The voting advice that proxy advisors give has significant economic consequences, and, in many respects, significant political consequences (e.g., on issues related to climate change.)  

In light of the significance of their advice, it is thus notable that a very significant action that prior SEC Chair Gensler took with respect to proxy advisory firms was to undo recently adopted regulation of such firms (see, e.g., ) - an action he initiated for which he gave…

This is a big deal. If tokenized securities are completely fungible with securities in traditional formats for settlement purposes, then the National Market System is very close to going full blockchain. Does this mean the markets move, sooner than expected, to same day settlement, or does it become an optional election?

It is interesting that the SEC's choice to grant DTC this permission by no-action letter rather than with a rulemaking - that shows how fast everything is moving.…

The shift in policy from the Biden SEC to the Trump SEC is profound. Under the prior administration, the SEC embraced a philosophy that regulation was equivalent to safety, and ignored its costs. Under the present administration, the SEC is embracing an approach that economic growth depends upon freeing up markets and market participants. With the new philosophy comes greater risk. Consider how much was lost (think FTX) as a result of the prior administration refusing to provide a workable…

Under Acting Commissioner Pham, the CFTC has made significant progress in cleaning up needless regulatory complexity.