Disbanding - or at least defanging - the FSOC entirely would be even better. Still, this proposal would be a substantial improvement over the FSOC's existing approach to identifying systemic risk and pursuing firm-specific designations. Given that the FSOC is inherently a political creature, acting in accordance with the party of the President, whichever party that happens to be, it is best if there are substantial barriers placed in the way of its exercising the rather awesome degree of…

Senator Warren's questions seem to suggest that only long-time government officials and academics are suitably innocent to advance the public interest. She might want to consider that practical, real-world experience may also provide substantial benefits and important perspective. 

One of the fundamental problems with former SEC Chair Gensler's approach to the regulation of digital assets is that he essentially assumed that any asset that was purchased with the hope of profit was per se a security. But that just isn't so. Many assets are purchased in the hope of profit rather than use—for example, real estate, art, tickets to see Taylor Swift—are not securities. Unfortunately, Mr. Gensler refused to undertake the exercise of explaining which assets that are…

It is notable that the proposed legislation would not impact either contracts based on political events or contracts that have no relationship to traditional measures of value, such as who will perform at an entertainment event.