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Delaware may still be the gold standard for corporate law, but the Lone Star State is stepping up. In this episode of Bite-Sized Business Law from Fordham Law Corporate Law Center, Michael Holmes explores how Texas is positioning itself as a serious alternative for corporate litigation and incorporation, as companies increasingly reconsider Delaware. Michael explains how recent legislative changes like SB21 have opened the door for states like Texas to compete, and how Texas is responding with its own business court system. He outlines key structural differences, including jurisdictional thresholds, term limits for judges, and early-stage rulings on director disinterestedness.

On May 12, 2025, the Chairman of the Securities and Exchange Commission (the “SEC” or the “Commission”), Paul Atkins, announced his plan to “develop a rational regulatory framework for crypto asset markets” during his keynote address at the Crypto Task Force Roundtable on Tokenization.¹ Under this proposed framework, the SEC will update its regulations to include and accommodate on-chain cryptocurrency in the traditional financial market. The SEC’s new approach to crypto is emblematic of the Trump administration’s goal to make the United States the “crypto capital of the planet,” as the President promised during his 2024 campaign.²

As an update to Vinson & Elkins’ prior coverage  of House Bill 40 (“H.B. 40”)—new legislation that expands the jurisdiction and operations of the recently opened Texas business courts—both houses of the Texas Legislature approved H.B. 40 on June 2, 2025.

On May 13, 2025, the Texas House of Representatives — by a vote of 99–40 — passed House Bill 40 (“H.B. 40”), which would enact significant changes to the recently adopted business court system in Texas. Those changes include a substantial expansion of the types of cases the business courts have jurisdiction over, requiring the Texas Supreme Court to establish rules related to the determination of such jurisdiction, and other administrative amendments.

Attorneys in our appellate, energy regulatory, environmental, tax, securities, and employment practices explored how these landmark rulings affect administrative law and practice and what comes next.

On November 29, 2023, the Supreme Court heard oral argument in a critically important administrative law case, Securities and Exchange Commission v. Jarkesy, No. 22-859.

On June 23, 2023, the Texas Supreme Court issued a decision embracing the rule that an investor can engage in customary investment practices without becoming liable for torts committed by a portfolio company.