Skadden Discusses Supreme Court Review of FTC Monetary Relief Authority

On January 13, 2021, the U.S. Supreme Court heard a case, AMG Capital Management, LLC v. FTC, that could substantially curtail the primary authority the Federal Trade Commission (FTC) relies on to seek monetary relief from defendants in federal court. For decades, the FTC has used Section 13(b) of the Federal Trade Commission Act of 1914 (FTC Act) to seek billions in restitution and disgorgement in a wide range of actions, including cases concerning telemarketing and online frauds, deceptive business practices, data security and privacy breaches, and conspiracies to monopolize in pharmaceutical markets.

Section 13(b) authorizes the FTC to seek … Read more

Skadden Discusses CFTC Regulatory Issues for Cryptocurrencies

Digital or virtual currencies based on cryptography (commonly referred to as ‘‘cryptocurrencies’’) have picked up steam, with a surge in trading and dramatic increase in market value over the past year, and have attracted interest from mainstream finance and regulators alike. The former Chairman of the U.S. Commodity Futures Trading Commission (CFTC or Commission) made clear in 2014 that derivative contracts based on a virtual currency, which fits within the broad statutory definition of ‘‘commodity,’’ are ‘‘within [the CFTC’s] responsibility.’’[1]

Since that announcement in 2014, the CFTC has sought to better understand the cryptocurrency space, along with FinTech innovations

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