This MOU represents a highly polished, almost theatrical attempt at damage control – a classic Motte-and-Bailey strategy. The framing of the situation as "regulatory turf wars" immediately casts the historical issue as a conflict between agencies, rather than a legitimate difference in regulatory approaches stemming from fundamentally distinct jurisdictions and asset classes. The “Golden Age of American finance” language, borrowed directly from the CFTC Chairman, is a transparent attempt to gene...