The SIFMA AMG letter makes explicit that the Supreme Court decision in , which "raises concerns about the Commission’s ability to implement both the Proposal and the Climate Disclosure Rule under the 'major questions' doctrine," threatens this SEC rulemaking. It is likely that the SEC will be defending administrative law challenges concerning this and other proposed rule changes over the next few years. While financial market participants have been historically reluctant to challenge the SEC…

If one did not know better, one might think that the SEC staff is actively trying to discourage investments in small private issuers. . .

See . The speech and the letter are not entirely inconsistent, but the tone is quite different.

The FRB's guidance follows closely on  to Acting OCC Comptroller Michael J. Hsu urging the OCC to rescind interpretative letters permitting banks to engage in cryptocurrency activities.