Chair Williams argues forcefully that the PCAOB must remain separate from the SEC. She seems to suggest its role is professional and, therefore, must remain independent. But any argument that the PCAOB requires independence from the SEC is strained, given recent history. Former SEC Chair Gensler fired leadership of the PCAOB and appointed his own people. (See, .) His predecessor, Chair Clayton did the same. (See .)

Commissioner Crenshaw has perfectly reasonable concerns as to investor protection. However, by clinging to the insistence that all crypto-assets are "securities," even in the face of the new SEC's explanation as to why meme coins and stablecoins are not within the scope of the securities laws (taking Howey into account), she deprives herself of an opportunity to shape what the law should be going forward. (See, e.g.,  .) Of course, if she would accept that many digital…

While this seems a large change in procedure, it does not seem unreasonable. As a practical matter, one would think that an agency where the Commission is appointed by the President, and where a majority of the Commissioners are from the party of the President, would act in a manner that is consistent with the goals of the President.  

If the agency is not acting in a manner that is consistent with the goals of the President, then it is reasonable to ask whose goals the agency is…

In general, the costs of regulation tend to disfavor small firms more than large firms, as the latter are better able to spread the somewhat fixed costs. Accordingly, an Administration focused on deregulation should at least slow the general trend to go big. (See also .)