Expert Analysis

• Opinion

  The SEC Should Embrace Tokenized Equity, Not Strangle It

  

  The U.S. Securities and Exchange Commission should grant no-action relief to firms ready to pilot tokenized equity trading, not delay innovation by heeding protectionist industry arguments, says J.W. Verret at George Mason University.

• And Now A Word From The Panel: Back In Action

  

  A lack of new petitions at the May hearing session of the Judicial Panel on Multidistrict Litigation caught many observers' attention — but a rapid uptick in petitions scheduled to be heard at this week's session illustrates how panel activity always ebbs and flows, says Alan Rothman at Sidley.

• Compliance Changes On Deck For Banks Under Texas AI Law

  

  Financial services companies, including banks and fintechs, should evaluate their artificial intelligence usage to prepare for Texas' newly passed law regulating AI governance, noting that the enforcement provisions provide for an affirmative defense to liability, say attorneys at Mitchell Sandler.

• Series

  Law School's Missed Lessons: Learning From Failure

  

  While law school often focuses on the importance of precision, correctness and perfection, mistakes are inevitable in real-world practice — but failure is not the opposite of progress, and real talent comes from the ability to recover, rethink and reshape, says Brooke Pauley at Tucker Ellis.

• Tips For Crypto AI Agent Developers Under SEC Watch

  

  With agents powered by artificial intelligence increasingly making decisions in the cryptocurrency world, there's a chance the U.S. Securities and Exchange Commission could use the Investment Advisers Act to regulate this technology in financial services, but there are ways developers can mitigate regulatory risks, say attorneys at Morrison Cohen.

• Lessons On Parallel Settlements From Vanguard Class Action

  

  A Pennsylvania federal judge’s unexpected denial of a proposed $40 million settlement of an investor class action against Vanguard highlights key factors parties should consider when settlement involves both regulators and civil plaintiffs, say attorneys at Ropes & Gray.

• Series

  Adapting To Private Practice: From ATF Director To BigLaw

  

  As a two-time boomerang partner, returning to BigLaw after stints as a U.S. attorney and the director of the Bureau of Alcohol, Tobacco, Firearms and Explosives, people ask me how I know when to move on, but there’s no single answer — just clearly set your priorities, says Steven Dettelbach at BakerHostetler.

• What To Know As SEC Looks To Expand Private Fund Access

  

  As the U.S. Securities and Exchange Commission considers expanding retail access to private markets, understanding how these funds operate — and the role of financial intermediaries in guiding investors — is increasingly important, say attorneys at K&L Gates.

• New DOJ Penalty Policy Could Spell Trouble For Cos.

  

  In light of the U.S. Department of Justice’s recently published guidance making victim relief a core condition of coordinated resolution crediting, companies facing parallel investigations must carefully calibrate their negotiation strategies to minimize the risk of duplicative penalties, say attorneys at Debevoise.

• 4th Circ. Favors Plain Meaning In Bump-Up D&O Ruling

  

  The Fourth Circuit's latest denial of indemnity coverage in Towers Watson v. National Union Fire Insurance and its previous ruling in this case lay out a pragmatic approach to bump-up provisions that avoids hypertechnical constructions to limit the effect of a policy's plain meaning, say attorneys at Kennedys.

• A Look At Key 5th Circ. White Collar Rulings So Far This Year

  

  In the first half of 2025, the Fifth Circuit has decided numerous cases of particular import to white collar practitioners, which collectively underscore the critical importance of meticulous recordbuilding, procedural compliance and strategic litigation choices at every stage of a case, says Joe Magliolo at Jackson Walker.

• Balancing The Promises And Perils Of Tokenizing Securities

  

  Tokenizing listed securities offers the promise of greater efficiency, accessibility and innovation, but a recent U.S. Securities and Exchange Commission statement makes clear that the federal securities laws continue to apply to tokenized securities, so financial institutions and technology developers must work together to create clear rules, say attorneys at Orrick.

• Rule 23 Class Certification Matters In Settlements, Too

  

  The U.S. Supreme Court's recent ruling in Trump v. CASA Inc. highlighted requirements for certifying classes for litigation in federal court, but counsel must also understand how Rule 23 of the Federal Rules of Civil Procedure may affect certifying classes for settlement purposes, say attorneys at Sidley.

• How Cos. In China Can Tailor Compliance Amid FCPA Shifts

  

  The U.S. Department of Justice’s recently updated Foreign Corrupt Practices Act enforcement guidelines create a fluid business environment for companies operating in China that will require a customized compliance approach to navigate both countries’ corporate and legal systems, say attorneys at Dickinson Wright.

• SEC, FINRA Obligations In Changing AI Regulatory Landscape

  

  Despite the U.S. Securities and Exchange Commission's recent withdrawal of its proposed artificial intelligence conflict rules, financial regulators remain focused on firms developing the correct AI compliance framework, as well as continuously testing and supervising them to ensure they're fit for purpose, say attorneys at Cahill Gordon.