CFTC Sues Wisconsin In Latest Prediction Market State Battle

By Aislinn Keely

The U.S. Commodity Futures Trading Commission on Tuesday added Wisconsin to the list of states it's taking to court to assert its "exclusive jurisdiction" over prediction markets after the state accused five platforms of offering illegal bets through their event contract offerings.

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Kalshi Hit With Refer-A-Friend Text Suit In Wash.

By Nadia Dreid

Kalshi has become the latest company to be hit with a lawsuit in Washington federal court over refer-a-friend texts that recipients say violate the state's Commercial Electronic Mail Act by encouraging texts to be sent to people who never consented to receive them.

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Soldier Accused Of Betting On Maduro Raid Pleads Not Guilty

By Cara Salvatore

A U.S. Army sergeant who helped plan the capture of deposed Venezuelan President Nicolás Maduro pled not guilty in Manhattan federal court Tuesday to profiting by at least $365,000 by gambling on the raid on Polymarket.

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Fintech Co. Ryvyl Settles SEC Blockchain Disclosure Suit

By Hailey Konnath

Financial technology company Ryvyl Inc. and its founders have agreed to settle the U.S. Securities and Exchange Commission's allegations that the company made disclosures falsely representing itself as selling blockchain-based payment solutions, according to an announcement.

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Brief

OCC Gives Banking Charter Nod To Fintech Co. For Startups

By Aislinn Keely

Financial technology company Mercury, with Skadden attorneys as its counsel, said Tuesday it received conditional approval from the Office of the Comptroller of the Currency to set up a national bank that will allow Mercury to expand the financial tools it provides to founders and their startups.

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Celsius' Mashinsky Must Pay FTC $10M

By Bonnie Eslinger

A Manhattan federal judge on Tuesday ordered Celsius Network's co-founder to pay $10 million to the U.S. Federal Trade Commission to settle litigation saying he misrepresented the cryptocurrency lender's practices and safety measures, and that she'd suspend a $4.7 billion judgment based on his cooperation with the government.

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Sam Bankman-Fried Loses Bid For New Trial In FTX Case

By Hailey Konnath

A New York federal judge on Tuesday denied Sam Bankman-Fried's request for a new trial, finding that the incarcerated FTX founder hasn't pointed to any evidence that's actually new and saying that his push for a new trial "appears to be one part of a plan to rescue his reputation."

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Cartier Descendant Gets 8 Years For Crypto-Laundering Plot

By Pete Brush

A Manhattan federal judge on Tuesday hit an Argentinian businessman with ties to the family that created jewelry giant Cartier with an eight-year prison sentence, after he admitted lying to banks as his cryptocurrency exchange laundered narcotics proceeds.

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Robinhood Fraudsters Must Pay $432K In SEC Judgment

By Katryna Perera

Two men who pled guilty in 2024 to being involved in a scheme to steal millions of dollars from trading firm Robinhood must pay, in total, more than $432,000 in disgorgement and over $42,000 in prejudgment interest in a parallel civil suit brought by the SEC.

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SPAC Targets Maha Capital In $490M Energy-Fintech Deal

By Jade Martinez-Pogue

Maha Capital AB, a Swiss public company that boasts a portfolio of energy-related assets and fintech operations, on Tuesday revealed it had entered into a letter of intent to merge with special purpose acquisition company Blue Water Acquisition Corp. IV to form a new, publicly traded company.

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Flipcause Converted To Chapter 7 After Sale, Creditor Deal

By Clara Geoghegan

A Delaware judge Tuesday agreed to convert the bankruptcy of charity financial technology group Flipcause to a Chapter 7 liquidation after its Chapter 11 trustee sold its assets and reached a settlement with creditors.

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Small And Midsize Business Finance Faces More State Regs

Recent developments in state credit disclosure, consumer debt collection, and lender licensing and registration requirements suggest that companies extending financing to small and midsize businesses are likely to encounter a significantly more stringent legal climate moving forward, say attorneys at Manatt.

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Analysis

Comey Indictment Built On Bad Legal Foundation, Experts Say

By Phillip Bantz

The criminal indictment of former FBI Director James B. Comey over an alleged threat against President Donald Trump by way of a social media post of seashells appears to be based on either an outdated or flawed understanding of the legal standard required to prove the charges in the case, which could sink the prosecution, according to experts.

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GrayRobinson Faces More Suits Over 2025 Data Breach

By Adrian Cruz

After being hit with a proposed class action accusing GrayRobinson PA of negligence following the revelation of a March 2025 data breach, the Florida-based firm is now facing two further suits regarding the same incident.

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Justices Limit Voting Rights Act Suits While Voiding La. Map

By Katie Buehler

The U.S. Supreme Court struck down Louisiana's congressional map containing two majority-Black voting districts Wednesday and further limited the Voting Rights Act's use in challenging racial discrimination in legislative redistricting — a decision the dissent claims completes the conservative majority's "demolition" of the seminal civil rights law.

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Fla. Judge Pick Denies Conflict In Trump Defamation Case

By Courtney Bublé

A judicial nominee for the Southern District of Florida on Wednesday denied there was any overlap between when he presided over a case involving President Donald Trump and when the White House let him know Trump was considering him for the federal judgeship.

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Judiciary Advisers Back Looser Limits On Defense Subpoenas

By Jeff Overley

A campaign by white collar defense lawyers against long-standing limits on subpoena powers cleared a key hurdle Wednesday when federal judiciary advisers endorsed earlier and easier access to potentially favorable evidence despite staunch resistance from crime victims' advocates.

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Former AG Bondi To Appear Before House Committee May 29

By Courtney Bublé

Former Attorney General Pam Bondi will appear before the House oversight committee on May 29, committee Republicans said Wednesday.

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Nadine Menendez Denied Bail During Bribery Conviction Appeal

By George Woolston

A New York federal judge on Wednesday denied a bid from Nadine Menendez for bail while she appeals her conviction on a bribery scheme carried out with her ex-senator husband, ruling that her motion doesn't raise a substantial question of law.

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