On November 1, 2021, the President’s Working Group on Financial Markets (PWG), along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) issued a Report on Stablecoins (the Report).[1]   Stablecoins “are digital assets that are designed to maintain a stable value relative to a national currency or other reference assets.”[2]  The Report recommends that Congress act promptly to enact legislation addressing stablecoins[3] and signals the Biden Administration’s focus on this issue and looming enforcement from  governing agencies such as the Department of Justice (DOJ), Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

The Report provides an overview of stablecoins and decentralized finance (DeFi) platforms more generally; risks and regulatory gaps; and the group’s recommendation.  In drafting the Report, the Agencies held discussions with key industry stakeholders, including Coinbase, Kraken, and Stripe.  While the Report signals that one day we may see clarity on relevant guidelines related to stablecoins, the Report itself offers little clarity or specific guidance to stakeholders today.

McGuireWoods’ Ponzi Litigation team launched its Ponzi Perspectives blog in early 2021 to track key decisions and new cases in Ponzi civil and criminal litigation.  Ponzi Perspectives focuses on cases and decisions that have the potential to influence controlling law on Ponzi-related issues.  The blog also offers analysis of key decisions and practical considerations when…

DW Healthcare Partners (DWHP) has sold WillowWood Global to Blue Sea Capital, according to a news release.

WillowWood, based in Mt. Sterling, Ohio, designs, manufactures and distributes prosthetic products for amputees. Founded in 1907 as the Ohio Willow Wood Company, the company’s products include the Alpha family of liners, Meta feet, central-fabrication and custom…

HealthEdge Investment Partners has announced it has sold The Columbus Organization to CareSource.

The Columbus Organization, based in Blue Bell, Pa., provides care/support coordination, professional clinical staffing and quality improvement services for the intellectual/developmental disability (I/DD) or behavioral needs community. The company serves more than 100,000 individuals across 13 states.

HealthEdge Investment Partners,…

Bain Capital Private Equity has announced it will acquire a majority stake in InnovaCare Health.

InnovaCare, based in White Plains, N.Y., is a provider of integrated and value-based healthcare services. InnovaCare states that its integrated primary care provider network treats more than 250,000 patients annually, and the company also supports physicians who collectively serve…

Athenahealth has entered into a definitive agreement to be jointly acquired by affiliates of Bain Capital and Hellman & Friedman for $17 billion, according to a news release.

Athenahealth, based in Watertown, Mass., is a provider of cloud-based enterprise software solutions for medical groups and health systems.

Bain Capital Private Equity, based…

Geoff Winkler, as Receiver for Profit Connect Wealth Services, Inc. v. William Roshak, et al.  was filed in the United States District Court for the District of Nevada on November 4, 2021 asserting claims for (1) fraudulent transfer; (2) unjust enrichment; (3) declaratory relief; and (4) attorneys’ fees and costs.

Plaintiff is the court-appointed receiver of Profit Connect Wealth Services, Inc. (“Profit Connect”) in an action titled Securities and Exchange Commission v. Profit Connect Wealth Services, Inc., et al., Case No. 21-cv-01298-JAD-BNW (D. Nev.) (the “SEC Action”). Plaintiff was appointed as the Receiver in that matter and granted broad authority to investigate claims and institute actions and legal proceedings on behalf of Profit Connect and its investors. This action is against Defendants William Roshak in his individual capacity and d/b/a/ William George Photography, Melissa Roshak, Tetiana Luzhanska, and Tina M. Leiss, in her sole capacity as the executive officer of the Public Employees’ Retirement System of Nevada (“PERS”).

On November 4, 2021, the Department of Defense (DoD) announced significant changes to the strategic direction of the Cybersecurity Maturity Model Certification (CMMC) program.  Specifically, DoD stated that the goal of these changes is to simplify the CMMC standard and prioritize the protection of certain types of controlled defense information.  After a nine-month internal review by the Pentagon, DoD introduced CMMC 2.0, which clarifies contracting requirements, places greater emphasis on contractors that hold sensitive information, and suggests that the agency seeks to reinforce cooperation between DoD and industry in addressing evolving cyber threats.  The CMMC program changes condense the number of security tiers, allow contractors who do not hold Controlled Unclassified Information (CUI) to perform annual self-assessments, and permit remediation plans (known generally as Plans of Action and Milestones (or POA&Ms)) and waivers in limited circumstances.  However, a number of mandatory controls may not be subject to a POA&M prior to award, notwithstanding that other controls may be remediated within a clearly identified timeline.