The inability to count unsecured syndicate profits from an underwriting as good capital works a hardship on smaller firms that participated in the underwriting.

Assuming the accuracy of the SEC's Order, the issuer's legal position and disclosure seem poorly conceived. Apparently, the issuer asserted that the tokens were not "securities," obviously raising the question as to why the issuer was attempting to register them as securities. The SEC is fulfilling its statutory mission when it stands in the way of obvious violations of the securities laws. Going after such obvious violations, however, does not excuse the SEC from issuing guidance as to more…

An invitation for market participants to meet with SEC Commissioners is not meaningful unless the SEC affirmatively gives an indication that a benefit can come from such a meeting. To date, a majority of the SEC Commissioners have failed to acknowledge that may have some investment value. Commissioners should respond to that proposal as a sign to market participants that a meeting with them might be worthwhile.

The SEC ought also to facilitate the ability of regulated entities to provide documents electronically to their customers.