Fintech

  • January 18, 2024

    Genesis Says Gemini's $800M Collateral Claim Not Secured

    Bankrupt cryptocurrency investment platform Genesis Global Capital asked a New York bankruptcy judge Thursday to reject arguments from rival Gemini Trust Co. that it has a secured claim on $800 million in assets that Genesis pledged as loan collateral.

  • January 18, 2024

    CFTC Sues Crypto Site Over $2.3M 'Pig Butchering' Scam

    The Commodity Futures Trading Commission has accused an unregistered cryptocurrency exchange of engaging in a "pig butchering" scheme to lure victims into friendships or romantic relationships, only to steal their money through an investment scam.

  • January 18, 2024

    2nd Circ. Urged To Overturn Landmark 'Scam Token' Loss

    A group of crypto investors has urged the Second Circuit to revive their suit against the decentralized exchange Uniswap and its venture capital backers, saying they were aware of "rampant fraud" on the site and chose not to stop it.

  • January 18, 2024

    ​​​​​​​Kirkland, Paul Hastings Guide PE Firm's Fintech Biz Buy

    Technology-focused private equity firm Welsh Carson Anderson & Stowe, advised by Kirkland & Ellis LLP, announced Thursday it has agreed to buy a majority interest in financial technology business EquiLend, which is represented in the deal by Paul Hastings LLP.

  • January 18, 2024

    Colo. Judge Freezes Alleged Crypto Fraud Church's Funds

    A Colorado judge has frozen the assets of a Denver-area church accused of targeting the local Christian community for a fraudulent cryptocurrency scheme, after the state securities commissioner filed a lawsuit alleging the church's pastor and his wife misappropriated $1.3 million to fund their own lavish lifestyle.

  • January 18, 2024

    $6M CFPB Discrimination Settlement Gets Final OK

    A D.C. federal judge gave final approval Thursday to a $6 million settlement to resolve class claims that the Consumer Financial Protection Bureau discriminated against Black and Hispanic employees.

  • January 18, 2024

    OCC's Hsu Floats Liquidity Rule To Address SVB-Style Runs

    The Office of the Comptroller of the Currency's acting chief Michael Hsu called Thursday for a potential new liquidity requirement aimed at strengthening banks against rapid depositor runs like the one that brought down Silicon Valley Bank last year.

  • January 18, 2024

    Robinhood To Pay $7.5M To Exit Mass. Regulator Probe

    Robinhood Financial LLC has agreed to pay $7.5 million and make sweeping changes to the "gamification" of its platform under a deal announced Thursday by Massachusetts securities regulators, ending a three-year-old case that saw the online trader unsuccessfully plead its case to the state's top appellate court.

  • January 18, 2024

    MoFo Says 2024 Rate Cuts Will Boost PE's M&A Appetite

    Projected Federal Reserve interest rate cuts in 2024 are a key factor that will spur increased private equity investment in mergers and acquisitions after a slower 2023, according to a new Morrison Foerster LLP report.

  • January 17, 2024

    'Chaos' Warning Resonates As Justices Mull Chevron's Fate

    A conservative-led campaign against the 40-year-old doctrine of judicial deference to federal regulators appeared vulnerable at U.S. Supreme Court arguments Wednesday to predictions of a litigation tsunami, as justices fretted about an onslaught of suits and politicization of the federal judiciary.

  • January 17, 2024

    Thomas Gets Laugh, Agrees Prior Ruling Is 'Embarrassment'

    The specter of a major 2005 telecommunications ruling hung over U.S. Supreme Court Justice Clarence Thomas on Wednesday as he and his colleagues considered whether to toss the court's decades-old precedent instructing judges to defer to federal agencies' interpretations of ambiguous statutes. 

  • January 17, 2024

    Judge Voices 'Fear' Of Fallout From SEC's Coinbase Case

    The Manhattan federal judge overseeing the U.S. Securities and Exchange Commission's registration case against crypto exchange Coinbase drilled attorneys on Wednesday about how their arguments around securities law precedent and the major questions doctrine could create openings for other unintended legal challenges.

  • January 17, 2024

    5 Key Takeaways From Supreme Court's Chevron Arguments

    U.S. Supreme Court justices questioned Wednesday whether overturning a decades-old precedent instructing courts to defer to federal agencies' interpretations of ambiguous statutes would lead judges to legislate from the bench or diminish the value of Supreme Court precedent — and pondered whether they could "Kisorize" the doctrine rather than doing away with it altogether.

