Regulatory Playbook

Trending Issues

New DOJ–FTC Antitrust Guidelines for Business Activities Affecting Workers: Key Changes and Practical Takeaways
02.07.2024

On January 16, 2025, four days before the Trump administration took office, the Federal Trade Commission (FTC) and the U.S. Department of Justice (DOJ) jointly issued the Antitrust Guidelines for Business Activities Affecting Workers (the “2025 Guidelines”). These guidelines replace the prior October 2016 version, Antitrust Guidance for Human Resource Professionals, jointly issued by both antitrust enforcement agencies, in the final months of the Obama administration. The 2025 Guidelines update how the federal agencies assess business practices and agreements affecting workers under federal antitrust laws.

Trump 2.0: A New Era for the Regulation of Cryptocurrency and Digital Assets
02.06.2025

President Trump campaigned on the promise to make the United States the “crypto capital” of the world. In his first days in office, he took steps to advance that goal, including by signing an executive order designed to support the U.S. crypto industry and appointing senior officials who support crypto. President Trump has also begun to roll back certain aspects of the Biden administration’s crypto regulatory and enforcement policies and indicated that his administration will attempt to implement a clear regulatory framework for the crypto industry.

Navigating Stop-Work and Suspension Orders Under Trump 2.0
02.06.2025

In its first two weeks, the new Trump administration has introduced a flurry of significant changes to the federal landscape. Many agencies have taken immediate action to enforce new executive orders by issuing stop-work orders to federal contracts under Federal Acquisition Regulation (FAR) 52.242-15. In fact, all USAID contractors, except those that have received limited waivers, have received stop-work orders as a result of Executive Order 14169, Reevaluating and Realigning Untied States Foreign Aid. Grant recipients are also facing suspension orders pursuant to the grant regulations at 2 C.F.R. § 200.343. Although the Office of Management and Budget (OMB) has rescinded the OMB memorandum directing agencies to implement the stop-work and suspension order, and federal courts have enjoined the government’s “pause” in payments to contractors and grant recipients, agencies are nonetheless continuing to direct contractors and grant recipients to stop work.

DOGE Puts GSA Leases in the Doghouse
02.04.2025

President Trump has tasked the Department of Government Efficiency (DOGE) with “making changes to the federal bureaucracy” to “slash excess regulations, cut wasteful expenditures, and restructure federal agencies.” In the first week of the Trump Administration, DOGE took aim at federal leases administered by the General Services Administration (GSA). The Administration announced that two leases had been canceled and that its initial focus would be on “unoccupied buildings.” In a second, related announcement, the Administration boasted that GSA had terminated “three leases of mostly empty office space, with tenants relocating to nearby buildings in the GSA portfolio.”

Federal Funding in Flux: Policy Shifts and Uncertain Terrain
02.04.2025

In his first week in office, President Trump issued a record number of executive orders (EOs) and key executive memorandums, setting new federal policies and reinforcing his administration’s priorities. Many early actions target federal funding, temporarily suspending disbursements for programs that do not align with Administration goals.

Navigating DeepSeek’s Challenge: President Trump’s Stargate Initiative and Preparing Businesses for AI Leadership
01.31.2025

President Trump’s first week in office prioritized artificial intelligence (AI) innovation by reversing what his administration viewed as restrictive Biden-era policies. The rescission of Executive Order 14110, which emphasized governance and public trust in AI development, signaled a pivot to deregulation and competitive advancement. A new Executive Order, “Removing Barriers to American Leadership in Artificial Intelligence,” focuses on:
• Streamlining Regulations: Rolling back policies deemed “burdensome” to encourage private sector innovation.
• Mandating a National AI Action Plan: Federal agencies are tasked with aligning policies to promote U.S. dominance in AI within 180 days.
• Reviewing AI Governance: Revisiting Biden-era frameworks to ensure they align with economic competitiveness and national security priorities.

IRS Eases Form 1095-C Burden for Employers
01.31.2025

On December 23, 2024, President Biden signed into law the Paperwork Burden Reduction Act and the Employer Reporting Improvement Act, which together reduce the burden on employers to meet certain requirements under the Affordable Care Act (ACA). These laws specifically impact employers that are required to furnish IRS Forms 1095-B or 1095-C (collectively, “Forms 1095”) to their employees.

