The U.S. Securities and Exchange Commission started the process of bringing exchange-traded funds holding the cryptocurrency ether to market on Thursday when it approved a series of filings permitting national securities exchanges to list the products, leaving firms to wait for the next step before trading can begin.
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TOP NEWS

SEC Opens Gate To Ether ETFs, But Firms Await Green Light

By Aislinn Keely

The U.S. Securities and Exchange Commission started the process of bringing exchange-traded funds holding the cryptocurrency ether to market on Thursday when it approved a series of filings permitting national securities exchanges to list the products, leaving firms to wait for the next step before trading can begin.

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Analysis

CFPB's 1st Try At BNPL Regulation Could Set Stage For More

By Jon Hill

The Consumer Financial Protection Bureau's new guidance that treats buy-now, pay-later firms more like credit card companies is drawing industry grumbles about "apples to oranges" comparisons, but consumer advocates say that applying additional credit card-esque rules would be the cherry on top.

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Wow Such Basic: Justices Back Crypto Fans In Dogecoin Duel

By Jeff Overley

It's up to judges, not arbitrators, to figure out whether contracts between businesses and consumers have subtly superseded earlier agreements to hash out disputes in arbitration rather than litigation, the U.S. Supreme Court ruled Thursday.

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'Not Us At Our Best:' SEC's Top Cop Talks Debt Box Error

By Jessica Corso

The U.S. Securities and Exchange Commission's enforcement director Gurbir Grewal took responsibility Thursday for his agency's sanctioned actions in a lawsuit against crypto project Debt Box, saying that the case did not represent the agency "at our best" but was not a sign that there were any widespread problems with the way it conducts its enforcement proceedings. 

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Influencer Can't Duck SEC Suit Over Crypto Sale, Promotion

By Sydney Price

The U.S. Securities and Exchange Commission scored a partial win in a Texas federal court case in which the agency accused an influencer of unlawfully reselling and promoting cryptocurrencies to followers on social media, with a judge finding the tokens were unregistered securities and the promoter could not escape liability in the lawsuit.

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FTX Judge Declines To Undo Ch. 11 Digital Claim Estimation

By Vince Sullivan

The judge overseeing the Chapter 11 case of cryptocurrency exchange FTX Trading Ltd. on Thursday denied a request to vacate an earlier ruling allowing the debtor to estimate the claims of creditors holding digital assets based on their petition date value, saying the party seeking to undo the order had not provided any new evidence to justify the action.

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POLICY & REGULATION

House Passes Bill To Block Fed-Issued Digital Dollar

By Aislinn Keely

The U.S. House of Representatives on Thursday passed a bill that would prohibit the Federal Reserve from issuing a digital dollar in a vote that fell starkly along party lines, with Democrats decrying the bill as fearmongering over privacy concerns and a departure from the previous day's bipartisan passage of a regulatory framework for digital assets.

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ENFORCEMENT & COMPLIANCE

Ex-Bank CEO Cops To Embezzling $47M To Pay Crypto Scam

By Gina Kim

Heartland Tri-State Bank's former chief executive pled guilty Thursday in Kansas federal court to embezzling $47 million that he wired to cryptocurrency accounts controlled by fraudsters after falling victim to a "pig butchering" scam, which led to the bank's collapse and subsequent shutdown last summer.

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Feds Score Discovery Pause In SEC Suit Against CoinDeal

By Katryna Perera

A Michigan federal judge on Thursday granted the federal government's motion to intervene and stay discovery in a U.S. Securities and Exchange Commission suit alleging a group of individuals and businesses duped investors out of more than $45 million through a CoinDeal investment fraud scheme.

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LITIGATION

NC Fintech Atty Sues Paymentus For Gender, Age Bias

By Emily Sawicki

A former senior corporate counsel for cloud-based billing company Paymentus Corp. has slapped her former employer with a $100,000 age and gender discrimination suit in North Carolina federal court, saying she was paid less than her male colleagues and eventually fired for complaining, only to be replaced by a much younger male attorney.

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7th Circ. Unsure VIX-Fix Claims Were Wrongly Tossed

By Lauraann Wood

The Seventh Circuit seemed unsure Thursday that two investment companies should be allowed to pursue volatility index manipulation claims against Barclays, Morgan & Stanley Co. and other financial institutions after a lower court found that one lacked standing and the other missed a statutory deadline.

