The SEC's attempted proposal to expand the definition of the term "dealer" is, in large part, outside its authority under the Exchange Act. Should the SEC go forward with the proposal, plaintiffs - as in the case the Commissioner cited - would have a very strong argument.

As to off-channel communications, the issue is not really the lack of clarity in business communications. The real problem, which the Commissioner notes, is the unjustifiable amount of the fines for the violations.…

The Appeals Court language criticizing the SEC's regulatory process is harsh. The Court describes the SEC's justifications for its rulemaking process as being "demonstrably false" (page 18) and "internally contradictory" (page 23). (See also, a case in which the Court described the SEC's conduct as "arbitrary and capricious.)

Although the SEC was ordered to correct significant rulemaking defects, the SEC did not lose on every argument. Perhaps most signficantly, the Court rejected the…

The President's Executive Order on AI reads very much like his Order on. And it elicits the same reaction: "Given the sheer number of agencies to be involved, the complete diversity of interests to be considered, and the absence of any prioritization of those interests, the Executive Order does not actually provide much in the way of direction."

This is an odd response to the legislators' questions. GAO does not seem to have performed any independent investigation as to whether the SEC procedures were sufficient to meet the relevant legal obligations in practice. GAO found that a number of certain administrative law requirements do not apply to the SEC as an independent agency, not really a question in doubt. Beyond that, GAO merely concludes that the SEC's adopting release recites that the SEC complied with the administrative law…