This case is interesting. It explicitly raises the question of the extent to which the information required by the SEC in a registration statement is relevant to an offering of digital assets. In short, is the problem related to a purported refusal to answer or is the problem that the registration statement does not pose the right questions?

Nothing in Mr. Benham's statement would seem to explain why SEC Chair Gary Gensler perceives a need to reshape the Treasury market.

The Federal Government should focus on potential shocks that may create immediate financial calamity or on intermediate trends that are so obvious that they are discoverable by drawing straight lines.

Here are some risks that seem of obvious import to the financial system, both short and intermediate term: (i) supply chain failures; (ii) energy shortages; (iii) a major cyberattack; (iv) inflation; (v) the federal deficit combined with increasing pressures on entitlements; (vi) a…

One would think investors' alternative to crypto is not putting their money in banks; it is investing in securities. Unfortunately, the SEC's posture on crypto ensured that crypto purchases had to be made outside of the regulated securities brokerage system, and thus without advice from a regulated financial intermediary. As a result, it is not surprising that small investors end up taking their advice from social media because they can't get it from brokerage firms.

Excessive…