Regulation AT suffered from two fundamental flaws. The first, and more serious, is that the registration requirement in the rule could not be justified by the statute. If the CFTC reaches the conclusion that the registration of automated traders is necessary to achieve desirable policy ends, it is then incumbent upon the CFTC to push for an amendment to the CEA to obtain statutory authority to require such registration. However, the CEA's existing categories of registrants simply do not…

While attention is focused on the drama around the nominating process of Jay Clayton for U.S. Attorney for the Southern District of New York, who would replace him as the next Chair of the SEC? Current Commissioner Hester Peirce should get serious consideration. During her term, she has demonstrated independence, integrity and creativity. She has substantial experience, is respected by all, and has a good sense of humor. To see previous coverage of Ms. Peirce, .

The question of how to bring private capital from small investors into small businesses is a difficult one. It would likely mean reducing, at least to some degree, the protections provided small investors. There is no consensus among the regulators for allowing small investors to take additional risks.

Commissioner Lee, for example, has very clearly staked out a position in opposition to expanding the private placement exemptions. (See .) Likewise, state securities regulators have…

There may not be a more difficult policy issue in securities law right now than the regulation of disclosures and capital raising by municipal issuers. It is evident that the pandemic will hit municipal issuers hard, both on the revenue side and on the expense side. While one is sympathetic to the needs of municipal governments to fund themselves, the SEC's statutory priority is to protect investors, not to help municipal entities borrow money.

Commissioner Peirce's remarks are well…