Fintech

  • September 23, 2022

    3 Questions As Feds Flesh Out New Breach Reporting Rules

    Federal officials have a bevy of questions to answer as they fine-tune new rules that will require critical infrastructure entities to report cyber incidents, including which businesses will be covered and how they will incentivize companies to comply.

  • September 23, 2022

    Treasury Official Says US Digital Dollar 'Could Take Years'

    The U.S. Treasury Department's top domestic finance official suggested that the U.S. is nowhere near issuing a central bank digital currency, saying it "could take years" to develop the necessary underlying technology.

  • September 23, 2022

    Crypto-Focused Bank Gets GOP Backing In Fight With Fed

    Republican U.S. lawmakers, the state of Wyoming and two of its state legislators have weighed in on a cryptocurrency-focused bank's lawsuit against the Federal Reserve, urging a federal court to preserve the bank's accusations that the central bank illegally slow-walked its application for access to critical payment services.

  • September 23, 2022

    Republicans Say CFPB, SEC Must Reckon With EPA Ruling

    House Republicans are calling on the U.S. Securities and Exchange Commission and Consumer Financial Protection Bureau to provide legal justifications for numerous regulatory initiatives on their dockets, saying a recent U.S. Supreme Court decision "casts doubt" on the agencies' authority to proceed.

  • September 23, 2022

    Coinbase Accused Of Infringing Patented Digital Trading Tech

    A Wyoming fintech company has filed patent infringement claims against Coinbase Global Inc., alleging that the cryptocurrency exchange's products and services encroach on its patented technology for securely processing digital transactions, according to the suit filed in Delaware federal court.

  • September 23, 2022

    IRS Can Seek Crypto Platform Users' Bank Docs

    The IRS can proceed with a summons on a New York bank seeking the account records of clients who've received services from cryptocurrency platform sFOX as the agency probes whether they've complied with their tax obligations, a federal judge ruled.

  • September 23, 2022

    Ch. 11 Cheat Sheet: Compute North Holdings

    Cryptocurrency and blockchain data center provider Compute North Holdings filed for Chapter 11 protection in a Texas bankruptcy court Sept. 22, citing collapsing crypto values, ballooning energy costs, supply chain issues and the loss of two of its data centers to asserted loan defaults.

  • September 23, 2022

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen investors in a Disney film financing scheme look for a fairytale ending against HSBC, a scuppered Forex company sue a card payments provider in a breach of contract claim, and Boots Opticians eye up a commercial contracts claim against NHS England. Here, Law360 looks at these and other new claims in the U.K.

  • September 23, 2022

    MVP: Anchorage Digital's Georgia Quinn

    Anchorage Digital's general counsel Georgia Quinn provided clutch legal guidance to the nation's first federally chartered digital asset bank in its quest to embrace regulation and oversight from inside the cryptocurrency industry, landing her a place among Law360's 2022 Fintech MVPs.

  • September 23, 2022

    Crypto Data Center Co. Compute North Hits Ch. 11

    Cryptocurrency and blockchain data center provider Compute North Holdings has filed for Chapter 11 protection in a Texas bankruptcy court with nearly $147 million in debt, citing collapsing crypto values and ballooning energy costs.

  • September 23, 2022

    6 Key Reasons Why M&A Deals Are Falling Apart

    In the world of mergers and acquisitions, the word "definitive" isn't always, well, definitive. Deals can fall apart for an array of reasons, even in the best of times. But currently, a confluence of economic, geopolitical and regulatory factors is leading some market players to rethink things.

  • September 22, 2022

    CFTC Fines Crypto Co. Over Trading, Also Sues Successor

    The U.S. Commodity Futures Trading Commission announced Thursday that while it had reached a settlement with bZeroX, LLC and its founders over the agency's claims that the crypto-business offered illegal, off-exchange, digital-asset trading — it also slapped a lawsuit against an organization the federal agency says is now running the same software protocol.

  • September 22, 2022

    GOP Sens. Call On Bank CEOs To Buck 'Uber-Woke' Pressure

    Chief executives of the nation's biggest banks got an earful during a Senate hearing on Thursday as Republicans urged them to stand up against the "uber woke," and Democrats pushed for more aggressive action to eliminate overdraft fees and compensate mobile payment fraud victims.

