While one can imagine significant national advantages to a CBDC in strengthening the dollar, there are great risks, including the potential loss of privacy as the government would likely obtain much greater transparency into how individuals spend their money. As a result, the decision should not be made on a partisan basis or by an agency of the government. 

There is a very large divide in the treatment of digital assets technology by European regulators and by U.S. regulators, as evidenced by the . The Europeans are open to the innovation; the U.S. regulators are not as open. This divide seems unlikely to play to the long-term benefit of the U.S. economy.

The problems in the U.S. digital assets marketplace are not going to be corrected unless the SEC comes up with a regulatory scheme that supports innovation. It is clear that the…

The White House recently issued a for the regulation of digital assets which highlights how digital assets can be implicated in every major problem in the world. (See .) The FSOC report likewise associates digital assets with many of the world's current problems.

Digital assets markets have serious issues, including fraud on retail investors. This report makes no meaningful effort to distinguish between different types of digital assets such as true cryptocurrencies, stablecoins…

The enforcement action provides fairly limited details. However, it is notable that it was not FINRA that characterized the private placement as a "distribution"; that determination was made by the firm and accordingly the firm was bound by it.