Further regulation of stablecoins (or at least the attempt at regulation) is coming. Assuming this to be the case, Mr. Hsu's bifurcation of potential modes of regulation as being either bank regulation or money market regulation is spot-on — those are the two ways that the United States regulates money and cash-equivalents. It is also possible that both methods of regulation could co-exist.

President Biden's recent  was more notable for its length than for its substance. It was…

To be realistic, this proposal is unlikely to go forward in the current political climate. But it is still a worthwhile exercise to put forward ideas for reducing regulatory burdens that can be subject to public comment and feedback. This is particularly the case for deregulation that is focused on small businesses that do not have the scale to withstand heavy regulatory costs.

The claim that the burdens of potentially very expensive new climate change disclosure proposals will hurt big businesses more than small businesses, falls short. Simplifying forms may be a nice-to-have, but it is a rather trivial lessening of burdens, particularly when measured against the rush of all the new SEC regulatory proposals over the past few months.  

This is a balanced report that fully recognizes a diversity of views and the uncertainties of economic predictions about the future. It also acknowledges and highlights the differing impacts of potential climate changes on specific geographic regions, countries and economic sectors. If only our political discussions could be as nuanced.