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Fintech

  • May 06, 2025

    SafeMoon CEO Tells Jury Founder To Blame For Investor Fib

    Counsel for a U.S. Army veteran in Utah who served as CEO of SafeMoon told a Brooklyn, New York, federal jury Tuesday that he did not conspire to loot the crypto company's assets, implying its fugitive founder is to blame for a key misrepresentation.

  • May 06, 2025

    Senate Panel Advances Bowman For Fed Supervision Chief

    The U.S. Senate Banking Committee on Tuesday endorsed President Donald Trump's selection of Federal Reserve Gov. Michelle Bowman to be the top bank regulatory official at the central bank, advancing her as part of his latest slate of financial nominees.

  • May 05, 2025

    Long Island Judge Installed As Interim EDNY US Atty

    Long Island state court Judge Joseph Nocella Jr. was sworn in Monday as the interim U.S. attorney for the Eastern District of New York, a post he will hold for 120 days, or until the U.S. Senate confirms his nomination by President Donald Trump, the attorney's office announced.

  • May 05, 2025

    Debt Agency Agrees To $2.6M Deal To End Data Breach Claims

    Debt collection agency and buyer NCB Management Services Inc. has agreed to pay $2.625 million to resolve consolidated proposed class action claims it failed to protect more than a million consumers whose personal information was compromised when it was hit with a companywide ransomware attack.

  • May 05, 2025

    CFTC Drops DC Circ. Appeal Over Kalshi's Election Contracts

    The U.S. Commodity Futures Trading Commission moved Monday to voluntarily drop its D.C. Circuit challenge over trading platform Kalshi's election contracts, which allow users to trade on the outcome of U.S. elections.

  • May 05, 2025

    House GOP Eyes Expanded CFTC Oversight Of Crypto

    House Republicans indicated Monday that they want the U.S. Commodity Futures Trading Commission to play a key role in overseeing digital asset markets, a draft proposal that followed weekend pushback from Democratic senators opposed to other crypto legislation targeting so-called stablecoins.

  • May 05, 2025

    Skadden-Led Crypto Platform EToro Eyes $480M IPO

    Crypto-friendly trading platform eToro Group Ltd. on Monday launched plans for an initial public offering that could raise $480 million for the company and its shareholders, marking another sign that the IPO market's recent cold spell is beginning to thaw.

  • May 05, 2025

    Crypto Exec Says Feds Failed To Disclose Key Evidence

    An indicted co-founder of crypto mixing service Samourai Wallet told a New York federal judge on Monday about prosecutors' alleged "shocking" failure to disclose evidence that calls into question the criminal charges brought against him and asked for a hearing into the alleged slip-up.

  • May 05, 2025

    Celsius Exec Decries 'Venom-Laced' Gov't Sentencing Memo

    The founder of defunct cryptocurrency platform Celsius told a Manhattan federal judge that a sentencing memorandum in which prosecutors asked for a 20-year prison sentence was a "venom-laced" attempt to paint him as a "fiend" and ignore his prior law-abiding business ventures and status as a Soviet Jewish refugee.

  • May 05, 2025

    Crypto Miner Objects To Celsius Sanctions Try In Ch. 11 Case

    Crypto mining company Mawson Infrastructure Group Inc. asked a Delaware bankruptcy judge to throw out an attempt by Celsius Network to impose sanctions on Mawson in the company's involuntary Chapter 11 case, saying its failed bid to extend an automatic stay to its subsidiaries was performed in good faith.

  • May 05, 2025

    Colo. Pastor Claims No Ill Intent In Alleged Crypto Scheme

    A Colorado pastor accused of inducing $3.4 million in investments into a worthless cryptocurrency and pocketing more than a third of those investor funds told a state court Monday that the project didn't go as planned, but he and his wife had "no intent to evade the law."

  • May 05, 2025

    High Court Won't Consider Reviving $13M Patent Verdict

    The U.S. Supreme Court on Monday said it would not review a question of vicarious liability prompted by the Federal Circuit erasing CloudofChange LLC's $13 million infringement trial win over NCR Corp. 

  • May 02, 2025

    Dems Urge Fed To Rethink $35B Capital One-Discover Deal

    Democratic Sen. Elizabeth Warren of Massachusetts and Rep. Maxine Waters, D-Calif., have formally petitioned the Federal Reserve to pause and revisit its approval of Capital One's $35 billion acquisition of Discover, saying the central bank's analysis of the transaction had glaring gaps that make its conclusion legally unsustainable.

