On February 20, 2026, in a 6-3 decision, the U.S. Supreme Court held that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to impose broad tariffs. The decision in Learning Resources,...more
2/23/2026
/ Constitutional Challenges ,
Customs and Border Protection ,
Economic Sanctions ,
International Emergency Economic Powers Act (IEEPA) ,
International Trade ,
Learning Resources Inc v Trump ,
Refunds ,
SCOTUS ,
Section 232 ,
Section 301 ,
Statutory Interpretation ,
Tariffs ,
US Trade Policies
I. Executive Summary - On December 19, 2025, the CFTC’s Market Participants Division (“MPD”) issued Staff No-Action Letter No. 25-51, establishing a three-month pilot program under which certain energy commodity end-user...more
1/7/2026
/ CFTC ,
Derivatives ,
Dodd-Frank ,
Energy Market ,
Energy Sector ,
No-Action Letters ,
Pilot Programs ,
Regulatory Reform ,
Reporting Requirements ,
Rulemaking Process ,
Swap Dealers
I. Executive Summary -
On December 8, 2025, the staff of the U.S. Commodity Futures Trading Commission (“CFTC”) launched a “digital assets pilot program” (the “Digital Assets Pilot Program”) providing greater certainty to...more
12/26/2025
/ CFTC ,
Commodity Exchange Act (CEA) ,
Cryptoassets ,
Cryptocurrency ,
Derivatives ,
Derivatives Clearing Organizations ,
Digital Assets ,
Futures Commission Merchants (FCMs) ,
New Guidance ,
No-Action Letters ,
Popular ,
Regulatory Reform ,
Stablecoins ,
Tokenization