Latest news with #federallaw
Malay Mail
2 days ago
- Business
- Malay Mail
Vape bans: A slippery slope for legal governance — R Paneir Selvam
JULY 21 — In July 2024, the High Court ruled that the Kedah state government's move to ban gaming licences, effectively shutting down Sports Toto operations in the state, was unconstitutional. The court found that state authorities had overstepped their powers by refusing to renew licences issued under federal law, thereby infringing on the rights of a legally licensed business and violating the Federal Constitution. This landmark ruling is more than just a win for the gaming industry; it underscores a critical principle: state governments cannot override federal law at will. Yet just months later, we are seeing the same pattern emerge again, this time with the vape industry. Kedah has announced it will no longer renew licences for vape-related businesses, with the goal of a complete ban by 2026. One of the hallmarks of a sound legal system is predictability. Businesses, consumers, and civil society should be able to rely on a stable set of laws and policies. — Pexels pic Other states such as Pahang, Terengganu and Perlis are following suit. This trend raises urgent questions about the balance of power in our federal system. What started with gaming licences is now extending to vape. Tomorrow, will it be food and beverages? Or wellness and lifestyle services? If states are allowed to selectively shut down federally regulated sectors, Malaysia risks descending into legal fragmentation, where trade and commerce depend more on local politics than national law. The role of Act 852: a necessary legal anchor Rather than allowing states to adopt unilateral bans, the federal government must focus on fully enforcing Act 852 across the country. Act 852 was passed after years of consultation and debate. It represents a balanced and structured approach to regulating smoking and vaping products, protecting youth, ensuring product safety, and reducing public health risks while allowing regulated access to adults. Its successful enforcement is not just a health issue; it is a legal imperative. If states are allowed to disregard it through political or moralistic motivations, the Act's legitimacy will be compromised. From a legal standpoint, only a consistent, centralised framework can ensure that public health regulations are enforced uniformly, fairly, and in accordance with constitutional principles. Legal uncertainty hurts the rule of law and public confidence One of the hallmarks of a sound legal system is predictability. Businesses, consumers, and civil society should be able to rely on a stable set of laws and policies. When that stability is undermined by states choosing to selectively ban certain industries, it weakens the rule of law and opens the door for selective enforcement, politicisation of trade, and judicial overload from legal disputes. This also affects the very communities the bans claim to protect. Instead of driving behaviour change, bans often push products into illicit channels, where there is no age restriction, no safety oversight, and no taxation. This undermines the public health objectives of Act 852 and increases enforcement burdens. The way forward: Uphold the law, not politicise it The lesson from the Sports Toto ruling is clear: state governments do not have the authority to override federal laws with blanket bans. Vape should not be the next legal battleground. The federal government must assert the supremacy of laws passed by Parliament and ensure that public health policies are governed by national interest, not fragmented by state agendas. Act 852 provides the legal tools to regulate the vape industry effectively. What's needed now is not more bans but better enforcement. Malaysia must decide whether it wants to be governed by clear laws or discretionary bans. The answer will determine whether our legal system continues to uphold constitutional order or gives way to a patchwork of conflicting state policies. *This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
Forbes
5 days ago
- Business
- Forbes
GENIUS Act Signed: Stablecoins Now Face Strict Rules & Oversight
President Trump signs the GENIUS Act into law The wait is over: the GENIUS Act is signed and sealed. On the heels of bipartisan approval in both chambers of Congress, President Donald Trump has officially signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) into law, marking the first comprehensive federal legislation specifically tailored to dollar-backed stablecoins. With his signature, the United States transitions from regulatory ambiguity to legal infrastructure. For the first time, digital assets redeemable at par for U.S. dollars are not only recognized by federal statute: they are regulated, supervised, and conditioned on compliance. GENIUS Act: A Legal Framework with Teeth As detailed in the legislation, the GENIUS Act sharply defines who can issue payment stablecoins and under what conditions. Issuers must fall into one of three categories: (1) subsidiaries of insured depository institutions, (2) federally chartered nonbanks approved by regulators, or (3) state-regulated entities from jurisdictions certified by the Treasury as meeting federal standards. The law prohibits the commingling of customer funds, ensures bankruptcy priority for stablecoin holders, and demands asset-backed reserves comprised of cash equivalents like Treasuries and overnight repos. While annual audit requirements only kick in above the $50 billion threshold, all issuers must maintain verifiable, 1-to-1 backing. Trump's Endorsement Signals GOP Strategy While the bill originated from Republican Senator Bill Hagerty, its passage and the President's endorsement indicate something more strategic. The GOP is positioning itself not as anti-crypto, but as pro-structure. Overall, Trump's administration has signaled a new alignment between conservative regulatory policy and the crypto industry's maturing institutions. For Trump, the GENIUS Act offers political capital. It differentiates him from earlier administrations that flailed at crypto policy or focused on enforcement-first postures. Here, the federal government is no longer sending mixed messages: it is writing the rules. During the signing procession, Trump stated the following, 'The GENIUS Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar backed stablecoins. This could be perhaps the greatest revolution in financial technology since the birth of the internet itself.' Implications for Industry and Enforcement This is a tectonic shift for stablecoin issuers. Projects that have long operated in a gray zone will now have to make hard choices: register, restructure, or retreat. The law is especially unfriendly to offshore protocols and permissionless smart contracts with no identifiable entity behind them. They will likely lose access to U.S. users unless they partner with compliant issuers. At the same time, institutional players, such as banks and payment processors, now have the green light to build around stablecoins without fearing surprise enforcement. That opens the door to broader integrations into payment rails, digital wallets, and eventually, wholesale settlement systems. The Regulatory Clock Starts Now Signing the law is only the beginning. The Treasury Department must now begin certifying state regimes, the OCC must design chartering procedures for nonbank issuers, and the SEC and CFTC must clarify jurisdictional boundaries to avoid overlap. Meanwhile, the law's interoperability provision, encouraging but not mandating technical standards, remains a policy wildcard. As stablecoins become infrastructural, questions about how they interact across chains, wallets, and institutions will take center stage. Regulatory agencies must avoid duplicative compliance regimes and foster a functional national framework. A Precedent-Setting Moment for the GENIUS Act The message to the market is clear: you can issue a digital dollar—but only if you act like a responsible financial institution. The rest is no longer up for interpretation. The GENIUS Act ushers in a stablecoin regulated era. Now comes the hard part: implementation.
