Rationalizing Lending Authorities

The United States cryptocurrency regulatory landscape has undergone its most dramatic transformation in history. The signing of the GENIUS Act into law on July 18, 2025 — the first comprehensive federal crypto statute ever enacted — marks a before-and-after moment for American digital asset law.

Recent federal legislation has permanently extended the historically high unified exemption amount for federal estate and gift tax purposes. The current exemption of $13.99 million per individual remains in place through December 31, 2025...

On Sunday, May 3, 2026, the Iowa Legislature approved one of the most significant overhauls of Iowa’s property tax and local government finance system in the state’s history.

The IRS has intensified scrutiny of partnership basis-shifting transactions that manipulate inside and outside basis rules to generate tax savings. While recent regulations were withdrawn under the Trump Administration, the agency maintains its position through Rev. Rul. 2024-14, which identifies three transaction types that fail the economic substance doctrine.

Selling an S corporation involves complex tax and legal considerations that can significantly impact after-tax proceeds. This comprehensive analysis examines stock sales versus asset sales, IRC Section 338(h)(10) elections, F reorganizations, and other transaction structures, revealing how different approaches affect both sellers and buyers through detailed tax modeling and strategic planning insights.

The Investment Company Institute, the trade association representing more than $45 trillion in assets across mutual funds, ETFs, and other fund structures, has filed a comment letter with the United States Treasury...

California's Proposition 40 would impose a one-time excise tax of up to 5 percent on billionaires' worldwide net worth, measured as of December 31, 2026, but based on residency as of January 1, 2026. The measure faces significant legal challenges and could be nullified by competing ballot initiatives that have also qualified for the November 2026 ballot.

On Sept. 10, 2026, the California Department of Tax and Fee Administration (CDTFA) held its second Interested Parties Meeting to discuss proposed emergency regulations implementing state Senate Bill 122...

New York City's Pied-à-Terre Tax Law has created uncertainty for homeowners following the Department of Finance's adoption of final rules and mailing of thousands of surcharge notification letters. This comprehensive analysis examines the tax's application to residential properties, clarifies common scenarios involving trusts and business entities, and provides guidance on exemption qualifications and appeal procedures before the October 6, 2026 deadline.

The U.S. Federal Estate Tax Unified Credit (the "Credit"), which allowed individuals to leave up to $13,990,000 to their non-spouse heirs federal estate tax free...

Landlords of rent stabilized buildings in New York City have filed a lawsuit challenging the rent freeze passed by the Rent Guidelines Board, questioning the Board's independence and data integrity. With operating costs rising 31% over five years while the Board voted 7-1 for a freeze affecting 1 million apartments, the case raises critical questions about the balance between tenant protection and landlord viability.

The Health Resources and Services Administration has announced a revised 340B Rebate Model Pilot Program for drugs subject to Medicare's Maximum Fair Price, expanding eligibility to manufacturers with selected drugs for 2026 and 2027. The program introduces new data requirements, dispute resolution mechanisms, and stricter compliance monitoring while addressing stakeholder concerns about administrative burden and program integrity.

On February 25, 2026, the Office of the Comptroller of the Currency (the "OCC") issued a Notice of Proposed Rulemaking (the "NPRM") to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the "GENIUS Act").

The U.S. seized one of North Korea's largest bulk carrier vessels for allegedly shipping illicit coal and heavy machinery in violation of U.S. and UN sanctions.

FINRA proposed a rule amendment to restrict access to representative- and principal-level qualification scores.

The SEC named Adam S. Aderton as the new co-chief of the Asset Management Unit's Enforcement Division. Mr. Aderton, who replaces Anthony Kelly, will share the position with Dabney O'Riordan.

The Federal Trade Commission closed its investigation of IonQ's acquisition of SkyWater Technology after the Commission's two sitting members divided over whether the transaction warranted a negotiated behavioral consent order. These detailed statements reveal how each Commissioner analyzes vertical transactions and their claimed benefits, offering critical insights for parties planning vertical transactions in defense and national-security sectors.

The New York State legislature passed the "Stop Hacks and Improve Electronic Data Security Act" (the "SHIELD Act") to enhance cybersecurity

The Treasury Department and IRS have proposed new regulations that would establish an explicit racial nondiscrimination requirement for private schools seeking federal tax exemption under Section 501(c)(3). These proposed rules go beyond existing law by prohibiting all forms of racial discrimination in education regardless of intent, legality, or purpose, potentially affecting admissions policies, scholarship programs, and other school-administered initiatives.

Kroll Bond Rating Agency (KBRA) examines its portfolio of rated subscriptions facilities in a report published this week. The report reviews KBRA's $11.3 billion of rated debt portfolio spanning over 40 funds...