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Fintech
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May 13, 2024
Binance Says Sullivan & Cromwell, FRA To Serve As Monitors
Crypto exchange Binance said Monday that the federal government has selected a Sullivan & Cromwell LLP partner and a Forensic Risk Alliance founding partner to serve as independent third-party monitors overseeing its compliance with the terms of its $4.3 billion settlement and guilty plea over money laundering, bank fraud and sanctions violations.
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May 13, 2024
White House Bars Real Estate Deal Near Air Force Base
President Joe Biden is ordering a recent purchaser of real estate near an Air Force base in Wyoming to sell portions of the property, based on a public tip and a finding from the Committee on Foreign Investment in the United States that cryptocurrency mining there presents a national security risk.
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May 13, 2024
FinTech Atty Moves From R3 To BakerHostetler In SF
BakerHostetler has added to its San Francisco office a former counsel and head of government relations at digital finance company R3, bolstering its business practice, its blockchain technologies and digital assets team and its financial services team, the firm announced Monday.
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May 13, 2024
Skadden Guides Squarespace On $6.9B Go-Private Deal
Squarespace Inc. said Monday it has agreed to a $6.9 billion buyout by private equity firm Permira, with Skadden Arps Slate Meagher & Flom LLP serving as lead counsel to the website building company and at least six additional firms guiding the various parties.
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May 10, 2024
Reddit Accused Of Charging Advertisers For Fake Clicks
An artificial intelligence trading platform hit Reddit with a proposed class action on behalf of advertisers alleging that it has been charged for fraudulent "clicks" while promoting its business on the social media company's website, according to the suit filed in California federal court.
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May 10, 2024
SEC Opposes Quick Appeal Of 'Crystal Clear' Coinbase Order
The U.S. Securities and Exchange Commission on Friday urged a Manhattan federal court to reject Coinbase's bid for a Second Circuit review of an order allowing an agency enforcement action to proceed, saying the company's cries of uncertainty over how securities laws apply to crypto assets ignore the "crystal-clear" order it is trying to contest.
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May 10, 2024
CFPB's Credit Card Late Fee Rule Halted By Texas Judge
A Texas federal judge on Friday stayed the Consumer Financial Protection Bureau's $8 credit card late fee standard, granting a preliminary injunction sought by the U.S. Chamber of Commerce and other industry groups that are challenging the legality of the agency rule.
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May 10, 2024
Kraken Says SEC's Crypto Theory Would 'Gut Howey'
Crypto exchange Kraken told a California federal judge that the U.S. Securities and Exchange Commission's theory of why token sales on public exchanges offend securities laws could lead to a "significant reordering of the U.S.'s financial regulatory structure" if the agency's enforcement action against its parent companies is upheld.
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May 10, 2024
Financial Tech Co. Wants New Trial In $7.8M Breach Suit
A financial technology company ordered to pay more than $7.8 million to an Atlanta-area capital recruiting firm for violating an agreement to pay the recruiter to connect it with investors has asked a Georgia federal judge for either a new trial or judgment as a matter of law.
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May 10, 2024
Ex-Pillsbury Communications Leader Joins Dickinson Wright
Dickinson Wright PLLC announced that a longtime Pillsbury Winthrop Shaw Pittman LLP attorney who previously served as chair of the firm's communications practice has joined its Washington, D.C., office as a member.
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May 10, 2024
CFTC Floats Ban On Election Betting Contracts
A divided U.S. Commodity Futures Trading Commission approved a proposed rule Friday that would ban trading on the outcome of elections, further solidifying its contested position that such activities constitute illegal "gaming" and threaten to thrust the agency into the role of an "election cop."
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May 09, 2024
AI-Created Database Isn't Copyrightable, Job Search Co. Says
Job searching platform Tarta.ai has urged a California federal judge to toss a suit accusing it of stealing rival Jobiak LLC's automated database and using it for its own job postings, arguing that Jobiak's website is not subject to copyright protection because it's powered by artificial intelligence.
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May 09, 2024
Amazon, Walmart Face Dem Questions Over 'Dynamic Pricing'
Senate Banking Committee Chair Sherrod Brown on Thursday raised concerns to Amazon and Walmart about corporations hiking prices by exploiting customer data and pricing algorithms, saying it undermines consumers' ability to comparison shop and save money.
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May 09, 2024
Fed. Circ. Wary Of Undoing Gilstrap's Toss Of Banking IP Suit
The Federal Circuit didn't seem convinced Thursday morning that a patent case against online stockbroker TD Ameritrade had been wrongly tossed out of court, with a judge at one point telling banking patent owner Island Intellectual Property that "this is all abstract."
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May 09, 2024
Attys Want $102M In Fees In Stock Loan Antitrust Deal
Quinn Emanuel Urquhart & Sullivan LLP and Cohen Milstein Sellers & Toll PLLC attorneys asked for $102 million in fees for settling claims from investors that major banks colluded to avoid modernizing the stock loan market, saying the long and complex nature of the case warrants the payout.
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May 09, 2024
CFPB's Chopra Trains Sights On Credit Card Rewards
Consumer Financial Protection Bureau Director Rohit Chopra said Thursday that his agency will be taking aim at what it is describing as "concerning patterns" in the credit card industry's rewards program practices, including stealthy changes to program benefits and manipulation of rewards point values.
