“Not Conflict Free” Product Description Requirement of Conflict Minerals Rule Violates First Amendment

By | Conflict Minerals Law | April 14, 2014

As you recall, shortly after the SEC issued the Conflict Minerals Rule, several trade groups challenged the rule in federal court. The trade groups challenged the SECs cost-benefit analysis, questioned the SECs discretionary choices, and claimed that certain requirements in the rule violate the First Amendment. 

D.C. Circuit Vacates Dodd-Frank Conflict Minerals Provision & SEC Rule As Violating First Amendment Free Speech

The United States Court of Appeals for the District of Columbia today, in National Association of Manufacturers v. SEC, affirmed a district court judgment that the Securities and Exchange Commission (SEC) did not violate procedural requirements or misconstrue the statute in promulgating the Conflict Minerals Rule, but vacated the specific underlying statutory provision and the rule because the requirements compelled speech in violation of the First Amendment to the United States Constitution. 

State of Texas Issues Memorandum On Virtual Currencies

By | Payment Law Advisor | April 14, 2014
State of Texas Issues Memorandum On Virtual Currencies

The State of Texas is the most recent state to announce a formal policy with regard to virtual currencies. The Texas Department of Banking (DOB) issued a supervisory memorandum on April 3, 2014, interpreting how virtual currencies, including cryptocurrencies, will be regulated under the Texas Money Services Act. You can find the memorandum here.