Whether one believes that the fires in California were due to climate change or to poor land management and governmental decisions, everyone agreed that the risk of fires in California was substantial. Yet, it was the State regulators, in need of a "wake-up call" to use Mr. Barr's terminology, who refused to let rates rise in a manner consistent with the broadly perceived risk, so that insurance companies stopped doing business in the State. Regulation is not a cure-all for risk, and…

Why does it matter if an order is put on the second before or the second after trading starts? As we move into a new era of securities regulation, it is fair to ask whether a rule serves a purpose or whether it is it worth preserving.

While there is no one better suited to the task of proposing a regulatory scheme for crypto assets than Commissioner Peirce, she is subject to one fundamental limitation that she cannot control. Every substantive question that she asks must be preceded by first addressing the metaphysical question of whether the asset at issue is a "security."

This is a waste of time and effort and is no different than arguing as to . (See ; and .)

Having to answer this question is…

It is fine to argue that government should be proactive, not merely reactive. But there is a difference between being proactive and just having a general feeling of anxiety, even if the anxiety has justification. Creating regulatory systems based on anxiety will result in a government that is big and directionless.