Texas Senate Bill 13 ("SB 13"), enacted in June 2021 and authored by State Senator Brian Birdwell, was among the first U.S. laws targeting Environmental, Social, and Governance ("ESG") investing practices. (Mollie Duckworth, Latham & Watkins LLP). At its core, SB 13 prohibited Texas public entities from investing in or contracting with companies deemed to "boycott" the fossil fuel industry. (Texas Policy Research). ESG policies “aim to promote sustainable and responsible business practices” in addition to the previously paramount financial bottom line. (Deloitte). ESG practices trace their roots back to the early 1960s, led by social activists and religious groups seeking to spark corporate responsibility on ethical investing. (Thomas J. Billitteri, CQ Press). Sustainability pioneers like John Elkington popularized the “triple bottom line,” or the ideas that corporations must account for their societal and environmental impacts in addition to their profitability. (John Elkington, Harvard Business Review). Today, ESG practices are performed across industries, focused on issues, “ranging from human capital and compensation issues, to climate change, deforestation, and water and waste management, to supply chain management.” (Jurgita Ashley, Harvard Law School Forum on Corporate Governance). In the energy context, ESG policies condition investing on environmental and social criteria, threatening states like Texas by disfavoring their core oil and gas industries based on ideological grounds. (Ayden Runnels, The Texas Tribune). Thus, the law represented a “high profile” effort to combat ESG practices that the Texas Senate viewed as a threat to the state’s energy sector. (Texas Policy Research). This discussion explores SB 13’s implications, the recent ruling of its unconstitutionality, and the market’s incipient response to SB 13’s discontinued enforcement.
Read MoreCreators, sellers, and doom-scrollers can rest easy knowing that TikTok has found a new home on U.S. soil. (David Shepardson, Reuters). Following an executive order and subsequent landmark Supreme Court ruling, TikTok’s parent company, ByteDance, had no choice but to divest TikTok so that the app’s data could be stored and controlled by U.S. entities. Id. Several prominent investors, including Oracle, Silver Lake, and MGX, have emerged as potential stakeholders seeking to acquire an ownership interest in the company. Id. This post discusses the acquisition of and changes to the app and further examines whether this divestiture will address the Trump administration’s security concerns.
Read MoreDeep seabed mining is a lucrative enterprise aimed at extracting nodules of valuable mineral deposits embedded in the ocean floor. (Sachi Mulkey, N.Y. Times). These nodules contain critical minerals, such as cobalt, manganese, copper, and nickel, which are essential to the manufacturing of modern batteries used in smartphones or electric vehicles. (Steven Barringer & Courtney Shephard, Greenberg Traurig, LLP; Sachi Mulkey, N.Y. Times). The National Oceanic and Atmospheric Administration (“NOAA”) regulates the exploration and recovery of these critical minerals and issues permits for deep seabed mining. (15 C.F.R. 904.1). This post examines the (i) concerns of deep seabed mining; (ii) NOAA’s mandate and regulation focusing on the original two-step sequential process for exploration and recovery permits; (iii) the new "consolidated application process"; (iv) how the procedural shift fits into the “America First” agenda; (v) and the public concerns aligned with consequences of the accelerated application process.
Read MoreThe emergence of cryptocurrencies has revolutionized the way people hold and invest their money. For example, numerous cryptocurrencies and other digital assets now allow investors to store value in intangible forms on distributed ledger technology, commonly known as a blockchain. (U.S. Government Accountability Office). These digital investment tools, known as tokenized securities, offer several advantages to investors due to their blockchain-based structure. (CFTE). Tokenization enables decentralized investing by reducing reliance on intermediaries and giving investors greater control. Id. It also ensures clear ownership through immutable blockchain records, strong cryptographic security, and pseudonymous investing that protects investor identities. Id. Despite these benefits, there are several pitfalls to investing in digital assets, primarily regulatory uncertainty. Id. Due to the abstract and technical nature of the digital world, as well as its rapid evolution, regulators and courts have struggled to find the best way to categorize and oversee these forms of investments. The Securities and Exchange Commission (“SEC”) has grappled with this issue and has recently issued several statements and guidance attempting to establish a regulatory framework for digital assets. (SEC). This post discusses the SEC’s latest statement addressing whether a tokenized security qualifies as a security under the SEC’s longstanding legal framework and what that determination means for investors going forward.
Read MoreCaaStle, Inc. (“CaaStle”) was originally founded in 2011 as Gwynnie Bee, a subscription service that allowed customers to rent clothing from more than 150 brands. (Aurore Borsi, et. al., Circle Economy). In 2018, the company evolved into a business-to-business technology and logistics platform that enabled leading fashion companies, including Ann Taylor, Express, and Vince, to rent portions of their inventory to consumers. Id. CaaStle collaborated with these brands to build and operate their rental programs while managing inventory and logistics, including returns, dry-cleaning, quality check, restocking, and shipping. Id. The company developed a clothing-as-a-service platform that attracted executives from Yahoo, Microsoft, Cole Haan, and Goldman Sachs, bringing together significant experience from both the fashion and technology industries. (Mary Sterenberg, ColumbusCEO).
On paper, CaaStle appeared poised for substantial success. However, on March 4, 2026, Christine Hunsicker, CaaStle’s founder and Chief Executive Officer, pleaded guilty to one count of securities fraud in United States District Court for the Southern District of New York (Manhattan) (SDNY). (Bob Van Voris, Bloomberg Law). The case raised a central question: what went wrong?
Read MoreThe rapid growth of the gig economy has prompted U.S. cities to consider how existing labor protections apply to app-based workers who can be removed from a platform, or “deactivated,” without notice or explanation. (Helen McFarland, Seyfarth Shaw LLP). Seattle moved to address that gap directly. Id. In August 2023, the Seattle City Council passed Ordinance 126878, the App-Based Worker Deactivation Rights Ordinance (the “Ordinance”), which took effect on January 1, 2025. (Seattle City Council, Ordinance 126878). Uber Technologies, Inc. (“Uber”) and Maplebear, Inc. d/b/a Instacart (“Instacart”), sued to block the Ordinance on First Amendment grounds, but on March 4, 2026, a divided Ninth Circuit panel rejected the companies’ appeal of a denied preliminary injunction. (Rachel Riley, Law360). This post examines what the Ordinance requires, the companies’ constitutional arguments, and the implications of this decision for Seattle and gig economy regulation nationwide.
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