The SEC and DOL are shifting toward clarity and rulemaking, while states intensify enforcement, leaving firms navigating a more layered and uneven regulatory landscape.
A broader realignment is underway across US financial regulation, but it is not a simple pivot in one direction. At the federal level, the SEC is moving toward a rulemaking-first approach, emphasizing clearer frameworks for emerging areas such as crypto and AI.
In parallel, the Department of Labor has stepped
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