Twenty-one U.S. states and D.C. sue Trump administration over rollback of corporate ownership reporting rules

A coalition of 21 U.S. states and the District of Columbia has filed a lawsuit against the Trump administration, challenging its August 2026 rule that exempted most U.S. companies and individuals from reporting beneficial ownership information to the Treasury Department's financial crimes unit. The lawsuit, filed in the U.S. District Court for the District of Oregon, argues that the administration's action effectively nullifies the 2021 Corporate Transparency Act, which aimed to combat illicit finance.