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In this crossover episode of Regulatory Oversight and Payments Pros, Stephen Piepgrass and Keith Barnett provide an update on the fast-developing prediction markets landscape. They discuss how federal and state regulators are responding to the growth of event contracts and the legal questions surrounding this emerging market. The conversation highlights the CFTC's continued focus on oversight, market integrity, and the need for platforms to maintain strong controls to detect and prevent manipulation or other improper trading activity.
Stephen and Keith also address the evolving relationship between federal and state regulatory authority, including questions about how prediction markets should be classified and supervised. With litigation in multiple jurisdictions and potential rulemaking on the table, platforms, market participants, investors, and businesses with a stake in this space should keep an eye on how the regulatory framework develops.
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In this episode of Regulatory Oversight, co-host Stephen Piepgrass sits down with Jay Dubow and Ghillaine Reid, co-leaders of the firm's Securities Investigation + Enforcement practice, to explore how the SEC's enforcement agenda is evolving under Chairman Paul Atkins and what that means for public companies, financial institutions, and their executives.
The discussion begins with the SEC's rescission of its long‑standing "gag rule," which had barred settling parties from publicly denying enforcement allegations. The guests explain why the change is significant, how it intersects with First Amendment challenges in the Powell case, and the potential risks for companies or executives who now choose to speak out about future or past settlements.
The episode then turns to broader enforcement trends: a sharp drop in total cases and public‑company actions following the transition from Gary Gensler to Atkins, a "back to basics" focus on insider trading, accounting fraud, and disclosure, and resource constraints from staff reductions. The group also highlights hot‑button areas such as crypto registration, "AI washing," and proposed disclosure reforms, emphasizing that despite a perceived enforcement downturn, companies should not relax their compliance efforts.
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Saknas det avsnitt?
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In this episode of Regulatory Oversight's "AI State Regulatory Frontiers" series, co-host Ashley Taylor is joined by colleagues Gene Fishel and Dan Waltz to examine how AI is reshaping expectations for attorneys, clients, and regulators. The discussion focuses on the emerging contours of privilege, work product, and ethics in an era where both attorneys and pro se litigants increasingly rely on AI tools. Using recent federal decisions as case studies, the episode explores how courts are beginning to draw lines around confidentiality, reasonable expectations of privacy, and the proper role of AI in legal work. The conversation then broadens to the growing patchwork of state bar opinions, court rules, and state regulatory activity on AI, and what that means for law firms and in-house counsel. Gene and Dan offer practical guidance on AI governance, platform selection, client counseling, and how to integrate AI into legal and corporate workflows in a way that is defensible, ethical, and aligned with evolving regulatory expectations.
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In this episode of Regulatory Oversight, host Stephen Piepgrass is joined by his new colleague Jason Smith, a veteran Senate lawyer and strategist who spent more than 15 years on Capitol Hill. Jason's tenure includes advising Senators John Fetterman, Patty Murray, and Mark Begich on high-stakes issues ranging from voting rights and immigration reform to pharmaceutical policy and international trade.
Jason shares how his insider experience — leading major legislative teams, driving tough oversight investigations, and helping secure over $300 million in congressionally directed spending for Pennsylvania communities — now powers the strategic, 360-degree solutions he delivers for clients at Troutman Pepper Locke's Regulatory Investigations, Strategy + Enforcement (RISE) practice. Stephen and Jason discuss how to "speak the language" of legislators and regulators, avoid missed opportunities in critical meetings, and bridge the gaps between litigation, compliance, and government relations to actually move the needle in a gridlocked environment.
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In this episode of Regulatory Oversight, host Ashley Taylor continues the multipart series on artificial intelligence with colleagues Ghillaine Reid, David Stauss, and Matt Berns for a practical look at how states are actually regulating AI in 2025–26. Framed through a consumer protection lens, the discussion moves beyond theoretical federal proposals to real bills and regulations moving through state legislatures today.
