Congress Moves Forward on Stablecoin Legislation: The US Senate Banking Committee Approves the GENIUS Act

The legislation would establish for the first time a comprehensive regulatory framework for the issuance and regulation of payment stablecoins in the United States.

Updates and Summary of the Evolving Executive Federal Funding Freeze

Exploring the timeline of events leading to the funding freeze, challenges with respect to the OMB memoranda and executive orders, the current state of the pause directives, and takeaways for parties to contracts funded with federal grants and loans.

US DOJ Outlines New Enforcement Priorities for Corporations and Individuals

On Wednesday, February 5, 2025, the newly confirmed Attorney General (AG) Pam Bondi issued fourteen memoranda to all Department of Justice (DOJ or the “Department”) employees regarding a wide range of new policies and priorities for DOJ that will impact federal prosecutions of corporations and individuals.

Export of Sensitive Personal Data: US Department of Justice Issues Final Rule to Regulate

The Rule establishes a new national security program regulating foreign access to US government-related data and bulk US sensitive personal data.

President Trump Issues Executive Order on Diversity Efforts by Government Contractors and Private Employers

The Executive Order rescinds affirmative action requirements in government contracting that have been in place since 1965, and instructs federal agencies to take an aggressive stance toward “illegal” diversity, equity, and inclusion” (DEI) programs and policies of government contractors and private employers.

AG Bondi Issues Memorandum Entitled “Ending Illegal DEI and DEIA Discrimination and Preferences”

The memorandum advises that the Department of Justice’s (DOJ) Civil Rights Division will be taking efforts to “investigate, eliminate, and penalize illegal DEI and DEIA preferences, mandates, policies, programs, and activities in the private sector and in educational institutions that receive federal funds.”

DOJ and EEOC Issue Guidance Regarding “Unlawful DEI-Related Discrimination”

These technical assistance documents explain how workers and employers can identify workplace discrimination related to DEI initiatives, clarify existing protections under Title VII of the Civil Rights Act of 1964, and describe what steps employees can take to file a discrimination claim with the EEOC.

The Spectrum of Loan Portfolio Back Leverage Options: A Primer for Private Credit Funds

Understanding the different financing options—and how and when a Credit Fund may pursue a particular financing structure—is important for a Credit Fund to thoughtfully consider its liquidity strategy (including, potentially, the use of different liquidity options at discrete points in its life cycle, or for different assets).

Private Credit Portfolio Back Leverage

The rise of the direct lending market has led to a dramatic rise in supporting liquidity strategies to optimize the market. These strategies include the use of financings to provide market participants with leverage and/or supplemental liquidity to support their direct lending activities.

US Banking Regulators Finalize Nonbank Lending Reporting Requirements

On May 22, 2024, the US federal banking regulators finalized a new set of reporting requirements for bank loans and commitments to fund finance facilities, private credit lenders, and other nonbank financial entities.1This change reflects not only the rapid growth in this sector but also the regulators’ desire to better understand and supervise concentrations of credit and risk in the US banking system.

Lenders Beware: The EBITDA ‘G.O.A.T.’ You Definitely Don’t Want on Your Team

High-water mark provisions can be a game changer—and not in a good way. These clauses effectively lock in a fixed dollar basket based on a percentage of EBITDA, calculated at the borrower’s peak EBITDA level following the closing of the financing.

US House Passes Bill Targeting 'Unfair Foreign Taxes'

On May 22, 2025, the US House of Representatives passed a bill that includes tax increases on certain foreign persons to target purported unfair taxes imposed by foreign countries. The proposal will now be considered by the US Senate.

Congress Proposes a ‘Big Stick’ to Target Discriminatory Tax Measures

At the onset of its second term, the Trump Administration made clear that the United States opposed the current status of the design and implementation of the Global Anti-Base Erosion Model Rules, (“GloBE” or “Pillar 2”). Through the issuance of a Presidential Memorandum, the Administration stated that any prior commitments with respect to the Organization for Economic Cooperation and Development’s (“OECD”) global tax deal “have no force or effect within the United States.”

IRS Releases Final Energy Property Regulations Under Section 48 Investment Tax Credit

On December 4, 2024, the US Treasury and IRS issued final regulations (TD 10015) clarifying the definition of energy property and rules for the energy credit under Section 48 of the Internal Revenue Code. Key updates include modifications to the definition of qualified biogas property, rules for energy storage technology, energy property aggregation rules, and the application of prevailing wage and apprenticeship requirements.