Many opponents of a U.S. CBDC object on privacy grounds and the desire to prevent government surveillance of private payments. Mr. Carrillo testified that we already have so little protection from federal government surveillance with respect to our payment activities that a governmental digital currency would not make things any worse, an observation that is downright disturbing. To mitigate data collection and protect privacy, one vision he articulated is the inclusion of "digital cash…

The SEC's custody proposal is particularly troubling. It would be impractically expensive or operationally impossible for many products. The major question raised is not whether the proposal is a good idea; the real question is whether the SEC has a good handle of how settlement and custody work in products other than the reasonably plain vanilla.  

In the ordinary course, trade associations and financial institutions are fearful of challenging the SEC even when it arguably…

In case you missed it, here is the , starring Mila Kunis, Jane Fonda and Ashton Kutcher.  

The concept seems understandable, but the SEC should provide some further explanation of the specific violations by each adviser.