Welcome to Pillsbury’s Regulatory Playbook, where you’ll find news and insights on the regulatory trends that are driving markets and shaping businesses. Here, Pillsbury’s market-leading regulatory group illuminates critical developments at the intersection of law and policy. If you need to know what’s happening, why it’s happening and how to respond, consult the Playbook.
Trending Issues
Texas Enacts App Store Accountability Act: Overview and Initial Considerations07.02.2025
On May 27, 2025, Texas Governor Greg Abbott signed into law Senate Bill 2420, also known as the App Store Accountability Act. The law will take effect on January 1, 2026, and requires businesses operating app stores to verify user ages at account creation, obtain parental consent for minors before allowing app downloads or in-app purchases, and share age and consent information with developers.
Floating Charges Under English Law and Their U.S. Counterparts: A Comparative Insight for Cross-Border Lenders
07.02.2025
Creditors under English law can take many forms of security, including fixed charges, mortgages and assignments. One of the more unique features of English security is the floating charge. The English legal system distinguishes between fixed and floating charges, meaning they have different legal characteristics, control thresholds and consequences in insolvency. Floating charges do not have a direct equivalent in many other jurisdictions, including the United States.
The GENIUS Act: A New Federal Framework for Stablecoin Issuers
07.02.2025
On June 18, 2025, the U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). This passage followed a successful cloture vote earlier in May. The bill obtained significant support, with 68 senators voting in favor. The bill will now move to the U.S. House of Representatives, where it is expected to pass due to its bipartisan support.
Senate Votes to Advance the Big, Beautiful Bill – Latest on Renewable Energy Tax Credits
06.30.2025
On June 28, 2025, the Senate voted 51-49 to advance its version of the Big, Beautiful Bill (the “Bill” or “BBB”). As relates to renewable energy tax credits enacted by the Inflation Reduction Act of 2022 (IRA), the Senate’s version of the Bill differs in some significant respects from the version released by the Senate Finance Committee (SFC) on June 16, 2025, as summarized below. Our prior client alert discusses the differences in impact on renewable energy tax credits between the SFC version of the Bill and the version approved by the House of Representatives on May 22, 2025.
Bipartisan Passage of House Bill 40 Clarifies Texas Business Court’s Jurisdiction
06.30.2025
On June 2, 2025, the Texas Senate passed House Bill 40 (HB 40), a bill that proposes significant changes to the state’s newly established Business Court. The bill expands the types of cases that the Business Court may hear, requires the Texas Supreme Court to adopt rules governing jurisdictional determinations and introduces key administrative reforms.
VietJet v FW Aviation: Latest Developments
06.30.2025
On 24 June 2025, the Court of Appeal dismissed in full the appeal brought by VietJet Aviation Joint Stock Company (“VietJet”) against FW Aviation (Holdings) 1 Limited (“FWA”) in relation to an ongoing aircraft leasing dispute, upholding the judgments made by the High Court in July and October 2024.
SCOTUS Affirms Rules for Challenging Nuclear Regulatory Commission Licenses
06.26.2025
In Nuclear Regulatory Commission v. Texas, a 6-3 decision authored by Justice Brett Kavanaugh, the U.S. Supreme Court ruled in favor of Interim Storage Partners, LLC (ISP) and the Nuclear Regulatory Commission (NRC). The case concerned the NRC’s issuance of a license to ISP to build and operate a private away-from-reactor spent nuclear fuel storage facility in West Texas, an action the Fifth Circuit had invalidated as beyond the agency’s statutory authority.
Status Update: Renewable Energy Tax Credits Under the Big Beautiful Bill
06.23.2025
With the Senate Finance Committee (SFC) releasing the text of its version of the Big Beautiful Bill (the “Bill” or “BBB”) on June 16, 2025, we provide a comparison of the competing proposals from the House and the SFC. In short, the House version of the BBB featured three principal changes to the renewable energy tax credit provisions enacted under the Inflation Reduction Act of 2022 (IRA): (i) accelerated expiration dates and phase-outs, (ii) repeal of cash transfer elections and (iii) imposition of limitations for associations with FEOCs. The SFC version of the BBB, in turn, (i) eases some of the expiration dates and phase-outs, (ii) allows cash transfer elections to continue for the remaining periods of tax credit availability and (iii) provides important guidance on the restrictions relating to FEOCs.
