SEC Chair Gensler is overwhelming market participants with a flood of major rule proposals. There is simply no way that market participants are able to assess so many major proposals in such a short time period.

This particular proposal raises numerous regulatory, operational and even statutory questions. For example, the very expanded definition of "group" effectively expands the scope of Section 13(d) under the Securities Exchange Act well beyond any ordinary understanding of the…

In theory, reducing the time periods for which a trade is open and unsettled cuts risk. In practice, whether this is operationally feasible is the question. The various market participant organizations all seem to be supportive, so presumably it can be done.

The SEC's approach to the regulation of utility tokens is fundamentally flawed in that it effectively disallows a product that has potentially very significant economic value. See . While the CFTC does not seem the obvious regulator of these products (as opposed to the SEC), perhaps Congress will decide that it is better to empower a regulator to oversee digital assets rather than one that seems inclined to outlaw many of them.

FSOC's authority to regulate nonbank financial institutions is overly discretionary and ought to be done away with (see ).