On December 18, 2025, President Trump signed into law the Fiscal Year 2026 National Defense Authorization Act (NDAA), which includes the Comprehensive Outbound Investment National Security Act of 2025 (COINS Act). The COINS Act codifies and expands the scope of the Outbound Investment Security Program that is currently in effect under 31 C.F.R. Part 850. Importantly, these changes are not effective immediately and thus the existing Outbound Investment Security Program will remain in effect until the U.S.