Harvard vs. Trump: Federal Funding, Free Speech, and the Fight for Academic Autonomy
A high-stakes legal and political confrontation is unfolding between Harvard University and the Trump administration. At its core lies a dispute over federal research funding, the right of private universities to operate independently, and the administration’s efforts to combat antisemitism on campuses. The conflict raises profound questions about constitutional law, academic freedom, and the extent of executive power over institutions of higher learning.
Paul Atkins Confirmed as SEC Chair Amid Rising Pressure to Act on Chinese Companies
On April 10, 2025, the U.S. Senate confirmed Paul Atkins as the next Chair of the Securities and Exchange Commission in a narrow 52-44 vote. During his confirmation process, Atkins faced tough questions about the agency’s recent reversals in crypto enforcement and the influence of the Trump administration on its priorities. But the most pointed pressure came from lawmakers demanding stronger action against Chinese companies listed on U.S. exchanges.
Par for the Course - Senator Warren Urges Review of Trump SEC’s Crypto Retreat
To many familiar with Senator Warren’s long-standing focus on financial regulation and institutional accountability, this move is unsurprising. She has consistently taken a hardline stance against what she views as industry capture and lax enforcement. Whether this particular request leads to meaningful action from the OIG remains to be seen. Such inquiries can take months or years, and the bar for proving undue influence is high.
Markets React to Fake News on Tariffs: A Cautionary Tale for Traders
On April 8, 2025, U.S. financial markets experienced a whiplash moment after an unverified social media report falsely claimed the Trump administration was preparing a 90-day suspension of tariffs. The news—initially published by pseudonymous Twitter personality “Walter Bloomberg” and subsequently picked up by credible outlets including CNBC and Reuters—set off an immediate and massive rally in equity markets. The rally added trillions of dollars in paper value in a matter of minutes.
SEC Enforcement Lawyers Face Fallout as Crypto Industry Pushes Back
The ongoing battle between the SEC and the cryptocurrency industry has taken a new turn—not just in regulatory policy, but in the professional reputations of SEC enforcement attorneys. With the agency facing court setbacks and political shifts, some former SEC lawyers are struggling to find opportunities in private practice, particularly at firms engaged in crypto-related work. This dynamic raises fair questions on both sides—is this an unfair punishment for regulators who were doing their jobs, or is it a natural consequence of overzealous enforcement that left a lasting impact on the industry?
Big Law and the Trump Administration
The Trump administration’s latest actions targeting Paul Weiss and other major law firms have sparked debate over the future of Big Law. While these developments are significant, it’s important to take a measured view—this is disruptive but not existential for the industry.
Acting SEC Chair Reshapes the Agency Ahead of Trump’s Pick
The Securities and Exchange Commission (SEC) is undergoing a profound transformation as its acting leadership reshapes the agency ahead of the confirmation of President Trump’s nominee, Paul Atkins. These sweeping changes include staffing reductions, leadership shake-ups, and a recalibration of enforcement priorities, raising questions about the future of securities regulation in the United States.
SEC Accuses Cannabis CFO of $4.2M Round-Trip Accounting Scheme: Industry Lessons
The U.S. Securities and Exchange Commission (SEC) has filed charges against the former CFO of Acreage Holdings, Glen Leibowitz, alleging his involvement in a $4.2 million round-trip transaction designed to manipulate the company’s year-end cash balance. This case underscores the increasing regulatory scrutiny cannabis companies face, particularly as they grapple with complex financial reporting obligations, banking restrictions, and compliance challenges.
SEC Backs Down on Ripple
In a major development for the cryptocurrency industry, the U.S. Securities and Exchange Commission (SEC) has ended its appeal against Ripple Labs regarding the legal status of the XRP token. This decision marks a significant shift in regulatory posture, reflecting broader changes in crypto oversight under the new administration.
CFTC Pulls Back on SEF Registration Advisory: A Win for Market Clarity
The Commodity Futures Trading Commission (CFTC) just hit the reset button. On March 13, 2025, the Division of Market Oversight (DMO) issued CFTC Letter No. 25-05, officially scrapping the controversial 2021 Advisory on Swap Execution Facility (SEF) Registration (CFTC Letter No. 21-19). Effective immediately, this move restores the pre-2021 regulatory framework, providing much-needed clarity for commodity trading advisors (CTAs), introducing brokers (IBs), and other market players facilitating swap execution.
