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Fintech
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June 18, 2025
Dealmakers Eye More Crypto-Targeted SPAC Mergers
More special purpose acquisition companies plan to seize upon the revival of cryptocurrencies under a second Trump administration and take cryptocurrency-related ventures public in the coming months, an attorney told a gathering of dealmakers on Wednesday.
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June 18, 2025
Cleo AI Wants Service Member's Predatory-Lending Suit Nixed
Online lender Cleo AI Inc. is seeking the dismissal of claims that it targeted military members with predatory lending practices, arguing that under relevant law, its "non-recourse advances" don't count as credit — and that, anyway, its users all agreed to arbitrate any disputes when they signed up to use its services.
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June 18, 2025
AGs Tell 3rd Circ. To Close 'Loophole' In Kalshi Betting Case
A bipartisan group of attorneys general co-led by Ohio Attorney General Dave Yost, a Republican, pressed the Third Circuit to prevent trading platform Kalshi's "broad preemptive coup," urging the appellate court to allow New Jersey to regulate the company.
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June 17, 2025
Protego Takes $200M Crypto Bank Suit To Wash. Court
Protego Holdings Corp. has re-launched a lawsuit in Washington state court blaming a Texas investment firm for failing to carry out a $200 million investment pledge in its launch of a cryptocurrency bank, which never materialized because rare conditional approval from the U.S. government lapsed over financing concerns.
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June 17, 2025
Senate Passes Stablecoin Legislation With Bipartisan Support
The Senate's proposal to regulate stablecoins passed the chamber on Tuesday with support from both parties, sending it on to the House where lawmakers are still working on their own proposal.
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June 17, 2025
Crypto Co. Says Meme-Coin Creating Atty Can't Rep Theft Suit
Cryptocurrency wallet provider Phantom Technologies has asked a New York federal judge to disqualify an attorney from representing a group of plaintiffs, including himself, in a suit he filed over the alleged theft of half-a-million dollars worth of a meme coin he created in honor of his pet dachshund.
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June 17, 2025
Nixon Peabody Taps Fintech-Focused Attys From K&L Gates
Two longtime K&L Gates LLP fintech and financial services partners have joined Nixon Peabody LLP in the firm's complex disputes practice.
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June 17, 2025
CFPB's Vought Seeks To Limit Use Of Civil Penalty Fund
Consumer Financial Protection Bureau acting Director Russell Vought is proposing to restrict the agency's ability to tap its civil penalty fund for consumer education and financial literacy initiatives as part of a trio of draft regulatory changes posted online Tuesday.
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June 17, 2025
Gemini Says CFTC Enforcement Went 'Trophy-Hunting' In Suit
The crypto exchange Gemini on Tuesday slammed the U.S. Commodity Futures Trading Commission's Enforcement Division and the attorneys who pursued a now-settled case against the firm, calling the division "out of control" and accusing its attorneys of engaging in "trophy-hunting lawfare."
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June 16, 2025
Paddle.com To Pay FTC $5M Over Tech Support Scam Claims
Payment processing company Paddle.com Market Ltd. agreed on Monday to pay $5 million to settle a suit brought by the Federal Trade Commission accusing it of assisting and processing payments for tech support scams.
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June 16, 2025
Bank Groups Will Join In On Fed's Debit-Card Swipe Fee Fight
Two banking industry groups received a North Dakota federal judge's permission Monday to present the perspective of banks when he holds a key hearing next month to mull a retailer-backed legal challenge to the Federal Reserve's limits on debit-card swipe fees.
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June 16, 2025
Maryland, Kalshi Clash Over Sports Contract Oversight
Maryland regulators and KalshiEx are dueling over whether the trading platform's past battle with the U.S. Commodity Futures Trading Commission to list its election contracts complicates its current bid to block Maryland regulators from taking action over contracts that allow traders to wager on the outcome of sporting events.
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June 16, 2025
Catching Up With Delaware's Chancery Court
Delaware's Court of Chancery this past week sought answers in the high-stakes battle over the constitutionality of newly enacted Delaware corporation law amendments, which will hitch a ride to the state's Supreme Court via a suit contesting a $117 million acquisition of Clearway Energy Inc. by its majority shareholder.
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June 16, 2025
CFTC Founding Chair Bagley Dies At 96
The U.S. Commodity Futures Trading Commission's first chair, William T. Bagley, has died at the age of 96.
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June 16, 2025
Trump Media Seeks To Launch Bitcoin And Ethereum ETF
Trump Media and Technology Group Corp., the owner of President Donald Trump's platform Truth Social, on Monday said it filed paperwork to launch an exchange-traded fund that will invest in bitcoin and ethereum, marking its latest push into digital assets.
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June 16, 2025
Opendoor Investors Score $39M Deal In Hyped Algorithm Suit
Real estate firm Opendoor Technologies Inc. has agreed to pay $39 million as part of an investor settlement presented to an Arizona federal court for preliminary approval to resolve litigation accusing the company of overhyping its pricing algorithm software.
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June 16, 2025
Crypto Platform Tron Eyes Public Listing Via Reverse Merger
China-based cryptocurrency platform Tron plans to go public through a reverse merger with Nasdaq-listed toy manufacturer SRM Entertainment Inc., both parties announced on Monday, supported by a $100 million investment arranged by a bank linked to President Donald Trump's family.
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June 16, 2025
Justices Again Refuse To Hear Trading Tech's Patent Case
The U.S. Supreme Court on Monday refused to reconsider its April decision not to hear Trading Technologies' appeal seeking to boost its $6.6 million trading patent win after the company claimed new developments and patent eligibility legislation warranted taking the case.
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June 13, 2025
Vought's CFPB Finds Industry Fans In Rule Repeal Effort
Financial industry groups are lining up behind the Consumer Financial Protection Bureau's push to scrap a trio of Biden-era policies that they say overexpanded its supervisory and enforcement toolkit, urging on the agency's newfound deregulatory zeal.
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June 13, 2025
More IPO Prospects Ready To Test Market After Chime's Debut
A venture-backed cancer diagnostics firm and a home insurer are preparing two initial public offerings that could raise $720 million combined next week, joining an energized IPO market following fintech startup Chime Financial Inc.'s debut.
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June 13, 2025
Gotbit To Pay $23M For Crypto Market Scheme
Crypto trading firm Gotbit Consulting LLC was ordered to forfeit approximately $23 million in seized cryptocurrency and sentenced to a five-year probation term in the government's suit accusing it of market manipulation, while its founder received an eight-month term.
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June 13, 2025
SEC Scrubs Biden-Era Agenda To Give Atkins A 'Clean Slate'
The U.S. Securities and Exchange Commission is backing away from promised Biden-era regulations on cybersecurity risk management, environmental disclosures and equity market reform, withdrawing over a dozen rule proposals as newly appointed Chair Paul Atkins seeks to rewrite the agency's agenda.
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June 13, 2025
Apple Lets Crypto Fraud Schemes Onto App Store, Suit Says
Apple has been hit with a class action in California federal court alleging it allows fraudulent cryptocurrency trading applications to exist and be available for download on its App Store, causing consumers to become victims of pig butchering and other trading scams.
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June 13, 2025
Quinn Emanuel Drops Binance Founder Amid $8M Fraud Suit
Quinn Emanuel Urquhart & Sullivan LLP has withdrawn as counsel for the founder of Binance amid an $8.1 million lawsuit against him, telling a Massachusetts federal judge that the former cryptocurrency exchange executive has breached an agreement with the law firm and moved for arbitration against it.
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June 13, 2025
SEC, Ripple Again Ask NY Judge To Approve Settlement
The U.S. Securities and Exchange Commission and Ripple Labs Inc. have again urged a New York federal judge to approve lower penalties against the blockchain company citing "exceptional circumstances," following the judge's previous rejection of the joint request on procedural grounds.
Expert Analysis
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How Attorneys Can Become Change Agents For Racial Equity
As the administration targets diversity, equity and inclusion efforts and law firms consider pulling back from their programs, lawyers who care about racial equity and justice can employ four strategies to create microspaces of justice, which can then be parlayed into drivers of transformational change, says Susan Sturm at Columbia Law School.
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Unicoin Case Reveals SEC's Evolving Enforcement Posture
The U.S. Securities and Exchange Commission's recent fraud allegations against cryptocurrency company Unicoin send a clear message that while the Trump administration supports digital asset development, it will act decisively against deception, inflated valuations and false assurances, says David Zaslowsky at Baker McKenzie.
