Fifteen years on from the global financial crisis, the reputation of the US financial system is taking another battering. The damage comes due to the collapse of crypto ‘exchange’ FTX and the run on several mid-sized banks, as well as the piecemeal responses from the US authorities to prevent matters spiralling out of control. The events raise issues related to the US’s role as a leader in corporate risk management, an adherent to market discipline, an enforcer of supervision and as an