According to the Executive Order, digital assets have implications for climate change, financial growth, financial inclusion, illicit finance, international engagements, democratic values, global competitiveness, and much more. The Executive Order tells us that the United States must be a "global leader [in the] development and adoption of digital assets and related innovation" but we must also develop very substantial regulatory systems.

In light of the above, the President is…

This FINRA request is very significant and should attract broad comment. It raises material policy issues including the extent to which federal securities regulation is to be transformed from a system based on disclosure, to one in which the regulators may effectively disapprove products that they do not like by imposing burdensome regulations on their sale, thereby, making them uneconomic.

As to broker-dealers, arbitration takes place under FINRA Rules that are approved by the SEC and that are intended to give investors substantial rights and the ability to bring claims without undue expense. As such, arguments against mandatory arbitration in the broker dealer context seem misplaced.   

Yesterday's newsletter covered a speech delivered by U.S. Attorney General Merrick Garland in which he suggested that  for governmental enforcement actions. In a story that is at least thematically related, SEC Commissioner Lee criticizes "can do" lawyering that is "born from a desire to give management the answer it wants."

In her speech, Commissioner Lee acknowledges that "Most lawyers generally err on the side of caution." The implication of this observation is…