Any firm treating a mark-up of less than 5 percent as being within safe harbors should fix its procedures yesterday (and should probably worry whether all of its compliance procedures need some updating.) That safe harbor was mined so many years ago that many of the people in the industry today probably started after it had been shut down.

If the SEC's case is that there is tremendous investor demand for greenhouse gas information, then the question is, at what price? The production of this information will be a significant tax on public issuers, which will be paid by shareholders. Presumably, the argument is that this information will allow public investors to better allocate their capital, but investors will have to make significantly better allocation decisions in order to compensate investors for the cost of producing the…

This is the first public statement by any U.S. government official that takes a measured view of the dangers (or lack thereof) of digital assets generally and of stablecoins and CBDCs in particular. 

Mr. Waller's statement highlights a related issue of partisanship at the Financial Stability Oversight Council. The purpose of FSOC is purportedly to provide a broad spectrum of views as to threats to the U.S. economy. It is incapable of fulfilling this role because it is wholly…

For the last year, Senators Elizabeth Warren (D-MA) and Sherrod Brown (D-OH), and the heads of each of the major financial regulatory agencies, have decried the risks that they perceive in the use of digital assets. Significantly, Senators Kristen Gillibrand (D-NY), Debbie Stabenow (D-MI) and Cory Booker (D-NJ) have each proposed legislation to facilitate the development of digital asset markets. Senator Hickenlooper's remarks draw attention to the differences between these positions…