CFTC Sends Event-Contracts Swaps Proposal To White House

By Aislinn Keely

The U.S. Commodity Futures Trading Commission has submitted two rule proposals to the White House that appear to explicitly establish event contracts as swaps while excluding "casino-style gambling products," updates that could affirm the agency's view that prediction markets are under its "exclusive jurisdiction" and beyond the reach of states.

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Google Beats Suit Over 'Pig Butchering' App Scams, For Now

By Dorothy Atkins

A California federal judge tossed with leave to amend Monday a proposed class action alleging Google falsely advertised its Google Play Store as safe despite allowing swarms of "pig butchering" crypto-scam apps, finding that the claims are barred by Section 230 of the Communications Decency Act.

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SEC Says Investors Lost $15M In Crypto, AI Scams

By Jessica Corso

The U.S. Securities and Exchange Commission filed a pair of lawsuits Tuesday against companies likely controlled by individuals abroad who it says scammed customers out of $15 million involving cryptocurrency trading and fake artificial intelligence-backed bots.

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Key Bank Policymaking Official To Depart Treasury

By Jon Hill

Luke Pettit, a top U.S. Department of the Treasury official who has helped shepherd the Trump administration's financial services policy agenda will step down next month, becoming the latest federal regulatory official to decamp in advance of the midterm elections.  

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X Corp. Says Crypto Gambling Company Bribed X Employees

By Spencer Brewer

X Corp. told a Texas federal court that a company behind two controversial crypto gambling websites, which allegedly bribed X employees, cannot arbitrate claims that X unfairly removed their access to its website.

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3 Firms Build Capitolis' $200M Deal To Acquire eSecLending

By Jade Martinez-Pogue

Financial technology company Capitolis on Tuesday unveiled plans to buy eSecLending from private equity shop Parthenon Capital in a $200 million all-cash deal built by three law firms.

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Akin Adds House Financial Services Staffer To Lobbying Team

By Alison Knezevich

Akin Gump Strauss Hauer & Feld LLP said Tuesday a former senior staff member on the U.S. House Committee on Financial Services has joined its lobbying and public policy practice in Washington, D.C.

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What Comes Next For Digital Asset Regs After Clarity Act Flop

After the U.S. Senate recently blocked the Digital Asset Market Clarity Act, agency rulemaking could still offer a near-term remedy, and companies meanwhile should monitor the existing framework assembled from enforcement precedent and case law in the absence of a purpose-built statute, say attorneys at Ropes & Gray.

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3rd Circ. Affirms Thomson Reuters' Westlaw AI Copyright Win

By Ivan Moreno

The Third Circuit on Tuesday upheld Thomson Reuters' victory against Ross Intelligence Inc. in the first U.S. appellate ruling to address whether artificial intelligence training can be fair use of copyrighted material, upholding a Delaware federal court's decision that the startup infringed Westlaw headnotes by using material derived from them to develop an AI-powered legal search tool.

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11th Circ. Won't Pause Sanctions Against Trump In IRS Case

By Jack McLoone

An Eleventh Circuit panel refused Tuesday to pause a district court's sanctions order barring President Donald Trump and others from citing the agreement he made to settle his $10 billion suit against the Internal Revenue Service while they appeal the order.

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DC Circ. Weighs Limits On Boasberg's Contempt Inquiry

By Jared Foretek

A top Justice Department official told an en banc D.C. Circuit panel that a district judge should refer former Homeland Security Secretary Kristi Noem for contempt over the 2025 deportation flights to El Salvador and move on, saying the judge had no authority to wrap others into his inquiry.

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Jack Smith Says He Won't Be Intimidated By Trump Threats

By Courtney Bublé

Former special counsel Jack Smith testified on Tuesday he "will not be silenced" by threats of prosecution by the president or others.

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Baker Botts Atty Disputes Inventor's Claim Of Defamation Deal

By Madison Arnold

A Baker Botts LLP patent attorney is pushing back on an inventor's claim that they reached a settlement agreement in the inventor's defamation suit in Florida federal court.

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Richards Layton Atty's Chancery Nomination Advanced

By Rose Krebs

A Delaware senate committee Tuesday advanced the nomination for a Richards Layton & Finger PA director to serve as a vice chancellor on the nationally important Chancery Court, with him vowing to continue the court's esteemed legacy for corporate law jurisprudence.

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