Troutman Pepper State Attorneys General Monitor - May 19, 2023
State attorneys general increasingly impact businesses in all industries. Our nationally recognized state AG team has been trusted by clients for 20 years to navigate their most-complicated state AG investigations and enforcement actions.
State Attorneys General Monitor analyzes regulatory actions by state AGs and other state administrative agencies throughout the nation. Contributors to this newsletter and related blog include attorneys experienced in regulatory enforcement, litigation, and compliance.
Contact our State AG Team at StateAG@troutman.com.
State AG Updates
Twelve State AGs Send Letter Opposing SEC Rule Regulating Cryptocurrency
By Troutman Pepper State Attorneys General Team
On May 8, 12 states led by Arkansas Attorney General Tim Griffin sent a letter to the Securities and Exchange Commission (SEC), opposing its recently proposed rule to give the commission the authority to regulate non-securities, including cryptocurrencies.
RJ Reynolds Sues California AG Disputing Applicability of Flavor Ban
By Agustin Rodriguez, Bryan Haynes, Chris Carlson, and Michael Jordan
On May 11, RJ Reynolds Tobacco Company, along with two convenience stores and the American Petroleum and Convenience Store Association, sued the California attorney general and district attorney for Fresno County in their official capacities, seeking declaratory relief that these California officials misinterpreted and misapplied California's ban on flavored tobacco products and incorrectly concluded that RJ Reynolds' new products violate this ban.
AI: Impact and Use in the Financial Services Industry (Part Four)
By Stephen C. Piepgrass, Michael Yaghi, and Chris Willis
Financial services companies are using AI to assist with many business processes, including underwriting decisions, consumer credit approval, servicing and collections, loss mitigation programs, customer interaction on websites and mobile apps via chatbots, and in detecting fraud. In this fourth episode, Stephen Piepgrass and colleagues Chris Willis and Michael Yaghi examine the use and impact of AI in the financial services industry. They discuss the potential risks financial services companies may face with increased reliance on AI, as well as the increased focus on AI by various regulators and state attorneys general.
Stephanie Kozol, Senior Government Relations Manager – State Attorneys General, also contributed to this newsletter.