David surveys the national landscape, noting that nearly all state legislatures are active and that roughly 500 AI-related bills have been introduced, with major themes around pricing rules, consumer-facing interactive AI, health-related AI, provenance requirements, and the Colorado AI Act. Matt then focuses on the rapid growth of algorithmic pricing laws — 2025 statutes in Connecticut, New York, and California restricting the use of competitors' data and requiring disclosure of personalized or "surveillance" pricing, as well as 2026 proposals in states like Maryland, New Jersey, and California that increasingly target personalized pricing in groceries and other essential sectors. Ghillaine turns to transparency in synthetic content, contrasting New York's broad but stalled GenAI warning bill with its more precise "synthetic performers" law and tying those developments to California's AI Transparency Act (SB 942), which requires watermarking and detection tools for large generative AI platforms.
The conversation rounds out with an overview of new state rules on chatbots and "companion AI," particularly in California, New York, and other states, describing requirements to clearly disclose when users — especially minors — are interacting with AI, protocols for handling suicidal ideation, and growing concerns over mental health use cases and broad private rights of action.
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In this episode of Regulatory Oversight, host Ashley Taylor continues his multipart series on artificial intelligence (AI) with returning guests Gurkan Ay and Andrew Coles of Resolution Economics. Together, they move beyond headlines and hypotheticals to focus on how AI is being regulated today — and what companies should be doing now to manage risk.
Instead of waiting for a single federal AI law, the conversation explores the reality of "regulation by litigation" and enforcement. Ay and Coles explain how existing legal frameworks — such as anti-discrimination, employment, and privacy laws — already shape how AI can be used, and why the specific use case is critical. They walk through real-world examples using the same sentiment-analysis tool in two different ways, showing how differences in data, time horizon, and impact on employees can create very different risk profiles, even with identical technology.
The discussion also tackles the perceived tension between innovation and safeguards, and ongoing debates over a national AI framework and preemption of state AI laws. Rather than framing AI as a choice between speed and safety, the guests argue that organizations can foster innovation while still being thoughtful about how AI affects employees, customers, and other stakeholders.
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In this episode of Regulatory Oversight, co-host Ashley Taylor, co-leader of Troutman Pepper Locke's State Attorneys General team, kicks off a multipart series on artificial intelligence (AI) with guests Gurkan Ay and Andrew Coles of Resolution Economics. They unpack what people really mean by "AI" today and why it is critical for risk, compliance, and legal exposure to distinguish among the three primary "flavors" of AI: predictive, generative, and agentic. In practical terms, they explain how predictive tools that score, rank, and classify individuals rely on historical data, how generative AI enables natural-language interaction but introduces risks like hallucinations, and how emerging agentic AI can autonomously plan and execute complex, multistep workflows, creating new governance challenges.
The conversation then turns to how existing legal frameworks are being applied to these technologies, and how regulators are beginning to grapple with different AI use cases without a one-size-fits-all rule set. The guests discuss whether AI truly creates new categories of legal risk or primarily amplifies existing ones through scale, speed, and accessibility, and they highlight the growing role of "regulation by litigation" as courts and enforcers apply long-standing laws to new tools. They close with practical themes: organizations must understand their specific AI use cases, align them with existing legal and consumer expectations, and build defensible, consistent governance and compliance programs to manage legal and operational risk.
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In this special crossover episode of Regulatory Oversight and FCRA Focus, Kim Phan is joined by Michael Yaghi, partner in Troutman Pepper Locke's Regulatory Investigations, Strategy, and Enforcement practice group, to unpack the California Department of Financial Protection and Innovation's (DFPI) latest effort to require registration for the credit reporting industry. They discuss DFPI's second request for comment, how it fits into California's broader push to regulate nonbank financial services, and which entities may be swept in beyond the "big three" consumer reporting agencies — such as furnishers, data brokers, specialty credit reporting agencies, resellers, and fintechs. Kim and Michael also explore how narrowly (or broadly) the rules might be drawn, potential overlap and tension with existing FCRA requirements, what registration and reporting could mean in practice for covered entities, and what companies should be doing now as the February 26 comment deadline approaches.
