May 2024 - cypherpunks - lists.cpunks.org

Wow Such Basic: Justices Back Crypto Fans In Dogecoin Duel
by Gunnar Larson 24 May '24

24 May '24

Wow Such Basic: Justices Back Crypto Fans In Dogecoin Duel <https://www.law360.com/capitalmarkets/articles/1814868?nl_pk=abe82add-2a33-…> By Jeff Overley It's up to judges, not arbitrators, to figure out whether contracts between businesses and consumers have subtly superseded earlier agreements to hash out disputes in arbitration rather than litigation, the U.S. Supreme Court ruled Thursday. Opinion attached | Read full article » <https://www.law360.com/capitalmarkets/articles/1814868?nl_pk=abe82add-2a33-…> | Save to favorites » <https://www.law360.com/capitalmarkets/articles/1814868?nl_pk=abe82add-2a33-…>

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Ex-Staffer Of Fulton DA Testifies On Fund Misuse Allegations
by Gunnar Larson 24 May '24

24 May '24

Ex-Staffer Of Fulton DA Testifies On Fund Misuse Allegations <https://www.law360.com/legalethics/articles/1840683?nl_pk=153d4a8a-6fb9-4a5…> By Chart Riggall A former program manager under Fulton County District Attorney Fani Willis told a Georgia state legislative committee Thursday that she was banished to a file room and her work life was made a "hell" after she reported alleged misuse of federal grant funds. Read full article » <https://www.law360.com/legalethics/articles/1840683?nl_pk=153d4a8a-6fb9-4a5…> | Save to favorites » <https://www.law360.com/legalethics/articles/1840683?nl_pk=153d4a8a-6fb9-4a5…>

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American Air Pilots Win Cert. Over 401(k)'s ESG Investments
by Gunnar Larson 23 May '24

23 May '24

American Air Pilots Win Cert. Over 401(k)'s ESG Investments <https://www.law360.com/capitalmarkets/articles/1840288?nl_pk=abe82add-2a33-…> By Lauren Berg A Texas federal judge on Wednesday certified a class of pilots accusing American Airlines of packing its $26 billion retirement plan with investments that focused too heavily on environmental, social and governance factors, like climate change, and too little on financial returns. Order attached | Read full article » <https://www.law360.com/capitalmarkets/articles/1840288?nl_pk=abe82add-2a33-…> | Save to favorites » <https://www.law360.com/capitalmarkets/articles/1840288?nl_pk=abe82add-2a33-…>

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Hilco Exec Wins £296K After Being Sacked For Whistleblowing
by Gunnar Larson 23 May '24

23 May '24

Hilco Exec Wins £296K After Being Sacked For Whistleblowing <https://www.law360.co.uk/financial-services-uk/articles/1839818?nl_pk=a94fc…> By William Janes A tribunal has awarded a former Hilco Capital Ltd. HR director almost £296,000 ($377,000) in compensation after she was unfairly sacked for blowing the whistle over alleged banking irregularities. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1839818?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1839818?nl_pk=a94fc…>

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Make Emergency Missing-Adult Codes Voluntary, FCC Urged
by Gunnar Larson 23 May '24

23 May '24

Make Emergency Missing-Adult Codes Voluntary, FCC Urged <https://www.law360.com/technology/articles/1839421?nl_pk=2bd720dd-746c-4744…> By Christopher Cole A new missing-adult code that the Federal Communications Commission wants to integrate into the Emergency Alert System should be kept voluntary for existing alert systems, cable providers told the FCC. Comments attached | Read full article » <https://www.law360.com/technology/articles/1839421?nl_pk=2bd720dd-746c-4744…> | Save to favorites » <https://www.law360.com/technology/articles/1839421?nl_pk=2bd720dd-746c-4744…>

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Ex-Goldman Banker Gets Contempt Sentence Suspended
by Gunnar Larson 23 May '24

