Crypto Co. Kraken Secures Fed Master Account Access

By Aislinn Keely

The Federal Reserve Bank of Kansas City on Wednesday cleared Wyoming-chartered Kraken Financial for a "limited purpose" master account, becoming the first crypto bank to gain access to the Federal Reserve's payment rails in a move that brought outcry from banking groups.

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SEC Takes Step Toward Issuance Of Crypto 'Taxonomy'

By Aislinn Keely

The U.S. Securities and Exchange Commission has sent its forthcoming "token taxonomy" to the Office of Information and Regulatory Affairs for review, marking a procedural step toward issuing guidance on which crypto assets and transactions trigger securities laws.

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CSBS Chief Warns Of OCC Charter, Preemption Overreach

By Jon Hill

The head of the Conference of State Bank Supervisors fired a warning shot at the Office of the Comptroller of the Currency on Tuesday, accusing the agency of stretching its chartering and preemption powers too far and signaling that states could challenge the moves in court.

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Polymarket Challenges Mich.'s Gambling Law Enforcement

By Katryna Perera

Polymarket US filed suit Wednesday seeking to block Michigan from enforcing its gambling laws against the prediction-market exchange, marking the latest in the fight between prediction-market exchanges and state regulators that is playing out across the country.

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PE Firm Norada Faces Investor Suits Over $92M Ponzi Scheme

By Katryna Perera

Groups of investors from multiple states have filed a series of lawsuits against Norada Capital Management LLC in Wyoming federal court, alleging the private equity fund defrauded them out of millions of dollars as part of a Ponzi scheme that the firm's managing member pled guilty to.

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Veterans Fight BofA Interest Suit Dismissal Recommendation

By Sydney Price

Three veterans told a North Carolina federal court Tuesday that a magistrate judge was wrong to recommend tossing their proposed class action accusing Bank of America of violating an interest cap law for military service members, arguing their claims under the Servicemembers Civil Relief Act are unambiguous.

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What Kalshi Cases Reveal About State Authority, Regulation

Prediction markets like Kalshi have ignited complex legal battles that get to the heart of how novel financial products intersect with traditional state enforcement authority, and courts are already beginning to divide over whether federal law preempts state enforcement authority restricting these offerings, say attorneys at Holtzman Vogel.

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How Leveraged Lending Pivot May Alter Bank Risk Oversight

The Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency's recent withdrawal of leveraged lending guidance introduces several principles that may allow banks to better apply enterprisewide risk management programs and potentially create additional competition in the private credit loan market, say attorneys at Mayer Brown.

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Series

Law School's Missed Lessons: In Court, It's About Storytelling

Law school provides doctrine, cases and hypotheticals, but when lawyers step into the courtroom, they must learn the importance of clarity, credibility, memorability and preparation — in other words, how to tell simple, effective stories, say Nicholas Steverson and Danielle Trujillo at Wheeler Trigg, and Lisa DeCaro at Courtroom Performance.

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OpenAI Practices Law Without A License, Insurer Alleges

By Lauren Berg

OpenAI is practicing law without a license, according to an insurer's lawsuit filed in Illinois federal court that alleges artificial intelligence platform ChatGPT provided faulty legal advice to a woman seeking disability benefits that led to a breached settlement and a flurry of frivolous court filings.

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Analysis

UK Law Sector's Private Equity Boom Offers Lessons For US

By Ryan Boysen

Private equity money is pouring into the U.K. legal sector, fueling a wave of consolidation in consumer-facing practices and offering a glimpse of what it could look like if outside investment in the U.S. legal industry takes off.

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Criminal Contempt Of DOJ Attys Unlikely For Violating Orders

By Jack Karp

Federal judges have been floating the possibility of holding government attorneys in criminal contempt of court for violating immigration-related court orders, a potentially shocking move that scholars say is unlikely and probably less effective than civil contempt orders.

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Lindsey Halligan Faces Fla. Bar Investigation, Watchdog Says

By Lauren Berg

The Florida Bar is investigating Lindsey Halligan, the former interim U.S. attorney for the Eastern District of Virginia who pursued controversial indictments against President Donald Trump's political opponents, according to a letter the Campaign for Accountability made public Thursday.

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Troutman And Former Atty Push To Limit Scope Of Bias Trial

By Jake Maher

Troutman Pepper Hamilton Sanders LLP and a former associate suing the firm for racial discrimination and retaliation this week fought over the role that charged language and calculations of financial damages should play in an upcoming trial.

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Atty's Scheduling Error Dooms Appeal In AT&T Forfeiture Suit

By Patrick Hoff

An AT&T worker can't ask the Ninth Circuit to review the dismissal of his proposed class action claiming the telecommunications company misused forfeited 401(k) funds, with a California federal judge saying his attorney's busy schedule was "one of the least compelling excuses" for filing a late appeal.

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Analysis

A Look At Four States' Tort Reform Legislation Fights

By Y. Peter Kang

There are currently four states debating whether to install business-friendly tort reform legislation or medical malpractice guardrails. The issues include a potentially brutal showdown in California over auto collision litigation and efforts in Florida to expand wrongful death liability for healthcare providers.

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Ex-Judge In Wis. Says ICE Prosecution Theory Has No Limits

By Britain Eakin

A former Wisconsin judge has said the government's case against her for obstructing U.S. Immigration and Customs Enforcement has no limiting principle and wrongly turned her authority to manage her courtroom into a federal felony for impeding ICE.

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Texas, Arkansas, Louisiana Judicial Nominees Advance

By Courtney Bublé

Four judicial nominees advanced out of committee Thursday along party lines, which included two for Texas.

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