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In this crossover episode, Regulatory Oversight host Stephen Piepgrass teams up with Payments Pros host Keith Barnett to unpack how prediction markets, gaming, and payments intersect in a rapidly evolving and legally uncertain landscape. Drawing on Keith's extensive regulatory experience, they explain what prediction markets are, why these contracts are treated as swaps rather than securities, and how that distinction affects insider trading issues. Stephen and Keith then address the growing tension between federal regulators and state attorneys general over whether these products are trading or unlicensed sports betting, the CFTC chair's recent criticism of "regulation by enforcement," and the NCAA's push to pause college sports contracts. They close by examining what this means for banks, payment processors, and other service providers navigating know-your-customer and "lawful transaction" obligations while the law remains in flux.
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In this special crossover episode of Regulatory Oversight and The Consumer Finance Podcast, Chris Willis is joined by colleagues Lori Sommerfield and Matthew Berns to discuss New Jersey's sweeping new disparate impact regulations under the Law Against Discrimination. They break down one of the most comprehensive state-level disparate impact rules in the U.S., the contrasts with traditional federal standards, and implications for enforcement in financial services. The discussion dives into credit scores, underwriting models, AI and automated decision-making tools, and the difference between New Jersey's approach and the Trump administration's effort to scale back disparate impact at the federal level, offering practical takeaways for lenders and other covered entities navigating this shifting landscape.
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In this episode of Regulatory Oversight, host Stephen Piepgrass, who leads Troutman Pepper Locke's Regulatory Investigation Strategy and Enforcement (RISE) practice, is joined by partner Lu Reyes for a deep dive into the national security and enforcement implications of predictive markets. The discussion centers on a headline‑grabbing Polymarket trade that appeared to anticipate former Venezuelan President Nicolás Maduro's capture and yielded roughly $400,000 in profit, raising questions about insider trading and classified information leaks.
Stephen and Lu discuss how current regulatory frameworks and enforcement tools struggle to keep pace with emerging predictive markets, particularly where anonymity and digital assets can make it difficult to identify traders or trace funds. Drawing on Lu's experience as a senior national security official in the Bush administration, they explore how markets that allow betting on geopolitical and military outcomes could place a cash bounty on secrets, potentially encouraging espionage, recruitment of insiders, and even attempts to influence events rather than merely predict them.
The episode also highlights key differences between predictive markets and traditional gambling, including post hoc event definitions and asymmetric access to information, and considers how regulators, Congress, and market operators might respond.
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In this episode of Regulatory Oversight, host Ashley Taylor is joined by Colorado Senate Majority Leader Robert Rodriguez and Troutman Pepper Locke Privacy + Cyber partner David Stauss for an in‑depth discussion of the Colorado AI Act—widely viewed as the nation's first comprehensive legislative framework focused on high‑risk AI systems and algorithmic discrimination. Senator Rodriguez explains how Colorado's work on consumer privacy laid the groundwork for AI regulation and walks through the origins, goals, and core provisions of the Act, including its emphasis on transparency, risk assessments, and protecting consumers in sectors such as employment, housing, health care, education, finance, and government services.
Stauss situates the Colorado AI Act within the rapidly evolving state, federal, and international AI landscape, describing how lawmakers have sought to avoid a "Wild West" of conflicting state requirements by coordinating through a multi-state work group, and how that effort mirrors the development of state privacy laws. The conversation then turns to answer practical questions companies are asking—how to approach and structure AI risk assessments, the role of attorney-client privilege, how state attorneys general are likely to enforce these laws, and how to navigate growing tensions between state innovation and federal preemption efforts, including reported moves by the Trump administration to curb state AI regulations.
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In the final episode of our special 12 Days of Regulatory Insights podcast series, Regulatory Oversight co-host Stephen Piepgrass sits down with Partner Ghillaine Reid — co-leader of the firm's securities investigations and enforcement team and a former SEC New York Regional Office branch chief and staff attorney — to assess how shifts in SEC leadership and composition are reshaping rulemaking and enforcement.
Stephen and Ghillaine begin with a discussion on the impact of SEC Chair Paul Atkins' tenure and the appointment of Enforcement Director Meg Ryan amid significant staff attrition and a cost-cutting "efficiency" ethos that has produced a leaner enforcement tempo, fewer cases, and lower settlement totals. They unpack what moving formal order authority back to a commission vote means in practice, the administration's sharpened focus on investor protection and disclosure accuracy, and what public companies should be doing now to ensure consistency across SEC filings, earnings calls, and marketing. They also cover the rise in state-level activity — especially from New York, Massachusetts, Washington, and increasingly Florida and Texas — as state AGs fill federal gaps with a distinct consumer-protection playbook. Looking ahead to 2026, they preview of areas likely to draw heightened scrutiny, including issuer reporting, while offering actionable guidance for navigating parallel federal-state investigations.
