Private Equity: Fund Formation

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.

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.