The SEC and the CFTC have taken philosophically opposing views with respect to the ability of investors to trade in cryptocurrencies. if the company were to be significantly involved in trading cryptocurrencies. By contrast, Chair Giancarlo has acknowledged the risks of these products, but determined not to prevent trading in them.

To some extent, the different conclusions reached by the regulators may reflect the differing investor bases. Investment companies are likely to attract a…

Why would an agency that had the authority to write unlimited checks on the Federal Reserve Board need to have a stockpiled trust fund of 73 million?

As a practical matter, the CFPB is now under the control of the Executive Branch. Given that the Democrats are not enthusiastic about that fact, and that Republicans have been arguing that the CFPB operates outside of the bounds of the Constitution, now would be an excellent time for the two parties to agree on fixing the agency's structure. It could be made either into an "independent agency" with representatives from both parties sitting on a commission, or an agency responsible to the…

Form PF is fundamentally useless. (See .) The financial industry spent hundreds of millions of dollars developing systems to answer questions that were poorly considered and written. Anyone familiar with the relevant area of law could see that the questions posed on the form could not possibly generate useful or consistent results. Leaving aside the time and money wasted, if one believes that the information properly collected might have been useful to the regulators, then the waste was even…