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In this episode of our special 12 Days of Regulatory Insights podcast series, RISE Partner Clay Friedman is joined by colleague Christy Matelis — a member of the firm's antitrust practice and former Utah assistant attorney general — to unpack what a newly reactivated FTC means for the year ahead.
Clay and Christy discuss the current composition of the three-member, all-Republican Commission following recent changes, the ongoing legal challenges related to former Commissioner Rebecca Slaughter's termination, as well as Chair Andrew Ferguson's draft priorities memo signaling continued focus on technology, privacy, and data security.
Christy discusses what enforcement might look like under a second Trump term, including continued focus on health care, pharmaceuticals, and technology, but with a slower pace. She notes a shift on noncompete agreements, with the FTC moving from broad rulemaking to handling cases individually — shown by dropping appeals on the previous ban but starting a new enforcement action. The conversation also covers staffing changes at the agency and what practitioners are seeing on the ground. On the consumer protection front, Clay and Christy break down the FTC-and-states lawsuit against Ticketmaster/Live Nation (bait pricing, ticket limits, and broker coordination) and the $14 million Match.com settlement underscoring clear disclosures and easy cancellation.
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In this episode of our special 12 Days of Regulatory Insights podcast series, RISE attorney Nam Kang welcomes Partners Clay Friedman and Mike Yaghi for a practical look at 2025 regulatory enforcement trends in advertising and marketing.
The insightful discussion in this series begins with the growing push for transparent, all‑in pricing aimed at eliminating junk fees and drip pricing. Clay and Mike explain how new and existing state laws intersect with longstanding UDAP principles, and how this patchwork impacts brands across marketing channels. Drawing on decades of experience advising clients on regulatory enforcement actions in the advertising and marketing space, Clay and Mike map best practices: putting the total, unavoidable price upfront; clearly differentiating retailer charges from government taxes and other mandatory fees; preserving advertisements and web flows for compliance; and avoiding misleading "taxes and fees" (or similar) bundles.
The trio also breaks down the FTC's recent Ticketmaster/Live Nation case, the status of the vacated "Click to Cancel" negative option amendments and continued risks under ROSCA and the FTC Act, and concrete guardrails for subscription disclosures, express informed consent, confirmations, renewal notices, and the requirements for easy cancellations. Looking ahead to 2026, they expect continued state-level pricing enforcement, renewed federal attention to negative-option rulemaking, a focus on combating actual fraud, and heightened exposure for brands that fall short on transparent pricing and auto‑renew practices.
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In this episode of our special 12 Days of Regulatory Insights podcast series, RISE partner David Dove is joined by colleague, former State Senator Kirk Dillard, partner at Troutman Strategies to examine 2025 economic development trends and what to expect in 2026. Kirk currently serves as chairman of the Regional Transportation Authority in metropolitan Chicago and was recently appointed to the Illinois Economic Development Corporation. David is the chairman of the University System of Georgia Board of Regents and actively represents clients in economic development projects across the U.S. David and Kirk examine 2025 economic development trends and what to expect in 2026.
David and Kirk discuss how shifting federal regulations and tariffs continue to shape onshoring and investment decisions, particularly across the Midwest's advanced and traditional manufacturing, agribusiness, clean energy, and emerging sectors like quantum computing, microelectronics, and AI. Drawing on their government and deal‑room experience, David and Kirk highlight "positive lawyering" for growth projects — aligning incentives, grants, and workforce programs — while emphasizing the importance of knowing the client's business and decision‑makers. They explore the role of local partnerships and chambers, navigating community concerns in rural siting (from truck counts to road redesigns), and the pivotal infrastructure needs behind data centers, including utilities, water, and grid capacity.
