While measures like this have a feel-good, protect-the-little-guy sound about them, it is not obvious that their ultimate result is anything other than limiting lending to low-income borrowers. One could feel more comfortable with the rule if it were tied to some empirical study of the results: Do lenders stop making loans? Are potential borrowers injured?

As for the provision that lenders can apply to the Superintendent for permission to charge higher penalty fees, good luck with…

First off, congratulations to Commissioner Peirce. This is the most significant step to date to bring to fruition her efforts to develop a regulatory scheme tailored to crypto.

Beyond the Securities Act exemptions, the proposal will raise interesting issues for broker-dealers and exchanges. The sale of any asset that is not a "security" may, of course, be effected by an entity that is not registered with the SEC.

The reaction of the states will be meaningful. As a general…

SIFMA members are reasonably concerned that the elimination of the trade-through rule, and some of the related mechanics as to market access, would leave them vulnerable to enforcement actions or private claims with respect to best execution in the absence of any clear standard that must be met in order to satisfy their duty of best execution. While it would appear that the individual exchanges are preparing themselves for the elimination of the trade-through rule, as a number of exchanges…

In many respects, the MFA letter is consistent with the views expressed by the ABA and CBA to the House Financial Services Committee Democrats. The three letters converge on the same threshold proposition: that AI does not warrant its own regulatory regime because existing sectoral law already assigns accountability. The letters diverge, however, on the remedy: the MFA wants restraint from Congress, while the banking associations want Congress to act, principally to displace state law.…