FINRA’s Probe Raises Constitutional Questions Amid Growing Scrutiny of Regulatory Power
A new lawsuit against the Financial Industry Regulatory Authority (FINRA) highlights growing tensions between regulatory enforcement and constitutional protections. On February 15, Francis G. Smith of FGS Financial Inc. filed a complaint in the U.S. District Court for the District of Columbia, alleging that FINRA violated his due process rights. The lawsuit claims that during a probe into his continuing education compliance, FINRA demanded sworn testimony and warned Smith he could face expulsion from the securities industry if he asserted his Fifth Amendment right against self-incrimination.
SEC Crypto Enforcement Pauses in Select Matters; But Uncertainty Remains for Many
While major platforms like Coinbase and Binance breathe easier, countless other crypto market participants remain in the crosshairs of unresolved investigations. These businesses, builders, and innovators face the same murky regulatory waters, the same costly battles, and the same chilling uncertainty that the SEC now seems to acknowledge is problematic. So, why are they still left out in the cold?
Bondi Pivots Justice Department’s Stance on White Collar Under Trump
The Justice Department is scaling back its enforcement of laws governing foreign lobbying transparency and foreign bribery, according to a memorandum issued by Attorney General Pam Bondi. The shift signals a narrowing of the Foreign Corrupt Practices Act (FCPA) enforcement scope, moving away from traditional corporate bribery cases and toward investigations tied to transnational criminal organizations.
Sen. Lummis Urges Second Circuit to Curb SEC’s Crypto Overreach
Senator Cynthia Lummis, R-Wyo., has thrown her support behind Coinbase Inc. in its legal battle against the U.S. Securities and Exchange Commission (SEC), urging the Second Circuit to clarify the limits of the SEC’s authority in regulating digital assets. In an amicus brief filed Friday, Lummis argued that the SEC’s enforcement actions against crypto intermediaries, including Coinbase, undermine congressional efforts to establish a clear regulatory framework for the digital asset industry.
Palo Alto Networks Insider Trading Case: Ninth Circuit Orders Resentencing
The Ninth Circuit has upheld securities fraud convictions against Sivannarayana Barama, a former Palo Alto Networks engineer who profited $7 million through insider trading. However, the court remanded the case for resentencing, ruling that the district court improperly used Barama’s trading gains as a proxy for the company’s loss without determining an actual loss.
KuCoin’s $297M Settlement Marks a Turning Point in Crypto Compliance
Crypto exchange KuCoin has agreed to pay $297 million and pled guilty to operating an unlicensed money transmitting business, following allegations of widespread anti-money laundering (AML) failures and the facilitation of over $5 billion in illicit transactions. This significant development underscores the growing scrutiny of cryptocurrency platforms by U.S. regulators and law enforcement.
Business Advisers Defeat SEC Allegations of Penny Stock Fraud
In a notable ruling, a Boston federal judge rejected the U.S. Securities and Exchange Commission’s (SEC) allegations that Roger Bendelac, a business adviser, and his brother-in-law, Thomas Capellini, participated in a $2.3 million penny stock fraud scheme. The decision followed a four-day bench trial in October and highlights the complexities of securities enforcement cases, where the evidence often lies in the fine details.
Factors U.S. District Judge with Weigh in Sentencing Former U.S. Senator Robert Menendez This Week
When U.S. District Judge Sidney Stein sentences former U.S. Senator Robert Menendez this week on federal bribery and corruption charges, he will weigh a complex mixture of factors, balancing a lifetime of public service against the gravity of the crimes. Menendez, who once donned a bulletproof vest to fight corruption in New Jersey, now faces sentencing for accepting bribes in the form of gold bars, cash, and luxury goods in exchange for political favors.
SEC Withdraws Staff Accounting Bulletin No. 121
On January 23, 2025, the SEC issued Staff Accounting Bulletin (SAB) 122, formally withdrawing the controversial SAB 121. The previous guidance, introduced under the leadership of former SEC Chair Gary Gensler, required public companies, including banks, to record customers’ cryptocurrency holdings on their own balance sheets. This requirement was intended to provide added investor protections during bankruptcies but faced criticism for its potentially burdensome implications for institutions handling digital assets.
SEC Announces Formation of Crypto Task Force 2.0
Acting Chairman Mark T. Uyeda of the U.S. Securities and Exchange Commission (SEC) announced the launch of a dedicated Crypto Task Force aimed at establishing a clear and comprehensive regulatory framework for crypto assets. Commissioner Hester Peirce will chair the task force, supported by Richard Gabbert as Chief of Staff and Taylor Asher as Chief Policy Advisor.