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Fintech
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February 12, 2025
EthereumMax Buyers Seek Cert. In Celeb Crypto Promos Suit
A group of investors in crypto product EthereumMax have asked a federal judge in California to certify a class action accusing Floyd Mayweather Jr., Kim Kardashian and other celebrities of promoting the token, which allegedly was used in a pump-and-dump scheme.
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February 12, 2025
Crypto CEO Made $425K Disappear, Investor Tearfully Testifies
A former business partner of a Texas man accused of running a $5 million fraud centered on a new "anti-money laundering" cryptocurrency testified tearfully before a California federal jury on Wednesday that her family invested about $425,000 in the defendant's previous cryptocurrency venture and lost every penny.
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February 12, 2025
Crypto Operator Seeks No Prison Time For $1M Fraud Plea
The founder of a cryptocurrency project who copped to wire fraud after gambling with over $1 million from investors wants to avoid a custodial sentence, though prosecutors have asked to see him serve just over two years.
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February 12, 2025
Fintech Group Wants To Defend CFPB's Open Banking Rule
Fintech industry group the Financial Technology Association on Wednesday filed to defend the Consumer Financial Protection Bureau's open banking rule in an ongoing challenge from the banking industry since the agency's own defense of the rule is uncertain in the wake of Trump administration shake-ups.
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February 12, 2025
EU To Consider 3% Digital Tax, Economic Presence Tax
The European Commission plans to look this year at proposals for a blocwide 3% digital services tax, a significant economic presence tax and a framework for income taxation, according to its program of work, signaling its intent to revive past discussions.
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February 12, 2025
Fintech Group Of The Year: Skadden
Skadden Arps Slate Meagher & Flom LLP helped longtime client Squarespace go private in a $7.2 billion acquisition and stayed on the cutting edge of securities law questions for digital assets in litigation both in district court and the Second Circuit, earning it a spot among the 2024 Law360 Fintech Groups of the Year.
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February 12, 2025
Sidley Litigator Tapped For Treasury GC Post
President Donald Trump has nominated Sidley Austin LLP regulatory litigation and white collar partner Brian P. Morrissey to become the U.S. Department of the Treasury's top lawyer, which would mark a return to the department where he was previously the number two lawyer.
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February 12, 2025
Crypto Platform EToro Confidentially Files IPO Proposal
Crypto platform eToro Group on Wednesday announced that it has confidentially submitted plans to U.S. regulators regarding a proposed initial public offering, marking the latest development in the trading and investment platform's yearslong attempt to go public.
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February 12, 2025
Trump's Picks For CFPB, OCC Chiefs Hailed By Industry
President Donald Trump has tapped Jonathan McKernan, formerly of the Federal Deposit Insurance Corp., to lead the Consumer Financial Protection Bureau full time, part of a slate of top financial regulatory nominees that has many in industry breathing a sigh of relief.
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February 12, 2025
Trump Picks Crypto Policy Advocate Quintenz To Lead CFTC
President Donald Trump has nominated Brian Quintenz, a former member of the U.S. Commodity Futures Trading Commission and current head of policy for venture capital firm a16z's crypto fund, to lead the derivatives market regulator.
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February 11, 2025
Celsius Crypto Spinoff Stockholders Sue For Board Docs
Stockholders of Ionic Digital Inc., a company formed to hold and operate digital mining assets of bankrupt Celsius Network LLC, have sued in Delaware's Court of Chancery for access to the company's stockholder lists in order to run a competing slate of directors.
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February 11, 2025
'Fraudster' Or 'Fool'? Jury Gets 2 Takes On Exec's Crypto Flop
The criminal case against a cryptocurrency company CEO accused of defrauding investors of $5 million is about "greed," a prosecutor told a California federal jury during opening arguments Tuesday while a defense lawyer characterized his client as a "fool" who floundered while "swimming with sharks," including disgraced ex-lobbyist Jack Abramoff.
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February 11, 2025
Crypto Bills A 'Test Case' For AI Regs, GOP Senator Says
A Republican U.S. senator who is leading the push for crypto industry regulation said Tuesday that Congress' actions in the digital asset space could determine whether there is a path forward for writing regulations governing the artificial intelligence industry.
