Maneesha Mithal

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Thinking of creating a non-fungible token (NFT) marketplace? You’re not alone. Global NFT transactions have risen from $40.96 million in 2018 to around $25 billion in 2021. Organizations from the NBA to Taco Bell have begun implementing NFT strategies. As blockchain-native artifacts, NFTs’ immutability, digital scarcity, and transferability have catalyzed growing interest among consumers and businesses alike, inspiring companies of all sizes to explore potential use-cases ranging from standalone art pieces, to NFTs tied to physical products, to NFTs with real-world or virtual components.
Continue Reading FYI on NFTs: Consumer Protection and Privacy Considerations

Imagine you receive an inquiry from a state Attorney General (AG) about your privacy or security practices, and you aren’t sure what to do next. Maybe it’s because you have been concentrating on compliance efforts related to the California Privacy Rights Act (CPRA) and other new state privacy laws coming into effect, and you haven’t focused as extensively on the existing suite of state privacy or security laws, or on state AG enforcement of federal privacy laws, that may in fact apply to you. In this advisory, we provide a snapshot of recent privacy and security enforcement efforts by state AGs.1 Next, we offer some general tips on how to avoid getting into trouble with state regulators. Finally, we suggest what to do if, despite your best efforts, you become the subject of an inquiry.

Recent significant state AG enforcement efforts include:
Continue Reading Privacy and Security Enforcement: State AGs Flex Their Muscles

So you’re a fintech startup, buying a fintech company, or expanding the technical capabilities of your financial business. Or you’re a tech company that is getting into the payments space. Where do you start when it comes to figuring out what consumer protection laws apply to you? You should be aware that, for the past several years, the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) have been actively enforcing consumer protection laws in the fintech space. For example, the FTC has recently brought cases involving an online lender that allegedly charged undisclosed fees, a mobile banking app that falsely promised high interest rates and 24/7 access to funds, promoters of cryptocurrency money-making schemes, and tech platforms offering in-app purchases. The CFPB most recently shuttered a VC-backed online lender for false advertising related to interest rates and loan amounts. Earlier last year, the CFPB had obtained refunds and a civil penalty against a fintech company for enabling merchants to obtain loans for consumers without their authorization.
Continue Reading Fintech and Financial Privacy: Regulatory Developments on the Use of Financial Data

The U.S. Supreme Court’s April 2021 decision in the AMG matter significantly limited the Federal Trade Commission’s (FTC’s) ability to seek monetary redress for consumers under the FTC Act, relief the FTC had successfully obtained for over four decades. Since the Supreme Court announced its decision, the FTC has been deploying new strategies to return money to consumers harmed by unfair or deceptive practices and to otherwise deter such conduct through civil penalties. Companies should pay close attention to these strategies, as they provide a roadmap for future investigations and enforcement. These strategies include the following:
Continue Reading FTC Consumer Protection Remedies After the U.S. Supreme Court’s AMG Decision

FTC Activities in 2021 and Likely Trends for 2022

2021 saw the kickoff of the Khan era at the Federal Trade Commission (FTC). During FTC Chair Lina Khan’s first nine months on the job, she has announced privacy and security initiatives that offer important insights into her priorities. Companies should pay close attention to FTC activity in 2021 and public statements from FTC’s leadership to prepare for 2022. Here’s a list of 10 likely trends we can expect to see in 2022 (in no particular order):
Continue Reading 2021 Privacy and Cybersecurity Year in Review