IN THIS ISSUE
Federal Reserve Hints at Government-Backed Cryptocurrency; Third Circuit Affirms Dismissal of Securities Fraud Class Action Against Shutterfly Inc. Regarding Allegedly Misleading Financial Projections; Ninth Circuit Holds Federal Loss Causation Standard Not Met in Investor’s State Law Securities Action Against Uber; Taking Judicial Notice of SEC Cease and Desist Order, District of Maryland Denies Under Armour’s Bid to Dismiss Investor Securities Suit.
FEDERAL RESERVE HINTS AT GOVERNMENT-BACKED CRYPTOCURRENCY
On May 24, 2021, Lael Brainard, a member of the Board of Governors of the Federal Reserve, said during a CoinDesk virtual conference that “the Federal Reserve is stepping up its research and public engagement” on the possibility of a U.S. central bank digital currency. Brainard cited the need to understand the “benefits and risks” of such digital currencies in the United States before commenting that the Federal Reserve Board will publish a paper