On March 1, 2024, a U.S. District Judge in Alabama issued a judgment holding that the Corporate Transparency Act (CTA) is unconstitutional because it exceeds the Constitution’s limits on Congress’ power. Further, FinCEN is permanently enjoined from enforcing the CTA against the plaintiffs in that case. It is currently unclear as to the implications of this ruling against persons not party to that case. We anticipate Treasury will file an immediate appeal to the Eleventh Circuit Court of Appeals.