The SEC should conduct studies to better understand as much of the GameStop event as it can; Congress should direct such studies as it may find useful. However, it does not make sense to rush into legislation without some determination that there is a material benefit to it.

The bills on "payment for order flow" and on "trading ahead" are particularly notable examples of rushing into legislation. The practice of "payment for order flow" has probably existed for as long as the U.S.…

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Simply put, if the SEC adopts rules to protect investors by imposing greater requirements on small businesses seeking to raise money, small businesses are going to find it more difficult to raise money. There is simply a trade-off, as Commissioner Peirce recognizes, between prioritizing investor protection and the ease of raising capital. The regulators cannot prioritize both.

That is not to say that making it easier to raise capital should be the higher priority. The Commissioners…

Chair McWilliams' emphasis on the potential benefit of employing financial technology to improve the delivery of banking services to underserved individuals is notable. There remains the risk that firms employing AI technology may be charged with the use of methodologies that have a disparate impact on a protected class. Regulators should consider offering guidance.