Aerospace and Defense

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. 

This edition of The Essentials coincides with the close of California’s 2025 legislative session and summarizes the most significant employment-related bills enacted this year. We have highlighted key provisions of the new laws taking effect in 2026 and one related to the use of artificial intelligence that took effect in October 2025.

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 23 October 2025, the Council of the European Union announced the 19th EU package of sanctions against Russia, reflecting the continued commitment of the European Union to respond to the ongoing conflict in Ukraine and to increase economic and political pressure on Russia and its economy.