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Fintech
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July 11, 2025
FTX Trust Says Blockchain Co. Hasn't Delivered $1.3M Coins
A recovery trust for the bankrupt cryptocurrency exchange FTX filed a Chapter 11 adversary proceeding in Delaware bankruptcy court seeking turnover of $1.3 million worth of $XION digital tokens that the debtor's subsidiaries purchased prior to the bankruptcy filing.
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July 11, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen HS2 hit with a defamation claim by two ex-employees who blew the whistle on alleged under-reporting of costs, Craig Wright and nChain face legal action brought by its former chief financial officer over a fraud scheme, and pro-footballer Axel Tuanzebe bring a clinical negligence claim against his former club Manchester United F.C. Here, Law360 looks at these and other new claims in the U.K.
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July 10, 2025
Crypto Exec Fights NY Suit, Cites Due Process Violation
The CEO of a venture capital firm accused of misleading investors into buying up a crypto token with the help of an endorsement from Argentine President Javier Milei just before it tanked said an attempt by New York to exercise jurisdiction over him would be unconstitutional.
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July 10, 2025
Apple, Visa And Mastercard Beat Payment Fee Collusion Suit
An Illinois federal judge on Wednesday dismissed several retailers' proposed antitrust class action that accused Apple, Visa and Mastercard of scheming to restrain competition in point-of-sale transaction payment networks, saying the express terms of agreements retailers had claimed were anti-competitive showed otherwise.
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July 10, 2025
Fed Floats Revision Of Large Bank Rating Framework
The Federal Reserve on Thursday floated a proposed revision to its supervisory rating framework that would allow large bank holding companies to retain a certain stamp of regulatory approval even if they receive a low rating in one area of assessment.
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July 10, 2025
SEC's Peirce Says Tokenized Security Issuers Must Heed Law
The U.S. Securities and Exchange Commission's Hester Peirce is cautioning market participants that issuers of digital versions of securities, often described as tokenized securities, must comply with federal laws even as they pursue innovation.
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July 10, 2025
States Fine Payment Co. Wise $4.2M Over Compliance Lapses
Wise has agreed to pay $4.2 million and take various remediating actions to end six states' claims that the global money transfer fintech had inadequate anti-money laundering programs.
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July 10, 2025
Student Loan Lender Settles AI Bias, Fair Lending Claims
Massachusetts Attorney General Andrea Joy Campbell on Thursday said her office has reached a $2.5 million deal with a Delaware-based student loan company to settle allegations that it utilized artificial intelligence models that could disproportionately harm Black and Hispanic applicants.
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July 10, 2025
Senate Confirms Gould As OCC Head
The U.S. Senate on Thursday confirmed Jones Day partner Jonathan Gould as Comptroller of the Currency in a 50-45 vote along party lines, marking his return to the agency where he spent more than two years as chief counsel.
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July 10, 2025
Bitcoin Scammer Hit With 12 Years Over Restitution Failure
A federal judge in Manhattan slammed a bitcoin fraudster with a 12-year prison term Thursday for allegedly refusing to repay $20 million to an entrepreneur whose cryptocurrency he admitted to stealing, imposing punishment anew at a resentencing over strenuous defense objections.
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July 09, 2025
Senators Weigh Principles To Guide Crypto Market Rules
Senate Democrats and a former chair of the U.S. Commodity Futures Trading Commission homed in on the importance of preserving the strength of existing securities laws during a Wednesday hearing where senators and industry experts previewed their priorities for the chamber’s coming crypto market structure proposal.
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July 09, 2025
Linqto Users Say Founder Flouted Securities Laws
Customers of recently bankrupt private investment platform Linqto sued its founder and former CEO in New York federal court on Wednesday, alleging in a proposed class action that he disregarded securities laws and oversaw aggressive and misleading marketing to lure investors.
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July 09, 2025
Judge Says Founder Should Escape Logan Paul Crypto Suit
A Texas magistrate judge has recommended that a former assistant of influencer Logan Paul be released from a "rug pull" cryptocurrency suit.
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July 09, 2025
Former SEC Officials Discuss Agency's New Priorities
Though swift regulatory and enforcement changes at the U.S. Securities and Exchange Commission have created a more business-friendly environment, three agency veterans now at Gibson Dunn & Crutcher LLP caution to watch out for compliance landmines.
