While the Senators are obviously right that the value of some individual digital assets is highly volatile, there is no explanation given as to why the specific service activities permitted by the three OCC interpretive letters are inherently risky (e.g., none of the letters is intended to permit banks to speculate in digital assets).

The Senators' letter follows (i) the issuance of an SEC rule proposal that would require private funds to , (ii) Representative Maxine Waters (D-CA) ,…

​ ​The CFTC had previously refused to allow a futures exchange to permit trading in futures based on the outcome of a sporting event. (See generally .)

If anyone wanted evidence of how long regulatory change takes to keep with the real world, the SEC's failure to recognize email delivery as the ordinary format of investor communications can serve as example number 1. Beyond notices to investors, many of the SEC's rules do not provide for regulated firms to give notice to the SEC by email.

Leaving aside the obvious bad behavior of the adviser in the handling of its clients' redemption requests, there are two aspects of the enforcement matter that may be of broad relevance: