Rule 15c2-11 had been in place for approximately 50 years and had always been understood only to apply to equity securities. The current SEC "realized" that the rule, read literally, applied to debt securities and determined to apply it to such securities Because the rule was not written to apply to debt securities, and certainly not to Rule 144A debt securities, the SEC has postponed the application and, to .

That is not how the rulemaking process should work. If the SEC believes…

The Forum appears to have focused more on climate-related financial risk than on inflation or other economic issues, which have been the more traditional concerns of Treasury and the Federal Reserve Board.

A unique NFT would seem to be neither a security nor a commodity. Attempting to apply the rules of financial regulation to misconduct in NFTs would be the wrong solution. This should be, more appropriately, an area within the jurisdiction of FTC or of other regulators of consumer marketing, including state regulators.

By deciding to rescind two recently adopted rules, Chair Gensler has established a significant precedent of conduct, even if not of law. Assuming Mr. Gensler proceeds with his ambitious regulatory plans, a new administration would likely follow his precedent and undo any new regulations that were adopted. Consider the implications, for example, as to Mr. Gensler's proposed climate disclosure regulations.