Between settling the enforcement backlog, dealing with crypto, and now trying to clean out the post-Dodd-Frank CFTC Rules that have been proven not to work, Acting Chair Pham has been a whirlwind of activity. If she keeps up at this pace for a bit longer, there will not be much left for the incoming Chair to do. Her work has been absolutely impressive.

It is unfortunate that many regulators (though not in this Administration) are reluctant to address rules that have not proven to…

Regulation NMS was literally years in the making with concept releases and roundtables and academic studies. Even after all that, it was quite controversial with then Commissioner Atkins and Commissioner Glassman dissenting. Not only is it complicated, there are a lot of financial interests at stake, as well as different theories as to how markets should work.  

In 2003, the CFTC issued a rulemaking that provided that an entity was not required to register as a CPO, subject to limiting sales in the relevant fund limited to accredited investors and to limiting the extent of investment by the fund in commodity derivatives. (See (Aug. 18, 2003)). This exemption was rescinded, as part of post-Dodd Frank rulemakings in 2012. (See (Feb. 24, 2012)).  

The case for providing the exemption is actually much stronger now than it would have…

The battle over Governor Cook is interesting from a whole variety of angles, to name a few:

1)  Does the Constitution provide for the "independence" of a federal agency?

2)  Can the Federal Reserve Board demonstrate that its independence has enabled it to control inflation?  Didn't it fail at that goal during the BIden Administration?   Has the Federal Reserve Board acted in a genuinely apolitical manner?  

3)  Is it really the…