Dems Block Crypto Bill Over Ethics Concerns

By Courtney Bublé

The Senate on Tuesday failed to clear a procedural hurdle for the Clarity Act, which was primed to be the first comprehensive federal regulatory framework for digital asset markets, as Democrats said the ethics guardrails were not strong enough.

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Robinhood Engineers Hit With Crypto-Futures Insider Charges

By Pete Brush

Two Robinhood Markets engineers made over $50,000 each by unlawfully trading futures on the decentralized derivative exchange Hyperliquid using confidential information they got while working at the California-based discount online brokerage, federal prosecutors in New York charged on Tuesday.

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Enova Cites Regulatory Uncertainty As It Ends Bid For Bank

By Jon Hill

Fintech lender Enova International has scrapped a proposed $369 million purchase of Grasshopper Bancorp Inc., dropping its closely watched bid to enter the federal banking system after months of regulatory review and criticism from consumer advocates.

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Walmart, Retail Groups Doubt Value Of $200B Swipe Fee Deal

By Aneeta Mathur-Ashton

Major retail trade associations and Walmart are objecting to a $200 billion settlement over Visa and Mastercard swipe fees in New York federal court, saying the court should decertify the class or at least allow opt-outs so merchants can preserve "valuable claims that class counsel are trading away for nothing."

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Bessent Teases Higher AML Reporting Thresholds For Banks

By Jon Hill

U.S. Treasury Secretary Scott Bessent told a U.S. House panel on Tuesday that the Trump administration is moving toward relaxing longstanding transaction reporting requirements for banks as part of its broader push to overhaul federal anti-money laundering rules.

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Feds Seek $61M In Crypto From Iranian Military Oil Sales

By Madeline Lyskawa

The U.S. government filed a civil forfeiture complaint seeking $61 million in cryptocurrency, the alleged proceeds of black market sales of sanctioned Iranian crude oil and petroleum products meant to finance the Iranian government and its military components.

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Ex-Fintech CEO Must Face Investors' Market Manipulation Suit

By Katryna Perera

A New Jersey federal judge has ruled the former CEO of Future FinTech Group must face investor claims that he manipulated the company's share price to create an illusion of market demand after the company's failed reinvention from selling fruit juice to blockchain e-commerce.

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Susquehanna Denied Injunction In $155M Insider Trading Suit

By Jessica Corso

A New York federal judge has denied market maker Susquehanna Securities' bid to freeze the accounts of 40 traders the firm alleges participated in a $155 million insider trading scheme, saying Susquehanna has not proven that the trading activity is linked to insider knowledge about a Chinese government crackdown.

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Fintech Co. Says Nuvei Bungled Mastercard Transactions

By Gina Kim

Chicago-based fintech and futures prop trading firm Topstep has sued Nuvei Technologies in Arizona federal court, alleging the payment processor concealed a system error that bungled 189,000 Mastercard transactions and then tried to improperly resubmit them, leaving Topstep's customers "blindsided with unexpected charges" and resulting in reputational harm to Topstep.

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Grab Holdings To Buy 60% Of Atome Financial For $1.5B

By Al Barbarino

Singapore-based Grab Holdings Ltd. said Tuesday it has agreed to acquire a controlling 60% equity interest in Atome Financial for $1.49 billion, while also agreeing to purchase the remaining 40% stake within the next two years. 

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Nixon Peabody Hires Ex-SEC Commissioner Stein In DC

By Jack Rodgers

Nixon Peabody LLP has hired former U.S. Securities and Exchange Commission commissioner Kara Stein, who for the past four years has worked as a board member with the Public Company Accounting Oversight Board, the firm announced Tuesday.

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AG Watch: Oregon Targets Consumer Costs

Oregon Attorney General Dan Rayfield's challenges to bank interest rate and escrow preemption signal heightened scrutiny of consumer costs for lending services, requiring financial institutions serving Oregon and other states with opt-out laws to reassess compliance risk, says Keturah Taylor at Cozen O'Connor.

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A Lender's Guide To Fraud: Safeguarding Collateral

Recent bankruptcies illustrate that lenders should strengthen credit covenants, collateral field exams and third-party verification in order to detect double-pledging, fabricated assets and documentation fraud enabled by artificial intelligence before losses become unrecoverable, say attorneys at Moore & Van Allen.

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Brief

Senate Panel Weighs 6 Trump Judicial Picks From Red States

By Courtney Bublé

Six nominees for U.S. district judge appeared before the Senate Judiciary Committee on Wednesday for their nomination hearing.

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Burford Exec, Holland & Knight Adviser Open AI-Native Firm

By Andrea Keckley

Two veterans of the legal industry announced on Wednesday that they have teamed up to launch FairPlay Law, an AI-native firm based in Manhattan and focused on representing employees.

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Montgomery McCracken Adds Ex-NJ Judge To ADR Practice

By Jake Maher

Montgomery McCracken Walker & Rhoads LLP has added a retired New Jersey Superior Court judge of 13 years as a senior counsel in Cherry Hill, who specializes in alternative dispute resolution, the firm has announced.

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Trembly Law Absorbs Miami Probate Firm Get Ahead Legal

By Madison Arnold

Estate planning firm Get Ahead Legal has merged with the Miami-based Trembly Law Firm.

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Michael Best Combines With NY-Based Kane Kessler

By Kevin Penton

Michael Best & Friedrich LLP announced Wednesday that it is combining with New York-based firm Kane Kessler PC, adding 36 attorneys and a Big Apple presence to a firm that ranked 143rd on Law360's list of the nation's largest law firms.

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Crowell & Moring Adds Ex-DOJ, FTC Antitrust Attys In DC, NY

By Alison Knezevich

Crowell & Moring LLP on Wednesday announced the hiring of two former enforcement attorneys from the U.S. Department of Justice and the Federal Trade Commission for its antitrust and competition group, with the firm saying it plans more growth of the practice soon.

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Weil Names New Corporate Leaders After Dept. Chair's Exit

By Anna Sanders

Weil Gotshal & Manges LLP has named two longtime private equity and mergers and acquisitions partners as the next corporate department co-chairs, promising to expand the headcount and breadth of the practice group after the former head left for Cravath Swaine & Moore LLP last week. 

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Kirkland Adds Real Estate Partner From HSF Kramer Team

By Nate Beck

Kirkland & Ellis LLP has hired a Herbert Smith Freehills Kramer LLP attorney as a partner in its real estate group. 

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Newman Saga Prompts Bill To Limit Judicial Suspensions

By Courtney Bublé

The long-running saga over Federal Circuit Judge Pauline Newman's fitness to remain on the court has exposed "major flaws" in the judicial accountability system, according to a Republican member of the House who introduced a bill Wednesday to reform it.

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Colo. Firm Accused Of Withholding 33% Malpractice Fee

By Zach Dupont

A New York attorney claimed a personal injury firm won't pay the 33% portion of an attorney fee he is owed from a settlement in a medical malpractice lawsuit in violation of a written agreement between the parties, according to a complaint filed in Colorado federal court.

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