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February 11, 2025
2 Russians Arrested In $16M Phobos Ransomware Scheme
Two Russian nationals were arrested on charges of operating a cybercrime cell that extorted about $16 million from victims around the world by stealing data and demanding a ransom for its return, Maryland federal prosecutors said Tuesday.
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February 11, 2025
Chinese Co. Must Clarify Trade Secret Claims Against TikTok
A Chinese company suing TikTok for allegedly stealing proprietary information to develop a video-editing tool must provide more information about the trade secrets and copyrights claimed in its suit so that TikTok can prepare its defenses, a special master appointed to the case has ordered.
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February 11, 2025
SEC Stays Binance Case Amid Other Crypto Case Extensions
The U.S. Securities and Exchange Commission and crypto exchange Binance have asked a Washington federal judge overseeing their enforcement suit to pause the case for two months as the agency pivots its approach to digital assets, adding to the list of extensions in the agency's cryptocurrency cases.
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February 11, 2025
Botkin Chiarello Adds Litigator From Cleveland Krist
Botkin Chiarello Calaf PLLC — an Austin, Texas, firm opened by six former Wittliff Cutter PLLC attorneys in 2023 that is focused on commercial and intellectual property litigation and general business counseling — has welcomed a litigator from Cleveland Krist PLLC.
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February 11, 2025
Fintech Group Of The Year: Quinn Emanuel
Quinn Emanuel Urquhart & Sullivan LLP played a role in multiple industry-defining cryptocurrency matters — counseling former Binance CEO Changpeng Zhao to a historic resolution with government authorities and acting as both an investigator and litigator in the ongoing FTX bankruptcy process — to earn the firm a spot among the 2024 Law360 Fintech Groups of the Year.
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February 11, 2025
CFPB's Top Supervisor, Enforcer Call It Quits Amid Closure
The Consumer Financial Protection Bureau's top supervision and enforcement officials resigned Tuesday, citing the Trump administration's broad suspension of key financial industry oversight activities at the agency.
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February 11, 2025
Republican-Led SEC Pauses Climate Regulation Litigation
The U.S. Securities and Exchange Commission signaled Tuesday that it may not move forward with a Biden-era regulation requiring public companies to disclose their greenhouse gas emissions, asking the court overseeing litigation against the climate reporting rules not to schedule the case for oral argument.
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February 10, 2025
FTX Having Trouble Serving Binance With Ch. 11 Lawsuit
The estate of fallen cryptocurrency exchange FTX told a Delaware bankruptcy judge late Friday that its attorneys haven't yet been able to serve Binance and its former CEO Changpeng Zhao a lawsuit seeking to recover nearly $1.8 billion that FTX is accused of illegally transferring prior to its collapse two years ago.
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February 10, 2025
Merrill Lynch Objects To New Discovery Bid In Stock Loan Suit
Merrill Lynch told a New York federal court it should deny investors' request for supplemental transaction data in their suit alleging major banks colluded to avoid modernizing the stock loan market, arguing that the discovery period has closed, and there are no legitimate reasons to grant the "burdensome" request.
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February 10, 2025
Feds Nab Plea In Bitcoin-Boosting Hack Of SEC X Account
An Alabama man on Monday pled guilty to being involved with the hack of the U.S. Securities and Exchange Commission's X account last year, admitting to a single conspiracy charge and agreeing to forfeit $50,000 he made from the scheme that briefly bumped the price of bitcoin.
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February 10, 2025
FDIC's McKernan Exits Board As Republicans Max Out Seats
Republican Jonathan McKernan announced Monday that he'll vacate his seat on the Federal Deposit Insurance Corp.'s board, given the expiry of his term and the addition of a Trump appointee that brings the board to its maximum number of GOP-held seats.
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February 10, 2025
Grayscale Beats Bitcoin Rival's $2M Unfair Practices Suit
A Connecticut state court judge has handed digital asset management firm Grayscale Investments LLC a summary judgment win on a smaller rival's $2 million unfair trade practices suit over a bitcoin feud, finding that the relevant state law does not apply to the dispute.
Expert Analysis
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Mentorship Resolutions For The New Year
Attorneys tend to focus on personal achievements or career milestones when they set yearly goals, but one important area often gets overlooked in this process — mentoring relationships, which are some of the most effective tools for professional growth, say Kelly Galligan at Rutan & Tucker and Andra Greene at Phillips ADR.
