SEC Commissioner Crenshaw the staff's conclusion that meme coins are not securities (and therefore, companies that participate in their sale do not need to register their transactions with the Commission).  She said it "advances an incomplete, unsupported view of the law to suggest that an entire product category is outside the bounds of SEC jurisdiction."

The Commissioner's attempt to define "meme coins" as "securities" because they are issued as part of an effort to make money…

No great surprise that the SEC decided to delay the effective date of the clearing mandate. The rule's details were not fully considered. Were it not for the fact that market participants have already put so much money into building the necessary systems, there would likely be a greater push to drop the requirement entirely, as the net benefits are not so obvious.

Assuming that the rule still goes forward, market participants should press for improvements. For example, the SEC should…

Whether one believes that the fires in California were due to climate change or to poor land management and governmental decisions, everyone agreed that the risk of fires in California was substantial. Yet, it was the State regulators, in need of a "wake-up call" to use Mr. Barr's terminology, who refused to let rates rise in a manner consistent with the broadly perceived risk, so that insurance companies stopped doing business in the State. Regulation is not a cure-all for risk, and…

Why does it matter if an order is put on the second before or the second after trading starts? As we move into a new era of securities regulation, it is fair to ask whether a rule serves a purpose or whether it is it worth preserving.