Fintech

  • December 02, 2022

    3 Firms Steer Galaxy Digital's Buyout Of Celsius' GK8 Unit

    Cryptocurrency financial services company Galaxy Digital Holdings Ltd. on Friday said it intends to acquire digital asset custodian GK8 as a result of a sale process executed in connection with Celsius Network LLC's Chapter 11 bankruptcy proceedings, in a deal guided by Orrick Herrington & Sutcliffe LLP, Goldfarb Seligman and Kirkland & Ellis LLP.

  • December 02, 2022

    Pakistan Pay Startup Investor Sues In Del. To Remove Director

    A director of a digital payment startup in Pakistan that raised millions when it launched but was recently suspended by the country's banking regulator sued another of its directors in Delaware's Court of Chancery on Friday, seeking to remove him from the board due to alleged "fraudulent actions" that led to the company's downfall.

  • December 02, 2022

    CFPB Won't Back Down On Crypto Lender Investigation

    The Consumer Financial Protection Bureau will press ahead with an investigation of products offered by a crypto lender that argued the agency was straying into territory already claimed by the U.S. Securities and Exchange Commission, according to an administrative decision released Thursday.

  • December 02, 2022

    CFPB, Loan Doctor Reach $19M Deal Over Customer Deceit

    The Consumer Financial Protection Bureau told a New York federal judge that it had entered into a proposed $19 million settlement with Loan Doctor to resolve the agency's claims that the company and its founder deceived customers into depositing funds into "risky" investment vehicles and digital assets, including the now-defunct Celsius Network.

  • December 02, 2022

    U.S. Trustee Says Celsius Bonus Motion Still Missing Info

    The U.S. Trustee's Office on Friday objected to Celsius Network's revised request to pay $2.8 million in retention bonuses, saying the cryptocurrency lender's new motion is still short on information and doesn't take the current technology job market into account.

  • December 02, 2022

    Crypto Bank Silvergate Hit With Investor Suit Over FTX Ties

    Investors have lodged a proposed class action against Silvergate Bank, which they say was "complicit in and responsible for" some of the losses stemming from the downfall of FTX Trading Ltd. because the cryptocurrency bank allowed FTX to direct customer deposits to a hedge fund owned by its former CEO, Sam Bankman-Fried.

  • December 02, 2022

    SPAC Sues Monex, TradeStation In Del. After $1.43B Deal Dies

    A special-purpose acquisition company that was supposed to take TradeStation Group Inc. public in a $1.43 billion deal earlier this year has instead sued the Florida-based financial trading platform and its Tokyo-based parent Monex Group Inc. in Delaware's Court of Chancery.

  • December 02, 2022

    Interest Rates Doom Lender, Crypto Winter Persists

    Rising interest rates forced a reverse mortgage lender into Chapter 11, cryptocurrency platform BlockFi succumbed to the downfall of exchange FTX Trading, and FTX itself faced calls for an examination of its collapse. This is the week in bankruptcy.

  • December 02, 2022

    FTX's 'Havoc' May Strengthen Call For More Women In Crypto

    For the former federal prosecutor behind a new professional group for women in cryptocurrency, the fall of FTX has brought a torrent of emotion. But it has also shined a light on the oft-overlooked women who have been sounding the alarm on risk in the industry.

  • December 02, 2022

    Three Arrows Liquidators Want To Serve Founders On Twitter

    The British Virgin Islands liquidators of cryptocurrency hedge fund Three Arrows Capital Ltd. on Friday asked a Delaware bankruptcy judge to allow them to serve the fund's founders via Twitter, saying they have been dodging questions about the fund for months.

  • December 01, 2022

    FTX 'Free Fall' Demands Special Examiner, US Trustee Says

    A bankruptcy watchdog for the U.S. Department of Justice on Thursday urged a Delaware bankruptcy judge to appoint a special examiner to sift through the wreckage of FTX Trading Ltd., saying an independent investigation is needed to determine what led to the cryptocurrency exchange's "free fall" into bankruptcy.

  • December 01, 2022

    9th Circ. Revives Crypto Users' Suit Over Shopify Data Breach

    The Ninth Circuit has resurrected a proposed class action that cryptocurrency users brought against Canadian e-commerce giant Shopify and French cryptowallet maker Ledger over a 2020 data breach, overturning a California federal court's conclusion that it completely lacked jurisdiction over the defendants. 

  • December 01, 2022

    'Humble' Barr Hints At Potential For Tougher Fed Capital Rules

    The Federal Reserve's top bank supervision official signaled Thursday that a tightening of some bank capital standards could be in store, cautioning that banks and their regulators must be "humble" about their ability to know just how much capital is needed to guard against future shocks.

