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TOP NEWS
POLICY & REGULATION
Crypto Co. Kraken Files For OCC Trust Charter
By Katryna Perera
Cryptocurrency exchange Kraken, the first digital bank to hold a Federal Reserve master account, announced Friday it has applied for a national trust company charter with the Office of the Comptroller of the Currency to establish Payward National Trust Co., which would provide services for digital assets.
Letter attached |
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ENFORCEMENT & COMPLIANCE
LITIGATION
Payment Processing Co. Sued Over Data Collection, Breach
By Sydney Price
Payment processing company Total System Services LLC has been hit with a proposed class action in Georgia federal court accusing it of failing to protect consumers' personal information from hackers, resulting in a well-established cybercriminal group stealing the data over a six-month period and likely leaking it earlier this month.
Complaint attached |
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DEALS
PEOPLE
EXPERT ANALYSIS
OCC Proposal Frames Key Genius Act Implementation Issues
The Office of the Comptroller of the Currency's recently proposed rule under the Genius Act previews federal expectations on permissible activities for stablecoin issuers, offering an early guide to potential compliance burdens and state-federal equivalency debates as the stablecoin regulatory regime continues to take shape, say attorneys at Alston & Bird.
Proposed Rule attached |
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LEGAL INDUSTRY
ChatGPT Suit Points To Ups And Downs Of Pro Se AI Use
By Cara Bayles
A recent lawsuit against OpenAI highlights many of the hopes and anxieties about pro se litigants using generative artificial intelligence to churn out legal arguments. The technology raises concerns about confidentiality, hallucinations and ethical issues, but some access-to-justice advocates worry the lawsuit may hinder technology that might democratize legal services.
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ABA Advises Nixing Law School DEI Rules Under Scrutiny
By Emma Cueto
The Standards Committee of the American Bar Association's legal education arm has recommended that the section repeal its law school accreditation standards relating to diversity, equity and inclusion, saying that in the face of new government scrutiny, maintaining these requirements for law schools would jeopardize the section's status as a nationwide accreditor.
Memorandum attached |
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