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Financial Institutions Legal News
In-house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review online edition.
Around the clock, the National Law Review's editors screen and classify breaking news and analysis authored by recognized legal professionals and our own journalists.
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U.S. Chamber of Commerce Files Suit Against FTC’s Noncompete Ban
Following the Federal Trade Commission’s (FTC’s) adoption of its Rule on April 23, 2024, that struck down almost all forms of noncompete agreements (the Rule), unsurprisingly and as we predicted in our last piece discussing the adoption of the Rule, the United States Chamber of Commerce (Chamber) has commenced an action in the U.S. District Court for the Eastern District of Texas that seeks, among other things, (1) a declaration that the FTC’s Noncompete Rule is arbitrary, capricious or otherwise contrary to law within the meaning of the Administrative Procedure Act and (2) an order permanently enjoining the FTC from enforcing the Rule against its members.
More on Commerce Suit Against FTC Here >
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Bipartisan Proposal Would Not Tax Staking Rewards Until Time of Sale
On Tuesday, April 30, 2024, U.S. Congressmen Drew Ferguson (R-GA) and Wiley Nickel (D-NC) introduced a bill, the Providing Tax Clarity for Digital Assets Act, to codify the U.S. federal income tax treatment of the acquisition by a taxpayer of a reward of a digital asset pursuant to a consensus mechanism (i.e., a staking reward). The proposal provides that digital asset staking rewards would be taxable upon disposition, rather than at the time of acquisition.
More on Taxing Staking Rewards Here >
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FINRA Facts and Trends: April 2024
Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. This month, we report on FINRA’s first salvo against market-disrupting “FinFluencers,” a pivotal ruling that restricts who may be deemed a “customer” under FINRA rules, a new type of claim that has surged into the top 10 most common types of disputes filed in FINRA, and much more.
More on FINRA April 2024 Developments Here >
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Senators Introduce Stablecoin Bill
On April 17, 2024, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced a bill entitled the Lummis-Gillibrand Payment Stablecoin Act. The bill is the latest bipartisan effort by the two senators to provide a comprehensive federal oversight regime for the regulation of stablecoins.
More on Proposed Stablecoin Bill Here >
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