'the Event Contracts Proposal ties itself in knots over the bounds of gaming, which Congress has neither asked nor directed the Commission to regulate.' -- CFTC Commissioner Caroline D. Pham.

Read the full dissent here: cftc.gov/PressRoom/Spee…

While news around SAB 121 dominated the headlines yesterday, Representative Casten’s new bill deserves serious attention. In Representative Casten’s words: “Until we've studied [mixers]... the presumption should be that these are money laundering channels.”

Let me explain. 🧵

➡️'Not to mention that the SEC issued SAB 121 without adhering to the proper CRA/APA process.'

That's not form over substance, and it's yet another symptom of the agency's [insert favorite negative word here] approach to crypto: theblock.co/post/286110/se…

Issuing fully backed stablecoins is not the same as taking deposits and making loans, and it is not creating new money. It makes no sense to regulate these issuers as if they are commercial banks. buff.ly/3QzTJeK @NorbertJMichel #CatoEcon

Will Your Financial Advisor Soon Have to Snitch on You?

@JenniferJSchulp and @COBrown discuss on Cato Daily Podcast: buff.ly/4a4cyxh #CatoEcon

New regulations under consideration would subject financial advisors to the Bank Secrecy Act, which requires financial institutions to turn over certain financial data to the feds.

Listen to the Cato Daily Podcast to hear more.
cato.org/multimedia/cat…

'If, however, they stay on the current path [laid out in the Lummis-Gillebrand bill], Congress and the administration will all but ensure that innovation in the payments sector continues to occur outside the United States.' -- Norbert J. Michel forbes.com/sites/digital-…

The news surrounding Samourai Wallet marks yet another example of the US government’s ever-growing intolerance for financial privacy.

cato.org/blog/samourai-…

Senators Lummis and Gillibrand deserve credit for seeking to preserve the dual banking system, but the bill they've proposed falls short of that goal by subordinating state regulation to federal control.

Read my latest with Jack Solowey in CoinDesk.
coindesk.com/consensus-maga…

Eyes are on stablecoin policy.

Stablecoin legislation must respect the U.S. dual-banking system, the payment system's original form of decentralized governance.

Latest in CoinDesk w/ Jennifer J. Schulp.

The SEC's consolidated audit trail is now subject to litigation from both the securities industry and individual investors. Good. There's a whole host of problems with this financial surveillance tool -- listen to
Brent Skorup and me explain more on the Cato Daily Podcast.

Weren't able to make it to the Hill to catch this great discussion about AI regulation with Jennifer Huddleston, Jack Solowey, and Pedro Domingos? The video's now available, so don't miss out!
cato.org/multimedia/eve…

Curious about how to fight back against SEC overreach?

Listen in to a great discussion with Nick Morgan from Nicolas Morgan and Russ Ryan from New Civil Liberties Alliance about what their organizations are doing to rein in the SEC (and fight for the little guy).

AI providers shouldn't be liable for user's securities violations -- Jack Solowey

There are so many issues with the SEC's consolidated audit trail that the question shouldn't be whether a federal court will find the CAT to be problematic, but rather on which ground will the court base its conclusion that CAT must be shuttered.
foxnews.com/politics/sec-h…

The Bank Secrecy Act Is A Bigger Threat Than FISA forbes.com/sites/norbertm…

'The significant costs of this proposal are not outweighed by its marginal benefits, particularly in light of a lack of evidence that an ever‐expanding pool of suspicious activity reporting [significantly minimizes] illicit activity.' - Jennifer J. Schulp
cato.org/public-comment…

👀 The Cato Econ team now has a Substack! Read the latest from Jack Solowey and me about crypto, courts, and Congress, and then subscribe to stay up to date on work from the #catoecon scholars!

FinCEN has once again proposed subjecting investment advisers to Bank Secrecy Act and its reporting requirements. This attempt, like the ones before it, should be abandoned.

Read my comment on FinCEN's proposed rule.
cato.org/public-comment…

Tune in this week to the SEC's Small Business Forum. Things I like about this event:

1. the chance to hear directly from small business about their challenges in raising capital and

2. the ability to weigh in on policy proposals to help

Registration: secsmallbusinessforum.com