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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THURSDAY, JULY 16, 2026 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

TOP NEWS

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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ENFORCEMENT & COMPLIANCE

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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LITIGATION

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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PEOPLE

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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EXPERT ANALYSIS

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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LEGAL INDUSTRY

Take The 2026 Law Firm Compensation Survey

Is your compensation keeping pace with the rate of inflation? Do you know what your colleagues made last year? Help Law360 Pulse answer these questions and more in this year's Law Firm Compensation Survey.

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Analysis

Circuit-By-Circuit Guide To The US Supreme Court's Term

By Jeff Overley

Federal appeals courts had wide-ranging successes and struggles during the U.S. Supreme Court's recently completed term: One had its best showing in years following its worst showing in years; one felt déjà vu after recently starting to find favor with the justices; and one saw its reputation for independence occupy a rare role in the Supreme Court spotlight.

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Simpson Thacher Put Co. Out Of Business, Fla. Jury Told

By Cara Salvatore

Simpson Thacher & Bartlett LLP put an insurance services company out of business with a poorly constructed private securities offering, the company's founder told a Florida state jury Wednesday in opening arguments for trial in his suit alleging the law firm owes him more than $100 million.

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New Conn. High Court Rules Put Filers On Hook For AI Errors

By Aaron Keller

The Connecticut Appellate and Supreme Courts have published new generative artificial intelligence rules which took immediate effect this week, outlining additional paths for sanctions as the justices weigh the fate of a landlord's attorney who admitted his filings contained ChatGPT-induced errors.

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Cornyn, Tillis Still Waver On Blanche AG Bid After Hearing

By Courtney Bublé

Todd Blanche had his nomination hearing to be attorney general on Wednesday and two key Republican senators still have yet to say if they will support him.

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Senate Confirms Fla. Judge Pick Tied To Trump Pulitzer Case

By Courtney Bublé

The Senate voted 51-46, along party lines, Wednesday to confirm state Chief Judge Jeffrey T. Kuntz for the Southern District of Florida.

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Apple Allowed To Question Withdrawing Hagens ICloud Client

By Bryan Koenig

A California federal judge has allowed Apple to impose conditions on the withdrawal of a Hagens Berman Sobol Shapiro LLP client as a named plaintiff from an iCloud antitrust case, concluding that the consumer's information could be "relevant to spoliation sanctions" or Hagens Berman's adequacy as class counsel.

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Polsinelli, Doctor Seek Toss Of 'Bad Faith' Patent Claims

By Elliot Weld

Polsinelli PC and a doctor who has been a client of the law firm have asked Mississippi and Tennessee federal courts to throw out Zavation Medical Products LLC and Choice Spine LLC's allegations that the firm and its client violated respective state laws by bringing "bad faith" patent infringement claims, saying the statutes the medical device makers rely on can't be brought by distributors or manufacturers.

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Trump Swiftly Fires Court-Appointed Seattle US Atty

By Lauren Berg

Almost immediately after being sworn in as Seattle's new U.S. attorney Wednesday morning, former King County Superior Court judge and federal prosecutor Roger Rogoff was fired by President Donald Trump.

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Dems Probe Clayton's Independence, 2020 Election Views

By Tom Lotshaw

During a Wednesday confirmation hearing for President Donald Trump's pick for national intelligence director, Democratic lawmakers pressed Jay Clayton to explain whether predecessor Tulsi Gabbard should have traveled to Georgia to oversee a search warrant executed at a Fulton County election facility, which she testified the president asked for.

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COMPANIES IN TODAY'S NEWS

Air Force One

Apple Inc.

Bank of America Corp.

BlackRock Inc.

Blockstream Corporation Inc.

CLS Bank International

Civil Rights Corps

Coinbase Global Inc.

Ethereum GmbH

Financial Industry Regulatory Authority Inc.

George Washington University

Gerson Lehrman Group Inc.

Google LLC

LinkedIn Corp.

Major League Baseball Inc.

McKinsey & Co. Inc.

Microsoft Corp.

New York University

Patriot National Inc.

Quicksilver Resources Inc.

SVB Financial Group

T. Rowe Price Group Inc.

The New York Times Co.

The Seattle Times

University of Iowa

Washington Legal Foundation

LAW FIRMS IN TODAY'S NEWS

ArentFox Schiff

Arnold & Porter

BC Law Group PC

Bailey & Glasser

Burns Charest

Charhon Callahan

Conrad & Scherer

Davis Polk

Egerton McAfee

Flannery Georgalis

Hagens Berman

Jones Day

Keker Van Nest & Peters

King & Spalding

Latham & Watkins

Law Offices of Gregory S. Duncan

Mayer Brown

McCarter & English

Milbank LLP

Phelps Dunbar

Polsinelli PC

Scott&Scott

Simpson Thacher & Bartlett

Stearns Weaver

Sullivan & Cromwell

Troutman

Tusa PC

Watstein Terepka

Wiesner Law Firm PC

Williams & Connolly

Williams Mullen

WilmerHale

GOVERNMENT AGENCIES IN TODAY'S NEWS

Commodity Futures Trading Commission

Consumer Financial Protection Bureau

Executive Office of the President

Federal Communications Commission

Federal Deposit Insurance Corp.

Federal Housing Finance Agency

Federal Reserve System

Federal Trade Commission

Internal Revenue Service

Michigan Attorney General's Office

National Credit Union Administration

Office of the Comptroller of the Currency

Office of the Director of National Intelligence

State of Michigan

U.S. Attorney's Office for the Western District of Washington

U.S. Department of Justice

U.S. District Court for the District of Connecticut

U.S. District Court for the Eastern District of Tennessee

U.S. District Court for the Eastern District of Virginia

U.S. District Court for the Northern District of California

U.S. District Court for the Northern District of Texas

U.S. District Court for the Southern District of Florida

U.S. District Court for the Southern District of Mississippi

U.S. District Court for the Southern District of New York

U.S. District Court for the Western District of Washington

U.S. House of Representatives

U.S. Securities and Exchange Commission

U.S. Senate

U.S. Senate Select Committee on Intelligence

U.S. Supreme Court