The pause may very well lead to a rollback.                                                                                                                       

Among the many benefits of the transition from former SEC Chair Gensler to new SEC Chair Atkins is Mr. Atkins' extensive experience with respect to compliance and operational issues. Even if one believes that a particular rule change might be good in theory, the rule change must be workable in practice. A number of the rule changes that were proposed or adopted under the Chair Gensler regime were, whatever one thinks about their theoretical merits, completely unworkable, his proposed best…

For all the questions about the constitutionality of the "independent agencies," it is a very useful feature of the independent agencies that the political party to which the President does not belong has a voice, and can express its opposition, even if that opposition cannot change the actions of the agency.  

Under the previous Administration, the Commissioners who were in the minority (Commissioners Peirce and Uyeda) were able to voice reasoned opposition to the actions of the…

Concluding that stablecoins are not securities is consistent with not only the Howey test, but also the very limited favorable interpretive advice previously issued by the SEC as to digital assets. (See, e.g. —"The U.S. Supreme Court's Howey case and subsequent case law found that an 'investment contract' exists when there is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.").…