The year 2025 will be remembered as a watershed moment in the history of the Corporate Transparency Act. A series of dramatic legal and regulatory developments culminated in a landmark decision by FinCEN to fundamentally alter the scope of its own regulation. This chapter examines the timeline of events that led to the exemption of all U.S. domestic companies from Beneficial Ownership Information (BOI) reporting requirements, a move that shifted the compliance burden entirely onto foreign entities operating in the United States.