The July 2025 decision by the Ninth Circuit Court of Appeals in Epic Games v. Google marks a landmark development in the ongoing evolution of antitrust remedies for unilateral conduct in the technology sector. The court’s willingness to affirm not just prohibitory, but also mandatory, forward-looking injunctions—requiring Google to take affirmative steps to open its Android app ecosystem to competition—signals a vigorous approach to restoring competition in digital platforms.

The One Big Beautiful Bill Act, enacted on July 4, 2025, modernizes and expands the already favorable tax treatment that applies to investments in qualified small business stock (QSBS). These changes benefit venture capital funds that intend to avail themselves of the tax benefits under the QSBS rules by (i) expanding the universe of companies that the funds can invest in, (ii) increasing the amount of gains that their respective investors can receive that are not subject to federal income tax and (iii) providing the funds with more flexibility in terms of timing their exits from these types of investments. The expansion of the QSBS rules under the Act should be a welcome development for venture capital funds and their investors.