  • January 17, 2024

    Binance Users Hope To Serve Ronaldo $1B Suit On X Platform

    Former customers of Binance.com have asked a Florida federal court for permission to serve notice of their $1 billion proposed class action to Cristiano Ronaldo via the social media site X, formerly known as Twitter, for his alleged role in luring users to the legally embattled cryptocurrency exchange, arguing that the mega soccer star's jet-setting lifestyle makes him hard to find.

  • January 17, 2024

    FTX, IRS Clash Over Burden Of Proof In Tax Fight

    FTX and the Internal Revenue Service clashed Wednesday before a Delaware bankruptcy judge, each arguing the other should bear the burden of proof in an upcoming battle over the government's claim that the failed cryptocurrency giant owes billions of dollars in taxes.

  • January 17, 2024

    Gensler Warns AI 'Monoculture' May Weaken Financial System

    U.S. Securities and Exchange Commission Chair Gary Gensler warned Wednesday that artificial intelligence poses the risk of making the financial system more fragile, predicting that a handful of entities will inevitably come to dominate the space.

  • January 17, 2024

    Ex-OpenSea Staffer Tells 2nd Circ. Fraud Verdict Can't Stand

    A former manager at non-fungible token market OpenSea urged the Second Circuit to reverse his conviction for profiting from insider information, saying his thoughts about what image should be displayed on OpenSea's website were not the "property" of the platform.

  • January 17, 2024

    Fintech Investor Sues Over CEO's Alleged Stock Inflation

    An investor has filed a proposed class action against blockchain-based financial services company Future FinTech Group Inc. and its executives in New Jersey federal court on behalf of her fellow shareholders, alleging they were duped by a stock price inflation scheme that the U.S. Securities and Exchange Commission recently accused the CEO of coordinating.

  • January 17, 2024

    High Court Majority Shows No Eagerness To Overturn Chevron

    U.S. Supreme Court justices on Wednesday appeared split about whether decades-old precedent that favors federal agencies' legal interpretations in rulemaking infringes on judges' rightful authority to decide questions of law.

  • January 17, 2024

    CFPB Takes Aim At Overdraft 'Loophole' In Bid To Curb Fees

    The Consumer Financial Protection Bureau moved Wednesday to tighten regulations on overdraft programs at a large segment of the nation's banks, issuing a proposed rule that the agency estimates could save consumers as much as $3.5 billion in overdraft fees annually.  

  • January 16, 2024

    Terraform Trial Pushed To March Amid Founder's Extradition

    A New York federal judge on Tuesday pushed the U.S. Securities and Exchange Commission's fraud trial against Terraform Labs and its founder, Do Kwon, to March to give Kwon a better chance of attending the trial as he awaits extradition from Montenegro, where he's being held on criminal fraud charges.

  • January 16, 2024

    6 Opinions To Read Before High Court's Chevron Arguments

    The U.S. Supreme Court will consider Wednesday whether to overturn a decades-old doctrine that instructs courts to defer to federal agencies' interpretations of ambiguous statutes, arguments in which nearly two dozen of the justices' prior writings may be used to persuade them to toss the controversial court precedent.

  • January 16, 2024

    Crypto Project Debt Box Says SEC 'Lies' Deserve Sanctions

    Cryptocurrency project Debt Box urged a Utah judge to levy sanctions against the U.S. Securities and Exchange Commission after the agency "concealed and suppressed" alleged falsehoods it made to the court when seeking a temporary restraining order.

  • January 16, 2024

    Kazakh Fintech Giant Launches Plans For $873M US IPO

    Kazakhstan fintech company Kaspi.kz on Tuesday set pricing terms for an estimated $873 million U.S. initial public offering, represented by Debevoise & Plimpton LLP and underwriters counsel White & Case LLP, marking the latest sign that IPOs are picking up.

  • January 16, 2024

    Crypto Group Says It Has 'No Obligation' To Answer Warren

    Crypto policy group Coin Center has rebuffed Sen. Elizabeth Warren's demand for information about its employment of former government officials, telling the Massachusetts Democrat that it has "no obligation" to answer her queries about its ties to former defense, national security and law enforcement officials.

