Fintech

  • June 17, 2024

    Bitcoin Mining Hosting Vendor Can't Dodge $6.4M Suit

    A Washington federal judge told a crypto computer host that it must face a suit from a bitcoin mining company accusing it of failing to return equipment worth $6.4 million, finding the hosting agreement allowed the mining company to demand access to all the equipment if the host failed to meet its obligations.

  • June 17, 2024

    Ex-CNBC Pundit Caught After Years Of Dodging Fraud Claims

    A former frequent CNBC guest who became a fugitive for nearly three years after being accused of defrauding investors has been arrested and faces a seven-count indictment, California federal prosecutors said Monday.

  • June 17, 2024

    SEC Says Ripple's Remedies Not Comparable To Terraform's

    The U.S. Securities and Exchange Commission fired back at blockchain firm Ripple Labs' claims that a recent settlement with Terraform Labs supports a lower penalty amount, saying it can't be a direct comparison given Terraform is in bankruptcy and has made significant concessions Ripple hasn't.

  • June 17, 2024

    FTX, Customers Lay Claim To SBF's $11B Forfeiture Tab

    FTX told the New York federal court that hit the company's founder Sam Bankman-Fried with a 25-year prison sentence and an $11 billion forfeiture order that the now-defunct cryptocurrency exchange has a right to those funds, while a group of its former clients asserted a similar claim for itself.

  • June 17, 2024

    Crypto Trading Firm Nabs NY BitLicense

    Crypto trading firm and liquidity provider Cumberland DRW announced Monday that the New York Department of Financial Services has granted it a BitLicense, which allows it to operate a crypto business within the state.

  • June 17, 2024

    Binance Says Hamas Attack Suit Can't Prove Fundraising Link

    Binance Holdings Ltd. has urged a New York federal judge to dismiss claims the exchange abetted terrorism because the survivors of Hamas' Oct. 7 attack on Israel haven't shown a direct link between the platform's cryptocurrency services and the planning of the attack.

  • June 17, 2024

    SEC Head Of Crypto Assets And Cyber Unit Departs Agency

    The head of the U.S. Securities and Exchange Commission's crypto and cyber enforcement team said Monday that he has left the agency after nearly nine years.

  • June 17, 2024

    Justices To Hear Nvidia Case On Securities Pleading Standard

    The U.S. Supreme Court on Monday agreed to hear an appeal of a Ninth Circuit ruling that revived investors' claims over chipmaker Nvidia's crypto mining sales, giving the high court a chance to weigh in on the pleading requirements needed to sustain a shareholder class action.

  • June 14, 2024

    Novel Ill. Swipe Fee Law Sparks New Banks V. Retailers Battle

    Illinois lawmakers have passed first-of-their-kind restrictions on swipe fees that represent a major, multimillion-dollar victory for retailers, but they could also set up a legal clash with bankers, who warn that the state risks turning into a national payments pariah.

  • June 14, 2024

    Fed Limits Bank's Fintech Dealings Over Risk Concerns

    The Federal Reserve filed a cease-and-desist order against an Arkansas bank Friday requiring it to obtain federal and state approval before partnering with any fintech companies going forward after the agency identified risk management deficiencies in recent safety and compliance exams.

  • June 14, 2024

    CFPB Says 5th Circ. Should Leave Payday Rule Case For Dead

    The Consumer Financial Protection Bureau urged the Fifth Circuit on Friday to deny efforts to revive industry litigation over the agency's 2017 payday loan rule, a case that went all the way to the U.S. Supreme Court based on a constitutional challenge that the agency ended up beating last month.

  • June 14, 2024

    Judge Declines To Decide Whether Gemini Misled CFTC

    A Manhattan federal judge declined to decide whether crypto exchange Gemini is responsible for alleged misstatements made to the U.S. Commodity Futures Trading Commission through the listing exchange of a proposed bitcoin futures contract.

  • June 14, 2024

    Gemini, NYAG Settle Crypto Lending Fraud Case

    The Winklevoss-led crypto exchange Gemini on Friday resolved the New York attorney general's claims it had a hand in defrauding users of its lending program with a settlement that the attorney general's office said would recover $50 million for the platform's users and require the firm's cooperation as it takes on the remaining defendants.

  • June 14, 2024

    Ripple Cites Terraform Fine In Call To Limit SEC Penalty

    Ripple Labs Inc. says the U.S. Securities and Exchange Commission's recent settlement with fellow crypto firm Terraform Labs, with the company agreeing to pay a $420 million civil penalty, is further proof of the "unreasonableness" of the agency's request that it be made to pay a much larger fine for activities that did not amount to fraud.