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GAO Report Reveals How Banks And Regulators Are Using AI
A U.S. Government Accountability Office report published last month makes clear that while both federal regulators and regulated entities like banks and credit unions are employing artificial intelligence to improve efficiency, they're maintaining some skepticism, say attorneys at Orrick.
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Series
Running Marathons Makes Me A Better Lawyer
After almost five years of running marathons, I’ve learned that both the race itself and the training process sharpen skills that directly translate to the practice of law, including discipline, dedication, endurance, problem-solving and mental toughness, says Lauren Meadows at Swift Currie.
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High Court Order On Board Firings Is Cold Comfort For Fed
The U.S. Supreme Court’s recent Trump v. Wilcox order, upholding the firings of two independent agency board members during appeal, raises concerns about the future of removal protections for Federal Reserve System members, and thus the broader politicization of U.S. monetary policy, say attorneys at Squire Patton.
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Series
Law School's Missed Lessons: Supporting A Trial Team
While students often practice as lead trial attorneys in law school, such an opportunity likely won’t arise until a few years into practice, so junior associates should focus on honing skills that are essential to supporting a trial team, including organization, adaptability and humility, says Lucy Zelina at Tucker Ellis.
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CFPB Industry Impact Uncertain Amid Priority Shift, Staff Cuts
A recent enforcement memo outlines how the Consumer Financial Protection Bureau's regulatory agenda diverges from that of the previous administration, but, given the bureau's planned reduction in force, it is uncertain whether the agency will be able to enforce these new priorities, say attorneys at Troutman Pepper.
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Lessons From FTC Action On Dark Patterns In User Interfaces
The Federal Trade Commission's recent complaint against Uber for its billing and cancellation practices comes amid other actions addressing consumer confusion and deception, so it is paramount to deploy tools that assess customers' cognitive states of mind to separate lawful marketing from misconduct, says Ceren Canal Aruoba at Berkeley Research Group.
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SEC Staff Input Eases Path For Broker-Dealer Crypto Activities
Recent guidance from U.S. Securities and Exchange Commission staff on broker-dealer and transfer agent crypto-asset activities suggests a more constructive regulatory posture on permissibility and application of financial responsibility rules, bringing welcome clarity for blockchain market participants and traditional financial institutions alike, say attorneys at Sidley.
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Series
Adapting To Private Practice: From US Attorney To BigLaw
When I transitioned to private practice after government service — most recently as the U.S. attorney for the Eastern District of Virginia — I learned there are more similarities between the two jobs than many realize, with both disciplines requiring resourcefulness, zealous advocacy and foresight, says Zach Terwilliger at V&E.
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How The DOJ Is Redesigning Its Approach To Digital Assets
Two key digital asset enforcement policy pronouncements narrow the Justice Department's focus on threats like fraud, terrorism, trafficking and sanctions evasion and dial back so-called regulation by prosecution, but institutions prioritizing compliance must remember that the underlying statutory framework hasn't changed, say attorneys at Blank Rome.
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The Ins And Outs Of Consensual Judicial References
As parties consider the possibility of judicial reference to resolve complex disputes, it is critical to understand how the process works, why it's gaining traction, and why carefully crafted agreements make all the difference, say attorneys at Pillsbury.
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Calif. Digital Assets Proposal Provides Only Partial Clarity
Recently proposed regulations under California's Digital Financial Assets Law answer some important questions about the new regime, particularly regarding its interaction with the state's money transmission law, but many key compliance questions remain, say attorneys at Stinson.
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Staying The Course Amid Seismic DOJ White Collar Changes
While some of the big changes at the U.S. Department of Justice during the second Trump administration — like an embrace of cryptocurrency and more politicized prosecutions — were expected, there have also been surprises, so practitioners should advise clients to stay focused on white collar compliance in this unpredictable environment, say attorneys at Keker.
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Opinion
The BigLaw Settlements Are About Risk, Not Profit
The nine Am Law 100 firms that settled with the Trump administration likely did so because of the personal risk faced by equity partners in today's billion‑dollar national practices, enabled by an ethics rule primed for modernization, says Adam Forest at Scale.