"As we consider . . . harmonization, let us be mindful of our shared responsibilities to the investing public.
First, despite blurred technological lines and temptations outside U.S. jurisdiction, we must distinguish investing from gambling.
Second, we must avoid the age-old, well-worn path to financial services perdition—extending unhealthy levels of leverage to the unsophisticated and unsuspecting.
By delivering true innovations, and avoiding these twin pitfalls, organizations can deliver value to clients, investors, world-leading industries, and our great Nation."