Mr. Gensler says competition is good, a claim unlikely to generate vigorous debate. What can be disputed is both (i) the changes that lead to increased competition and (ii) the harms Mr. Gensler believes have resulted from insufficient competition.

One point Mr. Gensler makes is that "central intermediaries [may] benefit from scale, network effects and access to valuable data." That seems true. However, one reason that scale becomes so important is that the costs of regulation (which…

As the level of U.S. government debt increases relative to the size of the U.S. economy, U.S. regulators ought to be extremely cautious as to regulatory changes that would scare dealers away from taking on large positions. Even a small increase in the risk premium required to incentivize dealers to take on block positions will be expensive for the U.S. government.

Wow. Read Commissioner Uyeda's whole speech. The above summary does not adequately convey his deep concerns over the consequences of the current rulemaking process under SEC Chair Gary Gensler. Mr. Uyeda challenges directly the credibility of the entire SEC rulemaking process under this administration.

(See also SEC Commissioner Peirce's .)

This is the second major constitutional defeat for the CFPB. Previously, the Supreme Court ruled in that the CFPB's structure was unconstitutional, in that it gave significant executive power to a single individual who generally cannot be removed by the president. The constitutional flaws in the creation of the agency were obvious from the get-go. (See, in particular, .)

These two rulings are ultimately the result of Senator Elizabeth Warren's failure to draft the legislation in a…