The Commissioners showed grace in their farewell statement to Chair Gensler. The list of achievements that the Commissioners (two Republicans) cited, however, failed to mention the many rule adoptions under litigation or the flawed clearing mandate. That might mean they are not supportive of those rule adoptions. Or it could mean nothing (but that would be a less interesting comment).  

While SEC Chair Gensler did little to prepare for the inevitable legalization of cryptocurrencies, Commissioner Peirce wrote well-reasoned dissents and offered important ideas (like the Safe Harbor) which should help lay the foundation for her new role. Her approach to regulation is everything that has been missing: respect for the rule of law, open-mindedness, concern for the details, modesty and a genuine sense of humor. There is not a better person to lead this regulatory effort.

It is notable that in the EO regarding the weaponization of enforcement, President Trump named the SEC as an agency whose actions should be investigated. As pointed out frequently, many penalties imposed by the SEC were excessive (particularly in the record keeping cases) and many other cases could be interpreted as "political," particularly in the crypto space where they appeared to be based on a policy antagonism toward crypto, rather than on the law.  

While, for the most part…

During his tenure, SEC Chair Gensler attempted to market his program to the public by plain-spoken slogans ("like must be regulated as like"), or by assertions that the rules that the SEC proposed and adopted were simply based on "common sense," no more questionable than installing traffic lights or imposing speed limits.  

Mr. Gensler's ongoing failure to acknowledge the complexities of financial markets resulted in repeated failures, including rules that were impossible to…