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Capital Markets
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April 09, 2025
Dems Decry 'Industry Wishlist' As House Mulls Crypto Rules
House Democrats on Wednesday sought to keep the Trump family's involvement in crypto ventures and the industry's lobbying efforts in sharp focus as lawmakers began devising market structure legislation for digital assets during a hearing.
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April 09, 2025
Shaq's $11M Deal With NFT Investors Gets Judge's Final OK
Hall of Fame basketball player Shaquille O'Neal and the creators of the Astrals nonfungible token project have received a judge's final approval of an $11 million deal to resolve a proposed securities class action with buyers of the tokens that O'Neal allegedly promoted.
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April 09, 2025
Fed Pick To Call For 'Reformed' Supervision, 'Pragmatic' Rules
President Donald Trump's nominee for a key bank policymaking role at the Federal Reserve will tell senators on Thursday that a back-to-basics "refocusing" of bank supervision and a return to regulatory "tailoring" are among the top priorities she plans to pursue on the job.
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April 09, 2025
AI Audio Co. Brass Accused Of Acquisition Accounting Errors
Executives and directors of California-based voice recognition technology company SoundHound Inc. were hit with a shareholder derivative suit alleging they failed to disclose material weaknesses related to accounting for two acquisitions completed last year.
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April 09, 2025
Coinbase Judge Won't Rethink Greenlighting Investor Suit
A New Jersey federal judge declined to review his ruling to keep a Coinbase investors' class action alive, saying his order did not gloss over any legal or factual issue when finding the company and its executives must face the suit accusing them of concealing certain regulatory and bankruptcy risks from investors.
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April 09, 2025
Senate Confirms Trump Pick Atkins To Lead A Leaner SEC
The U.S. Senate on Wednesday confirmed Paul Atkins to be the next chair of the U.S. Securities and Exchange Commission, clearing the way for an agency veteran and regulatory critic who is expected to slow the SEC's enforcement agenda and pursue smaller corporate penalties at a time when the agency is grappling with staff cuts and market turmoil.
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April 09, 2025
CrowdStrike Says Outage 'Unfortunate,' Not Securities Fraud
CrowdStrike Holdings Inc. has urged a Texas federal judge to toss a shareholder suit accusing it of mischaracterizing the measures it was taking to prevent a system crash, which caused its stock price to plummet after the platform experienced a massive outage last year, saying the outage was "unfortunate ... but it did not reveal any securities fraud."
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April 09, 2025
SafeMoon CEO Flags DOJ Crypto Memo In Bid For Dismissal
The CEO of crypto firm SafeMoon alerted a Brooklyn federal judge Wednesday to a U.S. Justice Department directive not to pursue charges related to digital assets under the Securities Exchange Act or Commodity Exchange Act, suggesting that the judge should dismiss his investor fraud case.
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April 09, 2025
Bessent: 'It's Main Street's Turn' For Regulatory Rollbacks
U.S. Treasury Secretary Scott Bessent on Wednesday sketched out ambitious Trump administration plans to cut financial rules for smaller, so-called community banks and rein in federal bank supervision, saying the goal is to lock up "bureaucratic hubris."
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April 09, 2025
Del. Justices Grapple With 'Knowability' In Stock Sale Appeal
Delaware's chief justice said Wednesday the court recognized the seeming unfairness in a stockholder's bid against dismissal of his court challenge to a state sale of tech company shares as long-abandoned property, but cautioned that commercial interests need certainty in their markets.
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April 09, 2025
Winston & Strawn Leads Fintech-Focused SPAC's $240M IPO
Special purpose acquisition company Titan Acquisition Corp. began trading Wednesday after pricing a $240 million initial public offering in pursuit of a merger with a fintech or related business, represented by Winston & Strawn LLP and underwriters' counsel Ellenoff Grossman & Schole LLP.
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April 09, 2025
Pillsbury Expands Houston Office With 3 Corporate Attys
Pillsbury Winthrop Shaw Pittman LLP has added three attorneys with unique dealmaking experience to its growing Houston office.
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April 08, 2025
4th Circ. Affirms Dismissal Of IonQ Shareholder Fraud Suit
The Fourth Circuit on Tuesday declined to revive a shareholder class action against quantum computer developer IonQ, holding that the plaintiffs' reliance on a short seller's report didn't clear the "high bar" for bringing their securities fraud claims against the company.
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April 08, 2025
Crypto Investor Sues In Del. Alleging $16M Pump, Dump Loss
Cayman Islands-registered cryptocurrency venture Hash Asset Management Ltd. sued two other crypto entities and four individuals in Delaware's Court of Chancery on Tuesday, alleging a "pump and dump" scheme that saw more than $16 million allegedly siphoned away in violation of token deposit and lending agreements.
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April 08, 2025
Four Robinhood Users Must Arbitrate Meme Stock Claims
A Florida federal judge overseeing the multidistrict litigation over Robinhood's decision to freeze trading in certain so-called meme stocks ordered four remaining plaintiffs in the case to arbitrate their claims, writing in an order that there's no dispute a valid arbitration agreement exists.
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April 08, 2025
FDIC To Look At 'Indexing' Size Thresholds For Bank Rules
The Federal Deposit Insurance Corp.'s acting chief said Tuesday that the agency may recalibrate what counts as a large bank after years of inflation and is working on other broadly deregulatory plans for banks' living-will filings, a key leverage rule and more.
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April 08, 2025
SEC's Uyeda Urges Review Of Federal-State Oversight Splits
The acting chairman of the U.S. Securities and Exchange Commission on Tuesday called for a reevaluation of the threshold that divides federal and state oversight of investment advisers, saying he wants to better conserve SEC and taxpayer resources by focusing on the largest advisers.