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July 09, 2025
Feds Charge Pair In Alleged $650M Investment, Crypto Scam
Two men have been indicted in Puerto Rico for allegedly operating and promoting OmegaPro, an international investment scheme that prosecutors say defrauded investors of more than $650 million.
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July 08, 2025
Crypto Groups Back Developer's Money Transmitter Challenge
A coalition of crypto industry groups voiced their support for a challenge seeking to protect software developers from catching criminal cases over others' use of their creations, telling the Texas federal judge overseeing the case that the U.S. government has recently taken "an unprecedented, sweeping interpretation" of money transmission statutes.
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July 08, 2025
Crypto Firm ReserveOne To Go Public Via $1B SPAC Merger
Crypto asset management firm ReserveOne announced Tuesday that a special purpose acquisition company plans to take it public in a transaction that's expected to bring in more than $1 billion in proceeds as it pursues its novel crypto reserve strategy.
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July 08, 2025
Trump Media Files Plans To Launch 'Blue Chip' Crypto ETF
Trump Media and Technology Group Corp., the owner of President Donald Trump's platform Truth Social, on Tuesday filed documents to launch an exchange-traded fund that will invest in five cryptocurrencies, marking its latest cryptocurrency-focused ETF proposal.
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July 08, 2025
FinCEN To Appeal Block Of Trump's Border Cash Biz Order
The Financial Crimes Enforcement Network, its director and others on Tuesday filed a notice of their plan to appeal a California federal judge's decision to temporarily block the Trump administration's order singling out cash-moving businesses along the southwest border for heightened anti-money laundering reporting.
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July 08, 2025
'Tornado Cash' Trial Judge Curbs Talk Of North Korea WMDs
A Manhattan federal judge on Tuesday sharply limited the extent to which prosecutors may mention North Korea's alleged efforts to obtain weapons of mass destruction as they seek to convict a crypto engineer who allegedly facilitated big-dollar transactions for the secretive dictatorship.
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July 08, 2025
Texas Stock Exchange Taps Former SEC Markets Executive
The Texas Stock Exchange's owner on Tuesday said it has hired U.S. Securities and Exchange Commission veteran David Saltiel to join the startup, which aims to compete with the New York Stock Exchange and Nasdaq.
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July 08, 2025
Jones Day Adds Ex-FDIC, Treasury Leaders To Financial Team
Jones Day has expanded its financial markets practice in Washington, D.C., with two new partners who have key experience at financial institutions and regulatory agencies.
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July 08, 2025
Linqto Hits Ch. 11 Amid SEC Probe, Compliance Concerns
Linqto, a platform that connected investors with pre-IPO startups and other privately held firms, has filed for bankruptcy in Texas amid an investigation by the U.S. Securities and Exchange Commission and internal concerns over its compliance with securities laws.
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July 07, 2025
Ioengine Wants Fed. Circ. To Rethink IPR Estoppel Ruling
Ioengine LLC on Monday urged the Federal Circuit to rethink a panel's decision backing a jury's invalidation of its flash drive patents for being publicly available, saying the decision would upend a balance meant to protect patent owners against repetitive legal attacks.
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July 07, 2025
Chancery Won't Sink Investor Suit Against Gaming Co. Skillz
Delaware's chancellor has rejected calls to dismiss a derivative suit accusing insiders of mobile gaming company Skillz Inc. of misleading investors about weak prospects ahead of a secondary public offering in 2021, instead ordering a summary judgment proceeding to drill down on the issue of director independence.
Expert Analysis
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Opinion
Lawsuits Shouldn't Be Shadow Assets For Foreign Capital
Third-party litigation financing amplifies inefficiencies from litigation and facilitates national exposure to foreign influence in the U.S. justice system, so full disclosure of financing arrangements should be required as a matter of institutional integrity, says Roland Eisenhuth at the American Property Casualty Insurance Association.
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How To Accelerate Your Post-Attorney Career Transition
Professionals seeking to transition to nonattorney careers may encounter skepticism as nontraditional candidates, but there are opportunities for thought leadership and to leverage speaking and writing to accelerate a post-attorney career transition, say Janet Falk at Falk Communications and Evgeny Efremkin at Toronto Metropolitan University.