IRS Proposes New Rules to Implement the Expanded $1 Million Limit on Deductible Pay for Publicly Held Corporations
01.31.2025

Background
Section 162(m) of the Internal Revenue Code of 1986, as amended (Section 162(m)), disallows deduction by any publicly held corporation for applicable employee remuneration that is otherwise deductible with respect to any covered employee to the extent that such remuneration for the taxable year exceeds $1 million. The $1 million cap is not indexed for inflation and the limit applies to all publicly held corporations regardless of the corporation’s status as an “emerging growth company” or “smaller reporting company” for purposes of Securities and Exchange Commission (SEC) executive compensation disclosure rules.

Trump 2.0: AI and Data Centers in a Time of Legal and Technological Disruption
01.30.2025

In just over a week, the second Trump administration has already announced initiatives that could lead to major shifts in the legal landscape for artificial intelligence (AI) and associated energy sources. What is more, the global picture for the technology, economics and deployment of AI and associated data centers is undergoing changes beyond the upheaval in legal norms. Below is a summary of the current state of play and actions to consider in the days to come.

Trump 2.0: National Energy Emergency Targets Fossil Fuel, Uranium and Critical Minerals Expansion and Infrastructure Overhaul
01.29.2025

On January 20, 2025, President Trump issued the “Declaring a National Energy Emergency” executive order (Order) under the National Emergency Act (NEA)—the first national emergency specifically focused on energy ever declared in U.S. history. Though the Order is not an emergency for all forms of energy, it authorizes the expansion of domestic fossil fuel exploration and extraction, while directing federal agencies to streamline regulatory processes and accelerate energy infrastructure projects.

White House Introduces Cyber Trust Mark Program
01.29.2025

Cybersecurity Trust Mark Program: Building Consumer Confidence in Internet of Things (IoT) Security
On January 7, 2025, the White House announced the finalization of its voluntary cybersecurity labeling program for wireless interconnected smart products administered by the Federal Communications Commission (FCC). The White House announcement comes after an 18-month public notice and comment period. The Cyber Trust Mark program seeks to provide consumers with a simple label to assess whether their Internet of Things (IoT) wireless connected devices in their home are cybersecure.

New ASTM Standard Aims to Facilitate Assessing Climate Risk and Resilience Considerations
01.28.2025

Owners, lenders and investors in real property have long relied on ASTM E 1527-21, a product of ASTM International, in connection with Phase I Environmental Site Assessments. This product is used to establish that “all appropriate inquiries,” as defined at 42 CFR § 9601(35)(B) and 40 CFR § 312.20(a), have been met in connection with a property. As a matter of law, the performance of an ASTM-compliant Phase I ESA enables prospective purchasers and lessees to satisfy one of the criteria for statutory protections against liability for pre-existing environmental conditions under the Comprehensive Environmental Response, Compensation, and Liability Act. It also constitutes an indicia that appropriate environmental due diligence has been performed regarding the property.

Trump Administration Executive Orders Take Aim at DEI in Government and Private Sector
01.28.2025

Following his second-term inauguration, President Trump swiftly signed a collection of executive orders. Executive orders issued on January 20 and 21, 2025, rescinded a host of executive actions by President Biden. They also advance a number of new policy initiatives and actions. Among the many executive orders addressing wide-ranging areas are two specifically targeted at diversity, equity, and inclusion (DEI) or diversity, equity, inclusion, and accessibility (DEIA) activities. The policy view reflected in these orders is that DEI policies violate federal civil rights laws and undermine national unity because DEI promotes attention to individuals’ demographic identities; the executive orders also depict “illegal DEI” as a “guise” for racial and sex-based preferences. In particular, the executive order on Ending Illegal Discrimination and Restoring Merit-Based Opportunity aims to impose new curbs on DEI in federal contracting, while also attempting to steer the private sector away from DEI policies and practices by directing federal agencies to investigate private sector entities for alleged violations of civil rights laws.

