Insights
New Law Expands California Cartwright Act’s Monopoly Enforcement Framework
CFTC Staff Issues Broad No-Action Relief for Passive Software Providers
GameOn — Fall 2026
Resource
The Latham US IPO Guide
An insider's guide to the IPO process in the United States.
Latham in Focus Video Series
The Book of Jargon Series – Word of the Day®
The Book of Jargon® is a series of practice area and industry-specific glossaries published by Latham & Watkins.
Preemptive Rights
the rights given to existing Stockholders to have first refusal on the transfer of existing Shares or the issue of new Shares by a company. In Startups, these rights are typically given to Preferred Stockholders in a Preferred Stock Financing and are found in the Investor Rights Agreement. Okay, technically Preemptive Rights in Delaware can only exist in the Charter, but these rights are the contractual equivalent and generally people still (incorrectly) refer to them as Preemptive Rights. This is a Book of Jargon after all, so who are we to correct them?
AAA
acronym for the American Arbitration Association.
Private Key
a string of data that permits access to a Digital Asset in a Wallet (Software) or Wallet (Hardware) and is used to spend or exchange the Digital Asset by unlocking a Digital Signature.
Material Flow
the movement of materials from raw resources to finished products.
Lightning Network
a payment Protocol that can be layered and operated on top of a Blockchain for the purpose of enabling instant, scalable transactions between participating Nodes.
In each episode of Connected With Latham, we discuss ideas, developments, and trends shaping the global economy.
CFTC Staff Issues Broad No-Action Relief for Passive Software Providers
The no-action relief confirms that PSPs facilitating access to CFTC-regulated derivatives trading need not register as introducing brokers, provided they satisfy certain conditions.
DOJ Revises Policy on Use of Guidance and Dismissal Authority in FCA Cases and Announces D.C. USAO Fraud Division
The announcements reflect the administration’s continued focus on FCA enforcement and raise additional compliance considerations for companies doing business with the government.
SEC Clears Path for On-Chain Trading of Tokenized Stocks With Landmark Innovation Exemption
A five-year exemptive order permits limited on-chain trading for US-listed equities through qualifying venues for the first time, subject to limits, disclosure, and issuer-notice conditions.
IRS Issues 45Z Tax Credit Notice and DOE Updates 45ZCF-GREET Model
New IRS guidance and updated modeling reshape Section 45Z eligibility, emissions calculations, feedstock rules, and compliance obligations for clean fuel producers.
SEC Proposes Modernizing Transfer Agent Infrastructure, Including Framework for Tokenized Securities
The proposed amendments would strengthen existing transfer agent compliance, risk management, and safeguarding standards; permit the use of distributed ledger technology for recordkeeping; and introduce certain new gatekeeper obligations.
US Banking Regulators Finalize Rule on Material Risks
The joint final rule narrows the basis for enforcement actions and MRAs to practices that pose material financial risk or constitute actual violations of law.
IRS Proposal Would Tie Tax-Exempt Status to Expanded Racial Nondiscrimination Policies in Private Schools
The proposal would expand the conditions for maintaining Section 501(c)(3) status and eliminate existing exceptions for certain race-conscious programs.
SEC Proposes Tailored Exemptions for Cryptoasset Offerings
The Proposal would establish two offering exemptions, a conditional safe harbor for investment contracts and broad preemption of state securities laws registration and qualification requirements.