  • December 01, 2022

    NY Financial Cop Wants Crypto Firms To Pay Up For Oversight

    New York's top financial regulator on Thursday called for public comment on a plan to collect fees from cryptocurrency companies licensed to operate within the state to cover the costs of their oversight, including examinations and investigations.

  • December 01, 2022

    CFTC Head Wants Power From Congress To Police Crypto

    The head of the U.S. Commodity Futures Trading Commission on Thursday urged legislators to grant his agency more authority over the cryptocurrency industry, saying it lacks tools to protect customers from epic collapses like the bankruptcy of FTX Inc.

  • December 01, 2022

    Celsius Ch. 11 Creditors Hit With Crypto Phishing Attacks

    Bankrupt cryptocurrency lending platform Celsius Network Ltd. told a New York judge late Wednesday that some of its customers have been subjected to phishing attacks, with scammers posing as attorneys from the debtor's bankruptcy counsel.

  • December 01, 2022

    Ex-JPMorgan Trader's Fake Orders Tricked Market, Jury Hears

    A precious metals trader who worked for JPMorgan Chase and Credit Suisse used deceptive gold and silver orders to manipulate prices and rip off other traders, federal prosecutors told an Illinois jury Thursday.

  • December 01, 2022

    CFPB Wins Bid To Enforce Subpoena On Jack Dorsey's Block

    A California federal judge granted the Consumer Financial Protection Bureau's petition to enforce an administrative subpoena against Block Inc., the maker of Cash App, saying she was "confused" as to why the Jack Dorsey-founded company opposed the petition since it had also indicated it would comply with all the agency's investigative demands.

  • December 01, 2022

    Voyager Wants To Tap $24M Reserve After Loss Of FTX Bid

    Cryptocurrency platform Voyager Digital Holdings on Wednesday asked a New York bankruptcy judge to order a bank to release $24 million in reserve funds, saying it needs the cash to stay afloat in Chapter 11 after its loss of FTX as a buyer.

  • December 01, 2022

    Deals Rumor Mill: CoinDesk, News Corp., Liverpool FC

    Online news site CoinDesk is receiving takeover interest, a top News Corp. shareholder is worried the company will be undervalued in a potential merger with Fox Corp., and two Middle East consortiums are vying to acquire Liverpool Football Club. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • November 30, 2022

    Biden's Top FDIC Pick Draws GOP Ire Over Board Power Play

    President Joe Biden's nominee for permanent chair of the Federal Deposit Insurance Corp. ran a gantlet of tough Republican scrutiny at a Senate confirmation hearing Wednesday, taking particular heat over his involvement in a power struggle that led to his predecessor's early exit.

  • November 30, 2022

    FTX Founder Ignores Legal Advice For Spotlight At NYT Event

    FTX founder Sam Bankman-Fried said Wednesday that he "didn't ever try to commit fraud" and isn't thinking about potential criminal charges he might face even as regulators in the U.S. and abroad continue to investigate what happened in the days and months leading up to the crypto exchange's crash several weeks ago.

  • November 30, 2022

    FDIC Alum, Ex-Comerica Atty Joins Bradley Arant in Dallas

    Bradley Arant Boult Cummings LLP has brought on new counsel whose experience includes eight years as a senior attorney in the Dallas office of the Federal Deposit Insurance Corp., the firm announced Wednesday.

  • November 30, 2022

    Binance Buys Japanese Crypto Exchange Service Provider

    Blockchain and cryptocurrency infrastructure provider Binance has acquired Sakura Exchange BitCoin in a bid to enter the Japanese market and "support a responsible global environment for cryptocurrencies," according to a company blog post Wednesday.

  • November 30, 2022

    Swiss Fintech Hits NFT Co. With Contract Suit

    Taurus SA, a Swiss fintech company that provides services to the digital asset industry, filed a breach of contract suit in Delaware federal court Wednesday against nonfungible token platform OneOf Inc., claiming it has failed to pay hundreds of thousands of dollars to Taurus for provided services.

Expert Analysis

  • 5 Takeaways From The SEC's Annual Whistleblower Report

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    Jane Norberg and Adam Reinhart at Arnold & Porter offer insights into the U.S. Securities and Exchange Commission's recent 2022 whistleblower report — including the agency's increased focus on whistleblower impeding cases, initial coin offerings and cryptocurrency — as the agency continues to receive a record-breaking number of tips.

