9th Circ. Backs Block On FinCEN Border Cash Reporting Reqs

By Rae Ann Varona

The Ninth Circuit Monday affirmed a temporary block on a Trump administration rule that singles out cash-moving businesses along the southwest border for heightened anti-money laundering reporting, agreeing that a plaintiff money service business will likely suffer irreparable harm.

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Custodia Urges Justices To Take Up Fed Master Account Fight

By Aislinn Keely

Crypto-focused Custodia Bank is asking the U.S. Supreme Court to take up its challenge of a Tenth Circuit ruling that backed Federal Reserve banks' discretion to deny master accounts to otherwise eligible banks, arguing the decision empowers unappointed regional bank presidents to deny "disfavored" banks access to critical payment services.

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Defense Gears Up To Fight Polymarket Insider Trading Case

By Stewart Bishop

Counsel for a former Google software engineer accused of raking in over $1.2 million by leveraging the tech giant's confidential information to place bets on Polymarket told a Manhattan federal judge Monday about a number of defenses they are considering to fight the novel allegations of prediction market-based insider trading.

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Regulators Caution On Bank Loans To Unauthorized Workers

By Jon Hill

Federal regulators on Monday cautioned banks and credit unions about lending to "non-work authorized" individuals, issuing guidance that flags repayment concerns about such borrowers as part of President Donald Trump's push to curb banking access for unauthorized immigrants.

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SEC Asked To Reopen Reporting Proposal After Email 'Error'

By Jessica Corso

Better Markets is asking the U.S. Securities and Exchange Commission to reopen the comment period for its semiannual reporting proposal after the agency allegedly directed prospective commenters to an incorrect email address, but an agency spokesperson said Monday the email address listed on the proposal was working.

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SEC Says Crypto Service Agreement Is Investment Contract

By Spencer Brewer

The U.S. Securities and Exchange Commission has asked a Texas federal judge to find that service agreements offered by two crypto mining fraudsters count as investment contracts, and thus securities, saying the court should grant judgment as a matter of law.

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Robinhood Fights Wisconsin's Bid To Block Sports Betting

By Katryna Perera

Robinhood has asked a Wisconsin federal judge to deny the state's bid to shut down sports betting offered through Robinhood's app and other online trading platforms, including Kalshi and Coinbase, arguing that the state's suit seeks to bypass the exclusivity of federal law governing such trading.

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Judge OKs Pause On Reviewing CFPB Layoff Plan

By Sarah Jarvis

A D.C. federal court has approved a joint bid from the Trump administration and a union that represents Consumer Financial Protection Bureau staffers to pause weighing a response to the administration's plan to lay off about half of the agency's remaining workforce, after the parties argued the president's nominee to head the agency should be given the chance to review the plan if he is confirmed.

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Portofino Says Citadel Used Dismissal To Fuel Press Campaign

By Caroline Simson

Portofino Technologies has accused Citadel Securities of using its decision to drop its trade secrets lawsuit against the Swiss cryptocurrency trading firm as an opportunity to drum up bad press about Portofino, and papering over the fact that an $8 million judgment it won in the dispute is a "pyrrhic victory."

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Capital One Customer Renews Claims Over Fintech's Outage

By Sydney Price

A North Carolina resident accusing Capital One's data processor Fidelity National Information Services of failing to prevent a power outage that prevented her and others from accessing funds has asked a district court for permission to file a bolstered version of her class claims following their dismissal without prejudice.

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Catching Up With Delaware's Chancery Court

By Jarek Rutz

The Delaware Chancery Court last week handled disputes involving corporate control, post-closing competition, executive departures, arbitration awards and shareholder litigation.

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The Nuance Between The Atkins, Gensler SEC Strategic Plans

U.S. Securities and Exchange Commission Chairman Paul Atkins' recent draft strategic plan is a marked departure from that of former Chair Gary Gensler, portraying an intention to leave decisions to the market rather than steering corporate behavior through expansive disclosure mandates and regulatory enforcement, say attorneys at Cleary.

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Future Of Fed Independence Shaky After Justices' Ruling

The U.S. Supreme Court's recent ruling in Trump v. Cook preserved the Federal Reserve's formal independence but could invite the president to remove board members with just modest protections, leaving the central bank's autonomy uncertain and potentially setting up fresh clashes over other agencies, says Steven Schwinn at the University of Chicago.

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Series

Mich. Banking Brief: All The Notable Legal Updates In Q2

The second quarter brought several notable financial services law developments to Michigan, including a U.S. Supreme Court ruling on state tax foreclosures, progress on a money transmission modernization bill package, and continued legislative momentum on cryptocurrency and mortgage lending, say attorneys at Dykema.

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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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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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