The Forum appears to have focused more on climate-related financial risk than on inflation or other economic issues, which have been the more traditional concerns of Treasury and the Federal Reserve Board.

A unique NFT would seem to be neither a security nor a commodity. Attempting to apply the rules of financial regulation to misconduct in NFTs would be the wrong solution. This should be, more appropriately, an area within the jurisdiction of FTC or of other regulators of consumer marketing, including state regulators.

By deciding to rescind two recently adopted rules, Chair Gensler has established a significant precedent of conduct, even if not of law. Assuming Mr. Gensler proceeds with his ambitious regulatory plans, a new administration would likely follow his precedent and undo any new regulations that were adopted. Consider the implications, for example, as to Mr. Gensler's proposed climate disclosure regulations.

It is notable that SEC Commissioner Crenshaw refers to "self-directed investors," indicating that she would seek to limit the ability of self-directed investors to make investments, even in publicly traded securities. She also indicates support for a FINRA proposal that would likewise limit the authority of self-directed investors to make their own investment decisions. Her position raises a question as to whether the SEC intends to go beyond its historical role as an…