CFTC Tells Kalshi To Fulfill Mich. Trades Despite Court Order

By Aislinn Keely

The U.S. Commodity Futures Trading Commission on Tuesday told KalshiEx LLC to fulfill open trades from Michigan residents despite a state judge's directive to unwind certain prediction market transactions, marking the agency's latest clash with states over event contract supervision.

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Fed 'Racing' To Hit Genius Act Rules Deadline, Warsh Says

By Jon Hill

Federal Reserve Chair Kevin Warsh told lawmakers Tuesday that the central bank is "racing" to meet a looming deadline for drafting certain rules required by the Genius Act, the landmark stablecoin law that other federal regulators have already proposed regulations to implement.

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Silicon Valley Bank Ignored BlackRock's Advice, Judge Hears

By Bonnie Eslinger

Silicon Valley Bank disregarded advice from BlackRock's investment advisory firm suggesting the bank reduce the amount of its long-term mortgage-backed securities, the bank's former treasurer acknowledged Tuesday under questioning from a California federal judge during a bench trial over the Federal Deposit Insurance Corporation's claim SVB mismanaged its assets before its 2023 collapse.

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Brief

Conn. Judge Rejects Kalshi Bid To Cite CFTC's League Deals

By Alex Lawson

A Connecticut federal judge has rejected Kalshi's bid to consider the U.S. Commodity Futures Trading Commission's collaboration with Major League Baseball and other leagues within the company's suit against the state's efforts to crack down on prediction market platforms.

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Coinbase Wants Texas Court To Toss Blockchain Patent Suit

By Spencer Brewer

Coinbase Global Inc. asked a Texas federal judge to toss claims alleging the company infringed a group of patents covering improvements to blockchain technology, saying the asserted patents violate "bedrock principles of patent eligibility."

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Capital One Says Terms Allow It To Void Card Rewards

By Sydney Price

Capital One NA has asked a Virginia federal court to free it from a proposed class action accusing it of unlawfully canceling billions of dollars in earned credit card rewards by unilaterally closing customers' accounts, saying that all of its cardholders were informed that it could close their accounts at any time.

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Brief

Crypto Expert Gets $28M Bitcoin Arbitration Award Enforced

By Katryna Perera

A New York federal judge has enforced a $28 million arbitration award issued to a Malta-based cryptocurrency expert and his two companies following their dispute with a bitcoin mining server supplier they claim sent them faulty machinery.

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Ex-CFPB Enforcers Launch Consumer, Civil Rights Firm

By Katryna Perera

Three former enforcement leaders of the Consumer Financial Protection Bureau have launched their own law firm focused on consumer, tenant, worker and civil rights, with plans to represent advocacy organizations and state attorneys general, among others, in the area of public interest.

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How Nixing Trade-Through Rule Would Alter Equity Markets

The U.S. Securities and Exchange Commission's recent proposal to rescind the trade-through rule and the locked-and-crossed-markets prohibition represents one of the most significant potential changes to U.S. equity market structure in two decades, affecting exchanges, broker-dealers, and institutional and retail investors alike, say attorneys at WilmerHale.

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Blanche Called Anti-Weaponization Fund 'Mistake,' Per Durbin

By Courtney Bublé

Acting Attorney General Todd Blanche said on Tuesday the anti-weaponization fund created as part of the president's settlement with the IRS was "a mistake," according to Sen. Dick Durbin, D-Ill., after his meeting with Blanche.

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Justices Seek More Funds Over Increased Threats, Talk Ethics

By Courtney Bublé

U.S. Supreme Court Justices Amy Coney Barrett and Elena Kagan made rare Capitol Hill appearances Tuesday, discussing the court's budget request for fiscal 2027, the "shadow docket" and ethics issues.

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Quinn Emanuel, Spiro Ousted From CoStar Copyright Fight

By Elliot Weld

A California federal judge has disqualified Quinn Emanuel Urquhart & Sullivan LLP and its attorney Alex Spiro from representing a commercial real estate platform in a copyright infringement suit brought by CoStar, agreeing that the firm's representation of CoStar in a different case should result in its removal from this one.

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Bronx Defenders Union OKs Strike 1 Year After Last Walkout

By Andrea Keckley

The Bronx Defenders has become the third New York City-based legal aid organization to authorize a strike this month, which comes just one year after the group's most recent walkout.

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Brief

Trump Lawyer Matthew Schwartz Confirmed To 2nd Circ.

By Courtney Bublé

The Senate voted 50-45, along party lines, on Tuesday to confirm Matthew Schwartz, one of President Donald Trump's personal attorneys and a partner at Sullivan & Cromwell LLP, to the U.S. Court of Appeals for the Second Circuit.

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Ky. Law Prof Wants Court To Block Judge For Dean Pick

By Hailey Konnath

A University of Kentucky law professor asked a federal court to block U.S. District Judge Gregory Van Tatenhove from becoming the next law school dean, claiming that the appointment has "stripped the faculty" of their credibility on the basis of peer review.

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Calif. Bar Settles With Administrators Of 'Disastrous' Bar Exam

By Andrea Keckley

The State Bar of California has reached a settlement with the administrators of its "disastrous" February 2025 bar exam, whose array of highly publicized technical glitches prevented hundreds of aspiring lawyers from completing the test.

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