This was a total gloves off speech by Commissioner Peirce, even going after the EU regulators in a manner that would make Vice-President Vance proud. 

Chair Atkins and Commissioner Peirce are serious regulators. They offer different perspectives on significant regulatory questions, notwithstanding their shared party membership. Their debate demonstrates that virtually all questions of how to regulate are hypotheticals; that is, they are guesses as to how a proposed rule may impact the real world, with no certainty of achieving a desired effect.  

As to the voting of proxies, forcing investment advisers to reveal how they…

One change that the SEC should make in the regulation of private funds is to eliminate the distinctions under  and  ("Definition of investment company"), in particular the requirement that imposes a higher wealth standard on investors in ICA Section 3(c)(7) funds. The end result of this distinction is not to better protect the lower wealth investors in the Section 3(c)(1) funds; it injures them because it confines them to a subset of available investments that are…

Commissioner Crenshaw rightly points out that the SEC has taken certain inconsistent positions with regard to the treatment of ETH and SOL as securities. It is fair to say, however, that no harm has been done by this inconsistency. If an issuer that holds ETH and SOL were to be improperly registered as an investment company, that issuer is taking on additional regulatory burdens, not gaining any unfair advantage nor hurting the public.

The underlying issue is that there is no simple…