Legal Lead story
Moolenaar Targets $15.2B BMS Deal in China Crackdown
If Treasury acts on Moolenaar's COINS Act request, deals like BMS's $15.2B Hengrui partnership would need federal clearance before closing.
By James Okafor May 24, 2026
Live Wire
Your morning brief Updated 2h ago
The ninety-second read-through for today.
Morning Brief — May 24, 2026. Federal regulators moved on multiple fronts, completing stablecoin AML rules, restructuring FinTech payment access, and penalizing AI fraud — while a presidential brand stalled on breach notification and Congress targeted a $15.2B China biotech deal.
The FDIC filed its third GENIUS Act NPRM, adding AML/CFT requirements to stablecoin issuers and completing the compliance stack that will determine who can enter the market.
The Federal Reserve proposed a new payment account category giving FinTechs direct settlement access capped at $1B, while stripping interest, discount window borrowing, and intraday credit.
The FTC fined Cox Media Group $880K after finding its "Active Listening" AI never used voice data — small businesses paid premium prices for repackaged email lists.
Trump Mobile confirmed a customer data exposure tied to a third-party provider but has not notified affected customers, saying it is still weighing whether notification is required.
Rep. Moolenaar invoked the COINS Act against BMS, asking Treasury to require federal clearance before the pharma giant closes its $15.2B Hengrui deal with a Chinese drugmaker.
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