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May 09, 2024
CFTC Moves For Win Over Gemini's 'Misleading' Statements
The U.S. Commodity Futures Trading Commission has told a New York federal judge there's no need to try claims that Gemini Trust Co. LLC misled the regulator on a bitcoin futures contract since discovery "confirmed" that the cryptocurrency exchange made "scores of materially false or misleading statements and omissions."
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May 09, 2024
Binance Fined $4.4M By Canadian Regulator
Canada's anti-money laundering watchdog levied a 6 million Canadian dollars ($4.38 million) fine against crypto exchange Binance after the firm allegedly failed to register as a money services business and didn't report thousands of large transactions on its platform.
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May 08, 2024
High Court Ruling May Shake Up CFPB's Litigation Docket
A U.S. Supreme Court ruling that may come as soon as Thursday could decide the fate of not only the Consumer Financial Protection Bureau's funding structure but also numerous pending enforcement actions the agency has brought around the country. Here, Law360 surveys what's at stake and where.
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May 08, 2024
New Treasury Rule Amps Up Reporting Burden For Banks
The U.S. Department of the Treasury introduced an interim final rule Wednesday that refines and further expands recent increases in reporting requirements, including a new obligation for financial institutions to notify the federal government any time they unblock frozen assets.
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May 08, 2024
Digitex Founder Pleads Guilty To Bank Secrecy Act Violation
The founder of Digitex Futures Exchange has pled guilty to violating the Bank Secrecy Act by refusing to implement policies designed to prevent money laundering on his cryptocurrency futures platform.
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May 08, 2024
FTX Says Full Recovery Coming Based On 2022 Crypto Price
Bankrupt cryptocurrency exchange FTX Trading Ltd. has claimed its proposed Chapter 11 plan would be able to pay creditors in full with a $13 billion distribution that exceeds the estimated allowable $11.2 billion in claims, but the payout is based on the value of cryptocurrency in November 2022, when the exchange filed for bankruptcy protection.
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May 08, 2024
Bill To Undo SEC Crypto Accounting Bulletin Passes House
Lawmakers in the U.S. House of Representatives on Wednesday voted to overturn the U.S. Securities and Exchange Commission's controversial cryptocurrency accounting guidance despite protests from Democrats to take a more targeted approach to amend the directive and a White House pledge to veto the bill.
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May 08, 2024
SEC Doubles Down On $2B Ripple Labs Sanction Bid
The U.S. Securities and Exchange Commission is standing by its call for crypto platform Ripple Labs to pay $2 billion as punishment for selling unregistered securities, telling a New York federal judge that a lower penalty would send the wrong message to the industry at large.
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May 08, 2024
Japanese Crypto Exchange Coincheck Eyes US Listing In '24
Simpson Thacher-led Japanese cryptocurrency exchange Coincheck Group BV plans to complete a long-awaited merger with a special-purpose acquisition company by the year's second or third quarter, a combination that would make it the second U.S.-listed crypto venue.
Expert Analysis
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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Expect Tougher Bank Exams 1 Year After Spring 2023 Failures
With federal banking agencies still implementing harsher examinations with swifter escalations a year after the spring 2023 bank failures, banks can gain insight into changing expectations by monitoring how the Federal Reserve Board, Office of the Comptroller of Currency and Federal Deposit Insurance Corp. are coordinating and updating their exam policies, say attorneys at Debevoise.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.
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The Drawbacks Of Banking Regulators' Merger Review Plans
Recent proposals for bank merger review criteria by the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. share common pitfalls: increased likelihood of delays, uncertainties, and new hurdles to transactions that could impede the long-term safety and soundness of the banks involved, say attorneys at WilmerHale.
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SEC Off-Channel Comms Action Hints At Future Enforcement
Although the U.S. Securities and Exchange Commission’s recent enforcement action against Senvest does not shed light on how the agency will calibrate penalties related to off-channel communications violations, it does suggest that we may see more cases against standalone investment advisers, say attorneys at Sidley.
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Fed. Circ. Defines Foreign IP Damages, Raises New Questions
In Brumfield v. IBG, the Federal Circuit recently clarified which standard determines the extraterritoriality of the patent statute after the U.S. Supreme Court's WesternGeco decision, opening a new avenue of damages for foreign activities resulting from certain domestic activities while also creating some thorny questions, say Amol Parikh and Ian Howard at McDermott.
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Series
Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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Bracing For The CFPB's War On Mortgage Fees
As the Consumer Financial Protection Bureau homes in on the legality of certain residential mortgage fees, the industry should consult the bureau's steady stream of consumer lending guidance for hints on its priorities, say Nanci Weissgold and Melissa Malpass at Alston & Bird.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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What Cos. Are Reporting Under New SEC Cybersecurity Rule
Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.
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Binance Ruling Spotlights Muddled Post-Morrison Landscape
The Second Circuit's recent decision in Williams v. Binance highlights the judiciary's struggle to apply the U.S. Supreme Court's Morrison v. National Australia Bank ruling to digital assets, and illustrates how Morrison's territorial limits on the federal securities laws have become convoluted, say Andrew Rhys Davies and Jessica Lewis at WilmerHale.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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What FinCEN Proposed Customer ID Number Change Means
The Financial Crimes Enforcement Network's recent request for comment on changing a requirement for banks to collect full Social Security numbers at account sign-up represents an important opportunity for banks to express their preferability, as communicating sensitive information online may carry fraud or cybersecurity risks, say attorneys at Crowell & Moring.