  • Safeguarding Attorneys' Greatest Asset: Our Mental Health

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    Attorneys who understand that mental fitness is their most valuable characteristic should prioritize mental health care accordingly, including with certain activities they may not realize qualify as self-care, says Wendy Robbins at Holland & Knight.

  • Lessons From Bittrex's Settlements With OFAC And FinCEN

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    Bittrex’s recent settlements with the Office of Foreign Assets Control and Financial Crimes Enforcement Network over allegations it violated sanctions and anti-money laundering laws provide lessons for crypto companies that engage in cross-border financial transactions, especially when they rely on third-party compliance vendors, say attorneys at Greenberg Traurig.

  • FTX Bankruptcy Provides A Road Map For Crypto Regulation

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    FTX’s recent Chapter 11 filing provides an outline of what government regulation is needed in the crypto space, including a crackdown on misleading marketing strategies and a clear bankruptcy framework that may prevent future runs on crypto companies, say Kimberly Black and Daniel Lowenthal at Patterson Belknap.

  • SEC Enforcement Numbers Show Shift To High-Impact Cases

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    The U.S. Securities and Exchange Commission’s recently released enforcement data from fiscal year 2022 shows a modest uptick in cases from the prior year, and signaled an increasing focus on high-impact actions, high-profile defendants and large penalties — a trend that seems likely to continue next year, say attorneys at Covington.

  • Opinion

    The Dangers Of The SEC's 'Hotel California' Docket

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    A growing backlog of cases on the U.S. Securities and Exchange Commission's administrative adjudication docket exposes the fallacy that federal agencies' in-house tribunals are worth the systematic deprivation of jury trial rights because their streamlined, efficient processes produce prompt decisions, says Russell Ryan at the New Civil Liberties Alliance.

  • Opinion

    Law Schools Are Right To Steer Clear Of US News Rankings

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    By opting out of participating in the U.S. News & World Report annual rankings, law schools abandon a profoundly flawed system and free up their resources to adapt to the tsunami of changes overtaking the profession, says Nicholas Allard at Jacksonville University College of Law.

  • Underwriters Must Beware Small-Cap IPO Fraud

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    Notices from the Financial Industry Regulatory Authority and multiple stock exchanges increase pressure on underwriters of small-cap initial public offerings to protect public markets from fraud, with ample precedent to show that FINRA will not hesitate to take enforcement actions if necessary, says Spencer Feldman at Olshan Frome.

  • Opinion

    Litigation Funders Seek Transparency In Disclosure Debate

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    Litigation funders want to correct the record on calls for funding disclosure in the name of transparency, as this purported justification obscures the disclosure's adverse effects — prejudicing plaintiffs' cases and discouraging the assertion of meritorious legal claims, say Dai Wai Chin Feman and William Weisman at Parabellum Capital.

  • Metaverse Game Investing Is High Risk With Little Regulation

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    Although gaming is the fastest-growing sector of the metaverse, the digital asset industry does not presently face the same federal oversight as traditional investments like stocks and bonds, so investors should consider five factors when assessing their individual level of risk, says Brett Sager at Ehrenstein Sager.

  • 5 Principles For Better Professional Development Programs

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    The pandemic and ensuing "great resignation" have resulted in a more transient legal work force, but law firms can use effective professional development programs to bridge a cultural gap with new associates and stem associate attrition, says Matthew Woods at Robins Kaplan.

  • What To Pay Attention To In FTX Fraud Probe

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    Steven Lee and Sean Shecter at Lewis Brisbois outline the issues the U.S. Department of Justice and the U.S. Securities and Exchange Commission will have to explore as they investigate FTX's handling of customer funds to determine whether the crypto exchange’s CEO acted with the requisite criminal intent to violate federal wire fraud statutes.

  • Series

    My Favorite Law Prof: How I Learned To Practice With Passion

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    First Circuit Judge Gustavo Gelpí recalls how Suffolk University Law School's Joseph Glannon taught the importance of the law as both a tool and a profession, and that those who wish to practice law successfully must do so with love, enthusiasm and passion.

  • Questions To Ask Before Making A Lateral Move As Partner

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    Law firm partners considering lateral moves should diligently interview prospects — going beyond standard questions about compensation to inquire about culture, associate retention and other areas that can provide a more comprehensive view, says Lauren Wu at VOYLegal.

  • Crypto Case Failed To Clarify Taxation Of Staking Rewards

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    A Tennessee federal court's recent dismissal of Jarrett v. U.S. — after the IRS issued a refund for taxes paid on cryptocurrency and mooted a greater question about the tax treatment of staking rewards — leaves the crypto industry in need of guidance on the IRS’ position, say attorneys at Cadwalader.

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