FHWA Rescinds Longstanding Buy America Waiver for Manufactured Products
01.28.2025

On January 13, 2025, the U.S. Federal Highway Administration (FHWA) issued a final rule terminating a long-standing exception to “Buy America” domestic content requirements for manufactured products used in agency-funded projects.

Beneficial Ownership Reporting: Litigation, Pending Legislation and Possible Future Executive Action Have Left the Fate of the Corporate Transparency Act (CTA) Up in the Air
01.27.2025

The saga of the CTA continues.

Adopted in January 2021, the Corporate Transparency Act (CTA) is intended to assist in identifying beneficial ownership and control of entities operating in the United States in order to facilitate anti-terrorism, anti-money laundering and tax collection activities of federal, state and foreign governments. The act obligates entities formed or qualified to do business in the U.S. to report individuals who substantially own and control them, or who helped form them—except for entities that fall within one of the numerous exemptions provided. This information is being collected by FinCEN, an arm of the U.S. Treasury Department, and maintained in a confidential database that will be accessible by governmental authorities and authorized lenders, but not by the general public. Willful failure to comply with the CTA can result in material civil and criminal fines and penalties.

Code of Conduct: Developing a Guide for Association Event Attendees
01.22.2025

Associations invest considerable effort and expense to help assure a safe, welcoming and positive experience for all attendees. Just one disruptive, ill-mannered, offensive individual can significantly damage the experience for all the others and place association staff in uncomfortable positions. There is even a risk that attendance at future similar events may decline as a result.

Initial Guidance on Clean Fuel Production Credit Under IRC Section 45Z
01.21.2025

On January 10, 2025, the Internal Revenue Service (IRS) issued Notice 2025-10 and Notice 2025-11. Notice 2025-10 summarizes proposed regulations (Proposed Regulations) that Treasury and the IRS plan to issue with respect to the clean fuel production credit (CFPC) under Section 45Z of the Internal Revenue Code (IRC) and includes draft text of the Proposed Regulations in an appendix. Notice 2025-11 provides initial guidance on determinations of emissions rates for purposes of the CFPC and includes an emissions rate table in an appendix.

Treasury Department and IRS Issue Final Regulations Regarding the Clean Electricity Tax Credits Under Sections 45Y and 48E of the Internal Revenue Code
01.17.2025

On January 7, 2025, the U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) released final regulations [TD 10024] (Final Regulations) providing guidance on the Clean Electricity Production Tax Credit (CEPC) under section 45Y of the Internal Revenue Code (IRC) and the Clean Electricity Investment Tax Credit (CEIC) under section 48E of the IRC (collectively, the Clean Electricity Tax Credits). The Clean Electricity Tax Credits are technology neutral and provide incentives to any clean energy facility that achieves net-zero greenhouse gas (GHG) emissions, giving these facilities the ability to develop over time, while also offering longer-term certainty to investors and developers of clean energy projects. These technologies include wind, solar, hydropower, marine and hydrokinetic, nuclear fission and fusion, geothermal, and certain types of waste energy recovery property (WERP). Treasury and the IRS anticipate releasing the first annual table confirming the list of qualifying technologies soon, but cannot commit to a specific timeline for the annual table release date due to the time and effort necessary to conduct emissions analyses that meet the statutory requirements.

Loan Market Association Publishes Green Loan Terms, Smoothing Path for Green Finance in 2025
01.17.2025

Environmental, Social and Governance (ESG) principles continue to be a focus for the financial markets. Notably, the last few months have been pivotal for the Loan Market Association (LMA), who has introduced new publications with the aim of bolstering the clarity and accessibility of green finance.

Trump 2.0: The Changing Landscape of Renewable Energy Regulation
01.16.2025

Come January 20, 2025, President-elect Donald Trump is expected to take aggressive action to reverse President Biden’s environmental agenda, including the Biden administration’s broad effort to cut greenhouse gas emissions and focus on environmental justice concerns. The process of repealing and replacing Biden’s rules may be lengthy, however, and the Trump administration is expected to maintain some Biden policies and may even expand others where those policies may benefit both renewable energy and traditional fossil fuels.

