While this report is well written, it reflects a political bias towards over-reliance on regulatory authorities in times of financial crises. With regard to the designation by FSOC of firms as being "systemically significant," the authors complain that firms were de-designated after reducing their systemic significance, as if downsizing of the relevant firms were somehow an evasion of the regulation, or as if FSOC ought to have continued to regulate the firms even after they stopped being…

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As a practical matter, given the size of the Bitcoin market, the number of sophisticated traders who watch that market, and the absence of inside information, the market for Bitcoin is inherently much less susceptible to manipulation than the market for many other securities. It seems that SEC Chair Gary Gensler simply does not want to approve the listing of a Bitcoin exchange-traded fund ("ETF"). It is not likely that some new surveillance tool is going to change his decision. Change will…

As a practical matter, this agenda is wholly outdated as the SEC has proposed a number of very major rules since September 21, including rules relating to securities lending, reports of proxy voting, expanded regulation of Alternative Trading Systems, employee compensation, and more.