This is the second enforcement action brought this month against a broker-dealer in connection with the use of influencers. See also .

Given the size of the US government's debt, it is difficult to see how the regulators can maintain a rule that imposes a non-risk based limit (SLR) on the ability of banks to hold government debt. Of course, eliminating the limit does not deal with the underlying problem - - too much government debt.

This is not as simple a matter as Commissioner Crenshaw suggests. To appreciate the substance of the debate, it is necessary to read not only Commissioner Crenshaw's dissent from the dismissals of these actions by the current SEC, but also from the enforcement actions previously brought by the SEC under the former Chair.

Commissioner Crenshaw likens the dismissal of these enforcement actions on convertible bonds to the SEC's dismissal of enforcement actions brought against entities…

The factors proposed by Commissioner Goldsmith Romero line up imperfectly with the put forward by CFTC Acting Chair Pham. However, the proposals are not inherently inconsistent. Unfortunately, during a period of transition of Commissioners at the CFTC, there will not be an opportunity for resolution of any differences or for amplification of places of agreement.