On Friday, April 11, 2025, The New Administration’s Office of Management and Budget (OMB) issued an official Notice (published in the Federal Register) seeking formal comments from the public about proposals to modify or rescind regulations affecting the private sector. OMB explained that it is specifically seeking proposals to rescind or replace “outdated” or “expensive” regulations that hinder “businesses” and “ingenuity” in the U.S.

OMB’s announcement on Friday “creates a huge opportunity to propose changes to regulations that, if implemented, can help your business and your industry by reducing costs or streamlining processes that should be updated,” according to John Bender, a Partner at Seattle law firm K&L Gates. The opportunity is open to “not just crypto, but potentially any business in any industry that has experience operating under federal regulations they believe should be changed or repealed,” Bender said.

The deadline for submissions is next month. Formal comments must be submitted through OMB’s website in writing by May 12, 2025. The OMB Notice states that proposals “should identify rules to be rescinded and provide detailed reasons for their rescission.” The Notice states that proposals should also “address the background of the rule” and pay “particular attention to regulations that are inconsistent with statutory text or the Constitution, where costs exceed benefits, where the regulation is outdated or unnecessary, or where regulation is burdening American business in unforeseen ways.”

All submitted proposals will become publicly available. While anyone can submit a formal comment letter to OMB themselves, Bender said, many businesses also choose to work with legal counsel who can help draft their submission in a persuasive light and guide them through the process if their proposal is selected for further rulemaking.

By WTIA/John Bender of K&L Gates