Subject to Inquiry

Subject to Inquiry

THE LATEST ON GOVERNMENT INQUIRIES AND ENFORCEMENT ACTIONS

Government Investigations and White Collar Litigation Group

David Hirsch

Photo of David Hirsch Dave is a highly respected member of the securities enforcement and regulatory counseling practice group at McGuireWoods, where he plays a key role shaping the strategic direction of the firm’s securities enforcement initiatives. Dave is recognized for his deep experience and keen insights, particularly navigating the intricacies of securities law as it applies to new technologies.

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OFAC Details Sanctions Compliance Expectations for the Stablecoin Industry

By Patrick Rowan, Alex J. Brackett and David Hirsch on Compliance
The Office of Foreign Assets Control (“OFAC”) recently issued a proposed rule that will require the implementation and maintenance of a sanctions compliance program (“SCP”) for permitted payment stablecoin issuers (“PPSIs”).  The proposed rule, which directs that PPSIs put in place a SCP that includes at least five specific elements, deserves immediate attention from the… Continue Reading

The Great American AI Act: What It Means — and Doesn’t Mean — for Companies Using AI

By Garen S. Marshall, Justin Givens, David Hirsch and Jake Pryor on Enforcement and Prosecution Policy and Trends
On June 4, 2026, Representatives Jay Obernolte and Lori Trahan released a discussion draft of the Great American Artificial Intelligence Act (GAAIA). The proposal has generated significant attention, but many organizations may be overestimating its practical significance for their day-to-day operations. The bill is directed primarily at developers of “frontier” AI models, so for most… Continue Reading

White House Releases AI Legislative Recommendations—Congress Has the Blueprint, but Questions Remain

By Anthony Q. Le, Aaron R. Marienthal, Garen S. Marshall, Janet P. Peyton and David Hirsch on Enforcement and Prosecution Policy and Trends
On March 20, 2026, the White House unveiled its National Policy Framework for Artificial Intelligence, providing a blueprint on legislative recommendations and urging Congress to act. It recommends that Congress create a unified federal standard to reduce the regulatory friction of competing state AI regimes, promote AI innovation and develop an AI-ready workforce, while ensuring… Continue Reading

When AI Isn’t Privileged, Confirmed: SDNY’s Written Opinion Elaborates on Confidentiality, Work Product, and Waiver

By Garen S. Marshall, David Hirsch, Aaron R. Marienthal, Jeffrey P. Ehrlich, Alice Moscicki and McGuireWoods LLP on Enforcement and Prosecution Policy and Trends, Securities and Commodities
On February 10, 2026, U.S. District Judge Jed Rakoff of the Southern District of New York issued a bench ruling holding that a defendant’s use of generative AI to analyze legal exposure is not protected under attorney-client privilege or the work product doctrine. See When AI Isn’t Privileged: SDNY Rules Generative AI Documents Not Protected. On… Continue Reading

Crypto.com Sues the SEC in Texas ­– Arguments and Implications for the Cryptocurrency Industry

By David Hirsch, Garen S. Marshall and Rhea Shahane on Financial Institution Regulation, Securities and Commodities
On October 8, 2024, Crypto.com filed a civil complaint against the Securities and Exchange Commission (“SEC”) and each of its Commissioners in the Eastern District of Texas seeking declaratory and injunctive relief.  Crypto.com sued the SEC after the regulator sent it a Wells notice, indicating the Division of Enforcement intended to recommend an enforcement action… Continue Reading

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