This week, the U.S. Senate Commerce, Science and Transportation Committee approved a slew of bipartisan bills, including the Kids Off Social Media Act (KOSMA). The bill was introduced by Chairman Ted Cruz, R-Texas, along with...more
2/7/2025
/ Algorithms ,
COPPA ,
Data Privacy ,
Data Protection ,
Federal Trade Commission (FTC) ,
Online Safety for Children ,
Privacy Acts ,
Privacy Laws ,
Proposed Legislation ,
Social Media ,
State Attorneys General
On January 23, President Trump issued an EO, “Strengthening American Leadership in Digital Financial Technology.” The same day, the SEC published SAB 122 which rescinded the earlier staff interpretive guidance, SAB 121....more
The Financial Stability Oversight Council (FSOC or Council) unanimously approved and issued its 2024 Annual Report on December 6, 2024, lauding a strong economy and stable financial system while also outlining numerous risks...more
On Dec. 3, 2024, a Texas federal district court in Texas Top Cop Shop, Inc., et al. v. Garland, et al. (E.D. Tex., No. 4:24-cv-00478, 12/3/24) granted the plaintiffs’ motion to preliminarily enjoin the U.S. government from...more
In a nation divided down the middle over politics, and in a handful of states where those divisions are concentrated, Americans narrowly but collectively voted in one direction, returning Donald Trump to the White House....more
11/7/2024
/ Climate Change ,
Election Results ,
Energy Sector ,
Financial Services Industry ,
Healthcare ,
Inflation Reduction Act (IRA) ,
Legislative Agendas ,
Presidential Elections ,
SALT ,
Tariffs ,
Tax Code ,
Tax Cuts and Jobs Act
What would you do if you received a call from the sitting president of the United States telling you not to vote in your state’s upcoming party primary election?
In January 2024, many New Hampshire voters faced this...more
A shrinking legislative calendar and the fallout from November’s election results – no matter which party gains the upper hand in the battle for control of Congress – are likely to doom lawmakers’ efforts to pass...more
9/30/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Biden Administration ,
Bitcoin ,
Central Bank Digital Currency (CBDCs) ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Donald Trump ,
Financial Services Industry ,
Kamala Harris ,
Know Your Customers ,
Legislative Agendas ,
Proposed Legislation ,
Securities and Exchange Commission (SEC)
Last month, we wrote a blog recapping the Senate’s passage of the Children’s Online Privacy Protection Act (COPPA 2.0) and the Kids Online Safety Act (KOSA) with a promise to keep a close eye on the House. You may recall that...more
Kalshi is a CFTC registered exchange that allows for the placing of cash bets on a variety of real-world events. Specifically, through what it calls “event contracts,” Kalshi allows users to buy positions on whether an event...more
9/20/2024
/ CFTC ,
Commodity Exchange Act (CEA) ,
Derivatives ,
Designated Contract Markets (DCMs) ,
Exchange-Traded Products ,
Gambling ,
Gaming ,
General Elections ,
Illegal Gambling ,
Popular ,
Presidential Elections ,
State Elections ,
Statutory Authority
While comprehensive privacy legislation is unlikely this Congress, on July 30, the U.S. Senate, overwhelmingly passed a legislative package that includes the Kids Online Safety Act (KOSA) and the Children and Teens’ Online...more
Yesterday, the House passed H.R. 4763, the Financial Innovation and Technology for the 21st Century (FIT21) Act, by a vote of 279-136, including 71 votes from Democrats. The bill passed despite opposition from the White House...more
Background and Scope -
The Assessment was drafted by Treasury’s Office of Terrorist Financing and Financial Crimes (“TFFC”), in consultation with multiple U.S. agencies, including the Departments of Homeland Security,...more
Two congressional committees of the U.S. House of Representatives commenced the new year by announcing the creation of new subcommittees for the 118th Congress that are expected to analyze issues concerning cryptocurrency and...more
Takeaways:
..The Court granted the U.S. Securities and Exchange Commission’s (the SEC) motion for summary judgment, holding that LBC tokens are securities and that the offers and sales of the tokens by LBRY, Inc. (LBRY)...more
The U.S. Department of the Treasury on October 20, 2022, issued its first-ever Committee on Foreign Investment in the United States (CFIUS) Enforcement and Penalty Guidelines. Publishing of the Guidelines reinforces recent...more
On September 16, 2022, the U.S. Department of the Treasury published a report, “The Future of Money and Payments” (Report), in response to the President’s March 2022 Executive Order on Ensuring Responsible Development of...more
10/3/2022
/ AML/CFT ,
Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Digital Assets ,
Executive Orders ,
Information Reports ,
Money Services Business ,
Payment Systems ,
Public Policy ,
Stablecoins ,
U.S. Treasury
On Sept. 16, 2022, the White House released a Fact Sheet providing key findings and action items arising from the nine reports addressing digital assets that have been submitted to the president to date consistent with the...more
9/23/2022
/ Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Environmental Protection Agency (EPA) ,
Executive Orders ,
Financial Services Industry ,
Financial Stability Board ,
Innovation ,
Non-Fungible Tokens (NFTs) ,
OECD ,
U.S. Commerce Department ,
U.S. Treasury
Takeaways -
..U.S. Securities and Exchange Commission (SEC, or Commission) Chair Gary Gensler reaffirmed his view that the “vast majority” of cryptocurrency tokens are securities, and recent agency enforcement actions...more
Key Takeaways:
..The Senate voted 51-50 on August 7 to pass the Inflation Reduction Act.
..The legislation is expected to pass the House this week without changes and to be signed by President Biden.
..The...more
8/8/2022
/ Climate Change ,
Corporate Taxes ,
Drug Pricing ,
Energy Projects ,
Federal Funding ,
Inflation Adjustments ,
Medicare ,
Oil & Gas ,
Pending Legislation ,
Prescription Drugs ,
Renewable Energy ,
Superfund ,
Tax Credits
On June 7, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced S. 4356, the Responsible Financial Innovation Act (Lummis-Gillibrand Bill). If enacted, the legislation would create a regulatory framework...more
On March 9, 2022, President Joe Biden signed the Executive Order on Ensuring Responsible Development of Digital Assets (EO) and the White House released a corresponding fact sheet summarizing related key policy objectives. As...more
The push on environmental, social, and governance (“ESG”) disclosures has increased in the past several years, with these disclosures becoming a particular focus of the Biden Administration, the Securities and Exchange...more
House Financial Services Committee Chairwoman Maxine Waters is calling on Congress to increase funding for Securities and Exchange Commission (SEC) oversight of Wall Street’s “regulatory and market structure weak points.”...more
On April 14, 2021, the U.S. Senate confirmed the nomination of Gary Gensler as the 33rd Chair of the U.S. Securities and Exchange Commission (“SEC” or “Commission”). This change will bring forth a Democratic majority at the...more
4/16/2021
/ Biden Administration ,
CFTC ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Dodd-Frank ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Fraud ,
FSOC ,
Securities and Exchange Commission (SEC) ,
Special Purpose Acquisition Companies (SPACs)
While Washington is rushing to enact COVID-19 funding before the mid-March expiration of enhanced federal unemployment benefits, lawmakers face a host of upcoming policy deadlines that will require congressional action....more
2/10/2021
/ Airline Employees ,
Airports ,
CARES Act ,
Employee Retention ,
Filing Deadlines ,
Medicare ,
NDAA ,
Paycheck Protection Program (PPP) ,
Public Policy ,
Reimbursements ,
Tax Credits ,
Unemployment Insurance