Private Equity: Fund Formation

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.

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.

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.