As Chair Pham's remarks indicate, and to her great credit, Chair Pham was a significant critic of enforcement over-reach during the prior Administration. See, e.g., .

Of course, the CFTC is not the only regulator that may have been guilty of enforcement overreach during the prior Administration. See, e.g, .

This is a very good comment letter, discussing not only issues directly relevant to broker-dealers, but asking questions as to the treatment of custodial and voting obligations of investment advisers, the treatment of digital assets under the Uniform Commercial Code as implemented in the various states and the recordkeeping obligations of transfer agents

The letter, which is very supportive of digital assets, echoes one assertion of former Chair Gensler: that regulations should strive…

The issue of "collateral consequences" is one that the regulators and Congress should examine. In many instances, a finding of a violation that is not of significance itself, and that is appropriately punished by the relevant regulator, can set off numerous provisions under the securities laws and in other laws and regulations that disqualify the firm from being able to provide services or conduct business subject to those laws or regulations.  

At least where the SEC imposes a…

It would seem to be an SEC priority to provide both an easier means for small issuers to raise capital from the public and, separately, to facilitate the ability of issuers to raise money in private placements.