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Expert Analysis

• Why SEC Abandoned Microcap Convertible Debt Crackdown

  

  The U.S. Securities and Exchange Commission has recently dismissed several cases targeting microcap convertible debt lenders, a significant disavowal of what was a controversial enforcement initiative under the Biden administration and a message that the new administration will focus on clear fraud, say attorneys at O'Melveny.

• Justices' Resentencing Ruling Fortifies First Step Act Tools

  

  The U.S. Supreme Court’s recent Hewitt v. U.S. ruling clarifies that resentencing after vacatur must reflect the law in effect at the time of the new sentencing, ultimately strengthening the strategic tools available to defense attorneys under the First Step Act, says Benson Varghese at Varghese Summersett.

• The Metamorphosis Of The Major Questions Doctrine

  

  The so-called major questions doctrine arose as a counterweight to Chevron deference over the past few decades, but invocations of the doctrine have persisted in the year since Chevron was overturned, suggesting it still has a role to play in reining in agency overreach, say attorneys at Crowell & Moring.

• A Rapidly Evolving Landscape For Noncompetes In Healthcare

  

  A wave of new state laws regulating noncompete agreements in the healthcare sector, varying in scope, approach and enforceability, are shaped by several factors unique to the industry and are likely to distort the market, say attorneys at Seyfarth.

• New PTAB Denial Processes Grow More And More Confusing

  

  Guidance from the U.S. Patent and Trademark Office about the Patent Trial and Appeal Board's new workload management and discretionary denial processes has been murky and inconsistent, and has been further muddled by the acting director's seemingly contradictory decisions, say attorneys at Finnegan.

• Arguing The 8th Amendment For Reduction In FCA Penalties

  

  While False Claims Act decisions lack consistency in how high the judgment-to-damages ratio in such cases can be before it becomes unconstitutional, defense counsel should cite the Eighth Amendment's excessive fines clause in pre-trial settlement negotiations, and seek penalty decreases in post-judgment motions and on appeal, says Scott Grubman at Chilivis Grubman.

• GENIUS Act Creates 'Commodity' Uncertainty For Stablecoins

  

  Half a century ago, Congress made trading in onion futures on commodity exchanges unlawful, and payment stablecoins could soon face a similarly unstable fate in the markets as the GENIUS Act heads to the president's desk for signature, says Peter Malyshev at Cadwalader.

• EU Space Act Could Stifle US Commercial Operators

  

  The EU Space Act, proposed last month, has the potential to raise global standards for safety and sustainability in space, but the U.S. and EU need to harmonize their regulatory approaches to avoid imposing regulatory burdens that undermine commercial innovation and agility, say Jessica Noble and Adriane Mandakunis at Aegis Space Law.

• Cos. Face Convergence Of Anti-Terrorism Act, FCPA Risks

  

  Recent moves by the U.S. Department of Justice to classify cartels and transnational criminal organizations as terrorist groups, and to use a range of statutes including the Foreign Corrupt Practices Act to pursue these types of targets, mean that companies operating in certain jurisdictions are now subject to overlapping exposure, say attorneys at Miller & Chevalier.

• Feds' Shift On Reputational Risk Raises Questions For Banks

  

  While banking regulators' recent retreat from reputational risk narrows the scope of federal oversight in some respects, it also raises practical questions about consistency, reputational management and the evolving political landscape surrounding financial services, say attorneys at Smith Anderson.

• Biotech Collaborations Can Ease Uncertainty Amid FDA Shift

  

  As concerns persist that the U.S. Food and Drug Administration's reduced headcount will impede developments at already-strapped biotech companies, licensing and partnership transactions can provide the necessary funding and pathways to advance innovative products, say attorneys at Troutman.

• Nuclear Stakeholders Must Prepare For Cyber Threats

  

  As the White House signals its support for a revival of nuclear power to supply the power needs of data centers and the artificial intelligence industry, investors and operators must keep in mind that safeguarding nuclear infrastructure from evolving cyber threats will be essential, say attorneys at A&O Shearman.

• Series

  Playing Mah-Jongg Makes Me A Better Mediator

  

  Mah-jongg rewards patience, pattern recognition, adaptability and keen observation, all skills that are invaluable to my role as a mediator, and to all mediating parties, says Marina Corodemus.

• Business Court Bill Furthers Texas' Pro-Corporate Strategy

  

  The Texas Legislature's recent bill to enhance corporate protections and expand access to the Texas Business Court by refining its jurisdictional standards is just the latest step in the state's playbook for becoming the new center of corporate America, say attorneys at Katten.

• Calif. Air Waivers Fight Fuels Automakers', States' Uncertainty

  

  The unprecedented attempt by Congress and the Trump administration to kill the Clean Air Act waivers supporting California's vehicle emissions standards will eventually end up in the U.S. Supreme Court — but meanwhile, vehicle manufacturers, and states following California's standards, are left in limbo, says John Watson at Spencer Fane.