U.S. Office of the Comptroller of the Currency Proposes Comprehensive Supervisory Framework for Payment Stablecoins Under GENIUS Act

On February 25, 2026, the U.S. Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking (NPRM) that would establish a federal framework for issuance and administration of payment stablecoins by permitted payment stablecoin issuers (PPSIs). The NPRM would implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) by, among other things, establishing approval requirements, permissible and prohibited activities, reserve standards, redemption obligations, capital and operational safeguards, and reporting expectations for permitted payment stablecoin issuers. PPSIs also would be integrated into the OCC’s broader prudential framework, including its capital, assessment, and enforcement authorities.
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Five Key Takeaways From 2025 U.S. Sanctions Enforcement

U.S. sanctions enforcement activity in 2025 underscored the U.S. government’s continued commitment to robust enforcement of the various sanctions programs primarily administered and enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). OFAC’s 2025 enforcement actions also signaled the agency’s substantive priorities and, perhaps most important, highlighted its compliance expectations.

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Sidley Discusses a Unique Caremark Twist Amidst Bankruptcy

Securities and Shareholder Litigation partner Alex J. Kaplan analyzes the Delaware Court of Chancery’s decision in Giuliano v. Grenfell-Gardner, which addresses Caremark oversight claims in the wake of a company’s bankruptcy. The court dismissed red flag claims against the directors but allowed allegations to proceed that the board failed to implement adequate reporting and compliance systems, while sustaining certain red flag claims against two officers based on internal communications. (more…)

Drug Pricing and Medicaid Rebate Reporting: Enforcement Risk Remains

A recent analysis examines ongoing enforcement risks tied to drug pricing and Medicaid rebate reporting under the Medicaid Drug Rebate Program (MDRP), focusing on a federal court decision addressing how “strength” should be defined for products with the same concentration but different volumes. The court adopted a broader FDA-based definition and dismissed False Claims Act allegations, but the absence of clear statutory or regulatory guidance leaves room for continued scrutiny and potential shifts in agency interpretation. Read the full article for key takeaways on how courts may approach undefined MDRP terms, how FDA regulations can influence rebate reporting obligations, and practical steps manufacturers can take to mitigate False Claims Act risk through consistent, well documented compliance practices.

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Million-Dollar U.S. DOJ Antitrust Reward Underlines Broader and Growing Commitment to Incentivize Corporate Whistleblowers

Within seven months of announcing its groundbreaking monetary whistleblower awards program for individuals who report potential violations, on January 29, 2026, the U.S. Department of Justice (DOJ) Antitrust Division and the U.S. Postal Service announced the first whistleblower award under the Antitrust Whistleblower Rewards Program, paying $1 million to an individual whose information led to criminal enforcement action. (more…)

When a Whistleblower Complaint Becomes a Board-Level “Red Flag”

In a recent Caremark decision, the Delaware Court of Chancery largely denied a motion to dismiss, holding that most of Regions Bank’s board purportedly ignored red flags raised in a whistleblower report concerning the bank’s unlawful overdraft practices — practices that later led to the company paying US$191 million in penalties and remediation to the Consumer Financial Protection Bureau (CFPB). (more…)

Sidley Wins Landmark Ruling: Port Authority No Longer Shielded by Sovereign Immunity in Federal Court

Sidley achieved a breakthrough appellate win that fundamentally alters how the Port Authority of New York and New Jersey — and similar bistate agencies — can be sued. In Baroni v. Port Authority, the Second Circuit took the unusual step of issuing a “mini en banc” ruling to reverse its own long-standing precedent and strip the Port Authority of the sovereign immunity shield it has long used to avoid state-law claims in federal court.

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Clear and Present Danger: How DOJ Trade-Fraud and Anti-Corruption Priorities Show Trade & Customs Risks Are Here to Stay

The U.S. Department of Justice (DOJ) has signaled a renewed and sharpened focus on trade and customs-related misconduct, including tariff evasion. While DOJ’s emphasis on this enforcement area is notable in its own right, this Update highlights how DOJ’s prioritization of trade and customs fraud also brings Foreign Corrupt Practices Act (FCPA) exposure back to the forefront of risks for multinational companies. (more…)

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Meet the Team

<a target=‘_blank’ href="https://www.sidley.com/en/people/a/axel-douglas-a">Douglas A. Axel</a>

Douglas A. Axel

Los Angeles
<a target=‘_blank’ href="https://www.sidley.com/en/people/l/loughnane-joan-m">Joan M. Loughnane</a>

Joan M. Loughnane

New York
<a target=‘_blank’ href="https://www.sidley.com/en/people/p/polite-jr-kenneth-a">Kenneth A. Polite Jr.</a>

Kenneth A. Polite Jr.

