In briefCFTC Wins Court Order Requiring Louisiana Man and Arkansas Woman to Pay Over $31 Million in Crypto and Precious Metals Fraud
SummaryThe CFTC announced that the U.S. District Court for the Middle District of Florida entered a default judgment against Brian Early and Alisha Ann Kingrey for a digital assets and precious metals fraud involving the Fundsz entity and its website. The court also entered consent orders against Rachel Larralde, as personal representative of Rene Larralde's estate, and Juan Pablo Valcarce. Early and Kingrey were ordered to pay $15,732,455 in restitution and a $15,752,455 civil monetary penalty, plus permanent injunctions and registration and trading bans.
In briefIRS gives new relief to taxpayers hit by Israel conflict, with some filing and payment deadlines postponed to Sept. 30, 2027
SummaryThe IRS announced that, because of the ongoing conflict in Israel, a wide range of federal tax filing, payment and other time-sensitive deadlines are postponed until Sept. 30, 2027. Affected individuals and businesses in Israel, the West Bank and Gaza are covered. The notice builds on earlier relief notices, and eligible taxpayers outside the covered area can request relief through the IRS disaster hotline.
In briefTreasury interim final rule setting forms and procedures for the Stablecoin Certification Review Committee's review of state stablecoin certifications
SummaryThe Treasury Department, on behalf of the Stablecoin Certification Review Committee, issued this interim final rule establishing procedural regulations and forms for the Committee to approve or deny state payment stablecoin regulators' certifications under section 4(c) of the GENIUS Act. The rule is effective September 30, 2026, but certifications will not be accepted until the information collection receives Paperwork Reduction Act approval. Comments are due by November 30, 2026.
In briefU.S. Treasury publishes seven Venezuela sanctions web general licenses in the Federal Register
SummaryThe Office of Foreign Assets Control published seven general licenses issued under the Venezuela Sanctions Regulations, which were previously posted on its website. GL 46C authorizes certain activities involving Venezuelan-origin oil and petrochemical products by established U.S. entities, subject to conditions. The licenses also exclude transactions involving persons located in several countries and certain blocked parties.
In briefU.S. Treasury Publishes Seven Venezuela Sanctions Web General Licenses (52–58) in Federal Register
SummaryThe Treasury's Office of Foreign Assets Control (OFAC) published in the Federal Register seven general licenses (GLs 52 through 58) issued under the Venezuela Sanctions Regulations, which had previously been posted on OFAC's website. The licenses authorize certain transactions otherwise prohibited, involving Petróleos de Venezuela, S.A. (PdVSA) and related entities. Conditions include U.S. governing law and dispute resolution, and payments to blocked persons going into the Foreign Government Deposit Funds.
In briefOFAC publishes eight Venezuela sanctions web general licenses in Federal Register
SummaryThe Treasury Department's Office of Foreign Assets Control published eight general licenses issued under the Venezuela Sanctions Regulations, which were previously posted on its website. GL 46D authorizes certain transactions involving Venezuelan-origin oil or petrochemical products by established U.S. entities, subject to conditions such as dispute resolution location and payment requirements.
In briefSEC Sues TSAI Pro Ltd. and TSAI Capital Foundation Over Fake AI Trading Bot Scheme
SummaryThe SEC filed a complaint against TSAI Pro Ltd. and TSAI Capital Foundation, alleging they promoted an AI trading bot program promising guaranteed profits via their website, WhatsApp groups and Facebook. The complaint says no AI trading bots existed and deposited funds were never used to generate returns for investors. The defendants also falsely claimed SEC regulation and displayed a phony SEC certificate and falsified Form D.
In briefFederal Reserve proposal to implement its GENIUS Act duties for stablecoin issuers
SummaryThe Federal Reserve Board proposes rules to implement the GENIUS Act for permitted payment stablecoin issuers it supervises and certain other entities under its jurisdiction. It also proposes rules implementing the Act's tying prohibition, which applies to all permitted payment stablecoin issuers. The proposal covers topics such as reserve assets, redemption, risk management, capital, and custodians. Comments are due by November 30, 2026.
In briefFederal Reserve proposes application procedures for bank subsidiaries seeking approval to issue payment stablecoins
SummaryThe Federal Reserve Board proposes rules under the GENIUS Act establishing procedures for insured state member banks to seek Board approval for a subsidiary to issue payment stablecoins. The proposal would be added as Subpart D to Regulation UU in 12 CFR part 247 and defines "payment stablecoin" consistent with the Act. Comments are due November 30, 2026.
In briefSEC Charges Zoe Financial for Undisclosed Conflicts of Interest in Adviser Referrals
SummaryThe SEC settled charges against New York-based registered investment adviser Zoe Financial for failing to fully and fairly disclose material conflicts of interest to clients. The order finds that from about January 2023 to December 2024, the firm did not disclose its financial incentive to refer clients to third-party advisers using its Zoe Wealth platform, and misleadingly described how it mitigated other referral conflicts. Without admitting the findings, Zoe Financial agreed to a cease-and-desist order, a censure, and a $450,000 civil penalty.
In briefTreasury and IRS propose rules for installment payment of tax on certain farmland sales
SummaryThe Treasury and IRS issued proposed regulations for taxpayers who sell or exchange qualifying farmland to qualified farmers and elect to pay the tax on the gain in four equal annual installments. The election, under Section 1062 of the Internal Revenue Code, applies to qualified transactions in taxable years beginning after July 4, 2025. The proposal also covers partnerships, S corporations, trusts and estates, and comments are requested by November 30, 2026.
In briefReconsideration of gasoline facility air pollution standards (proposed rule)
SummaryThe EPA proposes to reconsider parts of its 2024 final rule on hazardous air pollutant emissions from gasoline distribution facilities and bulk gasoline terminals. Topics include operating limits and continuous compliance for control devices, vapor tightness for gasoline cargo tanks, and modification criteria in the performance standards, along with technical corrections. The EPA states the changes do not alter the stringency of the standards and do not expect an impact on VOC or HAP emissions. Comments are due November 12, 2026.
