Senate Democrats have blocked a major cryptocurrency bill that would have established a broader federal regulatory framework for the industry, delaying what many market participants hoped would become the clearest congressional roadmap yet for digital-asset oversight. The failed push exposed familiar policy divides over market structure and agency authority, but this time the dispute also turned on ethics concerns tied to President Trump’s crypto interests and demands for a stronger role for state attorneys general.

For lawyers, the key takeaway is straightforward: the absence of a comprehensive statute means the current patchwork remains in place.

The Securities and Exchange Commission has proposed rescinding its investment-adviser “pay-to-play” rule, a long-standing restriction that bars advisers from receiving compensation for advisory services from certain government clients for two years after making covered political contributions. If adopted, the change would mark a significant shift in how the agency regulates the intersection of campaign activity and public-sector investment business.

The existing rule has been a major compliance fixture for registered investment advisers, particularly those seeking or maintaining mandates from public pension plans, state treasurers, and other government entities.

KalshiEX LLC has filed a motion for injunction in the Second Circuit, a notable appellate move that signals the company is seeking immediate relief while its appeal proceeds.

The Justice Department’s sentencing of a former adviser to the Federal Reserve Board of Governors is one of the clearest recent reminders that insider-trading exposure is not limited to public-company executives, bankers, or hedge funds. It also reaches government and quasi-government insiders who misuse market-sensitive information obtained through positions of trust.

According to the government’s announcement, the former Fed adviser received a federal prison sentence after being prosecuted for exploiting confidential economic information.