Ms. Yellen's remarks are consistent with the view that the government intends to launch a CBDC. In this regard, her remarks suggest that the regulators are considering actions that will present roadblocks for private competitors.

Further regulation of stablecoins (or at least the attempt at regulation) is coming. Assuming this to be the case, Mr. Hsu's bifurcation of potential modes of regulation as being either bank regulation or money market regulation is spot-on — those are the two ways that the United States regulates money and cash-equivalents. It is also possible that both methods of regulation could co-exist.

President Biden's recent  was more notable for its length than for its substance. It was…

To be realistic, this proposal is unlikely to go forward in the current political climate. But it is still a worthwhile exercise to put forward ideas for reducing regulatory burdens that can be subject to public comment and feedback. This is particularly the case for deregulation that is focused on small businesses that do not have the scale to withstand heavy regulatory costs.

The claim that the burdens of potentially very expensive new climate change disclosure proposals will hurt big businesses more than small businesses, falls short. Simplifying forms may be a nice-to-have, but it is a rather trivial lessening of burdens, particularly when measured against the rush of all the new SEC regulatory proposals over the past few months.