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SEC Says Ripple's 'Egregiousness' Warrants $2B Sanction
by Gunnar Larson 27 Mar '24

27 Mar '24

SEC Says Ripple's 'Egregiousness' Warrants $2B Sanction <https://www.law360.com/fintech/articles/1817651?nl_pk=d2b3e7ef-ab62-4a62-80…> By Aislinn Keely The U.S. Securities and Exchange Commission has told a New York federal court that blockchain firm Ripple Labs Inc. ramped up sales of its XRP token after the agency launched its enforcement action and engaged in a "public relations campaign to deflect blame from its conduct," warranting nearly $2 billion in sanctions. Motion attached | Read full article » <https://www.law360.com/fintech/articles/1817651?nl_pk=d2b3e7ef-ab62-4a62-80…> | Save to favorites » <https://www.law360.com/fintech/articles/1817651?nl_pk=d2b3e7ef-ab62-4a62-80…>

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FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed
by Gunnar Larson 27 Mar '24

27 Mar '24

FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed <https://www.law360.com/banking/articles/1817675?nl_pk=feb6bbba-7878-4d39-be…> By Vince Sullivan Cryptocurrency exchange FTX Trading Ltd. argued in court Tuesday that a Delaware bankruptcy judge should estimate the claims of customers holding some digital tokens at a heavy discount for Chapter 11 purposes, including zeroing out hundreds of millions of dollars in token value. Read full article » <https://www.law360.com/banking/articles/1817675?nl_pk=feb6bbba-7878-4d39-be…> | Save to favorites » <https://www.law360.com/banking/articles/1817675?nl_pk=feb6bbba-7878-4d39-be…>

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Visa, Mastercard Cut Deal In Long-Running Swipe Fee Dispute
by Gunnar Larson 27 Mar '24

27 Mar '24

Visa, Mastercard Cut Deal In Long-Running Swipe Fee Dispute <https://www.law360.com/banking/articles/1817618?nl_pk=feb6bbba-7878-4d39-be…> By Matthew Perlman Visa and Mastercard reached a settlement Tuesday that merchants in a long-running antitrust case say will reduce fees by $30 billion over the next several years, while eliminating restrictions on steering customers to cheaper payment options. Memorandum attached | Read full article » <https://www.law360.com/banking/articles/1817618?nl_pk=feb6bbba-7878-4d39-be…> | Save to favorites » <https://www.law360.com/banking/articles/1817618?nl_pk=feb6bbba-7878-4d39-be…>

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Apple Escapes Antitrust Suit Over Crypto On Payment Apps
by Gunnar Larson 27 Mar '24

27 Mar '24

Apple Escapes Antitrust Suit Over Crypto On Payment Apps <https://www.law360.com/competition/articles/1817996?nl_pk=6416fd97-1dc4-4e0…> By Henrik Nilsson A California federal judge on Tuesday tossed with leave to amend a proposed antitrust class action claiming Apple's agreements with Apple Cash competitors illegally limit competition by blocking decentralized cryptocurrency technology, saying the consumers failed to adequately allege standing, among other "problematic" reasons. Order attached | Read full article » <https://www.law360.com/competition/articles/1817996?nl_pk=6416fd97-1dc4-4e0…> | Save to favorites » <https://www.law360.com/competition/articles/1817996?nl_pk=6416fd97-1dc4-4e0…> <https://sli.law360news.com/click?s=736603&li=6&m=9f998b7695d367427670a5642c…> <https://sli.law360news.com/click?s=736604&li=6&m=9f998b7695d367427670a5642c…> <https://sli.law360news.com/click?s=736606&li=6&m=9f998b7695d367427670a5642c…>

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Golf Pro Out Of Bounds In Atty Fee Stay Bid, 11th Circ. Told
by Gunnar Larson 27 Mar '24

27 Mar '24

Golf Pro Out Of Bounds In Atty Fee Stay Bid, 11th Circ. Told <https://www.law360.com/legalethics/articles/1817464?nl_pk=153d4a8a-6fb9-4a5…> By Peter McGuire Media companies have urged the Eleventh Circuit to reject pro golfer Patrick Reed's bid to block their award of attorney fees after defeating the player's defamation suit alleging that journalists' criticism of his recruitment to the Saudi-backed LIV Tour hurt his health and career. Response attached | Read full article » <https://www.law360.com/legalethics/articles/1817464?nl_pk=153d4a8a-6fb9-4a5…> | Save to favorites » <https://www.law360.com/legalethics/articles/1817464?nl_pk=153d4a8a-6fb9-4a5…>

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X Wants Former Twitter Security Head's Claims In Arbitration
by Gunnar Larson 27 Mar '24

