increase in investor demand for company disclosures on things like climate-related risks, board and leadership diversity and political donations. Most recently, it issued a risk alert about the “lack of standardized and precise” definitions of E.S.G. products and services, which could lead to confusion among investors and inconsistent reporting by companies.

  • At his Senate confirmation hearing, Mr. Gensler appeared inclined toward more expansive disclosures, noting that “it’s the investor community that gets to decide” what is material.

Blank-check companies: Special purpose acquisition companies, or SPACs, have been proliferating, raising many regulatory concerns. These include “risks from fees, conflicts, and sponsor compensation, from celebrity sponsorship and the potential for retail participation drawn by baseless hype, and the sheer amount of capital pouring into the SPACs,” said John Coates, the acting director of the S.E.C.’s corporate finance division, in a statement.

  • Given Mr. Gensler’s strong enforcement credentials, many predict more scrutiny of SPACs in the months ahead. This could take precedence over the other recent market frenzy, meme stocks, but regulatory action on the gamification of trading, payment for order flow and other factors in the mania around GameStop and others may not be far behind.

Bringing cryptocurrency into the mainstream: Mr. Gensler was confirmed on the day that the crypto exchange Coinbase went public, signaling a new era of legitimacy at a time when crypto rules are in flux. Blockchain executives and their growing lobby told DealBook that they welcome working with Mr. Gensler, who is more versed in crypto technology than most other policymakers. “He gets what’s going on,” Hester Peirce, an S.E.C. commissioner and vocal crypto champion, said of Mr. Gensler.

  • Clarity on when a digital asset qualifies as a commodity or a security tops Coinbase’s wish list, according to its chief counsel, Paul Grewal: He’s “hopeful” about Mr. Gensler’s tenure, noting that he will be well-informed and engaged on crypto issues, “even if we won’t always agree.”


  • CVC Capital Partners has reportedly delayed submitting a final takeover bid for Toshiba following the resignation of the Japanese conglomerate’s C.E.O. (Nikkei)

  • Penske Media, the publisher of Rolling Stone, has reportedly agreed to buy a 50 percent stake in the South by Southwest festival to keep the tech, music, and film event afloat. (WSJ)

  • WeWork may be trying to go public through a SPAC instead of an I.P.O. this time, but concerns about its rosy projections for growth and profitability remain. (WSJ)

Politics and policy

  • All the ways British officials are trying to defend London’s status as a major financial hub after Brexit. (NYT)

  • Super PACs are starting to play an outsize role in the race for New York City mayor. (NYT)

  • President Donald Trump may be out of office, but the One America News Network has bet its business on essentially pretending he never left. (NYT)


  • Two men were killed in an accident involving a Tesla that was apparently operating in Autopilot mode. (NYT)

  • Clubhouse has raised new funds at a $4 billion valuation, but there are signs that the audio chat app’s popularity is waning. (CNBC)

Best of the rest

  • What research says about how to make hybrid work succeed. (Reset Work)

  • Speaking of the future of work: HSBC’s senior leaders have scrapped their own executive floors and now “hot desk” like everyone else. (FT)

  • “The New York Power Lunch Is Back, With New Rules” (WSJ)

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How the G.O.P. Lost Its Clear Voice on Foreign Policy

For decades, Senator Lindsey Graham traveled the world with his friend John McCain, visiting war zones and meeting with foreign allies and adversaries, before returning home to promote the Republican gospel of an internationalist, hawkish foreign policy.

But this week, after President Biden announced that troops would leave Afghanistan no later than Sept. 11, Mr. Graham took the podium in the Senate press gallery and hinted that spreading the party’s message had become a bit lonely.

“I miss John McCain a lot but probably no more than today,” Mr. Graham said. “If John were with us, I’d be speaking second.”

Mr. McCain, the onetime prisoner of war in Vietnam, in many ways embodied a distinctive Republican worldview: a commitment to internationalism — and confrontation when necessary — that stemmed from the Cold War and endured through the presidencies of Ronald Reagan and George H.W. Bush before evolving after the Sept. 11 attacks to account for the threat of global terrorism.

has warned that a full withdrawal from Afghanistan could pose a significant national security threat.

For Republicans, the shift inward comes as their long dominance over issues of national security and international affairs is waning. Mr. Trump rejected Republican foreign policy orthodoxy but largely struggled to articulate a cohesive countervailing view beyond a vague notion of putting America first. He embraced strongmen, cast longtime allies as free riders and favored a transactional approach, rejecting any notion of the kind of values-driven foreign policy that had defined the party for decades.

The party’s foreign policy establishment found itself exiled from Mr. Trump’s government and fighting for relevance against an insurgent isolationist party base.

“To say that there is a single Republican foreign policy position is to miss what’s been happening within the conservative movement on these issue for the last 20 years,” said Lanhee Chen, a Hoover Institution scholar and policy adviser to a number of prominent Republican officials. “The characters change, the terminology changes, but the differences remain.”

Yet, that old debate carries new political resonance for the party, as it confronts the political need to develop a platform that goes beyond simply opposing whatever the Democratic administration puts in place.

“Anytime you don’t have the White House and you don’t have control of the Congress, it is a time to look inward and figure out what the predominate view is,” Mr. Chen said.

A survey conducted by the Chicago Council on Global Affairs last year found that Republican voters preferred a more nationalist approach, valuing economic self-sufficiency, and taking a unilateral approach to diplomacy and global engagement

When asked about the effects of the coronavirus pandemic, 58 percent of Republicans surveyed said the outbreak showed the United States should be less reliant on other countries, compared with just 18 percent of Democrats who said the same. Close to half of Republicans agreed that “the United States is rich and powerful enough to go it alone, without getting involved in the problems of the rest of the world,” and two-thirds said they preferred that the country produce its own goods, as opposed to buying or selling overseas.

is emerging as the most outspoken critic of Mr. Biden among former top Trump officials.

Of course, as the Fox News hosts pointed out, had Mr. Trump won re-election, the troops would have been coming home next month — with the full support of Mr. Pompeo, if not many other Republican leaders.

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