Sky Blog
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 …
On 10 February 2026, the FCA publicised that it has commenced proceedings against an offshore crypto platform for breach of the UK financial promotions regime for cryptoassets. This is the first enforcement action the FCA has taken following expansion of …
Public companies routinely unlock capital by monetizing nontraditional assets. Future receivables are securitized. Intellectual property is pledged as collateral. Long-dated cash flows are sliced, priced, and traded. Even reputational assets increasingly appear – implicitly, if not formally – on corporate …
In a new article, we show that jurisdictions treat crypto-derivatives inconsistently, resulting in a regulatory landscape that raises prudential and investor-protection concerns. This divergence is particularly striking given that crypto-derivatives overwhelmingly replicate traditional derivatives in their contractual structure, payoff …
The capture of Nicolás Maduro by U.S. forces in the early morning hours of January 3, 2026 produced dramatic headlines, but a key question is whether his removal significantly affects the dynamics that have underpinned Venezuela’s long‑running crises. The reality …
In a new article, I examine how the role of derivatives in the crypto industry compares in terms of sophistication and leverage with their role in traditional finance. Engaging in the first qualitative and empirical analysis of the issue, …
In 2023, a former employee and shareholder of a struggling startup called Teespring sued not just the company and its managers, but also one of its investors: Hydrazine Capital, a venture fund affiliated with OpenAI CEO Sam Altman. The plaintiff …
The enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act established the nation’s first federal prudential framework for “payment stablecoins,” mandating 1:1 reserve backing and explicitly prohibiting issuers from paying interest.[1] This legislative bargain was …
At the end of December, the FDIC issued two releases related to the resolution of failed banks. The December 31 release provided an update about the FDIC rule on insured depository institution (“IDI”) resolution plans (the “IDI plan rule”).[1] The …
The environment has never been more favorable for existing banking organizations launching a digital asset business and those Fintech and other nonbank companies considering acquiring or chartering a full-service or limited-purpose bank in order to operate a digital asset business. …
A recent OECD report explores key issues and trends in sustainable bond markets, including green bonds and sustainability-linked bonds. It aims to inform policy discussions on investors’ goals when acquiring sustainable bonds, how these instruments may influence corporate and official …
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 …