Commissioner Pham's dissent, pointing out that the CFTC lacked a clear jurisdictional basis for its fine, is troubling. Why do we need two regulators if they don't respect jurisdictional lines?

Can't say that it is surprising that the audit firm removed from its website that it had given a clean audit to FTX.  

This case also serves as a reminder to broker-dealers that facilitate cross-trades between clients of an adviser that they may be put at risk by the adviser's malfeasance.  

It is fair to say that there remain numerous open questions as to both how mandated central clearing of US government securities will work and whether it will work; (i.e. reduce volatility without unduly increasing costs in a world where the value of US government securities is growing at a rate materially faster than economic growth generally.)