The charges in this case do not make any new law as to the regulation of cryptocurrencies. It is already well understood that a cryptocurrency that is not a "security" is a "commodity," and that traded derivatives on commodities are subject to regulation under the CEA. If there is anything remarkable about the charges, it is the size of the BitMEX operation and the length of time for which it operated before attracting enforcement attention.

While this recognition does not directly involve the United States, it is clearly a positive for financial markets globally that the European Union and the UK are making nice. It is likewise consistent with the that the U.S. and the European Union are also cooperating.

Commissioner Peirce suggests that those who believe that the SEC should mandate an ESG metric ought to put one forward for public view and comment. The difficulty of agreeing as to what constitutes ESG (or "the good") seems daunting. It may be even more difficult to come up with common and objective measures on the components of such a proposal.

Anyone attempting the task proposed by Commissioner Peirce may wish to look to Plato, who attempted to define "Good" in the Republic.…

Commissioner Peirce's prior , as to how the SEC should treat ICOs that have a potential dual use (as objects that can be used on a platform and as investment assets that may appreciate in value), deserves attention. Hopefully, that attention may come in forms other than sidebars to enforcement actions. While it may be difficult to come up with a set of regulations that can deal with a product that can be both a use asset and an investment asset, the development of blockchain now seems…