Under U.S. law, there is a strong argument that a properly constructed stablecoin is a custodial receipt, not a security. It is unfortunate that the confusion of Libra with stablecoins has muddied these waters. See, e.g., .

There is quite a lot here that must be considered not only by advisers, but also by funds that engage with them, and by broker-dealers selling securities issued by managed funds.

Among the more significant requirements are those related to the advertisement of performance information. Notably, the rule would impose conditions on the use of related performance information, but not provide any safe harbor as to when the use of related performance information is allowed. This is…

The proposed amendments would increase the threshold for allowing a shareholder to submit a first proposal and raise the thresholds of votes required to duplicate a matter on a proxy statement within five years. Although Commissioner Jackson dissented from the higher requirements, there was actually a substantial amount of consensus among the commissioners as to the need to reconsider the proxy rules, on the benefits to facilitating relatively small shareholders being able to put forward…

Mr. Sterling remarked that the "DSIO has not itself conducted direct reviews of CPOs and swap dealers, yet we are the registrant oversight division of the federal regulator for the derivatives markets."

Consider that comment for a moment. Does it describe a good way to regulate? Should the entity that makes rules be largely separate from the entity that oversees those rules? This is not a question that is specific to the CFTC. Not only are the SEC's rules largely enforced by FINRA,…