Carbon Quarterly

Congress created a new framework around payment stablecoins but has done more than regulate a digital asset class—it has quietly set in motion a potential transformation of the regulation of core payment systems. 

The One Big Beautiful Bill Act makes major changes to the Internal Revenue Code’s clean energy tax provisions, particularly to the provisions that were extended, expanded, and established as part of the 2022 Inflation Reduction Act.

Senators Chuck Grassley (R-IA) and Dick Durbin (D-IL) introduced on 29 September 2025, the H–1B and L–1 Visa Reform Act of 2025, a bipartisan proposal to overhaul two of the most widely used employment-based visa programs in the United States.

On December 19, 2025, the Staff of the Commodity Futures Trading Commission issued no-action relief that effectively reinstates (with a few modifications) an exemption from registration for commodity pool operators (CPOs) previously provided under Regulation 4.13(a)(4) prior to its repeal in 2012, and clarifies that relief from registration as commodity trading advisors also will be available to these newly-exempt CPOs.