Kalshi cannot block New York from enforcing its gambling laws against the prediction market platform's sports-related offerings while the company pursues litigation accusing the state of intruding on the federal government's regulatory authority over derivatives trading, a federal judge ruled Tuesday.
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WEDNESDAY, JULY 8, 2026 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

TOP NEWS

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Kalshi Loses Bid To Block NY Gambling Law Enforcement

By Lauren Berg

Kalshi cannot block New York from enforcing its gambling laws against the prediction market platform's sports-related offerings while the company pursues litigation accusing the state of intruding on the federal government's regulatory authority over derivatives trading, a federal judge ruled Tuesday.

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Sony Bank's Crypto Charter Bid Clears 1st OCC Hurdle

By Aislinn Keely

Sony's online banking unit is a step closer to setting up a crypto-focused U.S. trust company with a preliminary conditional charter from the Office of the Comptroller of the Currency.

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Kraken Seeks To Enforce $22M Award Over Scrapped Audit

By Katryna Perera

Cryptocurrency trading platform Kraken has asked the Delaware Chancery Court to enforce a $22 million arbitration award it won against Mazars US LLP after the auditor suddenly quit the 2022 audit it was conducting for Kraken as the digital assets company came under a federal regulatory investigation.

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SEC's 2026 Agenda Eyes Exec Comp, Recordkeeping Reforms

By Jessica Corso & Aislinn Keely

The U.S. Securities and Exchange Commission has issued a new rulemaking agenda that highlights its plans to reduce executive compensation disclosure requirements at publicly traded companies and possible changes to broker-dealer recordkeeping requirements, while both it and the U.S. Commodity Futures Trading Commission are exploring new cryptocurrency rulemaking.

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POLICY & REGULATION

Kalshi Says Federal Law Bars Wash. 'Gambling' Clampdown

By Ben Adlin

Prediction market KalshiEX LLC urged a Washington state judge on Monday to reject state officials' effort to halt the company's operations under Washington gambling laws, arguing that federal law preempts the regulatory effort and that Washington has failed to show that the platform has caused meaningful harm.

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CFPB Eyes Credit-Card Late Fees For Possible Rulemaking

By Jon Hill

The Consumer Financial Protection Bureau is readying a request for information on credit-card late fees, signaling a renewed look at an affordability issue that the agency's Biden-era $8 fee cap sought to address before banking industry opposition helped sink it in court.

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Dem Sens. Probe CEOs On Trump-IRS Settlement Immunity

By Asha Glover & Sarah Jarvis

Three senior Democratic senators are investigating whether several companies with ties to President Donald Trump are benefiting from what they alleged was immunity for him, his family and his businesses in the settlement he reached with the Internal Revenue Service. 

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ENFORCEMENT & COMPLIANCE

Willow Bridge Reaches DOJ Deal To End Price-Fixing Claims

By Nate Beck

Dallas-based residential property manager Willow Bridge Property Co. has become the latest to reach a settlement with authorities in a North Carolina federal lawsuit accusing a host of landlords of fixing apartment prices using software from RealPage.

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LITIGATION

AmEx Escapes Rewards Program Patent Suit For Good

By Elliot Weld

A New York federal judge has permanently dismissed a lawsuit accusing American Express of infringing patents covering loyalty and rewards programs, saying an amended complaint had still not cured the issues the court identified in a previous ruling.

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DEALS

Equifax Is Buying Círculo De Crédito In $750M Deal

By Al Barbarino

Credit reporting company Equifax said Tuesday it has agreed to acquire Mexican credit bureau Círculo de Crédito for an enterprise value of $750 million, expanding its presence in one of Latin America's fastest-growing credit markets. 

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BANKRUPTCY

Celsius Ex-GC's Ch. 11 Suit Against Other Execs Tossed

By Clara Geoghegan

A New York bankruptcy judge tossed a former Celsius Network LLC executive's lawsuit that blamed alleged oversight issues at the crypto platform on three other executives, finding that his claims belonged to Celsius and were waived under its Chapter 11 plan.

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PEOPLE

SEC Names Agency Vets To Lead New Retail Fraud Group

By Sydney Price

The U.S. Securities and Exchange Commission said Tuesday that it has launched a new working group that will expand the agency's efforts to identify fraud targeting retail investors, tapping two longtime agency officials to lead the effort.

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EXPERT ANALYSIS

Have Private Suits Filled Gap Left By SEC's Crypto Pullback?

In the wake of the U.S. Securities and Exchange Commission's regulatory retreat in the crypto space, private litigants have pursued claims across different types of crypto-related activities and market participants, but whether private lawsuits have replaced SEC enforcement remains unclear, says Simona Mola at NERA.

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What Ex-CFPB Head's Calif. Role May Foretell For Oversight

California Gov. Gavin Newsom's selection of former Consumer Financial Protection Bureau Director Rohit Chopra to lead a new consumer agency signals tougher state financial services oversight, especially for fintechs, as well as heightened enforcement activity and larger penalties, say attorneys at WilmerHale.

