The big issue is whether the clearing organization has enough resources to cover potential losses from defaulting customers. The  in the CFTC's request for comments are instructive in illustrating how the CFTC thinks about default risk at a clearing organization.

The requirement that a lending platform retain full recourse on the debt seems inconsistent with the concept of "peer-to-peer" lending. (See this of the product.) Leaving aside the obligation for a lending platform to retain full recourse, this proposal may wind up killing the product rather than regulating it.   

Oddly, most of the  have been brought, not against broker-dealers, but against employees who stole customer information. 

The cost to every SEC-registered issuer producing information required by the rule will be astronomic, and that cost will hit every issuer, regardless of business. The information itself will be of little interest or use to the average citizen. Its users will be investment advisers who make capital allocation decisions, and the SEC which regulates advisers and thus has the power to push those decisions in favored directions. 

On top of that, the thirty day comment period for…