Tag:Journal of Regulatory Compliance
Lawmaker and Federal Official Stock Trading: Are More Stringent Regulations Necessary?
Although lawmakers must disclose their trades to the public, some members of Congress believe more stringent regulations are necessary to limit members’ trading activity. Specifically, Senator Jon Ossoff (D., Georgia) has become a leading voice, planning to introduce legislation that would compel members of Congress to put their assets in a blind trust. Moreover, Federal Reserve Chairman Jerome Powell has been pushing for stricter ethics rules for Federal officers amidst several resignations of Fed bank officers.
Regulating Crypto Markets through the Build Back Better Act: Crypto Investors’ Future Compliance with Wash Sale Rules
The Build Back Better Act, which passed through the House of Representatives in November 2021, has been stalled in the Senate for several months. Senate Majority Leader Chuck Schumer has insisted that Democrats will work until the bill is passed. Within the Build Back Better Act, cryptocurrencies are shifted from being treated like property to being treated more like traditional securities, subjecting all digital currencies to wash rules under Section 1091. With cryptocurrencies collectively evaluated at upwards of $3 Trillion in 2021, crypto investors under the Build Back Better Act would be subject to the regulatory anti-abuse rules that currently apply to both stocks and bonds. This move by Democrats is for taxing purposes, but ultimately will call into question the IRS’ ability to regulate certain crypto transactions and asset disclosures. Additionally, questions have been raised as to the future regulation of cryptocurrencies and what that will mean for one of the most volatile trading markets.
International Student-Athletes Lose Out in NIL Era
The NCAA’s interim Name, Image, and Likeness (“NIL”) policy has made it possible for student-athletes to receive compensation, however, equitable shortcomings are evident. The most significant issue is faced by international student-athletes, who are substantively barred from capitalizing on the NIL opportunities afforded to their American counterparts.
Concert Venues Crowd Control Regulations
On November 5, 2021, Travis Scott performed a concert at the Astroworld Festival in Austin to a crowd of fifty thousand people. In the hour that he performed, eight people were killed in a deadly crowd crush (another concert goer losing their life days after), and hundreds were injured. Multiple lawsuits have been filed against Travis Scott himself, as well as the production companies that organized the show in response to the tragedy. In the wake of the devastating event, regulations concerning crowd control and management must also be considered, as well as whether these regulations were complied with by the organizers of Astroworld.
Nuclear Energy: Safety and Viability
The United States currently stands ready to make energy decisions that will impact every U.S. citizen alive today and generations moving forward. President Joe Biden committed to fighting climate change in his campaign for President and has continued in this vein by making goals to halve U.S. carbon emissions by 2030 and further, to create a net-zero carbon economy by 2050. The key to this plan is the not-so-simple issue of electricity generation.
Robinhood Can’t Seem to Keep User Data Safe: Data Breach Exposes the Personal Data of Millions of Users
On November 3, 2021, Robinhood Markets Inc., a popular online stock trading app, reported that an intruder gained access to its systems, obtaining the personal information of millions of its users. With its sudden rise to popularity and contempt following the GameStop stock volatility, and an ongoing class action lawsuit concerning a previous breach, Robinhood is in hot water with both customers and regulatory agencies alike.
Industries Deserve Consistent Apprenticeship Rules and Regulations
November 15, 2021, marked the beginning of the seventh annual National Apprenticeship week. That same day, the United States Department of Labor (DOL) published a proposal to rescind its regulation and recently established framework regarding Standards Recognition Entities (SREs) of Industry Recognized Apprenticeship Programs (IRAPs). To succeed, industries offering apprenticeships need consistent rules and regulations that do not change at the whim of the executive branch. Passing the National Apprenticeship Act of 2021 (Act) is one way that Congress can support established registered apprenticeship programs.
A Progressive Move for New York’s Office of Cannabis Management
Earlier this month Tremaine Wright, the woman in charge of New York’s cannabis regulation revealed a plan to promote social equity through conscientious licensing and tax revenue policies. New York legalized cannabis recently, so its regulations for it are still in a fledgling stage. As a result, the policies being made now will shape the cannabis industry for years to come.
The Free Britney Movement and the Call for Conservatorship Reform
Britney Spears: global pop superstar, Grammy award winner, songwriter, dancer, and … the face of the conservatorship reform movement? Ms. Spears can add a new line onto her prolific resume, as legal issues stemming from her decade-plus long conservatorship have shed a light on conservatorship abuse. Britney has subsequently fueled the push to reform conservatorship regulations that affect over an estimated 1.3 million adults in the United States.
Treasury’s Proposal Aimed at Limiting Tax Evasion by The Wealthy, May End Up Harming Everyone Else
In May of 2021, the United States Department of Treasury (“Treasury”) introduced its revenue proposals for the 2022 fiscal year. One of the proposals that garnered significant attention was the Comprehensive Financial Account Reporting to Improve Tax Compliance; under this proposal, financial institutions will be required to report to the Treasury the total amount of inflow and outflow on bank, loan, and investment accounts for accounts that hold at least $600 a year. Since its introduction and after serious political push-back, this amount has since been increased to accounts that hold at least $10,000 a year.
If the reporting requirement is implemented, the Biden Administration proposes to raise the Internal Revenue Service (“IRS”) funding by $80 billion to finance the cost of additional auditors and equipment. However, the Biden Administration, with the proposal’s implementation, expects a payoff of $460 billion over ten years in additional revenue. Although this proposal is intended at limiting wealth tax evasion, this proposal misses the mark. Specifically, it does not adequately address businesses that are able to cheat tax codes by stretching the current law, and instead scrutinizes small businesses and individuals while it exponentially increases the personal data held by the Treasury.