On May 22, 2025, the Supreme Court issued its opinion in Kousisis v. United States, holding that the government need not prove an intent to cause economic loss, let alone actual economic loss, in order to sustain a conviction for wire fraud under 18 U.S.C. § 1343. 

On May 15, 2025, the New York General Assembly introduced the Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Act), which will strengthen New York’s consumer protection law to “protect New Yorkers from unfair, deceptive and abusive business practices.” With the federal government rolling back protections for consumers and small businesses, the FAIR Act authorizes the New York Attorney General and individual consumers to seek civil penalties and restitution against businesses. Trying to fill the enforcement void left by inactive federal regulators, the FAIR Act endeavors to align with Consumer Financial Protection Bureau (CFPB) guidance to states to strengthen their consumer protection regimes and strongly suggests that states and private litigants will become increasingly active in enforcing consumer protection laws.

On May 15, 2025, the Division of Trading and Markets of the U.S. Securities and Exchange Commission (SEC) released a set of Frequently Asked Questions (FAQs) addressing the application of SEC Rule 15c3-3 (the Customer Protection Rule) to the custody of crypto assets that are securities by broker-dealers.