What Lessors Need to Know: English High Court Rules on Russian Aircraft Losses
06.23.2025
The English High Court delivered a judgment on 11 June 2025 in relation to the so called Russian Aircraft Lesson Policy Claims (the “Judgment”). The Judgment is significant for the aviation, insurance and finance sectors and also sets a significant precedent in relation to sanctions impacting the aviation industry.
Parallel Play: The U.S. Senate Finance Committee Releases Its Version of the “Big, Beautiful Bill”
06.23.2025
On June 16, 2025, the U.S. Senate Finance Committee released its tax bill (the “Senate Bill”) to satisfy President Trump’s demand for “one big, beautiful bill.” It’s clear that the Senate Committee is playing in the same room as the House of Representatives, who passed its own version on May 10, 2025 (the “House Bill”). It’s just as clear, however, given the substantial divergence on points big and small between the Senate Bill and the House Bill that the two chambers have not yet progressed to cooperative play.
G7 Releases Critical Minerals Action Plan on the Heels of IEA’s 2025 Critical Minerals Outlook
06.20.2025
The International Energy Agency (IEA), an inter-governmental organization that works with governments and industry to provide data and policy recommendations related to the energy sector, released its 2025 Global Critical Minerals Outlook in May 2025. The report marks its most expansive assessment yet of global mineral demand, supply vulnerabilities and the policy mechanisms needed to avoid future disruptions. It comes as markets reel from two years of price declines and geopolitical disruptions, with governments increasingly treating critical minerals as a matter of national security.
U.S. Department of Labor Withdraws 2022 Crypto Guidance—What It Means for 401(k) Plan Fiduciaries
06.12.2025
On May 28, 2025, the U.S. Department of Labor Employee Benefits Security Administration (DOL) issued Compliance Assistance Release No. 2025-01 (the 2025 Release), officially rescinding its 2022 Compliance Assistance Release No. 2022-01 (the 2022 Release), which advised fiduciaries of 401(k) plans to “exercise extreme care” before including cryptocurrencies in the menu of investment alternatives available to participants under 401(k) plans and signaled an intent by the DOL to investigate plans that did so. The rescission represents a meaningful policy shift, effectively returning the DOL to a neutral posture—neither endorsing nor discouraging crypto—more aligned with the deregulatory stance of the Trump administration and consistent with broader trends across federal agencies aimed at encouraging responsible digital asset innovation.
06.11.2025
Texas emerged from its 89th legislative session with a sweeping set of laws aimed at cementing the state’s leadership in advanced nuclear energy. Through the passage of HB 14, SB 1535 and SB 1061, lawmakers demonstrated a commitment to developing a robust nuclear ecosystem backed by regulatory reform, significant public investment and a forward-looking workforce strategy. This legislative package signals not only Texas’s confidence in nuclear power as a cornerstone of its future energy mix, but also its intent to create a nationally competitive environment for innovation and growth in the nuclear sector.
Texas SB6 Establishes New Transmission Fees and Interconnection Standards for Large Load Customers and Co-Located Loads
06.09.2025
On June 1, 2025, Texas Senate Bill 6 (SB 6), passed both chambers of the Legislature with bipartisan support and was sent to Governor Abbott for signature. Absent a veto by Gov. Abbott, the bill will become effective on September 1, 2025. SB 6 introduces significant changes to how large electricity users interact with the Electric Reliability Council of Texas (ERCOT) grid and marks a notable shift in regulatory policy to address concerns over grid reliability and cost allocations.