  • September 22, 2022

    DC Circ. Debates Proper Fate Of ATM Fee Antitrust Classes

    A D.C. Circuit panel seemed split on Thursday over how to resolve an appeal lodged by Visa and Mastercard of a lower court's order certifying three different classes of consumers and ATM operators accusing the credit card companies of running afoul of antitrust laws with ATM fee rules, with each judge hinting at different solutions through their questions.

  • September 22, 2022

    Voyager Claimant Calls Ch. 11 Plan Docs 'Placeholders'

    A claimant of cryptocurrency investment platform Voyager Digital Holdings Inc. objected late Wednesday to the Chapter 11 plan disclosures of the debtor, saying the plan and related documents are mere placeholders that provide no meaningful information to creditors.

  • September 22, 2022

    Deals Rumor Mill: FTX, Instacart, Truth Social

    Crypto exchange FTX may raise $1 billion from investors despite a bearish market, Instacart will sell mostly employee shares in connection with its IPO, and investors backing plans to take Donald Trump's social media platform public are demanding better terms. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • September 22, 2022

    US Reps. Introduce Credit Card Competition Act

    Reps. Peter Welch, D-Vt., and Lance Gooden, R-Texas, have introduced a bill that aims to bolster competition in the credit card industry and lower transaction costs for small businesses.

  • September 21, 2022

    CNBC Financial Pundit Stole Millions And Fled, Feds Say

    Prosecutors on Wednesday accused a frequent CNBC guest of stealing millions of dollars from investors in his Los Angeles-based investment companies and then going into hiding, according to an announcement from the U.S. Department of Justice.

  • September 21, 2022

    Bitcoin 'Inventor' Wife Wants Roche Freedman's Docs, And DQ

    The wife of self-styled bitcoin inventor Craig Wright is seeking various documents about Roche Freedman LLP, a firm representing the brother of Wright's deceased business partner, after an anonymous report accused the firm of secretly litigating on behalf of a blockchain platform.

  • September 21, 2022

    Crypto Co. Wintermute Says $160M Stolen In Hack

    Around $160 million worth of digital assets was stolen from crypto trading company Wintermute, according to the firm's CEO, the latest in a string of high-profile thefts targeting the cryptocurrency industry.

  • September 21, 2022

    Bank CEOs Pushed On Capital, Climate And More In Hill Visit

    House lawmakers grilled chief executives of the nation's largest banks about capital standards, climate risk regulation and other hot-button topics in a wide-ranging Wednesday hearing, which kicked off with scrutiny of Wells Fargo's progress in putting its past scandals behind it.

  • September 21, 2022

    Mississippi Credit Union Sued Over 'Deceptive' Overdraft Fees

    Sunbelt Federal Credit Union charges overdraft fees on some debit card transactions even when clients have enough money in their account, a proposed class action filed in Mississippi federal court has claimed.

  • September 21, 2022

    Mass Tort Cases Expose Bankruptcy Courts To New Threats

    A New Jersey bankruptcy judge recently revealed that he and his staff have been receiving threats and harassment relating to a talc mass tort case, laying bare how exposed bankruptcy courts are as they are called upon to address societal ills instead of mere financial distress, experts say.

  • September 21, 2022

    Tether, Bitfinex Must Hand Over Financial Docs In Buyer Suit

    A federal judge in New York has ordered the company behind cryptocurrency exchange Bitfinex and the stablecoin tether to produce documents relating to the backing of the stablecoin and certain transactions, rejecting the defendants' arguments that the document requests were too general.

  • September 21, 2022

    2 Firms Steer Liquidity Provider's $3.5B SPAC Merger

    Beneficient Company Group LP, provider of liquidity services for investors of alternative assets, will go public at an estimated $3.5 billion value by merging with special-purpose acquisition company Avalon Acquisition Inc., the parties announced Wednesday, in a deal guided by two law firms.

Expert Analysis

  • AML Regulation Of Lawyers Is Imminent And Controversial

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    The U.S. House of Representatives' recently passed National Defense Authorization Act subjects lawyers engaged in certain financial-related activities to anti-money laundering regulation under the Bank Secrecy Act, which could pit lawyers against clients in ways harmful to the rule of law and administration of justice, says Jeremy Glicksman at the Nassau County District Attorney’s Office in New York.

  • Overseas Cos. Are Well Within Reach Of SEC Enforcement

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    As suspect payments, false disclosures and trading schemes metastasize and seep across borders, the U.S. Securities and Exchange Commission has become the chief participant in a robust international enforcement network cracking down on individuals and entities based overseas, says Eugene Goldman at McDermott.

