improperly determined he owes roughly $15.6 million in taxes and penalties, disputing the agency's assertion that his hotel operations didn't qualify as a business for purposes of claiming expenses.

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Squire Patton, Baker McKenzie Hit With Data Breach Suits

By Rae Ann Varona

Squire Patton Boggs LLP and Baker McKenzie failed to protect private personal information stored in the law firms' systems from separate cyberattacks and delayed notifying affected individuals for roughly two months, two proposed class actions filed in Ohio and Illinois federal courts have alleged.

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In Case You Missed It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week.

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Judge Kewalramani Warns Against Taking Sanctions Lightly

By Dani Kass

Retired U.S. Magistrate Judge Shashi Kewalramani on Friday cautioned patent attorneys to be extremely discerning when filing sanctions motions, comparing it to crying "fire" in a crowded room.

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