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3 Action Items For Innovators Amid Fintech Regulatory Pivot
As the federal banking agencies seek to smooth the way for banks to engage in crypto-related activities, banks and technology companies should take note of this new chapter in payments services, especially as leadership in digital financial technology becomes a national priority, says Jess Cheng at Wilson Sonsini.
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Opinion
GENIUS Act Can Bring Harmony To Crypto-Banking Discord
​​​​​​​By embracing crypto innovation while establishing appropriate guardrails, the so-called GENIUS Act charts a path forward that promotes financial inclusion and technological advancement without compromising stability or constitutional rights, says J.W. Verret at George Mason University's Antonin Scalia Law School.
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Series
Law School's Missed Lessons: Be An Indispensable Associate
While law school teaches you to research, write and think critically, it often overlooks the professional skills you will need to make yourself an essential team player when transitioning from a summer to full-time associate, say attorneys at Stinson.
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Mass. AG Emerges As Key Player In Consumer Protection
Through enforcement actions and collaborations with other states — including joining a recent amicus brief decrying the defunding of the Consumer Financial Protection Bureau — Massachusetts Attorney General Andrea Campbell has established herself as a thought leader for consumer protection and corporate accountability, say attorneys at Troutman Pepper.
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Series
Birding Makes Me A Better Lawyer
Observing and documenting birds in their natural habitats fosters patience, sharpens observational skills and provides moments of pure wonder — qualities that foster personal growth and enrich my legal career, says Allison Raley at Arnall Golden.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q1
Among the most notable developments in California banking in the first quarter of the year, regulators and legislators issued regulations interpreting debt collection laws, stepped up enforcement actions, and expanded consumer protections for those affected by wildfires, says Stephen Britt at Severson & Werson.
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Inside State AGs' Arguments Defending The ÃÛÌÒÊÓÆµ
Recent amicus briefs filed by a coalition of 23 attorneys general argue that the Trump administration's efforts to dismantle the Consumer Financial Protection Bureau will irreparably harm consumers in several key areas, making clear that states are preparing to fill in any enforcement gaps, say attorneys at Kelley Drye.
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Series
Adapting To Private Practice: From DOJ Leadership To BigLaw
The move from government service to private practice can feel like changing one’s identity, but as someone who has left the U.S. Department of Justice twice, I’ve learned that a successful transition requires patience, effort and the realization that the rewards of practicing law don’t come from one particular position, says Richard Donoghue at Pillsbury.
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Series
NY Banking Brief: All The Notable Legal Updates In Q1
The most noteworthy developments from the first quarter of the year in New York financial services include newly proposed regulations on overdraft fees, a groundbreaking settlement by the state attorney general, and a potentially precedent-setting opinion regarding the Electronic Fund Transfer Act, say attorneys at Quinn Emanuel.
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SEC Crypto Mining Statement Delivers Regulatory Clarity
The U.S. Securities and Exchange Commission's March 20 statement clarifying that certain crypto mining activities do not constitute the offer and sale of securities marks the end of the SEC's enforcement-first approach and ushers in a more predictable environment for blockchain innovation and investment, says Jeonghoon Ha at Ha Law.
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Law Firm Executive Orders Create A Legal Ethics Minefield
Recent executive orders targeting BigLaw firms create ethical dilemmas — and raise the specter of civil or criminal liability — for the government attorneys tasked with implementing them and for the law firms that choose to make agreements with the administration, say attorneys at Buchalter.
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The OCC's Newly Relaxed Approach To Bank Crypto Activity
With the early March rescission of Biden-era interpretive guidance, the Office of the Comptroller of the Currency has loosened its approach to regulating national banks and federal savings associations' crypto-asset activities, possibly removing one barrier to banks engaging in such activities, say attorneys at Debevoise.
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Firms Must Embrace Alternative Billing Models Or Fall Behind
As artificial intelligence tools eliminate inefficiencies and the Big Four accounting firms enter the legal market, law firms that pivot from the entrenched billable hour model to outcomes-based pricing will see a distinct competitive advantage, says attorney William Brewer.