On the one hand, Governor Powell insists that banks continue to be important to the financial system. On the other hand, he says that FinTech firms are racing ahead using technology to perform traditional banking tasks better and faster than banks (or most banks, at least).

These messages are not entirely contradictory. Banks, of course, are essential to the financial system. Individual banks, however, are not. Challenges from new technology providers, combined with materially…

The new Director faces many big challenges including rules to regulate security-based swaps and security-based swap dealers, a long-awaited revisit of Regulation NMS, and the re-examination of Regulation SHO.

The MSRB is clearly signaling rule amendments that are likely to be proposed soon. Market participants should be prepared to consider and comment on the proposals. In this regard, market participants should consider what effect any proposals are likely to have on the market and to consider how to evidence any potential concerns.

The division of authority between the CFTC and the SEC can be quite complex. That said, the CFTC is absolute correct in noting the fact that "virtual currency" or an "ICO" may be both (i) a "commodity" for purposes of the Commodity Exchange Act and (ii) a "security" for purposes of the securities laws. The primer also correctly acknowledges that the CFTC does not have authority over ordinary cash-market transactions in a commodity, but only in derivative or certain financing transaction…