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Sole-Source Protest Win Nets Only Protest Costs

Client Alert | less than 1 min read | 12.08.05

In Europe Displays, Inc. (Dec. 5, 2005, http://www.gao.gov/decisions/bidpro/297099.pdf), GAO sustained a protest challenging a sole-source award under Simplified Acquisition Procedures because the agency’s justification was not objectively reasonable based on the information reasonably available to the agency, regardless of whether the agency had acted in good faith. However, because the contract had been fully performed by the time of the GAO decision, GAO awarded the protester only its protest costs, reasoning that the cost of responding to a FedBizOpps announcement of a proposed sole-source award, including preparation of a capability statement, is not a “proposal” cost for which GAO can recommend reimbursement.

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Client Alert | 6 min read | 08.11.26

Lending Against Digital Assets: Five Key Takeaways for Lenders After a Year of Regulatory and UCC Change

Over the past 18 months, the federal banking agencies have clarified supervisory expectations for banks’ crypto-asset activities, and several of the largest U.S. banks have announced programs accepting Bitcoin and Ether as loan collateral. Separately, on June 3, 2026, New York’s enactment of the 2022 amendments to the Uniform Commercial Code took effect, changing the rules governing the perfection of a security interest in digital asset collateral in New York, the jurisdiction whose law governs most institutional credit documentation. Together, these developments may create significant opportunities for lenders navigating the complexities to comply with the newly enacted statutes. This alert surveys the current landscape, from regulatory permissibility and perfection through custody, structuring, and compliance, for institutions active in this market or considering entering it....

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