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Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – June 2025 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

McDermott Will & Schulte

CFTC Staff Letter 25-14: What Is a “U.S. Person”?

On May 21, 2025, the Commodity Futures Trading Commission’s (CFTC) Market Participants Division and Division of Market Oversight jointly issued Staff Letter 25-14 in response to a request from SCB Limited, a Bahamas-based...more

Jones Day

CFTC Divisions Interpret "U.S. Person" Definition and U.S. Location Versus Foreign Location

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A 2024 CFTC enforcement action settlement that may have introduced a new test for when the Commodity Exchange Act and the agency's regulations apply on a cross-border basis concerned then-CFTC Commissioner and now Acting CFTC...more

Morrison & Foerster LLP

U.S. SEC Issues Statement on Stablecoins

On April 4, 2025, the staff of the U.S. Securities and Exchange Commission (SEC or “Commission”) Division of Corporation Finance (“Staff”) issued a statement on stablecoins (the “Stablecoin Statement”), outlining the Staff’s...more

Conyers

International Sanctions Requirements for Virtual Asset Service Providers: a Cayman Perspective

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As the war continues to rage on the Eastern front between Russia and Ukraine, the financial sanctions resulting from the initial invasions and ongoing conflict seem likely to continue to play a significant part in the global...more

Ballard Spahr LLP

Are Whistleblower Protection Violations the New SEC Sweep?

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The Securities and Exchange Commission (SEC) continues to investigate companies for including language in their employment and separation agreements or retail client settlement agreements that potentially discourages...more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for July 2024

SEC Loses in ALJ Case, DOL’s Latest Fiduciary Rule Put on Hold, and SEC Reconsiders AI and Custody Rule Proposals - Welcome to our July Regulatory Roundup, where we provide a quick look at the latest regulatory developments....more

Jones Day

Raids by Asia-Pacific Enforcers Are on the Rise: A Guide to Being Prepared for When the Enforcer Comes Knocking

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The Development: After an interruption during the COVID-19 pandemic, authorities across the Asia-Pacific region have fully revived dawn raids....more

Thomas Fox - Compliance Evangelist

Internal Controls and Humans in the Loop: Lessons from Citigroup’s $126 Million Mistake

In the world of compliance and ethics, the Citigroup internal control debacle serves as a glaring reminder of the critical importance of robust, well-designed, functioning and effective internal controls. The U.K. Financial...more

Ballard Spahr LLP

Blockchain Analysis and Related Expert Testimony Admissible In Criminal Trial

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It is challenging for law enforcement to track down and trace illicit activities conducted through digital currencies. The process can be very time- and resource-intensive. Further, securing charges and arrests, and...more

Cornerstone Research

SEC Cryptocurrency Enforcement: June 2023 Update

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As of June 6, the SEC has brought 24 cryptocurrency enforcement actions between litigations and administrative proceedings. The number of cryptocurrency enforcement actions brought by the SEC in 2023 is advancing at a record...more

Mintz

The Last Remaining FX Defendant Prevails at Trial

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Introduction - Class Plaintiffs in the case of In re Foreign Exchange Benchmark Rates AntiTrust Litigation alleged that Defendant banks conspired to fix prices in the foreign exchange (“FX”) market in violation of Sections 1...more

Foley Hoag LLP - White Collar Law &...

Federal Cryptocurrency Enforcement in 2023

This is the eighth part in our 2023 series examining important trends in white collar law and investigations. Up next: anti-corruption. The tumultuous crypto events of 2022, combined with the heightened agency and executive...more

Bilzin Sumberg

Crypto Litigation Claims, Defenses Industry Should Watch

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Cryptocurrency companies face a steadily growing number of lawsuits, adding to a list of recent headaches for their industry. That list includes steep recent declines in investment value and a high probability of new...more

Cadwalader, Wickersham & Taft LLP

In Depth: Regulation and Enforcement of the Digital Assets Markets, Part Two – Focus on Enforcement

In last week's Cabinet News and Views, we examined the U.S. regulators' approach to the digital asset space, with a focus on the assertion of jurisdiction by the CFTC, the SEC, prudential regulators, state executive and...more

Proskauer - Blockchain and the Law

SEC Sues Crowd Machine for Allegedly Fraudulent and Unregistered ICO

In its first enforcement action of the year involving ICOs, the U.S. Securities and Exchange Commission (SEC) charged two companies and their founder for violations of antifraud and registration provisions of the federal...more

Jones Day

Australian Financial Services Regulatory Update - December 2021

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This edition of the Update covers: KEY LEGAL AND REGULATORY DEVELOPMENTS Regulatory Priorities ASIC and APRA Release Their Corporate Plans for 2021-25 On 26 August 2021, the Australian Securities & Investments Commission...more

A&O Shearman

SEC Enforcement In FY 2021 Included Significant Actions In Traditional And Emerging Areas And Over $1 Billion In Whistleblower...

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On November 18, the U.S. Securities and Exchange Commission (“SEC”) announced its enforcement results for the 2021 fiscal year, which ended on September 30, 2021.  The SEC reported that it filed 434 new enforcement actions in...more

A&O Shearman

Consulting Firm Settles Allegations That It Had Inadequate Procedures For Handling Of MNPI Between Units

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On November 19, 2021, the Securities and Exchange Commission (“SEC”) announced that an affiliate of McKinsey & Company (“McKinsey”), McKinsey Investment Office Partners, Inc. (“MIO”), had agreed to pay an $18 million penalty...more

Jones Day

Regulating the Ether: Lessons for the MENA Digital Asset Industry from U.S. Enforcement Actions

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As the global digital asset industry continues to grow, regulators worldwide have increased efforts to define and shape the legal landscape through various approaches. In the UAE, for example, the Financial Services...more

BakerHostetler

USDC Expands to New Blockchains, NFT Sales Continue, FATF Publishes Review of Crypto Standards, US and Global Crypto Enforcement...

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USDC Expands to 10 New Blockchains, Crypto Payment Initiatives Launch - The Centre Consortium recently announced that USDC, a stablecoin that is backed 1:1 by U.S. dollars, will soon be added to 10 additional blockchain...more

King & Spalding

Q1 2021: Latin American Enforcement Review

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Enforcement authorities throughout the Americas continued investigations of fraud, corruption, and other misconduct across the region. Below are some of the highlights of the last quarter. ...more

BakerHostetler

Cryptocurrency and Blockchain Initiatives Continue in Payments, NFTs and Media; Crypto Enforcement and Threats Also Continue...

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Crypto Adoption Continues in Credit Cards, OCC Approval, Restaurant Paymentsc - According to recent reports, a major U.S. financial services firm and Gemini, one of the largest U.S. cryptocurrency exchanges, will soon launch...more

Snell & Wilmer

Cryptocurrency: Tombstones on the Road to Regulatory Clarity

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In the intersection of financial markets and the internet, sometimes it seems like the only certainty in the year of cryptocurrency and “meme stocks,” like GameStop and AMC, is the continuing legal haze of cryptocurrencies....more

BakerHostetler

Crypto Firm Initiatives in CBDCs and Custody, GSA Auctions Bitcoin, Marketing Campaigns Integrate Crypto, ETFs Seek Approval,...

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Crypto Firms Expand CBDC and Custody Initiatives, GSA Auctions Bitcoin - Ripple Labs recently released a white paper describing its XRP cryptocurrency as a way to link different central bank digital currencies (CBDCs). The...more

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