On July 28, 2026, the U.S. District Court for the Eastern District of Wisconsin denied a motion for a preliminary injunction filed by the United States of America and the Commodity Futures Trading Commission (collectively, “CFTC”), seeking to bar the State of Wisconsin (“Wisconsin”) from enforcing its gambling statutes against five prediction markets (“Companies”).  United States v. Wisconsin, No. 26-C-749 (E.D. Wis. July 28, 2026).

On July 29, 2026, the National Fraud Enforcement Division of the Department of Justice (“DOJ”) declined to prosecute a management services organization and its holding company (collectively, “Optometry Company”) that provided billing and other administrative services to an optometry practice and an affiliated ambulatory surgery center (collectively, “Practice”) for health care fraud, illegal kickbacks and bribes, and conspiracy, pursuant to Part I of the DOJ’s Corporate Enforcement and Voluntary Self-Disclosure Policy (“CEP”).

In a pair of rulings that will potentially reshape the regulatory landscape, the U.S. Supreme Court permitted the President to fire the heads of independent agencies—while carving out a notable exception for the Federal Reserve.  On June 29, 2026, in Trump v. Slaughter, No. 25-332, the Supreme Court ruled 6-3 that the Federal Trade Commission’s “for-cause” removal provision violated the Constitution’s separation of powers.

On May 22, 2026, House Committee on Oversight and Government Reform (“Committee”) Chairman James Comer opened an investigation into how users of prediction market platforms potentially are using nonpublic information to engage in insider trading. Chairman Comer has requested documents and information to assess how the platforms verify the identities of domestic and foreign account holders, enforce geographic restrictions, and monitor suspicious trading activity to guard against insider trading.

On January 15, 2026, the New York Attorney General (“NYAG”) filed a complaint against a former life-sciences manufacturing CEO, alleging violations of New York’s Martin Act for trading material nonpublic information related to the manufacturing of Covid-19 vaccinations.

On October 3, 2025, the United States Court of Appeals for the Sixth Circuit issued a decision granting FirstEnergy Corporation’s (“FirstEnergy”) petition for a writ of mandamus and vacating a district court order compelling production of materials created by outside counsel in the course of conducting two internal investigations.  In re FirstEnergy Corp., No. 24-3654 (6th Cir. Oct. 3, 2025). 

On September 5, 2025, the U.S. Securities and Exchange Commission (“SEC”) announced the formation of a Cross-Border Task Force within its Division of Enforcement.  According to the SEC, the initiative is intended to strengthen and coordinate its efforts to identify and combat fraud that crosses national borders and harms U.S. investors.  This is the first major enforcement initiative under the SEC’s newly appointed Enforcement Director, Judge Meg Ryan.

On April 2, 2025, the Department of Justice moved to dismiss with prejudice its Foreign Corrupt Practices Act (“FCPA”) case against two former executives of a technology solutions company (“Company”). The executives were accused of authorizing a $2 million bribe to an Indian official in 2014. The district court dismissed the matter with prejudice on Thursday, April 3, 2025.

On January 17, 2023, Assistant Attorney General Kenneth A. Polite delivered remarks announcing revisions to the Department of Justice (“DOJ”) Criminal Division’s Corporate Enforcement Policy (“CEP”) at Georgetown Law Center.  The revisions aim to encourage additional companies to voluntarily self-disclose potential criminal conduct they may uncover by setting more granular incentives that will be provided to companies in such circumstances.  While there is still substantial subjectivity embedded in the revised policy regarding when and how such incentives will be made available to companies, the revisions will put added pressure on companies to make self-disclosures in certain circumstances.

On September 15, 2022, Deputy Attorney General Lisa O. Monaco delivered remarks on the Department of Justice’s corporate prosecution priorities at New York University, at the invitation of the University’s Project on Corporate Compliance and Enforcement.  While many of her comments were simply a reiteration of existing priorities, some were potentially meaningful changes.  Indeed, by clarifying certain points and strengthening others, Monaco emphasized the “carrot and stick” approach to signal loud and clear that the DOJ remains as focused as ever on pursuing corporate crime.  She unambiguously encouraged corporations both to self-report potential criminal activity and cooperate in the investigation of culpable individuals, indicating that failure to do so could lead to severe consequences.  At the same time, as has long been the case, the policies leave somewhat subjective the true nature of any “carrot” and any “stick” that would apply in any given case, making the decision of how corporations should deal with potential criminal conduct one of the most challenging decisions corporations can face.