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Republican Attorneys General Oppose Proposed IRS Reporting Rules

A group of 20 Republican AGs, led by Georgia AG Chris Carr, Idaho AG Lawrence Wasden, and Utah AG Sean Reyes, sent a letter to President Joe Biden and Treasury Secretary Janet Yellen in opposition to the administration’s proposed new Internal Revenue Service (“IRS”) reporting requirements for financial institutions.

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New York Attorney General Sets Enforcement Sights on Cryptocurrency Platforms

New York AG Letitia James directed two cryptocurrency lending platforms to cease sales of unregistered virtual or cryptocurrency lending products, which allegedly violate New York’s Martin Act that is intended to protect the investing public, and ordered three other platforms that sell similar products to provide information about their activities and products.

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FTC Distributes More than $3.1 Million to Consumers Allegedly Targeted by Bogus Promises of Income Opportunities

The Federal Trade Commission (“FTC”) returned more than $1.1 million to consumers who were allegedly targeted by 8 Figure Dream Lifestyle LLC and related entities and individuals with a combination of illegal robocalls, live telephone calls, a variety of electronic media, and live events to sell programs that would lead to high income. In reality,…

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New York Attorney General Ramps Up Securities Enforcement of Cryptocurrency Companies

New York AG Letitia James reached a settlement with Chinese-language news and social media company GTV Media Group and its parent company Saraca Media Group, Inc. (collectively, “GTV”) to resolve allegations that GTV sold stock and cryptocurrencies without registering as securities dealers and/or commodities broker-dealers in violation of the state’s Martin Act.

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CFPB: Income Share Agreements Are Student Loans and Must Follow Student Loan Rules

The Consumer Financial Protection Bureau (“CFPB”) reached a settlement with private student loan company Better Future Forward Inc. and related companies (collectively, “Better Future”) over allegedly deceptive practices in originating and servicing private student loans in the form of income share agreements (“ISAs”) in violation of the Dodd-Frank Consumer Financial Protection Act, the Truth in…

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