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Back 08.07.18 When it comes to digital coins or tokens, it’s best to approach with caution, ask plenty of questions and conduct extensive research before making an investment, warns the Commodity Futures Trading Commission (the “CFTC”). Given the novelty of the market combined with the relatively short operating history of the businesses offering digital coins and tokens, the CFTC is warning customers that there is no widely accepted standard for valuing digital coins or tokens,…
Back 08.01.18 After two years of review, the Office of the Comptroller of the Currency (OCC) announced this week that it will begin accepting applications for special purpose national bank charters from financial technology (fintech) companies. The OCC’s announcement came hours after the Treasury Department endorsed the approach. The announcement specifically states that the OCC intends to consider charter applications submitted by non-depository fintech companies (which, as a result, would exempt such companies from the…
When a trademark licensor files for bankruptcy, can the licensees of their trademarks continue using those marks, or does the licensor have the right to prohibit their continued use? On Fox’s Above the Fold blog covering advertising law, partner Elizabeth Patton recently wrote a post discussing this open question, which sits at the heart of a case that may be heard by the U.S. Supreme Court. We invite you to read Elizabeth’s post covering the…
Back 07.31.18 Sunday sales of alcohol at retail liquor stores and grocery stores stole the spotlight in the 2018 Tennessee legislative session.  For industry insiders, however, the biggest news in 2018 so far has not been legislative.  Ask anyone who has renewed a liquor license renewal in the ABC’s new online system, RLPS. It is a memorable experience, to say the least. (In case you have been living under a rock, all new liquor…
Back 07.19.18 [embedded content] Tilray, Inc. officially launched its initial public offering on Thursday, becoming the first U.S. cannabis cultivator to directly list on an American exchange. Based on a better-than-expected share price of $17, the company raised more than $153 million in the offering. The IPO is notable for two reasons: 1) Tilray was incorporated in Delaware in January 2018 and is, therefore, the first U.S. cannabis company allowed to list directly on Nasdaq.…
Back 07.12.18 As so often happens, with an end comes new beginnings. The Supreme Court’s 2017–18 term now has come to a close, with no shortage of big cases to consume the attention of Court watchers and the media. And then Justice Anthony Kennedy, long seen as the “swing vote” on the Court, announced his retirement, condemning to relative obscurity much of the case law that came out of the Court in the last several…
Back 07.10.18 With much media fanfare, Tennessee introduced a new silver bullet for carding – a vertical driver’s license that is mandatory for anyone under the age of 21. Problem is, the vertical driver’s license does not automatically expire when the driver turns 21. In our humble opinion, flipping the orientation of the license dodges the real problem. Too many people with under-21 driver’s licenses are old enough to drink. The question has to be asked: why…
Back 07.09.18 The Commissioner of the Tennessee Department of Finance & Administration is seeking an amendment to the state’s Medicaid Plan with the Centers for Medicare and Medicaid Services (CMS) to alter the method by which certain Medicaid Disproportionate Share Hospital (DSH) payments are distributed to hospitals. Tennessee receives approximately $53 million in Medicaid DSH funds each year. If approved, some hospitals are likely to see a reduction in total DSH payments. TennCare is accepting…
Back 07.09.18 Securities and Exchange Commission Commissioner Robert Jackson has recently shared some noteworthy thoughts on the growing practice of corporate stock buybacks.  In calling for the SEC to update its rules to limit executives from using stock buybacks to cash out from their respective companies, Jackson stated that “[e]xecutives often claim that a buyback is the right long-term strategy for the company, and they’re not always wrong.” “But if that’s the case, they should…
Back 07.06.18 The Securities and Exchange Commission (SEC) has approved amendments to the “smaller reporting company” (SRC) definition, expanding the number of smaller companies eligible to comply with the SEC’s current scaled disclosure requirements. The SEC estimates that nearly 1,000 additional companies – specifically those with less than $250 million in publicly trades shares – would be eligible for SRC status in the first year under the new definition.  The purposes of the amendments are…