  • May 02, 2025

    Gores Group's Latest SPAC Leads 3 IPOs Totaling $792M

    Gores Holdings X Inc., the latest of several special purpose acquisition companies formed by private equity firm The Gores Group, began trading Friday after pricing an upsized $312 million IPO, the largest of three new SPAC listings totaling $792 million.

  • May 02, 2025

    Judge Tosses Claims Uphold Misled Users Of Crypto Product

    Uphold HQ Inc. beat a suit from users Friday when a New York federal judge ruled the digital money platform didn't mislead users about the safety of a now-defunct partner's crypto interest product its platform once supported.

  • May 02, 2025

    With Lowell's New Firm, San Juan Bank Appeals NY Fed Loss

    Abbe Lowell — the high-profile litigator who on Friday announced he will launch a boutique firm aiming to aid with "politicized investigations" after exiting the partnership of Winston & Strawn LLP — will help handle a Puerto Rico bank's appeal of an order affirming the closure of its Federal Reserve master account by federal regulators.

  • May 02, 2025

    More Crypto Easing For Banks Is 'Critical,' Trade Groups Say

    A coalition of Wall Street trade groups urged the executive branch to continue removing "barriers" limiting financial institutions from engaging with digital assets in a joint letter calling for uniform risk-management expectations over processes that require firms to clear their crypto activities with banking regulators ahead of time.

  • May 02, 2025

    Money Laundering, Tax Charges Nixed Vs. Crypto Operator

    An Indiana federal judge dismissed the U.S. government's cases against a man accused of operating an unlicensed money transmitting business, laundering proceeds through cryptocurrency transactions and failing to file tax returns after finding his business was not subject to registration requirements, as the government had maintained.

  • May 02, 2025

    Frank Execs Trade Blame In Dueling Bids For New Trial

    Frank founder Charlie Javice and former executive Olivier Amar each requested new trials on charges alleging they tricked JPMorgan Chase & Co. into buying the student aid assistance startup for $175 million, with Javice asserting that her co-defendant acted as a second prosecutor and Amar saying he was unfairly lumped into what the government called a criminal scheme.

  • May 01, 2025

    NY Judge Says He May Nix $110M Mango Markets Fraud Verdict

    A Manhattan federal judge on Thursday suggested that he may grant all or part of a crypto trader's motion for acquittal or a new trial over allegations that he defrauded Mango Markets investors out of $110 million by manipulating the price of the exchange's native token, in a ruling that would likely center on issues involving mixed swaps or venue.

  • May 01, 2025

    Ex-Credit Union Regulator Says Suing Trump 'Had To Be Done'

    One of two Democrats suing President Donald Trump for unlawful termination from the National Credit Union Administration warned Thursday of damaging potential ripple effects if their firings are allowed to stand, casting their decision to litigate as daunting but necessary.

  • May 01, 2025

    2 Firms To Co-Lead Block Investor Suit Over Cash App

    Cohen Milstein Sellers & Toll PLLC and Lieff Cabraser Heimann & Bernstein LLP will represent a proposed class of investors in a suit alleging Jack Dorsey's fintech company Block Inc. created a "haven for criminal and illicit activities" on its Cash App and Square payment platforms despite touting its anti-money laundering protocols.

  • May 01, 2025

    SEC Drops Case Against Crypto Promoter Ian Balina

    The U.S. Securities and Exchange Commission moved Thursday to drop its suit over cryptocurrency influencer Ian Balina's alleged promotion of so-called SPRK tokens, about a month after Balina's attorneys said the federal regulator planned to walk away from the case.

  • May 01, 2025

    FINRA Fines Interactive Brokers Over Complaint Reporting

    The Financial Industry Regulatory Authority announced online broker-dealer Interactive Brokers LLC will pay $400,0000 to settle claims it failed to report regulatory complaints and customer grievances regarding the functionality of its virtual platform to FINRA over an 11-year period.

  • May 01, 2025

    FinCEN Targets Cambodian Firm As Crypto Money Launderer

    The U.S. Department of the Treasury's financial crimes watchdog on Thursday called out Cambodia-based Huione Group as a primary money laundering concern and proposed to "sever its access to the U.S. financial system" due to its alleged laundering of $4 billion worth of crypto scam and other illicit proceeds.

Expert Analysis

  • Rethinking 'No Comment' For Clients Facing Public Crises

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    “No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.

