Sky Blog
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 …
On December 11, President Trump signed an Executive Order titled “Protecting American Investors from Foreign‑Owned and Politically‑Motivated Proxy Advisors” (the “Order”). The Order focuses on the “enormous influence” of proxy advisory firms, particularly Institutional Shareholder Services, Inc. (“ISS”) …
The traditional mechanisms for ensuring corporate accountability – civil, regulatory, and federal criminal – are failing. At the same time, industries that generate great economic value are inflicting a great deal of harm. This moment calls for effective reforms that …
Today [December 11] the Financial Stability Oversight Council (FSOC) received a briefing from Treasury staff on potential revisions to the Council’s interpretative guidance regarding nonbank financial company determinations. And I was especially encouraged to see revising the non-bank designation guidance …
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 …
Good morning and thank you Aaron [Klein]. It is a pleasure to be here this morning. While this isn’t a “farewell address,” I hope you will indulge me if I take the opportunity to reflect a little bit on what …
The Guiding and Establishing National Innovation for U.S. Stablecoins Act (“GENIUS Act”) establishes the first comprehensive federal framework for “payment stablecoins” in the United States. The bill’s most discussed, and debated, provision is Section 4(a)(11), which provides:
No …
Artificial intelligence (AI) is no longer just assisting the legal profession but transforming it – including by shaping how disputes are resolved. In arbitration, algorithms are already used to select arbitrators, analyze documents, and draft procedural orders. The essential question …
Key Points:
Any state that aspires to be a serious contender in the competition for corporate charters must have a specialized corporate law court. Delaware leads this competition in part because of its Court of Chancery, which has produced an exceptional body …
Summary
American corporations have undergone a gradual but significant transformation. Founding chief executive officers (“founder-CEOs”) and activist hedge funds increasingly dominate their companies despite owning well short of a majority of shares. Founder-CEOs wield control through their personal brands or dual-class …
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 …
Good morning, ladies and gentlemen. Lynn, let me start by thanking you for your generous introduction and for hosting this event at the Exchange. My thanks as well to the market participants here today. And of course, I am grateful …
In the market for corporate control, regulation has long been viewed as a tax on activity, a hurdle to overcome, or a cost to be priced in. The conventional wisdom is straightforward: More regulation equals less activity. However, in a …
On November 25, 2025, the DOJ announced that it agreed to settle claims that RealPage, Inc. (RealPage) violated Section 1 of the Sherman Act by unlawfully sharing competing users’ competitively sensitive information for use in competitors’ pricing and by entering …
Shareholders have evolved from passive investors into active participants, often driving transformative agendas through activism. Proxy contests, in which investors seek to influence or seize board control, have proliferated, imposing substantial financial burdens on companies – estimated in the billions …
On November 10, 2025, Comunicaciones Celulares S.A. (“Comcel” d/b/a “TIGO Guatemala (“TIGO”)”), a subsidiary of Millicom International Cellular (“Millicom”), a Luxembourg company, entered into a deferred prosecution agreement (“DPA”) with the Department of Justice (“DOJ”) to resolve a criminal investigation …
The rise of Special Purpose Acquisition Companies (SPACs) as an alternative pathway to public markets represents one of the most significant features of entrepreneurial ventures in the last few years. Between 2020 and 2021, SPACs accounted for over 40% of …