This paper identifies a cross-jurisdictional configuration created by three uncoordinated regulatory developments — the SEC's reclassification of data centre securities (July 2026), the Solvency II capital charge reduction (January 2027), and the Federal Reserve's stablecoin reserve mandate under the GENIUS Act (September 2026) — through which European institutional investors absorb US-originated AI infrastructure credit risk while the United States retains the instruments of crisis absorption. Three policy interventions within existing ESRB, EIOPA, and ESMA mandates are proposed ahead of the 30 January 2027 implementation date.
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Marco Perugini (2026) studied this question.
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