Sky Blog
The GENIUS Act, enacted in July 2025, provides a federal regulatory framework for stablecoin issuers, including a carveout that, under certain conditions, allows states to oversee issuers of less than $10 billion. After the law went into effect, the …
On March 25, 2026, the Financial Stability Oversight Council (the “Council”) unanimously voted to propose amendments to its interpretive guidance (the “Proposed Interpretive Guidance”) regarding the designation of nonbank financial companies as “systemically important financial institutions” (“SIFIs”) for supervision by …
Difficulties in valuing the assets and liabilities of the largest banking organizations aggravated the 2007-08 financial crisis. Regulation under the Dodd-Frank Act sought to increase transparency and reduce complexity among these institutions. With the benefit of significant hindsight, it is …
On April 6, 2026, a divided panel of the U.S. Court of Appeals for the Third Circuit held that the U.S. Commodity Futures Trading Commission (“CFTC”) has exclusive jurisdiction over sports-related event contracts offered by Kalshi, becoming the first federal …
Early-stage startups need to raise small amounts of money quickly, cheaply, and repeatedly, often when they have very little to show to prospective investors. At this stage, it is far too early to negotiate the terms traditional venture deals are …
Prediction markets allow participants to trade contracts on whether or not real-world events will occur. These platforms have grown rapidly, and contracts tied to specific company activity are now actively trading, including contracts on IPOs, mergers and acquisitions, earnings call …
The U.S. Commodity Futures Trading Commission (CFTC or the Commission), under Chairman Michael Selig’s leadership, has taken an expansive view of its authority over prediction markets, arguing that the agency has exclusive jurisdiction over event contracts traded on designated contract …
To encourage the participation of private investors such as private equity firms in the acquisition of failed banks, the FDIC on March 19 approved the rescission of its 2009 Statement of Policy on the Qualifications for Failed Bank Acquisitions.[1]…
Banking organizations must ensure that a tokenized security confers identical legal rights as its non-tokenized counterpart to qualify for the same capital treatment as the non-tokenized form of the security, according to new guidance from the federal banking agencies.
On February 25, 2026, the Office of the Comptroller of the Currency (the “OCC”) issued a proposal to implement significant portions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, known as the GENIUS Act (the “Act”), which …
For many years, liquidity was often conceptualized through the lens of continuous exchange trading. That framework suggests a system in which liquidity is stable, transparent, and readily accessible, like a placid lake.
In calm markets, liquidity feels effortless. Trading is
Companies increasingly use sophisticated algorithms and consumer data to set individualized prices for goods and services—a practice commonly referred to as “surveillance pricing” or “personalized algorithmic pricing.” While such practices may offer business advantages, they have attracted significant scrutiny from …
Many companies approaching an initial public offering face a familiar concern: whether the underwriters responsible for marketing the deal are fully aligned with the issuer’s interests. IPO underpricing – the tendency for shares to jump in price on the first …
Can I bet on a prediction market on whether the U.S. will bomb Iran before a specified date? Or, can I similarly bet there on whether the Ayatollah will be ousted from office (including as the result of his death …
The Modigliani-Miller (MM) Theorem and the Coase Theorem are two of the most important contributions to modern economics. Their insights earned Nobel Prizes for their authors, with MM transforming how economists and legal scholars analyze corporate financial policy and Coase …
The UK Financial Conduct Authority’s approach to regulatory enforcement has shifted in recent years, moving away from a broad-brush approach to one that is more selective in order to focus on “impactful deterrence”. In short, this means the FCA is …
If you know only one thing about banks and bank regulation, it’s probably encapsulated in the statement “FDIC-Insured.” For almost a century, this statement and others like it have been displayed at the entrance to every bank branch, on the …
The Paris Agreement’s commitment to aligning finance with efforts toward net-zero emissions has catalyzed an unprecedented shift in financial markets. Sustainable finance has evolved from niche to mainstream, with financial institutions increasingly incorporating environmental considerations into their decisions. By withdrawing …
On January 29, 2026, Michael S. Selig delivered his first public remarks as Chairman of the Commodity Futures Trading Commission (“CFTC”).1 Chairman Selig outlined the central pillars of his regulatory agenda for the “new frontier of finance,” highlighting regulations he …