27 Mar '24

X Wants Former Twitter Security Head's Claims In Arbitration <https://www.law360.com/newyork/articles/1817043?nl_pk=ac5a3855-e47c-4403-be…> By George Woolston X Corp. said a former Twitter security chief's claims that he was fired for protesting massive budget cuts belong in arbitration, arguing it did not waive its right to arbitrate by refusing to pay more than half of the arbitration fees. 2 documents attached | Read full article » <https://www.law360.com/newyork/articles/1817043?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1817043?nl_pk=ac5a3855-e47c-4403-be…>

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Crypto Co. KuCoin, Execs Charged With Enabling Laundering
by Gunnar Larson 27 Mar '24

27 Mar '24

Crypto Co. KuCoin, Execs Charged With Enabling Laundering <https://www.law360.com/newyork/articles/1817700?nl_pk=ac5a3855-e47c-4403-be…> By Rachel Scharf Manhattan federal prosecutors unveiled an indictment Tuesday charging foreign cryptocurrency exchange KuCoin and its two China-based founders with failing to implement anti-money laundering protocols and allowing more than $5 billion worth of criminal funds to flow through its trading platform. 2 documents attached | Read full article » <https://www.law360.com/newyork/articles/1817700?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1817700?nl_pk=ac5a3855-e47c-4403-be…>

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UK Police Arrest Over 400 In 'Henhouse' Anti-Fraud Sting
by Gunnar Larson 27 Mar '24

27 Mar '24

UK Police Arrest Over 400 In 'Henhouse' Anti-Fraud Sting <https://www.law360.co.uk/financial-services-uk/articles/1817779?nl_pk=a94fc…> By Ronan Barnard U.K. police forces have arrested over 400 people in a monthlong fraud crackdown involving multiple national agencies, the U.K.'s National Crime Agency said Tuesday. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1817779?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1817779?nl_pk=a94fc…>

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FCA Warns 'Finfluencers' To Keep Promotional Ads Lawful
by Gunnar Larson 27 Mar '24

27 Mar '24

FCA Warns 'Finfluencers' To Keep Promotional Ads Lawful <https://www.law360.co.uk/financial-services-uk/articles/1817516?nl_pk=a94fc…> By Sam Tabahriti Britain's finance watchdog reminded firms on Tuesday that they are responsible for all of their promotions, especially when working with so-called finfluencers, who offer advice and information on financial topics on social media platforms. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1817516?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1817516?nl_pk=a94fc…>

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United States: Russian State-Sponsored TV Network's Attempt To Dismiss Copyright Lawsuit On Fair Use Grounds Denied
by Gunnar Larson 27 Mar '24