23 May '24

Ex-Goldman Banker Gets Contempt Sentence Suspended <https://www.law360.co.uk/financial-services-uk/articles/1839839?nl_pk=a94fc…> By Eddie Beaver A London appellate court on Wednesday chose "the road of mercy rather than justice" and suspended a prison sentence for a former Goldman Sachs banker who breached court orders to hand over information concerning the financial assets of the wife of an imprisoned Turkish politician. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1839839?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1839839?nl_pk=a94fc…>

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Binance.US Beats Fla. Regulator's Suspension Order
by Gunnar Larson 23 May '24

23 May '24

Binance.US Beats Fla. Regulator's Suspension Order <https://www.law360.com/capitalmarkets/articles/1840065?nl_pk=abe82add-2a33-…> By Katryna Perera A Florida state appeals court agreed with Binance.US on Wednesday that the state's financial regulator shouldn't have denied the cryptocurrency exchange the ability to do business in the state after its affiliate and founder pled guilty last year, and that the agency didn't follow proper procedure in blocking Binance's operations. Opinion attached | Read full article » <https://www.law360.com/capitalmarkets/articles/1840065?nl_pk=abe82add-2a33-…> | Save to favorites » <https://www.law360.com/capitalmarkets/articles/1840065?nl_pk=abe82add-2a33-…>

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'Appeal To Heaven' Flag Flew At Alito's Vacation Home: Report
by Gunnar Larson 23 May '24

23 May '24

'Appeal To Heaven' Flag Flew At Alito's Vacation Home: Report <https://www.law360.com/competition/articles/1840279?nl_pk=6416fd97-1dc4-4e0…> By Hailey Konnath Democratic lawmakers on Wednesday called for U.S. Supreme Court Justice Samuel Alito to immediately recuse himself from cases related to the 2020 election and face censure after The New York Times reported that flags tied to Donald Trump supporters had flown outside two homes owned by the justice in 2021 and again last year. 1 document attached | Read full article » <https://www.law360.com/competition/articles/1840279?nl_pk=6416fd97-1dc4-4e0…> | Save to favorites » <https://www.law360.com/competition/articles/1840279?nl_pk=6416fd97-1dc4-4e0…>

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Mich. Judge Not Satisfied By Atty's Letter Over Flint PR Stunt
by Gunnar Larson 23 May '24

23 May '24

Mich. Judge Not Satisfied By Atty's Letter Over Flint PR Stunt <https://www.law360.com/legalethics/articles/1840165?nl_pk=153d4a8a-6fb9-4a5…> By Lauren Berg The federal judge overseeing Flint, Michigan, water crisis cases isn't satisfied with a California attorney's letter denying involvement in an alleged smear campaign targeting a lawyer for Flint children, saying Wednesday that if the attorney doesn't provide more substantive information, she will be referred to the State Bar of California. Order attached | Read full article » <https://www.law360.com/legalethics/articles/1840165?nl_pk=153d4a8a-6fb9-4a5…> | Save to favorites » <https://www.law360.com/legalethics/articles/1840165?nl_pk=153d4a8a-6fb9-4a5…>

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Another FDIC-Insured Bank Got in Bed with Fintech; It’s Now Got a Dumpster Fire and Desperate Pleas from Customers for their Money
by Gunnar Larson 23 May '24

