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On May 22, 2023, the Federal Trade Commission (FTC) announced its first monetary settlement with celebrity endorsers for a combined $1.7 million.

The complaint filed by the FTC and the Utah Division of Consumer Protection (DCP) against Response Marketing Group, LLC and its principals, also named two real estate celebrities as defendants—Scott Yancey, star of the home-flipping show Flipping Vegas on A&E, and Dean R. Graziosi, author of Millionaire Success Habits. The complaint alleged that defendants used false promises to sell consumers expensive real estate investment training programs, which Yancey and Graziosi promoted. Yancey and Graziosi were also allegedly involved in efforts to bury online customer complaints that said Response Marketing was a scam and cost consumers more than $400 million.

Continue Reading FTC Secures First Monetary Settlement Against Celebrity Endorsers
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On May 5, 2023, New York Attorney General Letitia James released proposed legislation that seeks to regulate all facets of the cryptocurrency industry. Entitled the “Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act,” if enacted the draft bill would substantially expand New York’s oversight of crypto enterprises conducting business in the Empire State.

Continue Reading New York Attorney General Proposes Sweeping Crypto Legislation
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On April 14, 2023, by a 3-2 party-line vote the US Securities and Exchange Commission (SEC) reopened the public comment period and provided supplemental information on amendments proposed in January 2022 to the definition of “exchange” under Rule 3b-16. The SEC previously reopened the comment period in May 2022. The April 2023 action provides supplemental information and economic analysis regarding trading systems that trade crypto asset securities that would be newly included in the definition of “exchange” under the proposed rules.

Continue Reading SEC Steps up Oversight of Crypto Exchanges
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As reported on the Hunton Insurance Recovery Blog, blockchain technology has been touted as inherently reliable for years. More recently, collectors of Non-Fungible Tokens (NFTs) have explored expanded uses for that novel technology. Some courts have bought in and, in doing so, recently authorized a use that perhaps no one had imagined when NFTs first entered the mainstream: service of process.

Continue Reading NFT Service Brings Litigation Into the Metaverse!
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What Happened

As we reported in yesterday’s client alert, the US Bureau of Economic Analysis (BEA) has announced that it is conducting a survey of all US businesses whose voting interests are 10% or more owned, directly or indirectly, by a foreign person.  Responses to this survey are mandatory for every such US business enterprise, as described more fully below.  These responses are due May 31, 2023 (or June 30, 2023 if submitted via the BEA’s electronic filing portal).

Continue Reading US Bureau of Economic Analysis Conducts Survey of US Businesses Having Foreign Ownership of Voting Interests of 10% or More
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What Happened

The US Department of Justice (“DOJ”) made several recent announcements expanding on its expectations for corporate compliance programs and unveiling new guidance on executive compensation structures, consequence management and business communications and ephemeral messaging.

DOJ also announced a new enforcement push focused on the intersection of corporate crime and national security.

Continue Reading DOJ Announcements on Corporate Compliance Programs, Compensation Clawbacks and National Security
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Hunton Andrews Kurth LLP continues to assist clients and monitor developments in the financial markets arising from the liquidity challenges and market volatility currently facing the banking industry. Late Tuesday brought the first inevitable wave of lawsuits and government investigations. There will be many more in the days ahead.

Continue Reading Bank Turmoil Brings Increased Risk of Litigation and Investigations
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As we stated in our March 13, 2023 Client Alert, the Federal Reserve issued a press release on March 12, 2023, announcing the creation of the new Bank Term Fund Program (“BTFP”). The Federal Reserve established the BTFP to make available additional funding to eligible depository institutions in order to help assure that banks have the ability to meet the needs of all their depositors.

Continue Reading Bank Term Funding Program: Understanding Borrowing from the Federal Reserve Bank
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We have linked three client alerts that highlight the key events that occurred over this past weekend in the wake of the failure of Silicon Valley Bank. We will continue to monitor events and send updates as major developments occur. Hunton Andrews Kurth LLP has assembled a cross-disciplinary team consisting of attorneys from various practices to assist clients with the evolving situations involving Silicon Valley Bank, Signature Bank and any similarly situated banks.

Silicon Valley Bank: March 13, 2023 Updates on FDIC Receivership and Bridge Bank

Signature Bank: What to Know About March 12, 2023 Closing, FDIC Receivership and Bridge Bank

Federal Reserve Launches New Bank Term Facility Program; First Republic Bank Receives Private Sector Liquidity

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The metaverse is brimming with multifaceted, thought-provoking legal issues. We can help you develop and execute strategies to traverse this modern frontier.

Hunton Andrew Kurth LLP’s Metaverse practice benefits from the skills of our lawyers across the firm. Many of our attorneys have been advising on related matters for some time, including blockchain, non-fungible tokens (NFTs), cryptocurrency, artificial intelligence (AI), machine learning (ML), data privacy, cybersecurity, and rights to digital assets. These lawyers have joined forces to seamlessly advise clients who are focused on the metaverse and other emerging technology issues. In this alert, they address some of the questions you may have as your company considers doing business in the metaverse.

Continue Reading Nine Legal Questions You Might Encounter While Doing Business in the Metaverse