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�鶹ֱ�� & Lardner LLP partner Stephen Cobb appeared on the podcast to assess the shifting balance of power between federal regulators and state attorneys general under the second Trump administration.

“There’s a lot more wildcards than I think anyone could have anticipated,” Cobb, vice-chair of �鶹ֱ��’s State Attorneys General Practice, said of the administration’s withdrawal from certain areas of regulatory oversight. He explained that in more than one instance, as federal regulators like the U.S. Consumer Financial Protection Bureau, Federal Trade Commission, and Securities and Exchange Commission have stepped back, state AGs are moving forward to fill in the gap.

“On the one hand, there’s that immediacy of where AGs have stepped into the void providing a counterweight, but two, there’s also picking up existing cases that will be dropped by federal regulators and then flexing their regulatory muscles to let them know that just because the feds have stepped out, does not mean there is not going to be a regulatory regime following up on these things,” Cobb explained.

He also described broader consumer protection and Unfair or Deceptive Acts or Practices enforcement trends, state level approaches on crypto regulation, antitrust scrutiny and merger review, and the collaborative efforts among state AGs to address bipartisan issues in areas like data privacy and cybersecurity, organized retail crime and human trafficking, and health care affordability and fraud concerns.

Offering practical guidance for general counsels engaging with state AGs, Cobb said it is essential for businesses to consider risk across their entire geographic footprint. “My advice to a GC first and foremost is to look at this holistically – not just where you’re based, but what states are you doing business in?” he said. “If you’re working in 20 states, then you need a 20 state view of this.”

Cobb recommended proactive communication and engagement with state AGs, particularly for companies introducing disruptive business models or technologies. “Don’t wait for them to come in and start asking questions,” he added. “Be on that front foot.”

The full episode is also available across major podcast platforms, including and .