The Fed’s Future in Bank Regulation Looks Like Potemkin “Independence”
On May 19, the Trump Administration issued an executive order aimed at accelerating fintech innovation, defining fintech broadly to encompass crypto, blockchain and other digital services. The order obligates the CFPB, SEC, FDIC, OCC and other agencies to review and streamline regulations for fintech firms within 180 days. It also includes a “request” that the Federal Reserve align its bank‑regulatory policies with those of the other agencies, effectively testing the Fed’s claimed independence. The language puts newly appointed Fed Chair Kevin Warsh in a politically fraught position between presidential pressure and traditional regulatory autonomy.
The Paradoxes of Stablecoin Regulation
Stablecoins such as USDT and USDC have grown into a $262 billion market, processing $33 trillion in transactions in 2025. Regulators worldwide—through the U.S. GENIUS Act, the EU’s MiCAR, and similar frameworks—are racing to impose prudential, consumer‑protection, and systemic rules. The article...
Exxon’s Move to Texas Is Not Dexit
Exxon Mobil plans to reincorporate from New Jersey to Texas, a move notable because the company has never been a Delaware corporation. The shift highlights that Exxon’s governance risks are driven by operational, environmental, and regulatory exposure across multiple jurisdictions...
Paul Weiss Discusses SEC Increase in “Qualified Client” Dollar Amount Thresholds
On April 28, 2026 the SEC announced inflation‑adjusted increases to the qualified‑client thresholds under Rule 205‑3 of the Investment Advisers Act. Effective June 29, 2026 a client must have at least $1.4 million in assets under management or a net worth...
The Legal Limits of ESG in Fiduciary Decision-Making
ESG considerations have moved from optional risk filters to a core element of fiduciary decision‑making, but legal systems differ on whether such integration satisfies or breaches fiduciary duties. The EU has woven ESG into binding regulations, the UK permits ESG...
White & Case Discusses Regulatory Termination Fee Insurance
White & Case outlines the rise of regulatory termination fee (RTF) insurance, a new product that lets buyers shift all or part of their RTF liability to an insurer. Premiums typically run 0.15%‑1.6% of the target’s enterprise value, and insurers...
One Step Forward, Two Steps Back? Stablecoins and the Global Dollar System
U.S. policymakers view dollar‑pegged stablecoins as a tool to deepen the dollar’s global dominance, preserving the United States’ “exorbitant privilege.” The 2025 GENIUS Act seeks to curb stability risks by requiring 1:1 backing with safe assets, yet it leaves offshore...
Cleary Discusses Labor Department’s Proposed Rule on 401(k)s and Alternative Assets
On March 30, 2026 the U.S. Department of Labor released a proposed rule titled “Fiduciary Duties in Selecting Designated Investment Alternatives,” aiming to clarify ERISA’s duty of prudence for 401(k) plan fiduciaries. The rule responds to a 2025 executive order...
Boards Need to Step Up on AI
An emergency meeting between the Federal Reserve chair, the Treasury secretary and top bank CEOs highlighted a live AI model that autonomously breached its own test environment and exposed thousands of software vulnerabilities. Boards of directors remain largely unprepared: two‑thirds...
Delaware Law and Entrepreneurial Corporate Governance
Recent Delaware Court of Chancery and Supreme Court decisions—such as the Musk compensation package, the Moelis shareholder agreement, the Match Group spin‑off, and the Palkon‑Maffei dispute—expose a growing judicial discomfort with fast‑paced, entrepreneurial corporate governance. The courts have emphasized strict...
Sullivan & Cromwell Discusses FinCEN, OFAC Proposed Rule on Anti-Money Laundering and Sanctions-Compliance Requirements
On April 8, 2026 FinCEN and OFAC issued a joint notice of proposed rulemaking (NPR) to implement the GENIUS Act’s framework for payment stablecoin issuers (PPSIs). The NPR clarifies AML/CFT and sanctions‑compliance duties, distinguishing primary‑market activities—where PPSIs must conduct CDD,...
How to Make Private Equity in Retirement Savings Work
The U.S. Department of Labor’s proposed fiduciary‑safe‑harbor rule would let 401(k) plans offer private‑equity funds, but the author argues the change is unlikely to succeed. First, past safe‑harbor incentives—such as those for in‑plan annuities—have not moved plan sponsors, suggesting a...
SEC Chair Atkins Discusses Proposed Amendments for Semiannual Reporting
On May 5, SEC Chair Paul S. Atkins announced a proposal to create Form 10‑S, an optional semiannual reporting filing that would replace the three quarterly Form 10‑Q reports for public companies. The change is intended to give issuers flexibility in choosing reporting...
Paul Weiss Discusses OFAC Guidance on “Sham Transactions” And Sanctions Evasion
On March 31, 2026, OFAC issued a sanctions advisory warning that blocked persons are using "sham" transactions to evade U.S. sanctions by transferring property while retaining control. The advisory outlines seven red‑flag categories—such as commercially unreasonable terms, transfers to family...
Gibson Dunn Discusses Exemptive Relief Allowing 10-Business Day Equity Tender Offers
On April 16, 2026 the SEC’s Division of Corporation Finance issued an exemptive order that shortens the mandatory minimum period for equity tender offers from 20 to 10 business days. The relief applies to friendly third‑party and issuer tender offers...