Water, Reused: Texas Reshapes Liability and Regulatory Rules on Produced Water, Leaves Ownership Questions Unanswered
06.09.2025
The Texas Legislature passed a series of bills aimed at modernizing the legal and regulatory landscape for the handling and reuse of produced water—a byproduct of oil and gas operations. These developments address permitting, liability and inspection processes, with a focus on clarifying the respective roles and responsibilities among operators and regulators. The following update outlines key enacted and pending measures that are expected to influence compliance obligations, operational planning and strategic decisions related to produced water management across the state. Further, by promoting reuse, the legislation also supports efforts to ease pressure on Texas’s strained water supply, particularly in drought-prone and energy-intensive regions. However, legislation that would have clarified ownership of brine minerals failed to advance, leaving unresolved questions over who owns both brine minerals and produced water—an issue with growing importance as interest increases in extracting critical minerals like lithium from these resources.
Geothermal Energy Gains Steam with Boosts and Clarifications from Texas Legislature
06.05.2025
Geothermal energy is rapidly gaining support in Texas as a viable and cost-efficient clean energy resource with substantial economic development prospects. With the ability to leverage the state’s existing oil and gas workforce and deep subsurface expertise, geothermal presents a strategic opportunity to support energy diversification while creating and sustaining jobs in legacy energy regions. The 2025 Texas legislative session included bipartisan efforts aimed at reducing regulatory barriers and supporting local geothermal development. Several targeted measures progressed, and while broader statewide initiatives—such as the establishment of a Geothermal Energy Council in HB 3240—did not advance, momentum for geothermal development in Texas continues to grow. This Legislative Update outlines key bills and their potential implications.
SCOTUS Holds Intent to Cause Economic Harm Is Not Required for Wire Fraud, Expanding Liability
06.04.2025
On May 22, 2025, the U.S. Supreme Court decided Kousisis et al. v. United States, settling a Circuit split as to whether a federal fraud conviction can stand even if the defendant did not intend to cause the victim economic loss. In a decision written by Justice Amy Coney Barrett, with Justices Gorsuch, Thomas and Sotomayor authoring separate concurrences, the Court held it can.
SCOTUS Limits Scope of NEPA Reviews, Reinstates Approval of Uinta Basin Railway
06.02.2025
In a highly anticipated decision for project developers and permitting agencies, the U.S. Supreme Court reversed the D.C. Circuit’s 2023 decision that had invalidated federal approval of the Uinta Basin Railway. In Seven County Infrastructure Coalition v. Eagle County, No. 23-975, ___ U.S. ___ (May 29, 2025), the Supreme Court clarified the limits of the National Environmental Policy Act (NEPA), reaffirming its procedural role and reenforcing the deference owed to agency judgments regarding the scope of environmental reviews.
The Proposed “Big Beautiful Bill” May Disrupt Sports Team Investment Strategy
05.23.2025
The recently proposed “Big, Beautiful Bill” (BBB), currently under preliminary markup in the Senate Finance Committee, includes a suite of tax provisions aimed at deficit reduction, corporate reform and base-broadening. Of particular relevance to the sports investment community is a targeted revision to Internal Revenue Code (IRC) Section 197, which governs the amortization of intangible assets. The bill, as drafted, would restrict the 15-year amortization treatment for “specified sports franchise intangibles”—an essential feature underpinning the economics of sports team acquisitions. Investors, private equity sponsors and multi-asset portfolio managers engaged in sports M&A should take immediate note.
President Trump’s Nuclear Executive Orders: What Clients Should Know
05.23.2025
Today, President Trump signed four new Executive Orders (the “Orders”)—Ordering the Reform of the Nuclear Regulatory Commission, Reforming Nuclear Reactor Testing at the Department of Energy, Reinvigorating the Nuclear Industrial Base, and an order focused on Nuclear Energy for National Security—with a goal to quadruple U.S. nuclear power capacity by 2040. The overall goal of the Orders is to “expedite and promote to the fullest possible extent the production and operation of nuclear energy,”, which matches previous statements by Secretary of Energy Chris Wright that “America must lead the commercialization of affordable and abundant nuclear energy.”