Washington, D.C., New York
<a target=‘_blank’ href="https://www.sidley.com/en/people/t/tham-yuet-ming">Yuet Ming Tham</a>

Yuet Ming Tham

Singapore, Hong Kong
<a target=‘_blank’ href="https://www.sidley.com/en/people/a/anderson-dave">Dave Anderson</a>

Dave Anderson

San Francisco
<a target=‘_blank’ href="https://www.sidley.com/en/people/a/armbrust-sheila-a-g">Sheila A.G. Armbrust</a>

Sheila A.G. Armbrust

San Francisco
<a target=‘_blank’ href="https://www.sidley.com/en/people/c/cooper-ellyce-r">Ellyce R. Cooper</a>

Ellyce R. Cooper

Century City
<a target=‘_blank’ href="https://www.sidley.com/en/people/c/craig-daniel-c">Daniel C. Craig</a>

Daniel C. Craig

Chicago
<a target=‘_blank’ href="">Alexandria Daugherty</a>

Alexandria Daugherty

Los Angeles
<a target=‘_blank’ href="https://www.sidley.com/en/people/d/dukin-craig-francis">Craig Francis Dukin</a>

Craig Francis Dukin

Washington, D.C.
<a target=‘_blank’ href="https://www.sidley.com/en/people/g/george-sara">Sara George</a>

Sara George

London
<a target=‘_blank’ href="https://www.sidley.com/en/people/h/ho-shu-min">Shu Min Ho</a>

Shu Min Ho

Singapore
<a target=‘_blank’ href="https://www.sidley.com/en/people/i/igra-naomi-a">Naomi A. Igra</a>

Naomi A. Igra

San Francisco
<a target=‘_blank’ href="https://www.sidley.com/en/people/k/koehler-kristin-graham">Kristin Graham Koehler</a>

Kristin Graham Koehler

Washington, D.C.
<a target=‘_blank’ href="https://www.sidley.com/en/people/l/lassar-scott-r">Scott R. Lassar</a>

Scott R. Lassar

Chicago
<a target=‘_blank’ href="https://www.sidley.com/en/people/l/levy-michael-a">Michael A. Levy</a>

Michael A. Levy

New York

<a target=‘_blank’ href="https://www.sidley.com/en/people/m/malhotra-geeta">Geeta Malhotra</a>

Geeta Malhotra

Chicago
<a target=‘_blank’ href="https://www.sidley.com/en/people/m/mann-michael-d">Michael D. Mann</a>

Michael D. Mann

New York
<a target=‘_blank’ href="https://www.sidley.com/en/people/m/mcginley-ian">Ian McGinley</a>

Ian McGinley

New York
<a target=‘_blank’ href="https://www.sidley.com/en/people/m/miller-lisa-h">Lisa H. Miller</a>

Lisa H. Miller

Washington, D.C.
<a target=‘_blank’ href="https://www.sidley.com/en/people/m/mirabella-julia-g">Julia G. Mirabella</a>

Julia G. Mirabella

Washington, D.C.
<a target=‘_blank’ href="https://www.sidley.com/en/people/o/ono-takayuki">Takayuki Ono</a>

Takayuki Ono

Chicago, Tokyo
<a target=‘_blank’ href="https://www.sidley.com/en/people/p/poletto-alexa">Alexa Poletto</a>

Alexa Poletto

New York
<a target=‘_blank’ href="https://www.sidley.com/en/people/p/popp-karen-a">Karen A. Popp</a>

Karen A. Popp

Washington, D.C.
<a target=‘_blank’ href="https://www.sidley.com/en/people/p/pruitt-jacqueline">Jacqueline Pruitt</a>

Jacqueline Pruitt

Chicago
<a target=‘_blank’ href="https://www.sidley.com/en/people/r/rachal-doreen-m">Doreen M. Rachal</a>

Doreen M. Rachal

New York, Boston

<a target=‘_blank’ href="https://www.sidley.com/en/people/r/rubino-kevin-r">Kevin Rubino</a>

Kevin Rubino

San Francisco
<a target=‘_blank’ href="https://www.sidley.com/en/people/s/shubert-leslie-a">Leslie A. Shubert</a>

Leslie A. Shubert

Washington, D.C.
<a target=‘_blank’ href="https://www.sidley.com/en/people/s/silva-david-a">David A. Silva</a>

David A. Silva

Singapore
<a target=‘_blank’ href="https://www.sidley.com/en/people/t/tagliaferri-michele">Michele Tagliaferri</a>

Michele Tagliaferri

Brussels
<a target=‘_blank’ href="https://www.sidley.com/en/people/v/volpe-frank-r">Frank R. Volpe</a>

Frank R. Volpe

Washington, D.C.
<a target=‘_blank’ href="https://www.sidley.com/en/people/w/west-marisa-s">Marisa S. West</a>

Marisa S. West

Washington, D.C.
<a target=‘_blank’ href="https://www.sidley.com/en/people/x/xenakis-angela-m">Angela M. Xenakis</a>

Angela M. Xenakis

Washington, D.C.
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