The U.S. Commodity Futures Trading Commission and Kentucky regulators dueled over whether the state's attempts to tax and limit sports-focused event contracts have harmed the federal agency in competing bids for a quick win in their ongoing dispute over prediction market regulation.
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TOP NEWS

CFTC, Kentucky Vie For Early Win In Prediction Market Clash

By Aislinn Keely

The U.S. Commodity Futures Trading Commission and Kentucky regulators dueled over whether the state's attempts to tax and limit sports-focused event contracts have harmed the federal agency in competing bids for a quick win in their ongoing dispute over prediction market regulation.

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Tribes, Exchanges Weigh In On SEC, CFTC Swaps Proposal

By Jessica Corso

Native American tribes are among those weighing in on the U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission's attempts to redefine a swap, urging the agencies not to place sports betting contracts under their purview as the contracts strip a "vital source of funding" from the tribes and violate the Indian Gaming Regulatory Act.

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Binance To Add 2 Compliance Veterans From Crypto.com

By Aislinn Keely

Crypto exchange Binance Holdings Ltd. confirmed Tuesday that it is bringing on two compliance executives from Crypto.com.

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LITIGATION

Athena Bitcoin Hit With Texas Class Suit Over ATM Scams

By Sydney Price

A Texas resident has hit crypto ATM operator Athena Bitcoin with a proposed class action accusing it of failing to flag transactions that exceed its daily transaction limits, which allowed scammers to dupe him out of nearly $30,000 that has not been returned.

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DEALS

2 Firms Guide Windjammer's $350M Smart Parking Co. Sale

By Isaac Monterose

Private equity investor Windjammer Capital will sell its smart parking infrastructure company IPS Group Inc. to online commerce platform Nayax Ltd. in a $350 million all-cash, no-debt sale guided by Kirkland & Ellis LLP and Reed Smith LLP, Windjammer and Nayax announced Tuesday.

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PEOPLE

Ex-OCC Counsel Joins Clark Hill's Banking Practice

By Jon Hill

Clark Hill PLC has expanded its financial services regulatory roster with the addition of a longtime member of the Office of the Comptroller of the Currency's law department who advised on bank exam issues, appellate litigation and corporate applications at the national bank regulator.

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Ex-DOJ Fraud Attys Switch To Civil Focus At Boutique Firm

By Phillip Bantz

Criminal fraud prosecutors commonly pursue careers as white collar defense lawyers after exiting the U.S. Department of Justice, but a group of ex-DOJ lawyers who have recently joined national litigation boutique AXS Law Group are embarking on a path less traveled.

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EXPERT ANALYSIS

EU's Russian Crypto Sanctions Call For Layered Compliance

The European Union's recently adopted Russia crypto sanctions package marks a significant escalation in enforcement, making it prudent to adopt a stratified compliance approach capable of identifying indirect measures via decentralized finance, cross-chain infrastructure, stablecoins and other blockchain-native services, says Kevin Strenski at Nardello.

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Opinion

A Guiding Principle For The SEC On Exempt Capital Markets

The U.S. Securities and Exchange Commission's recently proposed Regulation Crypto Assets borrows selectively from other capital-raising exemptions while giving crypto issuers materially different terms, and those unexplained differences reveal the need for a regulatory approach of presumptive parity, says Brian Christie at the Crowdfunding Professional Association.

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What To Know As Legal Duty To Consider AI Takes Shape

While the U.K. Jurisdiction Taskforce’s recent statement on liability for artificial intelligence harms is nonbinding for both U.K. and U.S. lawyers, it highlights the importance of being able to distinguish between the availability of a tool and a professional obligation to use it, say Jonny Frank and Michael Costa at StoneTurn.

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LEGAL INDUSTRY

Calif. Bill Curbing PE Role In Litigation Heads To Newsom

By Lauren Berg

A California bill to ban corporate investors from influencing litigation strategy is heading to Gov. Gavin Newsom's desk after passing with bipartisan support from the state Legislature.

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Pillsbury Settles Ex-Recruiting Director's Pregnancy Bias Suit

By Grace Elletson

Pillsbury Winthrop Shaw Pittman LLP has settled a Black former director's suit claiming the law firm fired her weeks after she shared that she was pregnant and would need accommodations, according to a Tennessee federal court filing.

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DOJ Flags Breach Of Internal Policies In Apple Suit

By Bryan Koenig

The U.S. Department of Justice told a New Jersey federal judge Tuesday that its staffers breached internal policies when they shared personally identifiable information with an outside discovery vendor that was hired not by the department, but instead by the DOJ's state attorneys general partners, in the monopolization case against Apple.

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Prosecutors Say Goldstein Must Stay Behind Bars

By Jared Foretek

Federal prosecutors told the Fourth Circuit on Tuesday to keep convicted Supreme Court attorney Thomas Goldstein behind bars while he appeals his conviction, arguing that he remains a serious flight risk with wealthy overseas connections and "an ongoing danger" whose tax crimes continued "even after conviction."

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Arizona Atty Reprimanded For Series Of AI Errors

By Matt Perez

An Arizona federal judge has formally reprimanded a lawyer who admitted to filing four briefs that contained errors including false quotes and a faulty case summary generated with artificial intelligence amid an employment discrimination suit, noting the lawyer previously faced sanctions on two separate occasions for violating court rules.

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House Committee Wants DOL IG To Widen Info-Sharing Probe

By Benjamin Morse

Top House Education and Workforce Committee Republicans urged the U.S. Department of Labor's watchdog Wednesday to expand its review of information-sharing arrangements with outside groups, asking whether three additional agencies improperly disclosed confidential investigative material during the Biden administration.

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COMPANIES IN TODAY'S NEWS

American Bar Association

American Express Co.

Apple Inc.

Athena Bitcoin Inc.

Binance Holdings Ltd.

CME Group Inc.

Coinbase Global Inc.

Coinme

Consumer Attorneys of California

Financial Industry Regulatory Authority Inc.

Golden Gate University

Harvard University

LinkedIn Corp.

Magellan Financial & Insurance Services

Nardello & Co. LLC

Nasdaq Inc.

Nayax Ltd.

OpenAI OpCo LLC

Outcome Health

Rabobank

Sberbank of Russia

StoneTurn Group LLP

The Western Union Co.

Wells Fargo & Co.

LAW FIRMS IN TODAY'S NEWS

AXS Law Group

Clark Hill

Cooley LLP

Dann Law Firm

Gibson Dunn

Kirkland & Ellis

Pillsbury Winthrop

Reed Smith

Walsh Pizzi

GOVERNMENT AGENCIES IN TODAY'S NEWS

Commodity Futures Trading Commission

Commonwealth of Kentucky

Employee Benefits Security Administration

European Union

Federal Bureau of Investigation

Financial Crimes Enforcement Network

Internal Revenue Service

Iowa Tribe of Oklahoma

Mashantucket Pequot Tribal Nation

Mine Safety and Health Administration

Occupational Safety and Health Administration

Office of Federal Contract Compliance Programs

Office of the Comptroller of the Currency

U.S. Court of Appeals for the Fourth Circuit

U.S. Department of Justice

U.S. Department of Labor

U.S. Department of the Treasury

U.S. District & Bankruptcy Courts of Southern District of Texas

U.S. District Court for the District of Arizona

U.S. District Court for the District of New Jersey

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

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

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

U.S. Securities and Exchange Commission

US Office of Management and Budget

Wage and Hour Division