Kitces: Rumors of Reg BI's Death Under Biden May Be Exaggerated

However, he was quick to add: "There is still a fundamental challenge," which is "that neither the regulators nor the industry, even from our side, like to see major regulations change every couple of years. It's just disruptive to everyone. And so, even under a Biden administration, I don't know if there will necessarily be an appetite to repeal Reg BI and replace it with yet another new framework."

That would likely lead to "another couple of years fighting around" the new rules, he said.

"But we do see there's a lot of room at the margin for a new administration and new SEC commissioner to approach this differently," he pointed out.

Because the SEC used "interpretive guidance" and did not create a new rule, the judge in XYPN's dispute with the SEC over Reg BI ruled the SEC had the right to interpret its rules the way it wanted, Kitces pointed out.

That means, however, it is still "on the table to propose and urge a future SEC administration to reinterpret that rule again into something more consistent with what Congress originally intended," he said.

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