SEC Draws Lines With Crypto 'Token Taxonomy' Guidance

By Aislinn Keely

The U.S. Securities and Exchange Commission shared its anticipated "token taxonomy" on Tuesday, issuing interpretive guidance that detailed which types of cryptocurrency assets appear to be beyond the reach of securities laws and the circumstances that could pull them back into the regulator's oversight as part of an investment contract.

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Analysis

Prediction Markets Have Opened Compliance 'Pandora's Box'

By Phillip Bantz

The burgeoning prediction market has exploded the definition of what qualifies as confidential corporate information that employees could misuse for personal gain, leaving companies scrambling to update internal policies and guidelines, compliance experts say.

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Kalshi Hit With First Criminal Betting Charges In Arizona

By Elaine Briseño

Arizona has laid criminal gambling charges against prediction market platform Kalshi, becoming the first state to do so among a slew of others pressuring the company to disallow users from betting on sporting events.

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'No Disrespect' But Law Prof Mom Not SBF's Atty, Judge Says

By Lauren Berg

A federal judge in Manhattan cautioned retired Stanford Law School professor Barbara Fried, the mother of convicted FTX founder Sam Bankman-Fried, that she cannot make filings on behalf of her son in his bid for a new trial, saying she has not filed an appearance with the court.

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Mastercard To Acquire BVNK For Up To $1.8B

By Al Barbarino

Mastercard said Tuesday that it has agreed to acquire stablecoin infrastructure firm BVNK for up to $1.8 billion as the global payments giant looks to expand its "end-to-end support of digital assets" and connect blockchain-based payments with more traditional financial platforms.

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Bitcoin Depot's Conn. License In Limbo After Watchdog Probe

By Aaron Keller

Connecticut's banking watchdog has temporarily barred cryptocurrency exchange Bitcoin Depot from transmitting money, warning of possible civil penalties up to $100,000 per violation and accusing the entity of charging transaction fees above a 15% statutory cap.

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Fla. Judge Orders Consumers To Arbitrate Binance Claims

By Carolina Bolado

A Florida federal judge sent two proposed class suits against Binance to arbitration Monday after finding that the arbitration provision of Binance's terms of use applied to the investors' claims that the exchange laundered stolen cryptocurrency.

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BlockFills Can Tap Into Lender Cash For Now In Ch. 11

By Vince Sullivan

Bankrupt cryptocurrency company BlockFills received interim authority to use the cash collateral of its secured lenders Tuesday as it began its pursuit of a customer-led restructuring in Delaware bankruptcy court.

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Get Smart: Navigating The Genius Act's Regulatory Gaps

While some recent Genius Act rulemaking has covered consumer protection issues within the stablecoin market, the context is generally narrow and the final outcome remains uncertain for financial institutions or companies in the evolving landscape, say attorneys at Paul Hastings.

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Chief Justice Says Personal Attacks On Judges 'Got To Stop'

By Katie Buehler

Chief Justice John Roberts on Tuesday condemned the personal attacks on federal judges that have become increasingly common during President Donald Trump's second term in office — and that are often launched by the president himself — and defended the daily work of the judiciary. 

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Deals In Jackson Walker-Judge Affair A 'Dilemma,' Judge Says

By José Luis Martínez

A Texas federal judge ordered three of Jackson Walker LLP's former bankruptcy clients Tuesday to explain by next month what would happen to money from potential vacaturs or sanctions against the law firm if the estates close after their contested deals get approved.

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NJ Judge Boots Prosecutor, Orders US Atty Trio's Testimony

By Jack Karp

A New Jersey federal judge on Monday questioned whether Alina Habba is still running the New Jersey U.S. Attorney's Office during a heated hearing where the jurist tossed a supervisory prosecutor from his courtroom and ordered testimony from the trio of attorneys who assumed Habba's responsibilities.

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Reed Smith Launches In Boston With 12 Attys From 7 Firms

By Tracey Read

Reed Smith LLP has launched its first office in Boston with 12 lawyers from White & Case, Goodwin Procter, McDermott Will & Schulte, Morrison Foerster, Kirkland & Ellis, Weil Gotshal & Manges and K&L Gates, the firm announced Tuesday.

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Indiana Firm Drops Quintairos Prieto 'Mass Exodus' Suit

By Adrian Cruz

Less than a month after suing Quintairos Prieto Wood & Boyer PA for allegedly causing a "mass exodus" of attorneys, Indiana-based Kopka Pinkus Dolin PC has chosen to dismiss the matter, according to a recent court filing.

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Comer Subpoenas AG Bondi Over Epstein Investigation

By Courtney Bublé

Rep. James Comer, R-Ky., chair of the House Oversight and Reform Committee, issued a subpoena on Tuesday for Attorney General Pam Bondi over the committee's investigation into the late sex offender Jeffrey Epstein.

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Senate OKs Conservative Think Tank GC As Louisiana Judge

By Courtney Bublé

The Senate voted 51-45 on Tuesday to confirm Anna St. John, president and general counsel of the Hamilton Lincoln Law Institute, as a U.S. district judge for the Eastern District of Louisiana.

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IP Atty Appeals Order Requiring OK To File EDTX Patent Suits

By Lauren Berg

Intellectual property attorney William Ramey is asking the Federal Circuit to overturn a Texas district judge's sanctions order requiring him to seek the court's permission before filing patent suits in the future, saying the judge relied on the wrong evidence in finding the attorney failed to conduct presuit investigations.

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Lawmakers Want More Oversight For Antitrust Settlements

By Matthew Perlman

Democratic lawmakers proposed legislation Tuesday that would give courts more power to review settlements reached in government antitrust cases, after the U.S. Department of Justice recently cut a pair of controversial deals, including with Live Nation last week.

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NJ Justices Create Attorney Readmission Board

By Jake Maher

New Jersey's highest court announced Tuesday it formally established a new body charged with overseeing readmissions of disbarred lawyers through changes to the state's standards for attorney conduct.

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Pot Co. Escapes Potency Suit, Judge Warns Plaintiff Firm

By Jonathan Capriel

MariMed and other cannabis companies beat claims they intentionally mislabeled their products to sidestep Illinois THC potency limits, with a federal judge highlighting the string of consumer-led suit losses and warning counsel to "heed the strong and universal concerns about the plausibility of their legal theories."

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