23 May '24

https://wallstreetonparade.com/2024/05/another-fdic-insured-bank-got-in-bed… By Pam Martens and Russ Martens: May 23, 2024 ~ Exactly how long is it going to take federal banking regulators to figure out that “move fast and break things” – the business model of Silicon Valley financial technology (fintech) startups and their voracious venture capital backers – is the last thing that Americans want to be integrated into the FDIC-insured bank where they hold their money to pay their mortgage and to buy food to feed their children. After one form of fintech – crypto – hastened the demise of several FDIC-insured banks in the spring of last year, handing billions of dollars in losses to the FDIC’s Deposit Insurance Fund, a rational person might have thought that federal banking regulators would have moved rapidly to shut down this lunatic banking model. But no. The story becomes ever more surreal today. Below is the desperate plea filed on Tuesday with the court that is hearing the bankruptcy proceedings of the fintech firm, Synapse Financial Technologies. A father says his daughter has been working after school at a florist shop to save money for college and now finds that her $1,730 in deposits, ostensibly placed at FDIC-insured Evolve Bank and Trust by Synapse, have disappeared into a black hole. Appeal to Judge re Evolve Bank and Trust Frozen Account Customers of another fintech, Yotta, are screaming on Reddit that they also can’t get access to what they were told by Yotta would be FDIC-insured deposits held at Evolve Bank and Trust. The Synapse bankruptcy appears to also be at the center of the Yotta/Evolve Bank and Trust mess. Yotta explains itself like this on its website: “Instead of a simple flat interest rate that other bank accounts have, Yotta offers a prize-linked account that pays interest in prizes.” (What could possibly go wrong with this model?) The text on the rest of that Yotta website page is so bizarre that it feels like satire on Saturday Night Live. Synapse is a fintech startup that had financial backing from Andreessen Horowitz, the giant Menlo Park, California venture capital firm. Synapse describes itself as “a finance platform” that “provides payment, card issuance, deposit, lending, compliance, credit and investment products as APIs [Application Programming Interface] to more than 18 million end users.” Apparently, other FDIC-insured banks besides Evolve Bank and Trust are also involved in this mess. In 2023 Synapse announced “A New Partnership with AMG National Trust.” In 2022, it announced a “Partnership with Lineage Bank.” Synapse’s partnership with Evolve Bank and Trust dates back to 2017 and was renewed in 2022. If all of this isn’t frightening enough, Synapse shares on its website that it also owns a registered broker-dealer (brokerage firm) that is regulated by Wall Street’s self-regulator, FINRA. According to documents filed in the bankruptcy court proceedings, on May 11 of this year Synapse discontinued access to its dashboard that allowed bank visibility to critical financial data, such as beneficial owner account balances. On May 17, Evolve Bank and Trust posted this statement on its website: “Evolve Bank & Trust supports today’s (Friday, May 17, 2024) United States Bankruptcy court rulings regarding our motion and maintains unwavering dedication to safeguarding the security of all end user funds. Since the unfortunate necessity of freezing certain transactions, our teams have been tirelessly working to guarantee account accuracy, enhancing security measures, and ultimately restoring access to funds for our valued customers. “Today’s rulings and Judge Martin R. Barash’s remarks serve to validate what we have steadfastly asserted all along: Synapse’s abrupt shutdown of essential systems without notice and failure to provide necessary records needlessly jeopardized end users by hindering our ability to verify transactions, confirm end user balances, and comply with applicable law. Evolve’s position is further corroborated by the U.S. Trustee’s emergency filing, which warns of Synapse’s ‘gross mismanagement’ in deciding to cut off access to its computer systems over a weekend. “As a robustly well-capitalized FDIC institution exceeding the capital thresholds for the highest category of capitalization under PCA (‘well capitalized’), our primary focus is on ensuring the protection of end user funds. This becomes paramount when essential reporting and information necessary for transaction processing are not forthcoming from our critical service provider. “Evolve operates in accordance with federal regulations governing financial institutions. Any insinuation suggesting that Evolve has intentionally mishandled or withheld funds is entirely false and defamatory. “As we move forward, Evolve Bank & Trust reaffirms our commitment to collaborating with financial industry partners with the shared goal of providing customers access to their funds. We are dedicated to addressing any challenges that arise with agility and efficacy, ensuring the integrity and security of all customer funds remain paramount.” Anyone who thinks this is going to end well might want to browse the following: Related Articles: Federally-Insured, Crypto-Focused Silvergate Bank Loses 43 Percent of Its Market Value Yesterday as Depositors Flee Bank Stocks Plummet as Bank Runs in the U.S. Gain Momentum at Federally-Insured, Non-Traditional Banks The Same Day Sam Bankman-Fried Is Hit with a New Count of Bank Fraud, Three Regulators Warn About Crypto Bank Runs As far back as August of 2022 we warned: Brace Yourself for Federally-Insured Bank Failures Caused by Crypto

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