Expert Analysis

  • Navigating Discovery Of Generative AI Information

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    As generative artificial intelligence tools become increasingly ubiquitous, companies must make sure to preserve generative AI data when there is reasonable expectation of litigation, and to include transcripts in litigation hold notices, as they may be relevant to discovery requests, say Nick Peterson and Corey Hauser at Wiley.

  • Finding Focus: Strategies For Attorneys With ADHD

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    Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.

  • Decoding The Digital Asset Landscape In Bankruptcy

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    Recent cases show the explosion of cryptocurrency as an asset class has created new challenges for debtors-in-possession, bankruptcy trustees, and federal and state receivers, and fiduciaries will have to consider a number of legal and practical considerations when determining how to manage these assets in insolvency, say David Castleman at Otterbourg and Anthony Facciano at Stretto.

  • Keeping Tabs On Fight Over Board Diversity Rule At 5th Circ.

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    Attorneys at Mintz dissect why the Fifth Circuit rejected a constitutional challenge to Nasdaq’s new requirement that listed companies disclose board diversity data, assess how a petition calling the decision pro-discrimination may fare, and discuss where companies that have yet to meet the exchange's diversity goals go next.

  • What To Expect From California's Digital Assets Regime

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    California’s recent passage of two new laws that create a broad licensing, oversight and enforcement framework for the virtual currency arena will likely affect most digital asset companies doing business in the U.S. when it goes into effect in January 2025, say attorneys at Jenner & Block.

  • Why SEC Is Worried AI Could Lead To Recession, Racial Bias

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    U.S. Securities Exchange Commission Chair Gary Gensler recently indicated he believes the agency should have a seat at the artificial intelligence regulatory table, which he said, if left unchecked, could lead to systemic racial bias, IP issues and even a recession, says Nancy Wojtas at Cooley.

  • Preparing Bank Customer Service For New CFPB Scrutiny

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    With the Consumer Financial Protection Bureau indicating it will soon use a lesser-known Dodd-Frank provision to pursue large banks that unreasonably impede consumers seeking account information, all financial institutions should look for potential obstructions posed by their customer service procedures, says Matthew Walker at Vorys.

  • New CFTC Enforcement Policy May Finally Deter Recidivists

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    The U.S. Commodity Futures Trading Commission’s recently announced policies designed to crack down on market misconduct recidivists may finally raise the stakes enough to motivate institutions to improve their compliance infrastructure, say Dan Chirlin and Marc Armas at Walden Macht.

  • Key Points From NY Regulators' Crypto Listing Update

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    Virtual currency entities should review the New York State Department of Financial Services' recently proposed guidance for self-certification of coins, which features heightened listing standards and a new delisting framework, and evaluate its impact on their existing practices and coin-listing procedures, say attorneys at WilmerHale.

  • Attorneys, Law Schools Must Adapt To New Era Of Evidence

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    Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.

  • Inside The Current State Of International Crypto Compliance

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    A recent Financial Action Task Force report regarding adoption of international virtual asset compliance standards reflects a fairly grim state of affairs, but a broader look at providers' risk mitigation efforts and developments is encouraging, say Leah Moushey and Franco Jofré at Miller & Chevalier, and Meredith Fitzpatrick at Forensic Risk Alliance.

  • Why Public Cos. Should Also Comply With SEC's Names Rule

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    While the U.S. Securities and Exchange Commission's updated Names Rule specifically clarifies that funds must consider ESG factors in their investment strategies if their names so imply, public companies should also heed the message and conduct business consistent with the way they market or advertise themselves, says Spencer Feldman at Olshan Frome.

  • Series

    ESG Around The World: The UK

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    Following Brexit, the U.K. has adopted a different approach to regulating environmental, social and governance factors from the European Union — an approach that focuses on climate disclosures by U.K.-regulated entities, while steering clear of the more ambitious objectives pursued by the EU, say attorneys at Dechert.

  • Tips For Litigating Against Pro Se Parties In Complex Disputes

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    Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.

  • Planning Compliance For Updated FinCEN Reporting Rules

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    Although the Financial Crimes Enforcement Network's reporting deadline for beneficial ownership information may seem far off, companies should act now to determine which corporate entities must report and what information must be collected, given the potential time, resources and legal questions involved, say attorneys at Crowell & Moring.

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