The evidence for the benefits of position limits in the energy market is not well established. See, e.g., . Notably, when energy prices crashed, no speculators went bankrupt - which would seem very strongly to suggest that there were no speculators previously hoarding oil. Further, if energy prices go very high, energy producers are able to pump/produce more. The ability of speculators to effect prices of energy seems dwarfed by the power of sovereign nations to respond to price movements.…

The FSOC move towards imposing restraints on a particular type of activity, rather than on an individual entity, is extremely significant in preventing potential abuses of power. It will limit the ability of FSOC to single out a company that may be in the disfavor of the ruling political party. While this move is to the good, it would be better still if Congress would actually adopt legislation that would confine FSOC's discretionary power rather than rely upon FSOC to police itself.

According to prior news reports, the LTSE will establish listing requirements that are significantly different from those on other exchanges. In particular, it was reported that the exchange's listing requirements would permit the listing of issuers whose corporate organizational documents gave greater voting rights to corporate founders and other investors that had held their shares for a longer period, rather than to later investors. The CII had objected that there would be no time limit…

Commissioner Peirce continues to challenge the SEC's lack of clarity on the application of the Howey test to ICOs. While it is true that the SEC did issue a position paper on the Howey Test and ICOs , the purpose of the position paper seems largely to assert broad jurisdiction (lest the SEC be subject to the retrospective accusation of having missed something). In particular, the SEC in that position paper failed even to attempt to define the most important legal question under Howey; i.e.,…