The Guiding and Establishing National Innovation for U.S. Stablecoins Act (“GENIUS Act”) establishes the first comprehensive federal framework for “payment stablecoins” in the United States. The bill’s most discussed, and debated, provision is Section 4(a)(11), which provides:
No permitted payment stablecoin issuer or foreign payment stablecoin issuer shall pay the holder of any
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How America’s AI Action Plan Could Shape AI Arbitration
Artificial intelligence (AI) is no longer just assisting the legal profession but transforming it – including by shaping how disputes are resolved. In arbitration, algorithms are already used to select arbitrators, analyze documents, and draft procedural orders. The essential question now is how AI will be governed in arbitration.
The America’s AI Action Plan (AAAP),…
Sullivan & Cromwell Discusses Meta Victory in FTC Case Challenging Instagram and WhatsApp Acquisitions
Summary
- In December 2020, the FTC sued Meta, alleging that Meta held a monopoly in the market for personal social networking and had illegally maintained that monopoly through a years-long course of anticompetitive conduct that included acquiring Instagram in 2012 and WhatsApp in 2014.
- On November 18, 2025, following a six-week bench trial, U.S. District
…
Sidley Discusses the UK’s First Copyright vs. AI Decision
The UK’s first “Copyright vs. AI” decision (Getty Images (US) Inc & ors vs. Stability AI Limited [2025] EWHC 2863 (Ch)) marks a clear win for the artificial intelligence industry. The English High Court raised the rhetorical question on the industry’s lips, “whether this judgment will, in reality, have anything to say on the balance…
Artificial Intelligence, Misinformation, and Market Misconduct
By Tom C.W. Lin
Artificial intelligence (AI) poses a clear and present danger to our money and our markets. With AI, bad actors and rogue nations can readily and cheaply engage in market manipulation, financial misinformation, and regulatory misconduct that threaten the stability, integrity, and security of our financial system as never before. The intelligence behind this new technology…
Arnold & Porter Discusses States’ More Active Role in Merger Settlements
In recent years, state Attorneys General (AGs) have taken a more active approach in antitrust enforcement matters related to mergers and acquisitions. For example, earlier this year, laws in Washington and Colorado requiring parties to submit pre-merger notification filings went into effect. AGs are also generally enforcing the antitrust laws more aggressively — ensuring that…
McDermott Discusses Changes to California Antitrust Law
On October 6, 2025, Governor Gavin Newsom signed into law California Senate Bill No. 763 (SB 763), effective January 1, 2026, which increases the maximum corporate criminal antitrust penalties in California to $6 million and provides for new civil penalties of up to $1 million in cases brought by the California attorney general. The new…
Why Corporate Lawyers Should Care About Supply Chain Resiliency in Emerging Technologies
On September 2, 2025, U.S. Representative Zachary Nunn sent a letter to the chair of the Committee on Foreign Investment in the United States (CFIUS) highlighting concerns over ownership transparency of certain bitcoin mining firms and suppliers connected to China. The national security attention on bitcoin mining supply chains reveals why corporate boards and their…
Superstar CEOs and the Limits of Fiduciary Law
By Chen Wang
Elon Musk is once again testing the boundaries of the law on fiduciary duties. In September 2025, Tesla proposed to give him a new compensation package valued at more than $1 trillion, the largest in corporate history. Shareholders are scheduled to vote on the package this November. The proposal comes less than a year after…
How China and India Are Handling AI Through Corporate Governance and the Law
By Akshaya Kamalnath & Lin Lin
As technology’s importance to companies grows, so does the need for what we call “digital governance:” leveraging technology within governance structures and managing the risks it presents. In a recent paper, we examine how China and India are addressing these two tasks, and we do so by focusing on the impacts of hard and…