  • A Closer Look At FDX's New Role As Banking Standard-Setter

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    Should the new Consumer Financial Protection Bureau let ​​​​​​​stand the decision empowering Financial Data Exchange as an industry standard-setter, it will be a significant step toward broader financial data-sharing, but its success will depend on industry adoption, regulatory oversight and consumer confidence, say attorneys at Clark Hill.

  • What To Expect In Crypto Banking After SEC Nixed Guidance

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    With the U.S. Securities and Exchange Commission recently rescinding its controversial cryptocurrency accounting guidance, the industry's focus will turn to the potentially significant hurdle to crypto banking posed by the federal banking regulators, say attorneys at Duane Morris.

  • Fund Names Rule FAQs Leave Some Interpretative Uncertainty

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    Although recently released FAQs clarify many specific points of the 2023 expansion to the Investment Company Act's fund names rule, important questions remain about how U.S. Securities and Exchange Commission staff will interpret other key terms when the end-of-year compliance date arrives, say attorneys at Dechert.

  • How Design Thinking Can Help Lawyers Find Purpose In Work

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    Lawyers everywhere are feeling overwhelmed amid mass government layoffs, increasing political instability and a justice system stretched to its limits — but a design-thinking framework can help attorneys navigate this uncertainty and find meaning in their work, say law professors at the University of Michigan.

  • What Travis Hill's Vision For FDIC Could Portend For Banks

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    If selected to lead the Federal Deposit Insurance Corp. in a permanent capacity, acting Chairman Travis Hill is likely to prioritize removing barriers to innovation and institution-level growth, emphasizing the idea that eliminating rules, relaxing standards and reducing scrutiny will reinvigorate the industry, say attorneys at Mitchell Sandler.

  • 5 Major Crypto Developments From The Trump Admin So Far

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    The early weeks of the Trump administration have set the stage for a significant transformation in U.S. digital asset policy by prioritizing regulatory clarity, innovation and a shift away from enforcement-heavy tactics, but many of these changes will require congressional support and progress may be gradual, say attorneys at Ropes & Gray.

  • Compliance Pointers For DOJ's Sweeping Data Security Rule

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    A new Justice Department rule broadly restricts many common data transactions with the goal of preventing access by countries of concern, and with an effective date of April 8, U.S. companies must quickly assess practices related to employee, customer and vendor data, says Sam Castic at Hintze Law.

  • Comparing 2 Pending Bills To Regulate Stablecoins

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    Alexandra Steinberg Barrage at Troutman analyzes the key similarities and differences between two payment stablecoin proposals currently pending in Congress — the STABLE and GENIUS acts — as both chambers are forming a working group to deliver a clear regulatory framework for digital assets and bipartisan agreement appears within reach.

  • Citibank Wire Transfer Ruling Creates New Liability For Banks

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    A New York federal court's recent decision in New York v. Citibank, affirming the Electronic Fund Transfer Act's consumer protections cover wire transfers allegedly initiated by scammers who infiltrated Citibank customers' online accounts, creates new liability for sending financial institutions and upends decades-old regulatory guidance, say attorneys at Stinson.

  • Series

    Competitive Weightlifting Makes Me A Better Lawyer

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    The parallels between the core principles required for competitive weightlifting and practicing law have helped me to excel in both endeavors, with each holding important lessons about discipline, dedication, drive and failure, says Damien Bielli at VF Law.

  • Inside The Uncertainty Surrounding Ƶ's Overdraft Rule

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    The Consumer Financial Protection Bureau's overhaul of overdraft fee regulation hangs in limbo as the industry watches to see whether new leadership will repeal the rule, allow it to stay in place, or wait for congressional action or the courts to drive its demise, say attorneys at Alston & Bird.

  • How Private Securities Suits Complement SEC Enforcement

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    U.S. Securities and Exchange Commission enforcement is vital to the healthy functioning of markets, but government enforcement alone is not enough to ensure meaningful monetary recoveries for investor losses due to securities law violations, say attorneys at Bernstein Litowitz.

  • Opinion

    Despite Noble Intentions, Va. Usury Bill Is Bad For Consumers

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    A Virginia bill purportedly aimed at eradicating predatory online bank lending actually does nothing to achieve that goal, and instead would limit credit opportunities for state residents, says Catherine Brennan at Hudson Cook.

  • Opinion

    DOJ's Visa Suit Shows Pitfalls Of Regulating Innovative Tech

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    A policy of allowing free-market mechanisms to operate without undue interference remains the most effective way to foster innovation, and the U.S. Department of Justice's 2024 case against Visa illustrates the drawbacks of regulating innovative technology, says attorney Thomas Willcox.

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