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April 08, 2025
German Pharma Giant Stada Pauses IPO As Volatility Endures
Private equity-backed German pharmaceutical company Stada is halting its initial public offering amid market volatility, joining several U.S. companies that are pausing plans while they assess the fallout from President Donald Trump's tariff policy.
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April 08, 2025
Compliance Chief Wants Out Of SEC Fraud Suit
The chief compliance officer and general counsel of a wealth management firm has urged an Illinois federal judge to dismiss him from a U.S. Securities and Exchange Commission suit over an alleged offering fraud by former representatives at his firm, saying "the commission does not even understand what its own pleading burden in this case is."
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April 08, 2025
MSP Recovery Sued For Docs In Del. After $33B SPAC Dispute
A stockholder of healthcare data analytics company MSP Recovery has demanded the company turn over books and records over allegations that it admitted to financial difficulties and federal investigations shortly after finalizing a $32.5 billion blank-check merger nearly three years ago.
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April 08, 2025
Fla. Cloud Co. Accuses Ex-Board Member Of SPAC Fraud
A Florida cloud storage business has accused a former board member of securities fraud in federal court, alleging that a side agreement splitting a finder's fee with an unregistered broker he introduced for a merger deal wasn't disclosed, and now the company faces shutdown if an asset sale isn't halted.
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April 08, 2025
3 Firms Advise On $1.25B Ripple-Hidden Road Crypto Deal
Crypto infrastructure firm Ripple said Tuesday it will acquire prime brokerage platform Hidden Road for $1.25 billion in a deal steered by at least three law firms, with Gunderson Dettmer and A&O Shearman advising Ripple, and Wachtell representing Hidden Road.
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April 08, 2025
DOJ Shuts Crypto Unit, Shifts Focus From Intermediaries
The U.S. Department of Justice is disbanding its crypto unit and directing prosecutors to focus on cases against individuals who harm crypto investors or use digital assets to further other illegal activity, instead of bringing cases against platforms that enable the conduct, according to a memo circulated to all department employees.
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April 08, 2025
Sidley Austin Expands M&A Group, Hires Ex-Milbank Partner
Sidley Austin LLP announced Monday another addition to its mergers and acquisitions practice in New York, hiring a former Milbank LLP attorney as a partner.
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April 07, 2025
Chancellor Asks About High Court Case In $2.1B SPAC Row
A Delaware vice chancellor wondered Monday why neither side of a derivative suit over the $3 billion take-public merger of battery maker Microvast Holdings Inc. spoke about a recent state supreme court case relevant to the dispute.
Expert Analysis
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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
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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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.
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Opinion
7 Ways CFTC Should Nix Unnecessary Regulatory Burdens
Several U.S. Commodity Futures Trading Commission regulations do not work efficiently in practice, all of which can be abolished or improved in order to comply with a recent executive order requiring the elimination of 10 regulations for every new one implemented, say attorneys at K&L Gates.
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How Attorneys Can Master The Art Of On-Camera Presence
As attorneys are increasingly presented with on-camera opportunities, they can adapt their traditional legal skills for video contexts — such as virtual client meetings, marketing content or media interviews — by understanding the medium and making intentional adjustments, says Kerry Barrett.
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Series
Baseball Fantasy Camp Makes Me A Better Lawyer
With six baseball fantasy experiences under my belt, I've learned time and again that I didn't make the wrong career choice, but I've also learned that baseball lessons are life lessons, and I'm a better lawyer for my time at St. Louis Cardinals fantasy camp, says Scott Felder at Wiley.
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Paul Atkins' Past Speeches Offer A Glimpse Into SEC's Future
Following Paul Atkins' Thursday Senate confirmation hearing, a look at his public remarks while serving as a commissioner at the U.S. Securities and Exchange Commission between 2002 and 2008 reveals eight possible structural and procedural changes the SEC may see once he likely takes over as chair, say attorneys at Covington.
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Series
Adapting To Private Practice: From Fed. Prosecutor To BigLaw
Making the jump from government to private practice is no small feat, but, based on my experience transitioning to a business-driven environment after 15 years as an assistant U.S. attorney, it can be incredibly rewarding and help you become a more versatile lawyer, says Michael Beckwith at Dickinson Wright.
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The Fund Finance Market Is In Its Transformative Era
The fund finance market is experiencing explosive growth as it develops into a mature and sophisticated industry, with several recent developments – such as an increase in net asset value lending and a shift toward borrower-friendly terms – reshaping the landscape of this rapidly evolving sector, say attorneys at Fried Frank.
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Opinion
SEC Shouldn't Complicate Broker-Dealers' AML Compliance
Recent U.S. Securities and Exchange Commission anti-money laundering enforcement actions show that regulators should not second-guess broker-dealers' reasonable judgment, or stretch the law or their jurisdiction to regulate through enforcement, lest they expect broker-dealers to vigorously defend their AML programs, say attorneys at WilmerHale.
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Executive Orders Paving Way For New Era Of Crypto Banking
Recent executive orders have already significantly affected the day-to-day operations of financial institutions that have an interest in engaging with digital assets, and creating informed strategies now can support institutions as the crypto gates continue to open to the banking industry, say attorneys at Spencer Fane.
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State Securities Enforcers May Fill A Federal Enforcement Gap
The U.S. Securities and Exchange Commission appears poised to take a lighter touch under the new administration, but state enforcement efforts are likely to continue unabated, and potentially even increase, particularly with regard to digital assets and ESG disclosures, say attorneys at Ropes & Gray.