The collapse of Synapse has left over 100,000 Americans with $265 million in deposits frozen since May 11, exposing flaws in fintech's reliance on third-party banking partnerships and prompting urgent calls for resolution from lawmakers.
Legal & Regulatory
Biden Administration Revokes Some Licenses for Exporting Goods to China's Huawei in 2024: Report
The Biden administration canceled eight export licenses this year that had allowed several companies to send goods to the Chinese telecom giant Huawei.
Federal Judge Blocks Mississippi Law Requiring Social Media to Restrict Access to Children
A US District Court judge blocked the Mississippi state government from enforcing a new law requiring social media users to verify their ages and restrict access by minors to sites if they lack parental permission or consent.
Australia Demands Porn Sites, Big Tech to Beef Up Child Safety Measures
The Australian eSafety Commissioner revealed that it gave the internet industry half a year to develop an enforceable code of conduct to prevent children from seeing pornographic content and other inappropriate material online.
FTC and Arise Virtual Solutions Agree to $7 Million Settlement for Misleading Gig Workers
The FTC has settled with Arise Virtual Solutions, requiring the company to pay $7 million for misleading gig workers about potential earnings and unlawfully requiring them to cover expenses.
Latest News
One million American workers whose wages are below the median individual pay will now be eligible for overtime protections, according to President Joe Biden.
A Philadelphia woman was charged for allegedly stealing COVID-19 relief funds intended for a Florida city to pay for a cosmetic procedure known as a Brazilian butt lift.
US officials said that drug traffickers for Mexico's Sinaloa cartel chose to launder money through Citi.
A federal judge has dismissed a lawsuit filed by several Massachusetts cannabis businesses seeking to challenge the existing federal prohibition on marijuana.
A federal judge in Louisiana has blocked the administration of President Joe Biden from pausing the approvals of liquefied natural gas (LNG) export applications.
Upside Foods announced that they were letting go of 26 of its staff and restructuring its executive and leadership teams to delegate processes more directly to staff due to legislative, regulatory, and financial issues.
Kanye West, now known as Ye, and his Yeezy brand are facing a lawsuit filed by eight former employees alleging harassment and discrimination.
A federal appeals court has permitted the US Education Department to implement a plan reducing monthly student loan payments.
Silvergate Bank agreed to pay $63 million to settle state and federal investigations following the collapse of crypto exchange FTX.
