On January 28, the U.S. Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance, Division of Investment Management, and Division of Trading and Markets issued a joint statement explaining how existing federal securities laws apply when traditional securities are “tokenized” on blockchain or other crypto networks.
On January 29, Commodity Futures Trading Commission (CFTC) Chairman Michael S. Selig and U.S. Securities and Exchange Commission (SEC) Chairman Paul S. Atkins held a joint “Harmonization: U.S. Financial Leadership in the Crypto Era” event at CFTC headquarters in Washington, D.C. Billed as an opportunity to align the agencies’ approaches to digital assets and to advance President Trump’s goal of making the U.S. “the crypto capital of the world,” the event marked a clear pivot away from the fragmented, enforcement‑driven posture of prior years toward coordinated rulemaking and market‑structure reform.
Fair Credit Reporting Act litigation continued to increase last year as the industry saw several significant judicial developments.
The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have rescheduled their joint event, “SEC – CFTC Harmonization: U.S. Financial Leadership in the Crypto Era.” Originally planned for January 27, the program will now take place on Thursday, January 29, from 2:00 – 3:00 p.m. ET at CFTC headquarters in Washington, D.C.
On January 12, the California Department of Financial Protection and Innovation (DFPI) issued a second invitation for comments on potential regulations under the California Consumer Financial Protection Law (CCFPL) that would require registration and reporting by firms engaged in consumer reporting and related data activities. Comments are due by February 26.
On January 12, the Consumer Financial Protection Bureau and U.S. Department of Justice formally withdrew their October 2023 joint statement on creditors’ consideration of immigration status under the Equal Credit Opportunity Act (ECOA). As we previewed in our December 23, 2025 blog post (available here), the agencies state that the CFPB’s prior statement may have created the misimpression that ECOA or Regulation B impose additional limits on the consideration of immigration or citizenship status beyond the existing regulatory text. The agencies also state that additional guidance on this topic goes beyond Regulation B, so it is unnecessary and appropriate for rescission.
On January 7, the U.S. Court of Appeals for the First Circuit denied the federal government’s request for a stay of the nationwide preliminary injunction barring implementation of the Health Resources and Services Administration’s (HRSA) 340B Rebate Model Pilot Program. Five days later, on January 12, the Department of Justice advised the court that the parties are discussing returning the challenged approvals to HRSA for reconsideration and that they “plan to dismiss the appeal in short order,” signaling that the current version of the pilot is unlikely to move forward on appeal.
On January 12, the U.S. Supreme Court denied the petition for writ of certiorari in Guardian Flight, leaving in place the Fifth Circuit’s June 2025 decision that we covered in our prior post (available here). As a result, within the Fifth Circuit, providers cannot rely on the No Surprises Act (NSA) itself to enforce Independent Dispute Resolution (IDR) awards in court and face a heightened standing bar for ERISA-based claims where patients are insulated from financial harm. And the persuasive effect of the Fifth Circuit’s holding is bolstered nationwide.
On January 9, the defendants in National Treasury Employees Union (NTEU) v. Vought filed a notice and exhibit in the U.S. District Court for the District of Columbia confirming that the Acting Director of the Consumer Financial Protection Bureau (CFPB or Bureau) has now requested funding from the Federal Reserve Board (Federal Reserve), as required by Judge Amy Berman Jackson’s December 30, 2025 order.
On December 29, 2025, Chief Judge Lance Walker of the U.S. District Court for the District of Maine granted the plaintiffs’ motion for a preliminary injunction in American Hospital Association v. Kennedy. The court enjoined implementation of HRSA’s 340B Rebate Model Pilot Program “pending further order,” blocking the program from going into effect on January 1, 2026 (and April 1, 2026 for one manufacturer).