Derivatives and Structured Finance partners Fabien Carruzzo and Nick May authored the chapter "The Evolution of Credit Default Swaps," which appeared in the 2025 edition of ICLG's Derivatives Laws and Regulations guide. 

Read the full chapter here.

In light of these political factors, any federal privacy bill that does emerge may look more like Texas' privacy law than the American Privacy Rights Act proposed last year, with a stronger focus on data security requirements than on consumer rights and data minimization. 

Disagreements over a private right of action, like those afforded under California's privacy law, may continue to be a sticking point in Congress.

Progress is more likely in the domain of children's internet privacy. Last summer, the Senate overwhelmingly passed the bipartisan Kids Online Safety and Privacy Act, a two-bill package that would mandate separate privacy protections for teenagers and children under 13.

These protections would include bans on targeted advertising and non-consensual data collection, a revised actual knowledge standard, a data deletion mechanism, stricter privacy by default standards, parental controls, risk audits, and the option to opt-out of personalized algorithmic recommendations. An amended version approved by the House Committee on Energy and Commerce failed to reach a floor vote.

The House and Senate versions diverged over where to set the standard for knowledge of a minor's website use. The Senate version had an actual knowledge standard for all entities covered by the bill, whereas the House proposed a three-tier system, with different knowledge standards for (1) "high-impact social media companies," (2) other companies with an annual gross revenue exceeding $200 million that collect the personal information of more than 200,000 people, and (3) all other companies. The key question is whether Congress will be able to reconcile their versions before the year is out.

A version of this article was originally published on Reuters.

Key contacts

Fabien Carruzzo photo

Fabien Carruzzo

Partner, Head of Derivatives and Structured Products, US , New York

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Derivatives and structured products Cyber Security Geopolitics and Business Business Protection and Risk Fabien Carruzzo Nick May