Interesting thing about this matter is that the broker's misconduct had nothing to do with securities.  

The respective statements of the Texas and New Jersey State Securities Commissions mirror, to a somewhat remarkable degree, the contrasting approaches taken by the Trump Administration and the Biden Administration to the uses of new technologies, such as AI. (See, e.g., .") One approach is about "eliminating any possible risks, while preserving the status quo," while the other is about getting better.  

Although the NJ Commission statement implies that the use of data…

The determination at the federal level that not all cryptocurrencies are securities is now filtering down to the state level.  

This is the third grant of meaningful regulatory relief by the CFTC staff in less than two weeks. (See also, " and ".")

None of these actions are material in the sense of changing the markets. Rather, to use the words of this no-action letter, they are all just responses to regulatory requirements that have not worked "as originally intended."

These actions are further demonstrations of a cultural shift at the financial regulatory agencies toward a pragmatic assessment of…