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In this episode of our special 12 Days of Regulatory Insights podcast series, Ashley Taylor, co-leader of Troutman Pepper Locke's State AG team, sits down with Privacy and Cyber chair Ron Raether to discuss how state attorneys general (AGs) are shaping the regulatory landscape for social media and the broader ad tech ecosystem.
Ashley and Ron unpack AG priorities ranging from "AI washing" and scrutiny of predictive analytics — especially algorithmic pricing with consumer and antitrust implications — to the rising focus on consent management, transparency, and the maturity of compliance programs beyond paper policies. Ron explains how AGs are augmenting traditional investigatory tools (CIDs and subpoenas) with technologists and pre-investigation analytics, and highlights active states — including California, Colorado, Oregon, and Texas — along with core focus areas such as children's and teens' privacy, health-related data, and potential bias in algorithms. They then dig into the intensifying attention on data brokers, evolving registration and enforcement (including California's strike force), and practical challenges posed by deletion requirements. Ron closes with a pragmatic playbook: be prepared and test for operational compliance, tailor programs to business risk for real ROI, and engage regulators proactively — underscored by a simple but critical metric for compliance excellence: do what you say.
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In this episode of our special 12 Days of Regulatory Insights podcast series, Chris Carlson is joined by colleagues Bryan Haynes and Agustin Rodriguez — members of our Tobacco and Nicotine Practice and RISE Practice Group — to review the year's most consequential developments in the tobacco and nicotine space and what they mean heading into 2026.
The group looks at how states are quickly adopting vapor product directories to help curb illicit, unauthorized products, and discusses the wave of preemption challenges under the Food, Drug and Cosmetic Act. Bryan and Agustin explain California's new Unflavored Tobacco List and its interplay with the state's flavor ban, then turns to federal action: the unsettled status of FDA's graphic cigarette warning rule amid split court outcomes; 2025 PMTA milestones including authorizations for ZYN nicotine pouches and JUUL's tobacco/menthol products; FDA's pilot program to streamline review for nicotine pouches; NJOY's lawsuit over agency delays; and the District of Columbia Circuit's premium cigar decision and remand to define "premium cigars." Looking to 2026, Bryan and Agustin predict a quicker pace of authorizations for reduced-risk products, clearer FDA review standards, and sustained multistate enforcement against illicit products.
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In this episode of our special 12 Days of Regulatory Insights podcast series, Stephen Piepgrass is joined by Cole White from our RISE Practice Group's gaming team for a timely, candid conversation on integrity risks and regulatory trends reshaping the legal gaming landscape.
The discussion opens with recent law enforcement investigations touching the NBA, including allegations surrounding rigged high‑stakes poker games and inside information schemes, and explores what those probes may mean for charges, enforcement strategy, and league policy. Stephen and Cole unpack how the rapid expansion of sports wagering is testing compliance frameworks, why certain types of bets (like player proposition bets) draw heightened scrutiny, and how both technology and traditional evidence factor into detection. The conversation then turns to prediction markets — specifically Kalshi's sports‑related event contracts — and the growing federal-state jurisdictional debate over whether these markets fall under the CFTC's derivatives oversight or state gaming laws. They conclude by breaking down emerging standards and partnerships and what they could signal for the future of regulated wagering and event contracts.
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In this episode of our special 12 Days of Regulatory Insights podcast series, Gene Fishel, a member of the firm's RISE Practice Group and State AG team, is joined by Partner Dave Navetta of the Privacy + Cyber Practice Group, to discuss the biggest privacy and cyber enforcement themes of 2025 and preview what's ahead for 2026.
Dave breaks down the surge of demand letters and lawsuits targeting website tracking technologies under wiretapping theories, and how regulators — especially in California — are stress-testing opt-out mechanisms, GPC signals, and consent tools. Gene adds a state AG enforcement perspective, highlighting recently utilized AG statutory tools and scrutiny around children's data and opt-out mechanisms. Looking forward, Dave explains why 2026 will be a watershed year for data brokers, with California's Delete Act and similar state frameworks poised to reshape "sale" practices and require ongoing checks of centralized opt-out platforms. The conversation closes with a preview of state AI laws taking effect in 2026 and what companies should be doing now to prepare.
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- Visa fler
