Regulatory Playbook

Trending Issues

Can I Invest My 401(k) Account in Private Equity?
09.26.2025

On August 7, 2025, the White House issued Executive Order 14330, Democratizing Access to Alternative Assets for 401(k) Investors (the Order), directing the Department of Labor (DOL) to issue guidance that facilitates investment in “alternative assets” by participants in 401(k) and other defined contribution (DC) plans. The stated goal of the Order is to give all retirement plan participants access to the same benefits of alternative investments—potentially higher returns and diversification of risk—that are already enjoyed by large investors and governmental plans.

D.C. Circuit Reverses EPA, Reinstating the Title V Affirmative Defense for Emergency Emissions Events
09.25.2025

On September 5, 2025, the U.S. Court of Appeals for the District of Columbia (D.C.) Circuit issued its opinion in SSM Litigation Group v. EPA, reinstating the “emergency” affirmative defense to liability for violations of Title V permits under the Clean Air Act. This decision provides welcome clarity for Title V permit holders, who can now place a more singular focus on mitigating harm during emergency response situations.

DOE Previews $1 Billion in Forthcoming Funding Opportunities for Critical Minerals Projects and Technologies
09.19.2025

In recent weeks, the Department of Energy (DOE) released four notices of intent to issue notices of funding opportunities (NOFOs) in the coming months, along with other policy announcements aimed at advancing the Trump administration’s efforts to secure the critical minerals supply chain. A NOFO is how a federal agency announces available funding, such as competitive grants or cooperative agreements, by outlining program goals, eligibility and deadlines. Collectively, these forthcoming NOFOs could provide approximately $1 billion to support projects and technologies across various stages of the critical minerals value chain.

USGS Seeks Comment on 2025 Critical Minerals List to Guide U.S. Mineral Supply Chain Policy
09.19.2025

On August 26, 2025, the U.S. Geological Survey (USGS) released for comment the 2025 draft List of Critical Minerals, which includes 54 mineral commodities proposed for inclusion. The list is intended to inform U.S. government policies, strategies, and tools to secure critical mineral supply chains (the Critical Minerals List). Comments are due September 25, 2025.

Bankruptcy Court Dismisses Case Manufactured to Cap Lease Damages
09.18.2025

In the midst of a liquidity crisis, National Resilience determined that it had only two choices to successfully restructure—file the entire enterprise for chapter 11 or shed non-operational and/or underutilized facilities. It chose the latter. Accordingly, Bedmar LLC was formed in June 2025 through a divisional merger under the Delaware LLC Act and allocated burdensome leasehold interests and approximately $41.4 million in cash and receivables. The cash was estimated to exceed ~$33 million in capped lease-rejection claims under Bankruptcy Code § 502(b)(6). (See our previous client alert for a discussion of how this section caps landlord damage claims in bankruptcy cases.) The entity had no employees, no revenue, no creditors other than the landlords and no operational purpose other than to pursue a bankruptcy filing.

At Long Last, the Department of Defense Issues the Highly Anticipated CMMC Final DFARS Rule
09.15.2025

After years of anticipation, the Department of Defense (DoD) has published the final Cybersecurity Maturity Model Certification (CMMC) to the Defense Federal Acquisition Regulation Supplement (DFARS) rule (the Final DFARS Rule). This rule revises the DFARS to implement the CMMC program in solicitations and contracts. As discussed in our prior alert, this rule follows the passage of the October 15, 2024, final rule establishing the requirements of the CMMC program (the Final Program Rule) and setting forth a three-year phased roll out period. The Final DFARS Rule will go into effect on November 10, 2025, kicking off this roll-out period.

Federal Court Vacates Education Department’s Dear Colleague Letter on DEI: What Schools, Colleges, and Contractors Need to Know
09.10.2025

Last month, in American Federation of Teachers (AFT) v. U.S. Department of Education, a Maryland federal district court struck down ED’s recent efforts to curb DEI initiatives in education, vacating both the February 14, 2025, Dear Colleague Letter (DCL) and the April 3, 2025, Certification Requirement (the “Certification Requirement”). Judge Stephanie Gallagher of the U.S. District Court for the District of Maryland ruled that both the DCL and the Certification Requirement violated the Administrative Procedure Act (APA) and raised serious constitutional and procedural concerns. As a result, as of the date of this alert, both are now legally void and unenforceable across the nation. However, it is likely that the government will appeal the decision and seek a stay of the vacatur.