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EXPERT ANALYSIS

CFPB Poised To Up The Ante After Supreme Court Victory

When the U.S. Supreme Court emphatically ruled last week that the Consumer Financial Protection Bureau's funding structure did not violate the Constitution, the agency boasted that it was "here to stay," signaling that it is moving full steam ahead with its regulatory, enforcement and supervisory agenda, says Jim Sandy at McGlinchey Stafford.

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Diving Deep Into Sweeping NY Financing Bill — And Its Pitfalls

A New York bill seeking to impose state usury limits onto a broader variety of financing arrangements and apply lender licensing requirements to more diverse entities would present near-insurmountable compliance challenges for lenders and retailers, say Kate Fisher and Tom Quinn at Hudson Cook.

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The State Of Play In DEI And ESG 1 Year After Harvard Ruling

Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.

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LEGAL INDUSTRY

Analysis

Biden's Judicial Impact And What's Left On The Wish List

By Courtney Bublé

President Joe Biden secured confirmation of his 200th federal judge Wednesday and has transformed the judiciary by picking more women and people of color than any other president. But the upcoming election season could derail his hopes of confirming many more judges.

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Meet Biden's Latest Pennsylvania Picks For District Court

By P.J. D'Annunzio & Matthew Santoni

President Joe Biden has continued his trend of nominating public defenders to the federal bench, this time selecting two longtime defense attorneys to occupy vacancies in Pennsylvania.

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DOJ's Live Nation-Ticketmaster Suit: What You Should Know

The U.S. Department of Justice and a slew of state attorneys general filed a suit challenging the 2010 merger of Ticketmaster and Live Nation. Here, catch up on Law360's coverage of the deal and those who have challenged it along the way – Taylor Swift fans, investors and regulators.

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Exiled Chinese Businessman Is No $1B Fraudster, Jury Told

By Stewart Bishop

Exiled Chinese businessman and purported billionaire Guo Wengui ran legitimate companies in support of a broad movement that opposed the Chinese Communist Party, his attorney told a Manhattan federal jury Friday, rather than what prosecutors say was a multifaceted $1 billion fraud.

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Menendez, Kasowitz Firm Spar Over Subpoena To Cooperator

By Elliot Weld

Amid his bribery trial, U.S. Sen. Robert Menendez of New Jersey is urging a Manhattan federal judge to order a government cooperator to turn over communications involving his current counsel at Kasowitz Benson Torres LLP and his former attorneys.

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McElroy Deutsch Seeks Win Against Ex-CFO After Guilty Plea

By Rose Krebs

McElroy Deutsch Mulvaney & Carpenter LLP is urging a New Jersey state court to order its former chief financial officer to pay roughly $1.5 million damages for "unauthorized compensation" he paid himself and force him to disgorge $5.4 million in pay he received from the firm.

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Ex-DOJ Atty Clark Says He Was Denied A Fair Ethics Hearing

By Alison Knezevich

Former Justice Department official Jeffrey Clark was denied a fair hearing in his Washington, D.C., ethics case and should not face punishment, he told an attorney disciplinary committee in a Thursday filing.

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GC Cheat Sheet: The Hottest Corporate News Of The Week

By Sue Reisinger

Antitrust law took center stage this week as college general counsel try to figure out the what and how of paying student athletes under a new court ruling, and the U.S. Department of Justice is trying to break up the entertainment venue dominance of Live Nation and Ticketmaster.

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UK Litigation Roundup: Here's What You Missed In London

By Max Austin

This past week in London has seen an IT engineer seek permission to search a landfill hiding a hard drive supposedly storing millions of pounds in bitcoin, Glencore take on legal action by American Century Investments, gold payment app Glint bring a breach of duty claim against FRP Advisory, and an ongoing dispute between a solicitor and the Solicitors Regulation Authority. Here, Law360 looks at these and other new claims in the U.K.

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In Case You Missed It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week.

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Using A Children's Book Approach In Firm Marketing Content

From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.

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COMPANIES IN TODAY'S NEWS

AXA SA

AXA XL Ltd.

Academy Sports & Outdoors Inc.

Atlantic Global Insurance Services

Avolon Holdings Ltd.

Barclays PLC

Bayerische Motoren Werke AG

BlackRock Inc.

Boehringer Ingelheim

Boehringer Ingelheim Vetmedica Inc.

British Broadcasting Corp.

Cboe Global Markets Inc.

