On May 4, following in the footsteps of President Biden’s recent executive order (Federal EO), California Governor Gavin Newsom issued his own blockchain-related executive order (CA EO), making California the first among the states to endorse a proactive, harmonized approach to regulate blockchain technology. The CA EO assesses how existing state and public institutions may
On May 19, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an interpretive rule, describing states’ authorities to pursue companies and individuals that allegedly violate any of the federal consumer financial laws enforced by the CFPB.
CFPB Director Rohit Chopra described this action as “promoting state enforcement, not suffocating it.” It openly invites
On May 24, Kentucky Attorney General Daniel Cameron sent a letter to the National Association of Attorneys General (NAAG), expressing concerns about perceived partisanship. Joined by the attorneys general of Alaska, Florida, Louisiana, Oklahoma, South Carolina, Utah, and Virginia, the letter explains that these eight attorneys general believe “NAAG needs structural reform [t]o avoid partisanship”
2022 primary elections for attorneys general are in full swing with 31 state attorneys general elections to be held this November. While there will be at least nine new state attorneys general due to term limits or incumbents choosing not to seek another term, there is also a historically high number of contested primaries, including
On April 28, the Joint Chiefs of Global Tax Enforcement (the J5), a global joint operational taxation group consisting of Australia, Canada, Netherlands, United Kingdom, and the United States, issued an intelligence bulletin (Bulletin), enumerating its perceived dangers of non-fungible tokens (NFTs).
NFTs, ERC-20, and Fungibility
Cryptocurrencies and NFTs are similar in the sense that
On May 4, the Connecticut Banking Commissioner issued a temporary order to cease and desist and order to make restitution against lead generator SoLo Funds Inc. (SoLo) for allegedly engaging in unfair, deceptive, and abusive acts and practices (UDAAPs) in violation of the Consumer Financial Protection Act of 2010, as well as for operating in
Introduction
On April 29, Aerojet Rocketdyne Holdings Inc. (Aerojet) settled claims by whistleblower Brain Markus for a reported $9 million after the second day of a jury trial.[1] This is the second recent settlement under the False Claims Act (FCA) relating to alleged misrepresentations about a company’s cybersecurity practices and systems in connection with
With Attorney Generals actively investigating solar companies nationwide, Troutman Pepper has been monitoring and cultivating key activity. To date, there has been one key settlement. In May 2021, the New Jersey Attorney General’s Office announced a settlement with Princeton-based solar company NRG Residential Solar Solutions LLC (NRG) for $69,000 to resolve the state AG’s investigation
In Episode 3 of the Regulatory Oversight Podcast, Ohio Solicitor General Ben Flowers joins Troutman Pepper Partner Misha Tseytlin to discuss the history of the major questions doctrine, recent cases involving the statute, and how the statute has evolved over recent years. Solicitor General Flowers also discusses the recent interest in cutting back Chevron deference and the impact we could see in the regulatory and litigation landscape.
Creation of CyTech. On May 9, the National Association of Attorneys General (NAAG) announced the creation of the NAAG Center on Cyber and Technology (CyTech), joining a number of other centers focused upon key issues for state attorneys general and the public, including tobacco and public health, ethics and public integrity, and consumer protection.
Purpose: