The mechanism of transcriptional activation by Myc has been a subject of considerable interest for many years. Recently we reported a novel Myc biochemical function in gene regulation which is distinct from conventional transcriptional activation. Myc can induce global RNA pol II carboxy terminal domain phosphorylation and enhanced mRNA cap methylation on a subset of mRNAs. Remarkably, Myc can induce many of these effects in the complete absence of its DNA binding domain. We further discuss the mechanism of Myc-induced cap methylation, its synergistic relationship with Myc induced transcription, and the role of Myc in cell proliferation.