  • June 14, 2024

    Feds Lob New Charges Over $430M Dark Web Market

    Two owners of an online marketplace known as Empire Market were hit Thursday with additional charges alleging that over a period of years they allowed users worldwide to buy and sell $430 million worth of illegal goods and services.

  • June 14, 2024

    Guo's Crypto Venture Raised 'Red Flags,' Investigator Says

    A compliance investigator at cryptocurrency wallet provider BitGo testified in Manhattan federal court Friday that he identified multiple "financial crime red flags" in the digital asset exchange promoted by Chinese dissident Miles Guo.

  • June 13, 2024

    Visa, Mastercard Fee Deal Not 'Likely' To Get Court Approval

    A New York federal judge said at a hearing Thursday that she will "likely not approve" Mastercard and Visa's proposed settlement in long-running litigation over merchant transaction fees, according to the case docket.

  • June 13, 2024

    CFPB's Chopra Sees 'Pressing Need' For Data Protections

    Consumer Financial Protection Bureau Director Rohit Chopra zeroed in on data usage and privacy during a Thursday hearing with House lawmakers, calling for sharper limits on what financial firms can do with customer data while also seeking to assuage concerns about his agency's plans for data sharing and data broker rules.

  • June 13, 2024

    SEC's Gensler Rethinking AI Advising, Crypto Custody Regs

    U.S. Securities and Exchange Commission Chair Gary Gensler told senators Thursday that the agency could rewrite a pair of proposals governing broker-dealers' use of artificial intelligence and the handling of customers' cryptocurrency assets in the wake of "robust" feedback from both supporters and naysayers.

  • June 13, 2024

    Fintech Remitly Hires Ex-Google Compliance Chief

    Remitly has hired Google's former chief compliance officer to run global compliance and enterprise risk programs at the remittance service, bringing his experience that includes risk leadership positions at TD Ameritrade, Vanguard and Goldman Sachs.

  • June 13, 2024

    Manatt Picks Up Crypto Co. DCG's Legal Head As New Partner

    The former top lawyer for Digital Currency Group has departed the cryptocurrency company to join professional services firm Manatt as a financial services partner based in New York, focusing on blockchain, emerging companies and venture capital, the firm announced Thursday.

  • June 13, 2024

    Deals Rumor Mill: Paramount, Cineworld, Kraken IPO

    Media executive Edgar Bronfman Jr. has expressed interest in buying the company that controls Paramount Global, British cinema giant Cineworld may sell certain U.K. operations, and cryptocurrency exchange Kraken is considering a funding round of about $100 million before a potential initial public offering. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • June 13, 2024

    Biden Picks CFTC's Goldsmith Romero For FDIC Chair

    The White House said Thursday that President Joe Biden will nominate Christy Goldsmith Romero, a Democratic member of the U.S. Commodity Futures Trading Commission, for the top job at the Federal Deposit Insurance Corp.

  • June 12, 2024

    Axos Bank Can't Arbitrate 'Bait & Switch' Suit, Customers Say

    Customers suing Axos urged a federal judge not to let the bank arbitrate their claims in a consolidated dispute over how it handled interest rates on savings deposit accounts offered through online banking division UFB Direct, arguing that the court, not an arbitrator, must decide arbitrability.

  • June 12, 2024

    FDIC Head Must Go To Change Status Quo, GOP Reps. Say

    House Republicans on Wednesday criticized Federal Deposit Insurance Corp. Chair Martin Gruenberg for not immediately resigning in the wake of a probe of the agency's workplace culture, but some Democrats took issue with the scope of a report on the investigation's findings while applauding his rumored successor.

Expert Analysis

  • Expect Tougher Bank Exams 1 Year After Spring 2023 Failures

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    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.

  • Think Like A Lawyer: Follow The Iron Rule Of Trial Logic

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    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.

  • The Art Of Asking: Leveraging Your Contacts For Referrals

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    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.

  • The Drawbacks Of Banking Regulators' Merger Review Plans

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    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.

  • SEC Off-Channel Comms Action Hints At Future Enforcement

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    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.

  • Fed. Circ. Defines Foreign IP Damages, Raises New Questions

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    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.

  • Series

    Being An Equestrian Makes Me A Better Lawyer

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    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.

  • Bracing For The CFPB's War On Mortgage Fees

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    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.

  • 4 Ways To Refresh Your Law Firm's Marketing Strategy

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    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.

  • What Cos. Are Reporting Under New SEC Cybersecurity Rule

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    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.

  • Binance Ruling Spotlights Muddled Post-Morrison Landscape

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    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.

  • Series

    Whitewater Kayaking Makes Me A Better Lawyer

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    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.

  • This Earth Day, Consider How Your Firm Can Go Greener

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    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.

  • What FinCEN Proposed Customer ID Number Change Means

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    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.

  • At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism

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    At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.

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