SEC Chair Gary Gensler has set out an ambitious regulatory agenda. In testimony, speeches, and interviews, he has put forward a substantial set of rulemaking priorities for the staff and Commission to consider. Among these priorities are (1) disclosure regarding environmental, social, and governance (ESG) policies, including the impact of business on climate change; (2) disclosure and liability obligations for special purpose acquisition companies (SPACs); (3) regulatory oversight of crypto currency; and (4) equities trading and market structure, including payment for order flow (PFOF).

This agenda raises important questions of both substance and process, including the technical, but very important, matter of SEC rulemaking: What is required for the Commission to create new rules, or change well-established rules? The answers to these questions, in turn, may determine what can realistically be accomplished given timing and political constraints.