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Insights For Finance Firms, Regulators From House AI Report
Though a U.S. House of Representatives report encourages the financial sector to embrace artificial intelligence tools, its focus on ensuring high-quality datasets, transparent development and equitable access underscores that firms and regulators must strike a delicate balance between technological innovation and responsible implementation, says Brendan Palfreyman at Harris Beach.
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Series
Coaching Little League Makes Me A Better Lawyer
While coaching poorly played Little League Baseball early in the morning doesn't sound like a good time, I love it — and the experience has taught me valuable lessons about imperfection, compassion and acceptance that have helped me grow as a person and as a lawyer, says Alex Barnett at DiCello Levitt.
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How Fintechs Can Respond To New CFPB Supervisory Rule
Even though a new Consumer Financial Protection Bureau rule pulling large payment apps into supervision faces an uncertain fate in the new administration, providers should still examine the rule's definitions and prepare for increased compliance costs and more consumer-friendly practices, say attorneys at DLA Piper.
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5 Litigation Funding Trends To Note In 2025
Lawyers and their clients must be prepared to navigate an evolving litigation funding market in 2025, made more complicated by a new administration and the increasing overall cost of litigation, says Jeffery Lula at GLS Capital.
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Predicting Where State AGs Will Direct Their Attention In 2025
In 2025, we expect state attorneys general will navigate a new presidential administration while continuing to further regulate and police financial services, artificial intelligence, junk fees and antitrust, say attorneys at Troutman Pepper.
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The Blueprint For A National Bitcoin Reserve
The new administration has the opportunity to pave the way for a U.S.-backed crypto reserve, which could conceptually function as a strategic asset akin to traditional reserves like gold markets, hedge against economic instability, and influence global crypto adoption, say attorneys at Duane Morris.
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Student Loan Entities In Hot Seat After CFPB Goes To College
While the direction of student loan servicer oversight in the new presidential administration is unclear, recent Consumer Financial Protection Bureau actions still signal heightened regulatory scrutiny at both the federal and state levels of college institutional loan programs, along with their service providers, says attorney Jonathan Joshua.
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Rethinking Litigation Risk And What It Really Means To Win
Attorneys have a tendency to overestimate litigation risk before summary judgment and underestimate risk after it, but an eight-stage litigation framework can clarify risk at different points and help litigators reassess what true success looks like in any particular case, says Joshua Libling at Arcadia Finance.
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Patent Ruling Sheds Light On Printed Matter Doctrine
Patent attorneys should pay attention to the claim language highlighted in Ioengine v. Ingenico, where the Federal Circuit held that program code was not printed matter, but essentially instructions or content, and therefore not subject to the printed matter doctrine for patent challenges, says Irah Donner at Manatt.
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How DOGE's Bite Can Live Up To Its Bark
All signs suggest that the Department of Government Efficiency will be an important part of the new Trump administration, with ample tools at its disposal to effectuate change, particularly with an attentive Republican-controlled Congress, say attorneys at K&L Gates.
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Small Biz Caught In Corporate Transparency Act Crossfire
Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act — and confusion over the law's requirements could result in major penalties, say attorneys at Snell & Wilmer.
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5 Notable Information Security Events In 2024
B. Stephanie Siegmann at Hinckley Allen discusses 2024's largest and most destructive data breaches seen yet, ranging from ransomware disrupting U.S. healthcare systems on a massive scale, to tensions increasing between the U.S. and China over cyberespionage and the control of U.S. data.
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Series
Playing Rugby Makes Me A Better Lawyer
My experience playing rugby, including a near-fatal accident, has influenced my legal practice on a professional, organizational and personal level by showing me the importance of maintaining empathy, fostering team empowerment and embracing the art of preparation, says James Gillenwater at Greenberg Traurig.
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What Broker-Dealers Must Know Before Selling Bitcoin ETPs
Interest in bitcoin exchange-traded products is already high, and only expected to grow in light of the incoming Trump administration's pro-crypto stance, but broker-dealers must still consider numerous regulatory requirements before recommending a bitcoin ETP to a client, say Frank Weigand and Justine Woods at Cahill Gordon.