For those interested in the legal theory on the characterization of digital tokens as securities and on how far the Howey case may be stretched, Commissioner Peirce's statement is an important read. She questions how a digital asset may change its legal character from being a "security" (when it is purchased primarily because of its speculative value) to not being a security (when it is purchased in significant part because of its use value). As important is the fact that Ms. Peirce's chided…

Payday loans raise significant ethical questions. Should the government deny or allow low-income individuals access to short-term credit that is expensive? Would it be possible to foster competition in the provision of such credit so that it can be made available on the best possible terms?

This proposal is a meaningful step by the SEC to reduce reporting burdens on small firms and, by extension, to reduce the burden on the SEC of collecting information that is not very useful to it. See also . Hopefully, more of the same follows for the SEC and other regulators. The required collection and reporting of useless information is a drag on the economy and a particular burden on smaller firms that have less scale to absorb regulatory costs.

SEC Chair Clayton makes multiple references to China; by contrast, Commissioner Roisman did not single out any country. Whether expressly mentioned or not, China is the elephant in the room. Some broad questions: (i) are U.S. retail investors hurt or benefitted if Chinese issuers cannot go public in the United States; and (ii) what is the cost to U.S. financial firms if the United States limits U.S. investor access to Chinese offerings?