Commissioner Peirce raises basic questions: Do investors select mutual funds based on their returns or on how they vote? If investors select funds based on their returns, this information is irrelevant, and counterproductive in that it simply raises the cost of doing business.

If the SEC believes that disclosure of proxy voting is important to at least some investors, but likely not all, the SEC could propose a voting format and allow those funds that wished to do so to follow the…

Chair Gensler's remarks are mostly critical of SPACs. He suggests that "small businesses considering going public via SPACs [must consider] whether it is the best approach for the target company" (as if the many firms choosing to go public in this way were making an ill-informed decision). On the other hand, he says that it is "worth considering what we have learned from SPACs and direct listings, and whether there are any changes that might be appropriate for traditional IPOs." If the SEC…

The SEC should eliminate entirely the limit on the number of investors in funds. The size limit simply serves to prevent smaller investors from having access to the Section 3(c)(7) funds that institutional investors typically invest in. The result is not to protect retail investors; it prevents them from piggybacking off the indirect protections that they would receive from being able to rely on the due diligence and other oversight provided by larger investors.

The Coinbase program was clearly the offering of a Coinbase debt security to retail investors without registration under the Securities Act. While the SEC may not have been as transparent as it should have in the reasoning for its determination that the program involved securities, the legal status of the program was not really a close call (see ). Thus, creators of digital asset products should not assume, based on this case, that the SEC will necessarily deem their products to be…