Sky Blog
The Federal Reserve and FDIC took actions last week designed to facilitate crypto-related activities. The Federal Reserve rescinded its anti-crypto 2023 policy statement and replaced it with a more permissive stance designed to facilitate innovation, and requested information on a …
Debates on whether to simplify financial regulations are often framed as if complexity were a technical inconvenience –an unfortunate by-product of legislative over-exuberance that could be corrected by pruning rulebooks and consolidating texts. Yet the reality is not so simple. …
Climate-related reporting continues to be a controversial topic. The U.S. Securities and Exchange Commission has withdrawn its defense of enhanced climate-related disclosures, the European Commission is debating how to scale back mandatory sustainability reporting requirements under its Omnibus revisions, …
401(k) accounts are where most Americans put their financial assets.1 President Trump appears determined to prod them to invest those accounts in “alternative investments,” most prominently, private equity. To that end, in Executive Order 14330, the president ordered the Department …
The concept of commercial reasonableness is central to, or at least in the shadow of, most commercial, financial, and other business law disputes. Often, a court’s decision turns in whole or in part on whether parties acted in a commercially …
Key Points:
In October 2025, Bitcoin experienced its largest single-day crash since the COVID-19 pandemic, a 20% decline that economist Paul Krugman attributed not to economic fundamentals but to threats against Donald Trump’s political standing. 1 Krugman’s diagnosis was stark: Bitcoin had …
The proposed Digital Asset Market Clarity Act would establish a comprehensive, top-down regulatory framework for digital assets that reflects a growing bipartisan push in Congress for clear oversight of the digital asset industry. On Nov. 9, 2025, the Senate Committee …
On November 18, 2025, the Federal Reserve released a Statement of Supervisory Operating Principles that sets out changes to how Federal Reserve examiners should supervise banking organizations. The Statement translates Vice Chair for Supervision Michelle Bowman’s stated priorities into concrete …
On November 5, 2025, the Board of Governors of the Federal Reserve System (the “FRB”) adopted, by a six-to-one vote (with Governor Michael Barr dissenting), a set of revisions to the supervisory ratings system applicable to holding companies of large …
Following the 2007-08 Global Financial Crisis, regulators around the world sought to design a new framework that would result in “bail-ins” instead of “bailouts” of large financial institutions. One important tool in that framework was a debt-equity hybrid instrument: contingent …
Insiders such as executives, directors, and large shareholders often use company stock as collateral for personal loans. This practice is widespread but lightly regulated, and to many it has long seemed a harmless perk of wealth and a private decision …
In many economic settings, gatekeepers play a central role. For example, auditors verify public firms’ financial statements, lawyers sign off on transactions by providing legal opinions, and bank regulators assess whether banks are financially sound. Gatekeepers influence the behavior of …
On October 15, Travis Hill, Acting Chairman of the Federal Deposit Insurance Corporation (who has been nominated to permanently lead the agency) delivered a speech titled “Resolution Readiness and Lessons Learned from Recent Large Bank Failures” at the EU Single …
Artificial intelligence (AI) poses a clear and present danger to our money and our markets. With AI, bad actors and rogue nations can readily and cheaply engage in market manipulation, financial misinformation, and regulatory misconduct that threaten the stability, integrity, …
The US is the world’s largest private credit market, tripling in size since 2010 (estimated to be around US$1.5 trillion today) and currently more than twice the size of Europe’s market (approximately US$500 billion-US$1 trillion), according to Barings’ report, Direct …
On September 19, 2025, the US Department of the Treasury (Treasury) issued an Advance Notice of Proposed Rulemaking (ANPRM), seeking public comment related to its implementation of the Guiding and Establishing National Innovation for US Stablecoins Act (the GENIUS Act), …
On October 24, 2025, the Federal Reserve Board issued two proposals to revise its supervisory stress testing framework.
On October 15, Travis Hill, Acting Chairman of the Federal Deposit Insurance Corporation (who has been nominated to permanently lead the agency) delivered a speech titled “Resolution Readiness and Lessons Learned from Recent Large Bank Failures” at the EU Single …