Chevron Corp.

Coinbase Global Inc.

Community Financial Corp.

Defender Association of Philadelphia

Deloitte Touche Tohmatsu Ltd.

EMCOR Group Inc.

Ethereum GmbH

Ferrari SpA

First Bank (Hamilton, NJ)

Ford Motor Co.

Fordham University

Franklin Resources Inc.

Glencore PLC

HSBC Holdings PLC

Heartland Tri-State Bank

Icertis Inc.

Integrys Energy Group Inc.

Invesco Ltd.

Jubilee Holdings Ltd.

Live Nation Entertainment Inc.

Major Lindsey & Africa LLC

Mediterranean Shipping Co. SA

Mercedes-Benz USA LLC

MilliporeSigma

Mondelez International Inc.

NASDAQ Inc.

NBCUniversal Media LLC

National Collegiate Athletic Association

National Consumer Law Center Inc.

Norfolk Southern Corp.

Pac-12 Enterprises LLC

Paymentus Holdings Inc.

Paysafe Group PLC

Pegasus Capital Advisors LP

PetroChina Company Limited

QBE Insurance Group Ltd.

Solicitors Regulation Authority Ltd.

Space Exploration Technologies Corp.

Swissport International Ltd.

Tesla Inc.

The District of Columbia Bar

The New York Times Co.

University of Virginia

Wells Fargo & Co.

YouTube Inc.

LAW FIRMS IN TODAY'S NEWS

A&O Shearman

Beatty Navarre

Burnham & Gorokhov

Cafferty Clobes

Caldwell Carlson

Clark Hill

Clifford Chance

Clyde & Co

Cooley LLP

Crowell & Moring

DWF LLP

Davidoff Hutcher

Davis Polk

Dorsey & Whitney

Duane Morris

Elliot Morgan Parsonage

Elsberg Baker

Eversheds Sutherland

Fieldfisher

Fish & Richardson

Foley & Lardner

Fox Rothschild

Fox Williams

Gateley PLC

Gellert Scali

Greenberg Traurig

Hamlins LLP

Harris St. Laurent

Hill Dickinson

Hogan Lovells

Holland & Knight

Horwich Farrelly

Howes Percival

Hudson Cook

JMW Solicitors LLP

Jones Day

K&L Gates

Kasowitz Benson

Katten Muchin

KaurMaxwell

Kirby McInerney

Kirkland & Ellis

Kobre & Kim

Korein Tillery

Landis Rath

Latham & Watkins

Marino Tortorella

McDonald & MacGregor

McElroy Deutsch

McGlinchey Stafford

McKool Smith

Michael Best & Friedrich LLP

Morgan Lewis

Pallas Partners

Paul Hastings

Penningtons Manches

Poole Huffman

Potter Clarkson

Pryor Cashman

Quinn Emanuel

Reed Smith

Rosen Hagood

Saporito Falcone

Scott&Scott

Spencer Fane

Sullivan & Cromwell

Welsh & Recker

Wilkin Chapman

Williams & Connolly

WilmerHale

Winston & Strawn

Withersworldwide

GOVERNMENT AGENCIES IN TODAY'S NEWS

Companies House

Consumer Financial Protection Bureau

Equal Employment Opportunity Commission

European Commission

European Union

Federal Bureau of Investigation

Federal Deposit Insurance Corp.

Federal Reserve System

International Monetary Fund

National Labor Relations Board

New York State Assembly

U.S. Attorney's Office for the District of Kansas

U.S. Attorney's Office for the Eastern District of Michigan

U.S. Attorney's Office for the Southern District of New York

U.S. Bankruptcy Court for the District of Delaware

U.S. Court of Appeals for the Fifth Circuit

U.S. Department of Commerce

U.S. Department of Justice

U.S. District Court for the Central District of California

U.S. District Court for the District of Columbia

U.S. District Court for the District of Nebraska

U.S. District Court for the Eastern District of Michigan

U.S. District Court for the Eastern District of Pennsylvania

U.S. District Court for the Middle District of Pennsylvania

U.S. District Court for the Northern District of Texas

U.S. District Court for the Southern District of New York

U.S. District Court for the Western District of Texas

U.S. Environmental Protection Agency

U.S. House of Representatives

U.S. Office of Personnel Management

U.S. Securities and Exchange Commission

U.S. Supreme Court

United States District Court for the District of Kansas