In a filing submitted on August 25, Fenwick argued that the updated claims have no merit. The firm said it merely provided standard legal services and had no knowledge of any fraudulent activity.

Fenwick also criticized the timing of the amended lawsuit. According to the firm, the materials on which the plaintiffs rely have been publicly available for years. It also called the complaint misleading and lacking in substance.

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One key point raised by the FTX users is testimony from former FTX engineer Nishad Singh. Plaintiffs claim Singh said Fenwick helped disguise misused customer funds and questionable loans.

However, Fenwick stated that Singh only described the firm’s role in advising on how to structure founder loans, a common legal task for private companies.

Fenwick further noted that many witnesses in Sam Bankman-Fried’s trial confirmed that the fraud occurred without the awareness of FTX’s internal lawyers, external advisors, or accountants.

The updated lawsuit also introduces new claims that Fenwick played a role in launching and marketing the FTX Token (FTT), which may violate securities laws in Florida and California. Fenwick argued that they should have been included when the lawsuit was first filed.

The firm suggested the plaintiffs are adding these claims because most of their original allegations, particularly those targeting celebrities who endorsed FTX, have already been dismissed.

Recently, US federal authorities appealed the sentencing decision involving two Estonian citizens who admitted to operating a large-scale crypto mining scam. What was their argument? Read the full story.

She claimed the recent legislation could help Trump’s family business, which is active in the crypto industry and reportedly backed by large amounts of foreign funding.

In an appearance on MSNBC’s Morning Joe, Warren argued that the crypto industry has had too much influence in shaping its own rules.

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She stated:

We need regulation that limits the corruption and the ability of elected officials to trade in it, that also limits the ability to blow up the economy with crypto.

Warren pointed to the GENIUS Act, which has already passed, and the CLARITY Act, which is still under review. She said they reflect the growing pressure from crypto lobbyists and lack strong protections against misuse.

Her main concern centers on the Trump family’s financial involvement through World Liberty Financial. Warren noted that without stronger oversight, there is a risk that personal business interests could influence national policy.

She argued that the connection between public power and private gain must be addressed before it undermines public trust.

According to Warren, the current system of crypto oversight is not strong enough. She described the rules as “weak, weak restrictions” because they leave room for misuse by criminals, including those involved in terrorism or drug trafficking.

Recently, US senators, including Warren, called on the Office of the Comptroller of the Currency (OCC) to address potential conflicts of interest involving President Trump’s cryptocurrency activities. What did they say? Read the full story.

In a letter sent on July 1, she said the current versions of the STABLE Act and the GENIUS Act are not strong enough to protect people who use or invest in these digital assets.

James said the bills need clearer rules to stop anonymous transactions. She warned that, without proper checks, stablecoins could be used for illegal activity such as fraud or money laundering.

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One of her suggestions is that stablecoin holders get the same kind of insurance protection that banks offer through the Federal Deposit Insurance Corporation (FDIC). This would help protect users if the company behind a stablecoin were to go out of business.

James also recommended that companies behind stablecoins should follow the same rules as banks. Since these companies hold people’s money and promise to keep its value steady, James noted that they should be treated like financial institutions.

This would include meeting certain standards to prevent harm if any of them fail.

Another point raised in the letter was the possible impact on small, local banks. James said stablecoins might create an unfair edge over community banks, which are already losing ground in many areas.

She wants lawmakers to consider how to protect these banks as new financial technologies emerge.

Recently, a group of US crypto advocacy organizations asked lawmakers to revise the CLARITY Act. What did they say? Read the full story.

On June 10, lawmakers unanimously approved Public Act No. 25-66, which applies strict limits on the state and its local governments’ interactions with cryptocurrencies.

Under the new law, public agencies are banned from creating or holding any kind of crypto reserve. They are also not allowed to accept digital currencies as payment for taxes, fees, or any other amount owed to the state or local authorities.

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It also places new requirements on crypto-related businesses operating in the state. Companies that transfer money using virtual currencies must clearly warn customers about the risks.

These businesses must display a message that says:

LOSSES DUE TO FRAUDULENT OR ACCIDENTAL TRANSACTIONS MAY NOT BE RECOVERABLE AND TRANSACTIONS IN VIRTUAL CURRENCY ARE IRREVERSIBLE.

Additionally, there are new protections in place for younger users. Companies must verify the identities of anyone under 18 and give full details about each crypto transaction when requested.

Furthermore, the legislation updates Connecticut’s financial rules, which include defining terms such as “digital wallet” and “kiosk” and ensuring that licensed crypto firms follow compliance standards. These updates give the state more control over how crypto services operate locally.

Recently, the Monetary Authority of Singapore (MAS) announced new policies regarding overseas services provided by Singapore-based cryptocurrency firms. What do the regulations say? Read the full story.