  • SEC's 'Regulation By Enforcement' Vision Coming Into Focus

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    Remarks by U.S. Securities and Exchange Commission leadership at the recent SEC Speaks conference suggest that the commission's "regulation by enforcement" strategy has important implications for market participants on many different fronts, say attorneys at Perkins Coie.

  • The Pros And Cons Of US-China Auditing Oversight Deal

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    A recent agreement between the Public Company Accounting Oversight Board and Chinese securities regulators opens the door for U.S.-listed companies audited by China-based accounting firms to continue trading on U.S. exchanges, but may also increase companies' enforcement risk, say attorneys at Morgan Lewis.

  • Key Adaptations For Law Firms Amid Quiet Quitting Movement

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    While quiet quitting may not be sustainable at law firms with billable hour requirements, there are specific steps law firms should take to maintain engagement and otherwise respond to the trend's underlying message that associates won't spend all their waking hours at work if they don't feel it's worthwhile, says Meredith Kahan at Whiteford Taylor.

  • Creating A Hybrid Work Policy? Be Intentional And Inclusive

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    The pandemic has changed expectations for the future of work forever, and as more employees demand hybrid working options, law firms must develop policies and models that are intentional, inclusive and iterative to lead the industry into the future, says Manar Morales at the Diversity & Flexibility Alliance.

  • Ransomware Payment Lessons Amid DOJ Recovery Success

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    The U.S. Department of Justice’s recent successes clawing back ransom payments made to hacking groups provide companies an additional factor to consider when deciding whether to engage with law enforcement after experiencing a breach, whether to pay a ransom demand, and whether to try to recover the payment, says Tyler Bridegan at Wiley.

  • OFAC's Tornado Cash Sanctions Create Legal Uncertainty

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    The Office of Foreign Assets Control’s recent sanctioning of digital currency mixing service Tornado Cash may have exceeded the agency’s authority, and has created uncertainty for potential developers of decentralized crypto mixing and privacy enhancing applications about whether such conduct is lawful, say Michael Bresnick and Christopher Boone at Venable.

  • How Fintech Cos. May Transform Real Estate Investment

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    Fintech companies have begun to meet challenges to real estate investment with innovations that will drive new transactions, but they will need to provide traditional investors with more information about individual properties and communities, say Joseph Bizub and David Reiss at Brooklyn Law School, and Justin Peralta at IBM.

  • Wawa Data Breach Is Warning On Swipe Payment Tech Risks

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    Wawa's recent settlement with seven attorneys general resolving an investigation into the company’s 2019 data breach — one of the largest settlements of its kind — is a reminder to merchants of the security and compliance risks associated with not fully migrating from swipe-based to chip-card transactions, say Adam Solomon and Anna Chan at Hunton.

  • A Law Firm's Guide To Humane Layoffs As Recession Looms

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    Amid warnings of a global recession, law firms should prepare for the possibility of associate layoffs, aiming for an empathetic approach and avoiding common mistakes that make the emotional impact on departing attorneys worse, say Jarrett Green, a wellness consultant, and Kate Reder Sheikh at Major Lindsey & Africa.

  • White House Crypto Framework Should Inform SEC Approach

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    As the White House framework released on Friday sends a clear signal that activity in the crypto space is to be embraced, there remains a lack of guidance from the U.S. Securities and Exchange Commission — though three recent developments might indicate the agency's strategy on what it considers "crypto asset securities," say Nicholas Losurdo and Christopher Grobbel at Goodwin.

  • Pattern Element Is Still Crucial To Defending RICO Cases

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    The recent acquittal of defendants in U.S. v. Smith on Racketeer Influenced and Corrupt Organizations Act charges shows that attacking the statute’s pattern requirement remains a viable defense strategy, even as prosecutors use novel theories of liability like spoofing, say attorneys at Troutman Pepper.

  • Expect Greater Regulatory Scrutiny Of Crypto-Asset Activities

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    With its new guidance, the Federal Reserve joins the other two federal prudential banking agencies in heightening supervisory scrutiny of crypto-asset-related activities, signaling a shift in regulators' approach as market volatility rises, say attorneys at Buckley.

  • Learning From Trump And Bannon Discovery Strategies

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    Court-imposed sanctions on both former President Donald Trump and his former aide Steve Bannon for failing to comply with subpoenas illustrate that efforts to bar the door to valid discovery can quickly escalate, so litigants faced with challenging discovery disputes should adopt a pragmatic approach, say Mathea Bulander and Monica McCarroll at Redgrave.

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