Impacts of Encryption Regulation and Strategic Competition Act on CFIUS The last two years have seen the passage and expedited implementation of the Foreign Investment Risk Review Modernization Act (FIRRMA) – arguably the largest change in U.S. regulation of foreign investment since the 1975 creation of the Committee on Foreign Investment in the U.S. (CFIUS). Significant changes to U.S. Foreign Direct Investment (FDI) related laws and regulations continue. Recent changes by the U.S. Department of Commerce, Bureau of Industry & Security (BIS) should remove open source and mass market encryption as “emerging” technologies subject to CFIUS review under FIRRMA. Conversely, the Strategic Competition Act of 2021 (“SCA”), passed by the Senate and headed to the House, will expand CFIUS coverage to U.S. universities, colleges, and research institutes.