The Tax Credit Revolution

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 US Commerce Department’s Bureau of Industry and Security has introduced a major revision of the Export Administration Regulations, 15 C.F.R. Part 730 et seq., through an Interim Final Rule extending EAR-based licensing controls on entities designated on the Entity List or Military End Users List or subject to EAR § 744.8 to affiliates in which they have a 50% or greater ownership interest directly or indirectly.

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.

On 29 September 2025, the US Securities and Exchange Commission issued notice of an exemptive application filed by Dimensional Fund Advisors LP, et al. Seeking relief to offer index-based or actively managed funds that have one or more mutual fund share classes and an exchange-traded fund share class.