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  • Concurrence in the Matter of Wireline, Inc., SEC Commissioner Hester M. Peirce, Jan. 15, 2021

    Date 15/01/2021

    I support most of the Commission’s settled enforcement action against Wireline, Inc., but write to highlight a concern about the settlement. Wireline offered and sold digital assets using a Simple Agreement for Future Tokens (“SAFT”), pursuant to which purchasers invested money in exchange for the receipt of the tokens to be issued when the Wireline microservices platform went live in the future. These tokens, which never were issued because the platform is not yet operational, were to be the platform’s currency. The SAFTs were explicitly sold as part of a securities transaction. Wireline did not, however, register the offers and sales or qualify for an exemption from registration. Moreover, in the course of selling these investment contracts, Wireline materially misrepresented key facts about the state of the platform’s development. These violations form the basis for the enforcement action, which I support. However, by including a provision whereby Wireline will not distribute the tokens pursuant to the SAFTs, this settlement perpetuates an approach that suggests that tokens themselves are securities and thus complicates the development of crypto networks.

  • CFTC Commitments Of Traders Update

    Date 15/01/2021

    The current reports for the week of January 12, 2021 are now available.

  • SEC: Fee Rate Advisory #2 For Fiscal Year 2021

    Date 15/01/2021

    The Securities and Exchange Commission today announced that starting on February 25, 2021, the fee rates applicable to most securities transactions will be set at $5.10 per million dollars. 

  • Nodal Exchange Achieved Record Year-End Open Interest In Power, Natural Gas, And Environmental Markets In 2020

    Date 15/01/2021

    Nodal Exchange announced today that it achieved record year-end open interest in 2020 across its key asset classes – power, natural gas and environmental futures.

  • Statement On Chief Economist S.P. Kothari Concluding His Tenure At SEC By Acting SEC Chairman Elad L. Roisman

    Date 15/01/2021

    My sincere thanks go to Dr. S.P. Kothari for his incredible work as Chief Economist of the SEC. Under Dr. Kothari’s leadership, the agency’s Division of Economic and Risk Analysis provided invaluable economic analysis to the Commission and its staff on rulemakings, examinations, and enforcement matters. Dr. Kothari also played a key role in the Commission’s efforts to monitor the markets for the unfolding effects of Covid-19 and related government responses. I will truly miss Dr. Kothari’s uncommonly broad perspective on global economic issues, his deep expertise in so many aspects of our markets, and his talent for thoughtfully and candidly explaining all this practical insight to the rest of us.