27 Mar '24

*Moscow Stock Exchange* *Logo:* https://tinyurl.com/3v2fd3y2 *Meta's (Facebook) logo,seemingly is a shocker*: https://tinyurl.com/2p8csm8u What is extremely interesting, the copyright case below was filed on March 8, 2021: https://dockets.justia.com/docket/new-york/nysdce/1:2021cv02007/555642 Facebook announced their new Meta brand and logo on October 28, 2021: https://about.fb.com/news/2021/10/founders-letter/ xNY.io debating the Moscow Stock Exchange Logo and the Meta logo, "ask[s] not whether the second work would *damage* the market for the first (by, for example, devaluing it through parody or criticism), but whether it *usurps* the market for the first by offering a competing substitute." On Thu, Mar 24, 2022 at 12:05 PM Gunnar Larson <g(a)xny.io> wrote: > In other news, related to Meta's (FB) logo being very similar to the > Moscow Stock Exchange logo, something similar has been discussed in New > York. I found this quote very interesting: > > - "Lastly, regarding the fourth factor, concerning the effect of the > use on the potential market for or value of the copyrighted work, the Court > noted that this factor "ask[s] not whether the second work would > *damage* the market for the first (by, for example, devaluing it > through parody or criticism), but whether it *usurps* the market for > the first by offering a competing substitute." > > ---------- > > https://www.mondaq.com/unitedstates/copyright/1174834/russian-state-sponsor… > > TV-Novosti, a non-profit operating the Russian state-controlled > RT(formerly Russia Today) television networks and 38 associated RT YouTube > channels, has been sued for copyright infringement by Business Casual, an > American media company that creates documentary content, based on its use > of translated clips of Business Casual's documentaries in its own videos > posted to YouTube. > > Business Casual creates short original historical documentaries which it > posts to its YouTube channel. Its documentaries frequently feature > photographs of historical figures, using a process called "parallax" which > "transforms century-old low-resolution photographs into dramatically > restored high-resolution photographs" and "turn[s] two-dimensional images > into three-dimensional models . . . simulating a depth-of-field. This > optical illusion provides Business Casual's videos with an immersive > three-dimensional look and feel." > > The lawsuit relates to two of Business Casual's documentaries—"How > Rockefeller Built His Trillion Dollar Oil Empire" and "J.P. Morgan > Documentary: How One Man Financed America"—clips of which Business Casual > alleges TV-Novosti incorporated into three separate videos on its > "RT-Arabic" YouTube channel, including portions featuring parallax-enhanced > images, altering the brightness and saturation of the copied content and > replacing Business Casual's watermark with TV-Novosti's own in order to > hide from YouTube's algorithms. > > TV-Novosti moved to dismiss the copyright claims, arguing that it's use of > the clips is protected as fair use. However, after considering each of the > four statutory factors, Judge Koeltl of the Southern District of New York > denied TV-Novosti's motion, holding that while three of the four factors > weighed against finding fair use, "[t]he fourth factor, which the Supreme > Court has described as 'the single most important element of fair use,' > cannot be determined without further factual development." > > Specifically, regarding the first factor, concerning the transformation of > the use, Judge Koeltl found that while TV-Novosti's videos take portions of > the plaintiff's videos, re-arrange them, and add new commentary to them, > TV-Novosti had not made any meaningful changes to the visual clips > themselves, and "[m]erely overlaying new audio does not effect a sufficient > transformation . . . to find fair use as a matter of law." The Court > further noted that TV-Novosti had "not changed the purpose of the > parallax-enhanced images," i.e., to provide visual illustration for the > overlain audio commentary, but had instead "simply lifted the copyrighted > depictions . .. for the purpose of illustrating [TV-Novosti's] own video." > In addition, the Court found that the fact that TV-Novosti could have > sought to pay for the clips, but didn't, and tried to hide its use of the > excerpts from YouTube's algorithms, also weighed against a finding a fair > use under the first factor. > > Regarding the second factor, concerning the nature of the copyrighted > work, the Court initially noted that factual material such as that at > issue, "cuts less closely to the core of copyright." Nevertheless, the > Court held that the fact that source material for Business Casual's videos > was in the public domain weighed against finding fair use, because TV > Novosti could have simply used public domain photos of the historical > figures, rather than the modified clips, to create its videos. > > Regarding the third factor, concerning the amount of use in relation to > the copyrighted work as a whole, the Court noted that while only "small > portions of the entire copyrighted works were used"—excerpts of 7 seconds, > 1 minute and 28 seconds, and 8 minutes and 50 seconds in length—the > portions were "not so trivial as to warrant dismissal under the de minimis > doctrine." > > Lastly, regarding the fourth factor, concerning the effect of the use on > the potential market for or value of the copyrighted work, the Court noted > that this factor "ask[s] not whether the second work would *damage* the > market for the first (by, for example, devaluing it through parody or > criticism), but whether it *usurps* the market for the first by offering > a competing substitute." With this framing, the Court thus found that while > one the one hand, TV-Novosti's "videos are alternative ways of learning > about the lives of J.P. Morgan and John D. Rockefeller," on the other hand, > they "have a broader focus and are in a different language, meaning that > they cater to a different audience." These differences, the Court held, > were significant enough to preclude the Court from "determining the effect > of [TV-Novosti's] videos on the market for [Business Casual's] videos at > this time." > > The Court's recognition of the weight of the fourth factor in determining > fair use means that there may still be hope for TV-Novosti—time (and fact > discovery) will tell. For now, the takeaway may very well be that parties > seeking to raise a fair use defense should take care to emphasize any > characteristics of their use that distinguish not just their work, but its > target audience, including the scope of the work and the language (if any) > which communicates it. > > > -- > *Gunnar Larson - xNY.io <http://www.xNY.io> | Bank.org <http://Bank.org>* > MSc > <https://www.unic.ac.cy/blockchain/msc-digital-currency/?utm_source=Google&u…> > - Digital Currency > MBA > <https://www.unic.ac.cy/business-administration-entrepreneurship-and-innovat…> > - Entrepreneurship and Innovation (ip) > > G(a)xNY.io > +1-646-454-9107 > New York, New York 10001 > -- *Gunnar Larson - xNY.io <http://www.xNY.io> | Bank.org <http://Bank.org>* MSc <https://www.unic.ac.cy/blockchain/msc-digital-currency/?utm_source=Google&u…> - Digital Currency MBA <https://www.unic.ac.cy/business-administration-entrepreneurship-and-innovat…> - Entrepreneurship and Innovation (ip) G(a)xNY.io +1-646-454-9107 New York, New York 10001

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