Financial Industry Regulatory Authority

A contentious, years-long legal battle over the Horseracing Integrity and Safety Act (HISA) appears headed for a showdown in the highest court in the land. At the opposite ends of any future court ruling is one that could essentially impact just the future of horse racing, or one that could take a wrecking ball to various core pillars of modern life. Industry players' stance on HISA can probably be boiled down into three main camps: those who are in ideological lock-step with the new federal body of governance; those who...

During one of the most politically polarizing times in our country's history, Congress passed the Horseracing Integrity and Safety Act of 2020 (HISA) with bipartisan support. What did this rare display of unity say about the health of the Thoroughbred racing industry? To say it kindly: the industry needed help. HISA handed over the reins for regulating Thoroughbred safety and anti-doping and medication control matters to a private, self-regulatory organization named the Horseracing Integrity and Safety Authority (Authority). Before HISA, Thoroughbred racing in the United States was regulated by a...