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Fintech
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November 05, 2024
What Trump's Return Means For Bank Regulation: 5 Questions
With former President Donald Trump now projected to return to the White House, financial services attorneys are predicting the banking industry will see a sharp rightward turn at the Consumer Financial Protection Bureau and a much softer touch elsewhere in the federal regulatory arena.
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November 05, 2024
Trump's Win Expected To Pare Back Gensler's SEC Agenda
The reelection of President Donald Trump will bring with it many big changes to the U.S. Securities and Exchange Commission, including a new chair who could set a more crypto- and business-friendly policy that would translate into a downtick in rulemaking and enforcement cases in comparison to outgoing President Joe Biden.
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November 05, 2024
Trump Has Official Immunity. What About His Aides?
Whether the U.S. Supreme Court's decision on presidential immunity extends to subordinates who follow a president's orders has become a more pressing question in the wake of Donald Trump's projected election win, according to legal experts.
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November 05, 2024
How Trump Can Quash His Criminal Cases
Donald Trump's projected victory at the polls also translates to a win in the courts, as the second-term president will have the power to end both of his federal criminal cases. And the U.S. Supreme Court's decision on presidential immunity would shield him from any consequences for ordering his charges to be dismissed, experts say.
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November 05, 2024
An Early Look At Trump's Supreme Court Shortlist
With former President Donald Trump projected to win the 2024 presidential election and the Republicans' success in securing the U.S. Senate majority, Trump may now get the chance to appoint two more justices to the U.S. Supreme Court, cementing the court's conservative tilt for decades to come.
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November 05, 2024
GOP's Senate Win Hands Future Of The Judiciary To Trump
Republicans were projected to take back the White House and Senate and possibly the House early Wednesday, putting the GOP in position to back Donald Trump's agenda and his slate of young, conservative judicial nominees.
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November 05, 2024
The Firms With An Inside Track To A New Trump Admin
Law firms that have represented Donald Trump and the Republican Party on everything from personal legal woes to election-related lawsuits could see the risks of that work pay dividends as Trump is projected to secure a second term in office.
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November 05, 2024
FTC Says Dave Mobile Banking App Deceives Customers
The Federal Trade Commission on Tuesday accused mobile banking app Dave of misleading customers about the actual amount of cash advance they're likely to receive while also charging them undisclosed fees, including "tips" via a guilt-inducing interface, according to a complaint filed in California federal court.
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November 05, 2024
FTX Says Convicted Former Exec Must Cough Up $99M
The bankruptcy estate of cryptocurrency exchange FTX has asked a Delaware federal bankruptcy court to order former executive Ryan Salame to relinquish $98.8 million in assets, according to an avoidance action filed Monday.
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November 05, 2024
CFPB Gets Good Grade On Info Security, But Gaps Remain
The inspector general for the Consumer Financial Protection Bureau has given the agency a generally clean bill of health on its information security while flagging several weak points for improvement, including finding that it lacks a specific plan for handling a ransomware attack scenario.
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November 05, 2024
Ex-Money Transfer Co.'s Del. Suit Says Fintech Fraud Sank Biz
Sidelined money transfer venture Zelf Inc. has sued fintech Solid Financial Technologies Inc. in Delaware's Superior Court, accusing Solid of fraudulently representing that it could support anonymous banking and cryptocurrency services based only on a customer's name, email and phone number.
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November 05, 2024
Binance Says New SEC Complaint Suffers Same Old Flaws
Cryptocurrency exchange Binance told a Washington, D.C., federal judge the U.S. Securities and Exchange Commission can't continue to argue that secondary sales of digital assets are securities transactions in its enforcement suit against the trading platform after the regulator acquiesced that the tokens themselves aren't investment contracts.
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November 05, 2024
Nixon Peabody Taps Leader For New Fintech Group
A former mechanical engineering researcher who for years worked as a research assistant for his alma mater, Yale University, is moving his intellectual property and financial services practice from Duane Morris LLP to lead a recently launched Nixon Peabody LLP group, the firm announced Monday.
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November 05, 2024
Emerging Cos. Pro With SEC Background Returns To Latham
Latham & Watkins LLP is expanding its West Coast team, welcoming back an emerging companies expert who was a founding partner at Ketsal PLLC and worked for the U.S. Securities and Exchange Commission, and is now joining Latham as a partner in its San Francisco Bay Area offices.
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November 05, 2024
On The Ground: How Attorneys Safeguarded The Election
Attorneys worked tirelessly Tuesday to support citizens and election workers on the final day of voting in one of history's most contentious presidential contests.
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November 04, 2024
SEC Must Prep For Legal Challenges To Regs, Watchdog Says
The U.S. Securities and Exchange Commission should prepare for more litigation over its rulemaking agenda and make sure its new regulations can pass judicial muster, particularly in light of budget constraints, the agency's inspector general warned in a Monday report.
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November 04, 2024
Robinhood Users Denied Class Cert. In Order Flow Suit
A proposed class of Robinhood customers must run their expert's damages model before asking a California federal judge to weigh their class certification bid in litigation alleging that the investing platform failed to disclose financial interests affecting order flow on the platform.
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November 04, 2024
Binance Says Lawsuit Can't Connect It To Terrorism Finance
Cryptocurrency platform Binance has asked a New York federal judge to toss a suit alleging the firm helped foster terrorist activity, saying that it "unequivocally condemns all acts of terrorism" and that the complaint does not connect the company to the alleged acts.