Yahoo
6 days ago
- Business
- Yahoo
US House passes crypto industry-backed market structure bill
(Reuters) -The U.S. House of Representatives passed a bill on Thursday that would develop a regulatory framework for cryptocurrencies and expand the Commodity Futures Trading Commission's oversight of the industry. The move is a major win for the digital asset industry, which has pushed for federal legislation for years and spent heavily in last year's elections to promote pro-crypto candidates. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-07-2025
- Business
- Yahoo
New budget law includes property renovation incentives
This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. A handful of provisions in the 940-page domestic policy law enacted July 4 could spark a quick-turnaround on facility renovations, a tax specialist says. The law restores 100% bonus depreciation on capital expenditures for property renovations, giving building owners an incentive to undertake work immediately so they can write off the full cost of the project in the year the work is done, says David De Jong, a principal at law firm Stein Sperling. 'It's a great incentive,' said De Jong, chair of the firm's tax group. 'Everybody with few exceptions is looking for write-offs that take effect immediately.' The federal government has made 100% bonus depreciation available before but always on a temporary basis, most recently in 2017-2022. In 2023, it dropped to 80% and then in 2024 to 60%. It was slated to drop to 40% this year before the new law was signed. Only projects that renovate existing facilities, excluding work on the exterior of the building, qualify for the incentive, De Jong said. That means building operators can replace the HVAC system, install energy efficient lighting and upgrade the plumbing and electrical, as well as make other improvements to the interior of their facilities, in compliance with the depreciation rules. Renovating the roof or upgrading the building exterior wouldn't quality. Nor would adding an addition. 'If you're doing something new it doesn't qualify,' said De Jong. 'Enlargement or change in the external structure – those don't qualify. But changes in the fixtures, flooring – anything that would not constitute a change in the overall structure would qualify." There are other provisions that could help owners if they want to do exterior work or build something new, De Jong said. Section 179 of the tax code is a longstanding provision that gives owners a 100% deduction on the cost of certain assets. Because it's a 100% deduction, it's been an attractive option in the years bonus depreciation was capped at something lower than that. But there's a negative. Unlike with bonus depreciation, the amount of expenditure that can be dedicated is capped. This year it's $2.5 million under the new law. There's another limitation. Unlike with bonus depreciation, the deduction can't be used to generate or increase a tax loss, and it phases out for larger businesses – those that have more than $4 million in qualifying assets, De Jong said. These limits are of more interest to company accountants than to facility managers, but it's useful to know about them because they impact decision-making on whether to undertake a capital project and when. For building owners wanting to include exterior work in the renovation, the deduction can be attractive because it includes roofing as a qualified expenditure. 'As long as it's a needed replacement roof,' he said. To make it easier to show it's a replacement roof and not an upgrade, it's best to replace the roof with something of similar quality rather than with something that would be a step above, he said. There's also a provision in the law that creates a new Section 168(n) in the Tax Code that allows for 100% bonus depreciation of new additions, or portions of new additions, if they're intended for manufacturing or chemical or agricultural production. 'It doesn't apply to portions of the building that are, like, a lunchroom or an administrative area,' he said. 'It's just for portions that are used for qualified production activity.' Details about the new Section 168(n) will remain unknown until the IRS comes out with guidance, but based on the language in the law, property owners should find it an attractive addition to the broader bonus depreciation incentive and the Section 179 deduction. 'It's probably the most significant totally new provision that will benefit some owners,' De Jong said. Recommended Reading Loss of 179D deduction could derail office conversions Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
ABC News
03-07-2025
- Politics
- ABC News
Federal politics live: Fast-tracked childcare laws to establish power for spot checks of sector
Federal officers would be given the power to conduct spot checks at childcare centres as part of fast-tracked laws set to be introduced later this month. Follow all the updates in our live blog.
