Financial Industry Regulation

In white-collar criminal cases, forfeiture is one of the most consequential sentencing components, yet it remains overlooked and misunderstood by practitioners. The U.S. Court of Appeals, Second Circuit’s recent decision in United States v. Ng Chong Hwa demonstrates why a thorough understanding of forfeiture is essential.

2025 has been a landmark year for False Claims Act (FCA) enforcement, marked by record-breaking settlements, evolving legal theories, and a broadening scope of government priorities. The FCA remains one of the federal government’s most potent tools for combating fraud, with billions recovered annually and an ever-expanding reach into new sectors and compliance areas. This roundup synthesizes the year’s most significant developments—drawing on recent case law and shifting enforcement priorities—and provides actionable insights for businesses navigating the FCA landscape.

Stark cloudy weather over empty exterior view of the US Capitol

2025 marked another notable year in State Attorneys General (AG) enforcement, with both a sharp uptick in multistate AG actions filed against the federal government and significant actions targeting the private sector across industries. We will highlight two issue areas here—antitrust and consumer protection—and describe the escalating friction between State AGs and the federal government as well as distill this year’s trends into actionable takeaways for businesses as we enter 2026.

Washington, D.C., USA- January13, 2020: Sign of The U.S. Commodity Futures Trading Commission (CFTC) at its headquarters in Washington, an agency of the US government.

On August 1, Commodity Futures Trading Commission (CFTC) Acting Chairman Caroline D. Pham announced a “crypto sprint” aimed at actualizing recommendations from a recent report published by President Donald Trump’s Working Group on Digital Asset Markets. The initiative serves as Acting Chairman Pham’s first steps toward reshaping digital assets regulation in compliance with the administration’s earlier policy memorandum instructing agencies to pull back on prosecutions in the digital assets space.

Introduction

The regulatory landscape for cryptocurrencies and digital assets in the United States is undergoing significant changes with developments at the executive, agency, and legislative levels. The presidential administration promised change, guidance, and clarity to promote innovation and dominance in digital asset markets. This post examines the current state of crypto regulation in America, as well as what businesses and investors can expect in the near future.