INSIDE COMPLIANCE – Page 29 – Loyola University Chicago School of Law

Crypto Platforms Under Scrutiny by Various U.S. Agencies

March 2, 2023Uncategorized

Since the beginning of 2023, the cryptocurrency market has faced legal action from multiple U.S. agencies in efforts to control a sector that, until recently, mostly operated beyond the bounds of conventional financial regulation. As a result of the executive order issued by the Biden Administration in March 2022, various federal agencies examined the risk and benefits of cryptocurrencies and have issued official reports. These reports have led to coordinated action against the crypto market. The administration aims to “ensure that cryptocurrencies cannot undermine financial stability, to protect investors, and to hold bad actors accountable.” In their attempts to promote regulation, the Securities and Exchange Commission (SEC), the Department of Justice (DOJ), and the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury, have acted against the crypto market on several fronts, frightening off bank allies, suing crypto firms for violating investor protection laws, and targeting exchanges connected to money laundering.

CongresscryptoDepartment of JusticeDOJJournal of Regulatory Compliancemoney launderingFinCENSEC

The FTC’s Enforcement Action: GoodRx’s Failure to Protect Its Customers’ Personal Health Information

March 1, 2023Healthcare Compliance

On February 1, 2023, the Federal Trade Commission (FTC) brought an enforcement action against GoodRx, a provider of telehealth and prescription drug services at discounted rates. In a first-of-its-kind action, the FTC alleged that GoodRx violated the Health Breach Notification Rule (HBNR) by sharing their consumers’ confidential health information with several advertising companies. While GoodRx is already facing a $1.5 million penalty for the violation, the FTC has also proposed an order that will require GoodRx to remedy the situation and make several changes to protect confidential health information in the future.

enforcement actionbreachFTCpersonal health records

Federal Safeguards Against Drug Shortages

March 1, 2023The Marketplace, Drugs & Devices, Food and Drug Law

From October 2022 to January 2023, there was a nationwide Adderall shortage. This recent shortage is no surprise since the Food and Drug Administration (FDA) has announced several Adderall shortages since 2019. Although the recent shortage has ended, researchers fear there will be more Adderall shortages in the coming year as prescribing rates continue to rise. More importantly, the recent shortage has made patients worried about future shortages and concerned about why the federal government has not done more to prevent drug shortages.

DrugsFDARegulation

The Rise of AI: Why Congress Must Regulate Artificial Intelligence Before it is too Late

February 26, 2023Compliance Spotlight

In November of last year, Open AI launched ChatGPT, an AI chatbot that engages users with dialogue to answer questions, write responses to prompts, and interacts with the user. Google quickly responded to the technological advancement by creating their own version of a chatbot called Bard that Google claims will draw “on information from the web to provide fresh, high-quality response.” AI has quickly embedded itself into most everyday activities. Additionally, in light of recent mass layoffs, experts predict that AI could displace tens of millions of jobs in the United States in the coming years. And with new chatbots run by AI, AIs have gone from simply replacing people to assisting people with tasks. As with all emerging technology, the general public may worry about regulating something that can be so intrusive and yet powerful and helpful to society. With the unsurmountable amount of knowledge provided by AI in seconds, it is necessary that Congress catch up to the emerging technology and create regulations for AI that can respect intellectual property and copyright laws and eradicate how AI adds to racial and gender disparities in the United States.

AIartificial intelligenceChapGPT

The Southwest Airline Debacle: What Role Should Regulators Play?

February 24, 2023Fraud & Abuse

To anyone who travelled by plane this last holiday season or tuned into the news, you’re well versed in the Southwest Airlines (Southwest) issues that plagued December 2022. Southwest ended up cancelling over 15,000 flights over the Christmas season, forcing thousands of stranded passengers to sleep at the airport and miss time with loved ones. With the disruptions leading to an estimated $825 million loss for the company, federal regulators have scrutinized Southwest to ensure compliance with its customer service plan and to take mitigating steps to prevent another catastrophe. This failure presents an opportunity beyond mere investigation for the Department of Transportation (DOT) to take important regulatory steps to ensure infrastructure and technology is aligned with the modern expectations of travel.

Journal of Regulatory ComplianceTransportation

FTC Proposes Rule Banning Non-Compete Clauses Nationwide

February 24, 2023Noncompetes, Contracts

On January 5, 2023, the Federal Trade Commission (FTC) proposed a ban on the use of non-compete provisions in employment contracts. The ban would also require employers to nullify any existing non-compete clauses within six months of activation. The proposed rule applies to all employees and independent contractors, paid and unpaid workers, and businesses of all sizes and location. This is a far-reaching move that has the potential to raise wages and increase competition among businesses.

EmploymentJournal of Regulatory ComplianceFTC

Kraken Settles with the SEC in a $30 Million Deal

February 23, 2023Uncategorized

Sophie Shapiro Associate Editor Loyola University Chicago School of Law, JD 2024 Kraken will pay $30 million to settle SEC (Securities and Exchange Commission) allegations that it broke the agency’s rules with its cryptoasset staking products and will discontinue them in the United States as part of the agreement with the regulator. What is Kraken? …
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data privacyPrivacy & SecuritySECRegulation

U.S. Sanctions Nine Companies Involved in Iranian Oil Operations

February 22, 2023Uncategorized

Hannah Newman Associate Editor Loyola University Chicago School of Law, JD 2024 On February 9, 2023, the United States imposed sanctions on companies accused of producing, selling, and shipping hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum. Iran, a major producer of hydrocarbons, holds some of the world’s largest deposits of oil …
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ChinaEnergyAsiaMalaysiaIranInternational AffairsoilTehrantreasurySanctionsRegulation

Too Big to Fail?: Ticketmaster and the Live Entertainment Debacle

February 17, 2023Uncategorized

After months of near-total silence, Beyonce opened Black History Month with a bang when she finally blessed the Beehive with what they had been impatiently waiting for since the release of her seventh studio album: the announcement of the Renaissance World Tour. Her loyal fans have been anticipating this news since Renaissance was released too much acclaim at the end of July 2022. However, alongside anticipation, fans are battling a strong feeling of anxiety at the prospect of not being able to secure tickets for the coveted shows. And no wonder. Ticketmaster – the vendor through which tickets for the Renaissance tour are being sold – recently, and very publicly, bungled another highly awaited ticket sale.

consumer protectioncompetitionentertainment industryDOJAntitrustinvestigationJournal of Regulatory ComplianceFTC

Regulating the Black Experience

February 17, 2023Uncategorized

Taelor Thornton Associate Editor Loyola University Chicago School of Law, JD 2024 Advanced Placement (AP) Music History, AP World History, AP Art History, AP European History, and now AP African American History. The College Board (the Board) offers 39 AP classes on many different subjects, and has recently added an African American history course. The …
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College boardEducationAfrican American historyAfrican AmericanAP CourseFlorida Board of EducationHistory