On May 22, 2023, the Federal Trade Commission announced its first monetary settlement with celebrity endorsers for a combined $1.7 million.
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Regulatory
New York Attorney General Proposes Sweeping Crypto Legislation
By Scott H. Kimpel on
Posted in Cryptocurrencies, Regulatory
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.
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US Bureau of Economic Analysis Conducts Survey of US Businesses Having Foreign Ownership of Voting Interests of 10% or More
By Hunton Andrews Kurth LLP on
Posted in Regulatory
The US Bureau of Economic Analysis 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. …
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DOJ Announcements on Corporate Compliance Programs, Compensation Clawbacks and National Security
By Hunton Andrews Kurth LLP on
Posted in Regulatory
The US Department of Justice 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.
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Bank Turmoil Brings Increased Risk of Litigation and Investigations
By Hunton Andrews Kurth LLP on
Posted in Regulatory
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.
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Bank Term Funding Program: Understanding Borrowing from the Federal Reserve Bank
By Hunton Andrews Kurth LLP on
Posted in Regulatory
In its ongoing efforts to stabilize the banking system, the Federal Reserve announced 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 ensure that banks have the ability to meet the needs of all their depositors.
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What You Need to Know: Historically Large Bank Closures Resulting in Unprecedented Actions Taken by Regulators
By Hunton Andrews Kurth LLP on
Posted in Regulatory
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.
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Nine Legal Questions You Might Encounter While Doing Business in the Metaverse
By Hunton Andrews Kurth LLP on
Posted in Cryptocurrencies, Regulatory
The metaverse is brimming with multifaceted, thought-provoking legal issues. What is the connection among blockchain, cryptocurrency, NFTs, and the metaverse? We consider these questions and others in this nine-part series.
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Proposed SEC Custody Rules for Crypto Assets
By Scott H. Kimpel on
Posted in Cryptocurrencies, Regulatory
On February 15, 2023, by a 4-1 vote, the SEC proposed new rules regarding an investment adviser’s obligation to custody assets. Unlike the existing rules, if adopted, the new rules would apply to all crypto assets.
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First Ever Trial On NFT Trademark Infringement Finds Against The NFT Creator
By Armin Ghiam on
Posted in Regulatory
On February 8, 2023, a jury in the Southern District of New York reached a verdict finding Mason Rothschild liable for trademark infringement of the Hermes BIRKIN mark when Rothschild advertised and sold a series of “MetaBirkin” non-fungible tokens. The verdict required Mr. Rothschild pay $110,000 for trademark infringement and dilution, as well as $23,000 for cybersquatting on the MetaBirkins domain name.
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