Fractal Logic: New IRS PLR Provides Tax Guidance for Private Credit Transactions
09.08.2025

Fractal systems create repetitive geometric patterns at progressively minute layers. The geometry becomes clear through random immersion into arbitrary small scales. On September 5, 2025, the U.S. Internal Revenue Service (IRS) released a private letter ruling (PLR) addressing U.S. trade or business considerations for private lending transactions being undertaken by a supra-national organization (likely the United Nations). Accordingly, the PLR has been issued to a “super tax exempt.” Nonetheless, a fractal logic immersion into the PLR provides valuable insight on how to provide exposure to U.S. private credit loans to non-U.S. investors and U.S. funds with non-U.S. partners without triggering U.S. tax exposure.

SEC and CFTC Chairs’ Joint Statement Raises Prospect of Competitive Onshoring of Perpetual Derivatives
09.08.2025

The Chairs of the SEC and CFTC issued a Joint Statement on September 5, 2025 (Joint Statement), announcing a new era of cooperation, including the possibility of using “innovation exemptions” to bring perpetual contracts (perps) and other leveraged cryptocurrency products into U.S. markets. The Joint Statement builds upon—and meaningfully expands beyond—the joint statement of the SEC and CFTC staffs issued a few days earlier by moving from a restatement of current law to a policy-level invitation to explore exemptions, harmonized frameworks and cross-agency approaches to make perp-like products tradable on U.S. markets.

California Updates Tax Regulations on Technology Transfer Agreements
09.04.2025

The California Department of Tax & Fee Administration (Department) held an interested parties meeting on July 24, 2025, to discuss proposed amendments to Sales and Use Tax Regulations 1502, Computers, Programs, and Data Processing, and 1507, Technology Transfer Agreements (TTA), and new Regulation 1507.1, Software Technology Transfer Agreements on July 24, 2025. The Department also issued a Discussion Paper containing the details. An overview of some of the proposals is presented below.

Court Declines to Halt Climate Disclosure Laws as CARB Pursues Delayed Rulemaking
08.28.2025

California’s landmark climate disclosure laws—SB 253, the Climate Corporate Data Accountability Act, and SB 261, the Climate-Related Financial Risk Act—are moving toward enforcement, with SB 261 requiring risk reporting by January 1, 2026. On August 13, 2025, the U.S. District Court for the Central District of California declined an industry request to put the statutes on hold. That ruling leaves the laws in force while the plaintiffs’ remaining First Amendment challenge proceeds. The plaintiffs quickly appealed the ruling to the Ninth Circuit and moved for an injunction in the district court to bar enforcement of SB 253 and SB 261 during the appeal. A hearing on that motion is scheduled for September 15, 2025. In the meantime, regulated companies must continue to prepare for the quickly approaching first reporting deadlines with no regulatory guidance to date and amid continued legal uncertainty.

FAR Council Increases Acquisition-Related Thresholds for Inflation
08.28.2025

Section 1908 of Title 41 of the United States Code requires that statutory acquisition-related thresholds be adjusted for inflation every five years, using the Consumer Price Index for All Urban Consumers (CPI). The statute excludes certain thresholds such as those under the Davis-Bacon Act, Service Contract Labor Standards, performance and payment bonds, and trade agreements. On August 27, 2025, the FAR Council—comprising the Office of Federal Procurement Policy, the Department of Defense (DoD), the General Services Administration, and the National Aeronautics and Space Administration (NASA)—issued a final rule that adjusted numerous acquisition-related thresholds for inflation as follows:

Clearing Space for Launch: Trump 2.0 Proposes Regulatory Overhaul to Enhance American Leadership in Space by 2030
08.28.2025

The first Trump administration galvanized significant and sustainable transformation of the U.S. space industry, including the reconstitution of the National Space Council, the creation of the U.S. Space Force, the formation of the Artemis Accords, and substantial regulatory reform aimed at the licensing of launch vehicles, Earth observation satellites, and next-generation broadband constellations, among others. On August 13, 2025, the second Trump administration released an ambitious Executive Order (EO), Enabling Competition in the Commercial Space Industry, to further build on the off-worldly successes of President Trump’s first term.

Following Investigation of Copper Imports, Trump Administration Takes Actions Targeting Imports and Domestic Sales
08.25.2025

On July 30, 2025, President Trump issued Proclamation 10962 following the investigation by the Department of Commerce (Commerce) under Section 232 of the Trade Expansion Act of 1962 of imports of copper in all forms and derivative products. President Trump concurred with the Secretary of Commerce’s finding that U.S. reliance on copper imports threatens to impair national security, ordering tariffs to be imposed. In addition, in a novel use of industrial policy authorities, the President ordered certain domestic sales requirements under the allocations authority of the Defense Production Act (DPA) with the goal of preserving feedstock for domestic copper producers.

NYDFS Imposes $2M Penalty for Violations of its Cybersecurity Regulation
08.21.2025

The New York State Department of Financial Services (NYDFS) announced on August 14, 2025, resolution of civil enforcement action requiring Healthplex, Inc., a licensed insurance agent and independent adjuster, to pay a $2 million civil penalty under a consent order for violations of the NYDFS cybersecurity regulation (23 NYCRR Part 500). The NYDFS alleges in the consent order that a threat actor gained access to Healthplex’s information systems through a phishing attack on an employee’s email account, and that Healthplex’s cybersecurity program was not adequately calibrated to protect against, mitigate or respond to the incident. As a result, the threat actor gained access to the private health data and sensitive nonpublic information (NPI) of tens of thousands of consumers.

A Digital Assets Revolution? White House Report Outlines a Realignment in Federal Regulatory Policy
08.21.2025

On July 18, 2025—mere days after Bastille Day—President Trump signed the GENIUS Act, creating the first unified U.S. legal framework for payment stablecoins. The White House also released a sweeping policy report on digital assets that signaled a deliberate break from the regulatory status quo shortly after. Just as the storming of the Bastille marked the beginning of a revolution against entrenched authority, the Trump administration’s report challenges the existing regulatory order by seeking to rework existing frameworks and calling for an innovation-first approach to digital asset oversight. The Report, titled “Strengthening American Leadership in Digital Financial Technology” was mandated by President Trump’s executive order Strengthening American Leadership in Digital Financial Technology. The executive order directed the Secretary of the Treasury to work in consultation with the heads of other financial and national security agencies to produce a report assessing the implications of digital assets for financial stability, consumer and investor protection, and systemic risk. The resulting document (“the Report”) represents the administration’s effort to realign federal regulatory policy with its stated priorities: fostering innovation, curbing regulatory overreach, and restoring a market-oriented approach to digital finance.

Antitrust Division Announces First-Ever Antitrust Whistleblower Rewards Program
08.19.2025

The Antitrust Division of the U.S. Department of Justice (DOJ) on July 8, 2025, announced a new Whistleblower Rewards Program designed to uncover and prosecute anticompetitive conduct that harms consumers, taxpayers, and market competition, focused on postal-related operations and federal procurement. This is the first time the Antitrust Division has authorized financial rewards for whistleblowers—a significant shift considering the Division’s emphasis on the Leniency Program which was first established in 1978 and revised in 1993. The payment to reporting individuals may be made for up to 30 percent of a criminal fine of at least $1 million following a conviction or deferred or non-prosecution agreement. The new Whistleblower Rewards Program provides another avenue for individuals with credible, specific, and timely information to report.

FAA Releases Long-Awaited BVLOS Proposed Rule
08.15.2025

On August 5, 2025, U.S. Department of Transportation Secretary Sean Duffy announced the release of the long-awaited Notice of Proposed Rulemaking (NPRM) on the beyond visual line of sight (BVLOS) rule, also known as Part 108. After years of drafting and delays, the proposed rule would create a standardized regulatory framework to enable commercial drone operators to fly beyond visual line of sight, removing the need to apply for individual waivers. It has the potential to unlock commercial drone operations at a large scale (and quickly), particularly drone delivery. Comments are due by October 6, 2025.

Navigating Tip and Overtime Deductions Under the OBBBA: What Employers Need to Know Now
08.13.2025

The “One Big Beautiful Bill Act” (OBBBA) introduces significant federal tax relief for certain workers and may change how employers manage wages, tips, and overtime. Sections 70201 and 70202 of the OBBBA are particularly noteworthy, as they establish new above-the-line deductions for qualified tips and qualified overtime compensation. These provisions present both opportunities and compliance challenges, especially for employers in states like California where state wage standards exceed federal requirements.

The Trump Administration Accelerates AI and Data Center Development with Executive Order and DOE Site Selections
08.08.2025

A new executive order (EO) issued on July 23, 2025, and a parallel Department of Energy announcement, signal a coordinated federal effort to accelerate the siting and development of data centers and supporting infrastructure on public lands. Building on the DOE’s April 2025 Request for Information (RFI), soliciting industry feedback for developing AI infrastructure on DOE-managed lands, these actions lay the groundwork for a new wave of AI-driven data center growth and position federal lands as a strategic backbone for national AI infrastructure.

Legal and Tax Considerations in Home Service Business Roll-Ups: A Primer for Buyers and Sellers
08.07.2025

M&A activity in the home services sector—HVAC, plumbing, electrical, pest control, landscaping and other skilled trades—has surged in recent years. Private equity (PE) firms and fundless sponsors are pursuing roll-up strategies to consolidate fragmented markets, realize economies of scale and build regional or national platforms.