The U.S. Securities and Exchange Commission is preparing to update regulations for investment advisers and funds holding crypto assets on their clients' behalf, sending planned amendments to its custody rules to the White House for review.
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THURSDAY, AUGUST 27, 2026 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

TOP NEWS

SEC Sends Crypto Custody Plan To White House

By Aislinn Keely

The U.S. Securities and Exchange Commission is preparing to update regulations for investment advisers and funds holding crypto assets on their clients' behalf, sending planned amendments to its custody rules to the White House for review.

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Connecticut Sues Kalshi To End 'Free-For-All' Wagering

By Brian Steele

Connecticut on Wednesday became the latest state to sue prediction market Kalshi for allegedly offering illegal sports gambling to its users, asking a court to shut down unlicensed wagers in the state and opening a new front in a legal battle that has previously reached the Second Circuit.

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Crypto CEO Says Investors Lack Proof In Refund Fraud Suit

By Sydney Price

The CEO of Power Block Coin LLC, which does business as SmartFi, asked the Pennsylvania federal court for a win in a suit alleging he refused to fulfill their "buyback guarantee" of SmartFi tokens, saying the investors cannot even show they personally bought the tokens.

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POLICY & REGULATION

Fed's Cook Says Trump Has 'No Lawful Basis' To Fire Her

By Hailey Konnath and Jon Hill

Federal Reserve Gov. Lisa Cook told the White House on Wednesday that President Donald Trump lacks a legally valid reason to fire her, arguing that previous mortgage fraud allegations leveled against her are untrue and would not justify removal.

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ENFORCEMENT & COMPLIANCE

SEC, AI Startup Settle Action Over $5.3M Offering

By Katryna Perera

An artificial intelligence startup and its founder have agreed to pay the U.S. Securities and Exchange Commission over $100,000 to resolve claims that they raised more than $5.3 million from investors through misleading statements about the company's revenue, current valuation and customer demand.

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LITIGATION

Fla. Judge Trims Claims In Bitcoin ATM Code Theft Suit

By David Minsky

A Florida federal judge allowed most of an Illinois software company's claims of bitcoin ATM source code theft to proceed against its former developer and others, but tossed two counts of conversion after finding the allegations couldn't be sustained. 

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EXPERT ANALYSIS

Student Loan Suit Draws Line On Testimony In Trust Litigation

A recent interlocutory opinion from the Southern District of New York shows securitization experts can explain servicing practices but cannot substitute for authenticated loan-level ownership proof or intent evidence, signaling that parties in student loan trust cases should sharpen recordkeeping and tracing strategies, says attorney Stanley Tate.

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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

Alorica Inc.

Apple Inc.

Athena Bitcoin Inc.

Consumer Attorneys of California

Federal National Mortgage Association

First Marblehead Corp.

Freddie Mac

KeyCorp

Magellan Financial & Insurance Services

Michigan State University

OpenAI OpCo LLC

The Education Resources Institute Inc.

Transworld Systems Inc.

LAW FIRMS IN TODAY'S NEWS

Cooley LLP

Eckert Seamans

Forster & Garbus

Gibson Dunn

Johnson & Martin

Kirkland & Ellis

Lott & Fischer

McCarter & English

Milbank LLP

Patzik Frank

Pillsbury Winthrop

Ray Quinney

Saul Ewing

Walsh Pizzi

GOVERNMENT AGENCIES IN TODAY'S NEWS

Commodity Futures Trading Commission

Connecticut Department of Consumer Protection

Employee Benefits Security Administration

Executive Office of the President

Federal Bureau of Investigation

Federal Housing Finance Agency

Federal Reserve System

Internal Revenue Service

Mine Safety and Health Administration

Occupational Safety and Health Administration

Office of Federal Contract Compliance Programs

U.S. Court of Appeals for the Fourth Circuit

U.S. Court of Appeals for the Third Circuit

U.S. Department of Justice

U.S. Department of Labor

U.S. District Court for the District of Arizona

U.S. District Court for the District of Connecticut

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

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

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

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

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

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

U.S. Securities and Exchange Commission

U.S. Supreme Court

US Office of Management and Budget

Wage and Hour Division