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Quantum Readiness May Paradoxically Raise Contractor Risk

The organizations best positioned for the cryptographic system migration deadlines and other requirements under President Donald Trump’s recent quantum executive orders will be those able to inventory their cryptographic dependencies while protecting their vulnerability road map from adversaries, says Jesse Lemon at The Beckage Firm.

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LEGAL INDUSTRY

Sealing The Deal

How Gibson Dunn Helped SpaceX Pull Off Its $75B Global IPO

By Al Barbarino

When SpaceX completed its record-breaking $75 billion initial public offering last month, the transaction was notable not only for its size — the largest IPO ever — but also for breaking new ground in how public offerings can be structured to reach retail investors around the world.

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CEO Cops To Conspiracy In BigLaw Insider Trading Case

By Sydney Price

A Dubai-based CEO and trader has pled guilty in Massachusetts federal court to charges that he worked with a former BigLaw associate and others to carry out a far-reaching insider trading scheme.

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Justices To Defend Court's Budget In Rare Hill Testimony

By Courtney Bublé

U.S. Supreme Court Justices Amy Coney Barrett and Elena Kagan will testify before House and Senate committees on July 14, marking the first time in seven years that a sitting justice has gone before lawmakers.

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Ex-DOJ Employees Tell Senate To Reject Blanche Nomination

By Emily Sawicki

Hundreds of former Justice Department employees and appointees urged the Senate in a Tuesday letter to reject the nomination of acting Attorney General Todd Blanche for the permanent role, particularly noting what they called Blanche's work toward politicizing the department.

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ChatGPT Edits Weren't 'Knowing' Errors, Conn. Justices Told

By Aaron Keller

A GLG Law LLC lawyer who blamed ChatGPT for misquotes and citation errors in three filings told the Connecticut Supreme Court on Tuesday he did not violate an ethics rule requiring candor to the tribunal because his briefs, though inaccurate, contained correct assertions about the law.

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Ogletree Co-Founder Deakins, 'Beacon Of Wisdom,' Dies At 90

By Emily Johnson

A co-founder of the global labor and employment juggernaut Ogletree Deakins Nash Smoak & Stewart PC died Monday after decades of helping shape the firm's values of honesty and transparency.

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McCarter Atty's Work 'Fell Short' In $20M Deals, Judge Told

By Brian Steele

McCarter & English LLP and one of its Connecticut attorneys failed to uphold the applicable standard of care when advising insurers on $20 million worth of loan transactions that ultimately fell apart because the borrower stopped paying, an expert witness told a Connecticut state court on Tuesday.

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House Dems Push To Ban Judges From Prediction Markets

By Emily Sawicki

Ranking members of the House Judiciary Committee on Tuesday called on the federal judiciary to ban judges from taking part in prediction markets amid growing concerns that court-related wagers could undermine judicial integrity.

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COMPANIES IN TODAY'S NEWS

Amazon.com Inc.

American Express Co.

Camden Property Trust

Coinbase Global Inc.

Connecticut Bar Association

Connecticut Fair Housing Center

Cushman & Wakefield Inc.

EchoStar Corp.

Equifax Inc.

Fort Point Capital

Gerson Lehrman Group Inc.

Google LLC

Greystar Real Estate Partners LLC

Grupo Elektra

International Business Machines Corp.

Johnson & Johnson

Lex Machina Inc.

LinkedIn Corp.

Mazars LLP

Microsoft Corp.

NERA Economic Consulting Inc.

Nasdaq Inc.

National Association of Attorneys General

Occidental Petroleum Corp.

Payward Inc.

RealPage Inc.

Space Exploration Technologies Corp.

Trump Organization Inc.

LAW FIRMS IN TODAY'S NEWS

Beckage Firm

Boies Schiller

Cole Schotz

Corr Cronin

DLA Piper

Gibson Dunn

Goodwin Procter

Harris Beach Murtha

Heyman Enerio

King & Spalding

Latham & Watkins

Logan Vance

McCarter & English

Milbank LLP

Ogletree Deakins

Ohlandt Greeley

Patterson Belknap

Paul Hastings

Quinn Emanuel

Robinson & Cole

Sidley Austin

Silver Golub

Wiggin & Dana

WilmerHale

Zeldes Needle

GOVERNMENT AGENCIES IN TODAY'S NEWS

Commodity Futures Trading Commission

Congressional Research Service

Consumer Financial Protection Bureau

Delaware Court of Chancery

Department of Cannabis Control

European Union

Federal Acquisition Regulatory Council

Federal Bureau of Investigation

Federal Reserve System

Federal Trade Commission

Internal Revenue Service

National Institute of Standards and Technology

National Security Agency

New York Attorney General's Office

New York State Gaming Commission

Office of the Comptroller of the Currency

U.S. Army

U.S. Attorney's Office for the District of Massachusetts

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

U.S. Department of Justice

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

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

U.S. District Court for the District of Columbia

U.S. District Court for the District of Massachusetts

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

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

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

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

U.S. Securities and Exchange Commission

U.S. Supreme Court

US Office of Management and Budget

United States District Court for the Western District of Wisconsin