The hardest part of drafting any new regulation is establishing a definition. In fact, most of the policy work is in the definition and there are alarmingly few policy considerations after something is defined as a covered entity. The definition of cryptocurrency has already proved problematic for regulators. Essentially, to commodities regulators, virtual currency is a commodity. For bank regulators, it is a bank. For securities regulators, it is a security. For those who regulate money transmitters, it is a money transmitter. For the purpose of property taxes, it is a property. Everyone wants a stake in the new world of virtual currency.

In a proposed regulation that would limit the use of arbitration agreements as a means to settle consumer disputes, the Consumer Financial Protection Bureau (CFPB) justifies its advocacy of the class action process through its own study, which, upon further examination, was no more than a data-filled, 728-page Trojan Horse.

Last week, the U.S. Department of Labor (DOL) announced revisions to the proposed rules interpreting the Fair Labor Standard Act’s regulations on the overtime compensation pay of white-collar, salaried workers. Currently, salaried employees making more than $23,660 annually are exempt from the DOL requirement that employers pay time-and-a-half for each hour over 40 hours weekly. The final rule, with several key changes to the proposed rule, will extend overtime pay protections to over 40 million American workers.

President Obama has released the regulatory agenda for the final months of his administration. This plan, known as the Unified Agenda, is an overview of the proposed rules and regulations federal bureaucrats plan to issue before the newly elected administration takes over in January 2017.

As the "drop dead date" for Obama administration regulations draws near, we are expecting a flood of "midnight regulations." Regulatory agencies, in an eleventh-hour attempt to pass new rules before the start of the next administration, will make a huge push in ushering in new proposals. In preparation for this regulatory outburst, we have provided a brief guide explaining how proposed rules become regulations.

The "drop dead date" for federal regulations is fast approaching and we are expecting more overreaching proposals. This is the last date that proposed rules can be finalized by the Obama administration, without fear that the next President will overturn them under the Congressional Review Act. Regulatory agencies are expected to release a flood of regulations before this date. This regulatory outburst, first noted in the final days of the Carter Administration, is known as "midnight regulations."

Financial regulators released a 279-page proposal that would set parameters around how and when Wall Street Executives make their money. The proposal, mandated by the Dodd-Frank Act, is a five-year project spanning across six regulatory agencies.

In an April 19 report, Why Congress Must End Regulation by Guidance Document, the Competitive Enterprise Institute (CEI) warns us about the enormous impact of federal agencies’ sub-regulatory “guidance” documents, including a big negative effect on the economy and job creators. These guidelines, which can be as informal as a bulletin or press release, do not undergo formal notice and comment rulemaking procedures and are not legally binding in a strict sense, as the House Oversight Committee has noted. Nonetheless, they are used to make major policy decisions and, according to Senator Pat Roberts (R-Kan.), are “often as effective as regulations in changing behavior due to the weight agencies and courts give them.”

Good news came out of the West Virginia legislature this past Thursday, as bills regarding Right-to-Work and repealing the prevailing wage were passed in the House and Senate, respectively. Both of these bills mean that workers will no longer be tethered to barriers to business caused by the state, and the West Virginia economy will be allowed grow free from government inefficiencies.

It is illegal to sell a muffin to your neighbor in the state of Wisconsin. Cookies, cakes, and breads are all banned too. In fact, selling these items is a crime punishable by up to $1,000 in fines and six months in jail.