It certainly seems that the FRB is laying the groundwork for a U.S. CBDC and very likely for legislation that requires that dollar-backed stablecoins may be issued only by regulated banks.

It is possible that part of the reason that cryptocurrencies are prone to hype is that the SEC and other financial regulators have chosen not to provide a modified regulatory scheme, , for digital assets. (See also .) In the absence of a modified workable regulatory scheme, the creators of both viable and fraudulent projects take their chances going unregulated. If the SEC were willing to propose a disclosure scheme that allowed cryptocurrencies to go to market under a lightened regulatory…

The SEC is proposing new rules at an unprecedented rate. As to many of these rules, there is far from a consensus that they provide any material benefit, and certainly not a benefit proportionate to their costs. Before seeking more money from Congress, the SEC ought to (i) establish some priorities as to its own expenditures, (ii) establish some priority as to any new rule proposals, (iii) consider whether there are any existing rules that ought to be done away with or reduced in burden and…

The SEC Chair is putting firms on notice that he intends to expand by interpretation the scope of the Regulation Best Interest, in particular by defining the term "recommendation" to include any online interaction that the SEC may call a "nudge."