Navigating the PREVAIL Act: Key Impacts on Litigants as It Advances in the Senate
01.16.2025

Originally introduced in July 2023, The PREVAIL Act brings a series of significant changes to patent law procedures, purportedly aimed to enhance fairness at the U.S. Patent Trial and Appeal Board (PTAB). In November 2024, the bill received a manager’s amendment and passed a vote in the Senate Judiciary Committee. It is now subject to debate before the Senate. This article provides a detailed examination of the Act’s provisions: major changes, which include new standing requirements, the single forum provision, evidentiary standards and petitioner limitations; and other notable changes, such as updates to claim construction, joinder rules and panel assignments. Defendants will need to consider these major changes before filing petitions because there are new consequences which impact district court litigation at the time of filing or institution rather than after the issuance of a final written decision.

Federal and State Tax Relief Resulting from California Fire
01.16.2025

On January 10, 2025, the IRS in IR-2025, announced tax relief for Southern California individuals and businesses impacted by the wildfires and winds, which began on January 7, 2025.

FTC Announces HSR Threshold and Filing Fee Increases for 2025 Transactions
01.15.2025

As a result of the increase in the U.S. Gross National Product (GNP) for 2024, the Federal Trade Commission (FTC) has announced an increase in the jurisdictional filing thresholds for the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR). The minimum size of transaction threshold will increase by $6.9 million, a 5.8% increase, to $126.4 million. The thresholds determine whether parties involved in proposed mergers, consolidations, or other acquisitions of voting securities, assets, or unincorporated interests must notify the FTC and the Antitrust Division of the Department of Justice (DOJ) of a proposed transaction and comply with a mandatory waiting period before the transaction may be consummated. The revised thresholds will take effect 30 days after they are published in the Federal Register, with the effective date expected to be in mid-February 2025. Until then, the current $119.5 million threshold is still in effect.

New Year, New Presidency: What to Expect on Day One of President Trump 2.0
01.10.2025

On Monday, January 20, 2025, President-elect Donald J. Trump will take the oath of office. While the first 100 days of a presidential administration is the unit of measurement typically used to determine early presidential success or failure, President-elect Trump has promised to “make heads spin” with a flurry of early executive orders, agency directives, nominations and pardons in the early hours and days of the second Trump Administration.

Journey’s End? Fifth Circuit Issues Splintered Decision in Important Clean Air Act Citizen Suit Case
01.10.2025

On December 11, 2024, the U.S. Court of Appeals for the Fifth Circuit issued its long-awaited ruling in this Clean Air Act Citizen suit case. The opinion is very long, running to 170 pages. It comprises separate opinions from Chief Judge Elrod, and Circuit Judges Davis, Ho, Jones and Oldham. Each judge agreed that this is an important case “that impacts not only Exxon but also standing doctrine and environmental law more generally.” Judge Oldham remarked that this case has been argued several times before the district court, three three-judge circuit panels, and an en banc rehearing, which was granted “presumably because a majority of active judges recognized the inadequacy of the panels’ decision.” After two years of unsuccessful en banc deliberations, Judge Oldham stated that eight members of the Court would vacate, seven judges would vote to affirm the trial Court’s judgment, Chief Judge Elrod in the per curiam opinion would also affirm the trial judges’ judgment—but not the same judgment the seven affirming judges would select, and Judge Ho, who supplied the ninth vote for the per curiam opinion but did not otherwise join it would opt instead for dismissal based on the en banc order as being improvidently granted.

Treasury and IRS Issue Final Regulations on the Credit for Production of Clean Hydrogen Under Section 45V of the Internal Revenue Code
01.08.2025

Section 45V of the Internal Revenue Code (IRC), enacted as part of the Inflation Reduction Act of 2022, grants a clean hydrogen production credit (CHPC) for each kilogram of clean hydrogen produced by a taxpayer at a qualified clean hydrogen production facility (CHPF). The credit amount available to taxpayers under IRC section 45V varies based on the life cycle greenhouse gas (GHG) emissions generated from the CHPF. Additionally, taxpayers can qualify for a higher credit amount when applicable prevailing wage and apprenticeship requirements are met.