Chair Gensler made clear that he intends for the SEC to be very active in rulemaking, particularly as to new technologies, and in the bringing of enforcement actions. In the disclosure area, Mr. Gensler indicated he will focus on climate change and diversity. Expect a good number of rules to be adopted by 3-2 votes, with the dissents arguing that the new rules are outside the authority of the SEC.

It is somewhat notable that the CRS study assumes both a concern for consumer privacy and the benefits of encouraging, or at least tolerating, payments using cryptocurrencies. It is not obvious that a majority of Congress shares those assumptions. See, e.g., .

Commissioner Stump's outline is right on point.

There are a number of interesting observations and recommendations contained in the report, including that certain of the post-Dodd-Frank "reforms" created "dysfunction," by discouraging "bank-affiliated dealers from allocating capital to relatively low-risk activities like market making [in Treasury securities]."

Given that the G-30 is largely a bank-regulatory-centric group, the report seems to suggest providing the bank regulators with greater authority over securities markets…