A three-judge panel of the US Court of Appeals for the 5th Circuit held that lower court injunctions blocking National Labor Relations Board cases against SpaceX, Findhelp and an Energy Transfer subsidiary can remain in place while the companies pursue challenges to the NLRB's constitutionality. Judge Don Willett wrote that the companies "have made their case and should not have to choose between compliance and constitutionality," adding that immediate harm occurs when "an agency's structure violates the separation of powers."

Minnesota filed a lawsuit in state court accusing TikTok of using addictive algorithms to target young people in violation of state laws regarding consumer fraud and deceptive trade practices. About two dozen states have now brought such lawsuits against the social media company, according to Minnesota Attorney General Keith Ellison's office. A TikTok spokesperson said the Minnesota lawsuit "is based on misleading and inaccurate claims."

US District Judge Sharion Aycock held that Mississippi's election map for its Supreme Court justices runs afoul of the Voting Rights Act and must be redrawn. Aycock said the map, which has been in place since 1987, unlawfully dilutes the voting power of Black residents of Mississippi.

The US and Europe are exploring options for Ukraine's security guarantees following President Donald Trump's commitment to US involvement in the country's protection. Beyond weapons support, discussions include the possibility of European troops in Ukraine under US command. Trump has ruled out deploying US troops but suggested air support. NATO military leaders met today to discuss the potential security guarantees.

Wyoming has introduced its own stablecoin, the Frontier Stable Token, becoming the first state to do so. The token, backed by dollars and short-term Treasurys, aims to allow for instant transactions. The launch follows the recent signing of a federal stablecoin regulation bill by President Donald Trump.

Federal authorities are continuing to pursue prosecutions related to alleged Paycheck Protection Program fraud, benefiting from extended statutes of limitations that allow cases to be filed through 2030 or 2031. Over 3,500 defendants have faced criminal charges in connection with pandemic-related fraud, with losses surpassing $2 billion. In addition to criminal cases, the Justice Department has seized over $1.4 billion in stolen relief funds and obtained hundreds of civil settlements and judgments.

Senate banking committee Chair Tim Scott, R-S.C., said he sees enough Democratic support to advance legislation that would restructure the cryptocurrency market. Republicans recently issued a discussion draft of the crypto market structure legislation, and Scott said he hopes the committee will move the bill forward next month.

Earn up to 1 credit. Effectively using financial information is a key skill for in-house counsel, especially when assessing the financial condition and risks of a potential new customer or a possible merger partner. PLI's One-Hour Briefing on Aug. 25 explores issues that are relevant when negotiating contracts with new customers as well as acquisition agreements.

Earn up to 1 credit. Revenue recognition is a complex and potentially confusing aspect of financial reporting. PLI's SEC Institute offers part two in a series on Aug. 26, which first explores the basic principle behind how companies record revenue in their income statements and then discusses issues that counsel should be aware of in each of the five steps in this process.

The US Supreme Court is set to reconsider several major precedents in the coming months. One case targets the 1935 decision Humphrey's Executor v. US, which protects leaders of independent agencies from being fired by the president without cause, while another case challenges a 2001 ruling that limits political party spending in coordination with federal candidates.