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With the preemption issue pretty well teed up, what do the courts say (to date)? A look at one recent ruling.
Since 2003, I have been predicting a test case/showdown between lawyers who follow the dictates of the states in which they are licensed to practice law versus the conflicting dictates of the rules and regulations promulgated by the U.S. Securities and Exchange Commission (SEC) after the Sarbanes-Oxley Act of 2002 went into effect. See, e.g., C.E. Stewart, “Sarbanes-Oxley: Panacea or Quagmire for Securities Lawyers?” N.Y.L.J. (March 21, 2003); C.E. Stewart, “This Is a Fine Mess You’ve Gotten Me Into: The Revolution in the Legal Profession,” NY Business L.J. (Summer 2006); C.E. Stewart, “The Pit, the Pendulum, and the Legal Profession: Where Do We Stand After Five Years of Sarbanes-Oxley?” 40 Sec. Reg. & L. Rep. (Feb. 18, 2008); C.E. Stewart, “New York, “New Ethics Rules: What You Don’t Know Can Hurt You!” NY Business L.J. (Fall 2009); C.E. Stewart, “‘Here’s Johnny!’: Carnacing the Future of the SEC’s Preemption Overreach,” 46 Sec. Reg. & L. Rep. (April 28, 2014); C.E. Stewart, “Navigating State-Based Ethics Rules and Sarbanes-Oxley Requirements,” N.Y.L.J. (Sept. 21, 2015).
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By Robert J. Anello and Richard F. Albert
Despite the broad language of the Espionage Act, the DOJ has faced significant hurdles in pursuing prosecutions outside the traditional espionage context, and particularly where the alleged foreign agent’s activity involves ostensibly legitimate international business dealings.
Cryptocurrency: Rich In Investment Opportunity; Ripe for Fraud Schemes
By Melissa Davis and Mark Parisi
The recent implosion of FTX Trading leaves investors and their advisers wondering whether any crypto investment is safe. There have been dozens of cryptocurrency-related fraud schemes in recent years including Ponzi schemes and investment schemes using crypto and the blockchain to facilitate the fraud scheme.
What the SEC May Be Signaling Through Its Approach to NFTs and F-NFTs
By Mark Cianci, Charles Humphreville, Kelley Chandler and Ty Owen
Recent actions by the U.S. Securities and Exchange Commission (SEC), together with certain statements by SEC commissioners, may indicate a shift in approach toward a rebuttable presumption that digital assets are securities, without deference to formal legal tests.
Impact of ‘Hoskins’ Cases on the FCPA and White-Collar Law
By Elkan Abramowitz and Jonathan Sack
This article examines the impact of Hoskins on three issues of importance to white-collar practitioners: the scope of the FCPA; the interpretation of white-collar criminal statutes; and the authority of the district court to consider at the outset of a prosecution threshold questions of the reach of the law to foreign individuals.
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