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November 04, 2024
SEC Dings Adviser For Improper Athlete-Endorsed Ads
The U.S. Securities and Exchange Commission has fined an investment adviser over allegations that its advertisements include endorsements from professional soccer and mixed martial arts athletes without disclosing the athletes were not clients of the firm and were paid for their endorsements.
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November 04, 2024
Crypto Industry Hopes Election Will Bring SEC Shake-Up
The White House is poised to take a fresh approach to the digital asset industry regardless of who wins the presidency, but experts said the crypto industry's hopes for more rules and fewer enforcement cases ultimately depend on a new head of the U.S. Securities and Exchange Commission and a renewed push from Congress to pass crypto legislation.
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November 04, 2024
Coinme Crypto ATMs Suspended By Conn. Banking Chief
Connecticut's banking commissioner has suspended cryptocurrency ATM company Coinme Inc.'s ability to transfer money in the Constitution State and has hinted toward possible fines, citing violations of know-your-consumer laws, complaints of scams, a negative multistate investigation and failures to meet minimum capitalization laws.
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November 04, 2024
US IPO Activity Hits Standstill As Election Takes Center Stage
U.S. initial public offerings have screeched to a halt amid peak election season, and dealmakers expect new listings to largely remain iced until next year as market participants sort out ramifications of Tuesday's presidential and congressional contests.
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November 01, 2024
'Mutant Ape' NFT Developer Avoids Prison For 'Rug Pull'
A 26-year-old French citizen was spared further incarceration on Friday for a $2.9 million scheme to fraudulently market "Mutant Ape Planet" nonfungible tokens to investors, a sentence in large part driven by the uncertainty over the purchasers' loss.
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November 01, 2024
'Razzlekhan' Asks For Time Served For Role In Crypto Hack
The wife of a hacker convicted for his role in a scheme to steal bitcoin worth billions of dollars from crypto exchange Bitfinex has asked to dodge future prison time ahead of sentencing for her role laundering the scheme's proceeds.
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November 01, 2024
Suit Calls School Lunch Pay Processors Junk Fee 'Bullies'
Three parents filed a proposed class action in New Jersey federal court alleging consumer fraud against a major school lunch payment processor, saying it has misrepresented the purpose of the "junk fees" it charges for electronic transactions that are imposed on families mostly just for profit.
Expert Analysis
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How Corner Post Affects Enviro Laws' Statutes Of Limitations
The U.S. Supreme Court's recent ruling in Corner Post v. Federal Reserve Board has helped to alter the fundamental underpinnings of administrative law — and its plaintiff-centric approach may have implications for some specific environmental laws' statutes of limitations, say Chris Leason and Liam Martin at Gallagher and Kennedy.
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Lessons From Recent SEC Cyber Enforcement Actions
The recent guidance by the SEC's Division of Corporation Finance is helpful to any company facing a cybersecurity threat, but just as instructive are the warnings raised by the SEC's recent enforcement actions against SolarWinds, R.R. Donnelley and Intercontinental Exchange, say attorneys at O'Melveny.
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Inside OCC's Retail Nondeposit Investment Products Refresh
In addition to clarifying safe and sound risk management practices generally, the Office of the Comptroller of the Currency's revised booklet on retail nondeposit investment products updates its guidance around certain sales practices in light of the U.S. Securities and Exchange Commission's adoption of Regulation Best Interest, say attorneys at Debevoise.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Loper Fuels Debate Over Merchant Cash Advances As Credit
The U.S. Supreme Court's recent rejection of the Chevron doctrine in Loper Bright may escalate a Florida federal court dispute between the Revenue Based Finance Coalition and the Consumer Financial Protection Bureau over whether merchant cash advances should be considered credit under the Dodd-Frank Act, say attorneys at Sheppard Mullin.
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Bank M&A Continues To Lag Amid Regulatory Ambiguity
Bank M&A activity in the first half of 2024 continued to be lower than in prior years, as the industry is recovering from the 2023 bank failures, and regulatory and macroeconomic conditions have not otherwise been prime for deals, say Robert Azarow and Amber Hay at Arnold & Porter.
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Nuclear Power Can Help Industrial Plants Get To Net-Zero
In the race to fight climate change and achieve net-zero emissions, the industrial sector currently faces immense challenges — but the integration of nuclear energy is a promising solution, so companies should consider the financial and regulatory issues, opportunities, and risk-mitigating factors, say attorneys at Morgan Lewis.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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A Look At The Regulatory Scrutiny Facing Liquid Restaking
Recent U.S. Securities and Exchange Commission enforcement actions highlight the regulatory challenges facing emerging financial instruments like liquid restaking tokens and services, say Daniel Davis and Alexander Kim at Katten.
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5 Insights Into FDIC's Final Rule On Big-Bank Resolution Plans
Although the Federal Deposit Insurance Corp.'s recently finalized rule expanding resolution planning requirements for large banks was generally adopted as proposed, it includes key changes related to filing deadlines, review and feedback, and incorporates lessons learned — particularly from last year's bank failures, say attorneys at Cleary.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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How 3 Recent High Court Rulings Could Shape Fintech Policy
The U.S. Supreme Court's recent decisions in Jarkesy, Loper Bright and Corner Post provide fintech companies with new legal strategies to challenge regulatory actions, but agency reactions to these rulings and inconsistent judicial interpretations could bring compliance challenges and uncertainties, says Amy Whitsel at FS Vector.
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What Cos. Should Note In DOJ's New Whistleblower Pilot
After the U.S. Department of Justice unveiled a new whistleblower pilot program last week — continuing its efforts to incentivize individual reporting of misconduct — companies should review the eligibility criteria, update their compliance programs and consider the risks and benefits of making their own self-disclosures, say attorneys at Skadden.