DealBook Briefing: The Trade War Isn’t Over. It’s Just on Hold.

The risk it poses: “If he follows through on his threat, congressional leaders will have six months to pass the new trade measure,” Glenn Thrush of the NYT writes. “If no deal can be reached, both versions of the treaty would be void, which would result in far more restrictive trade that could have a severe impact on industry and agriculture in all three nations.”

Late last week, Andrew sat down with the S.E.C. chairman, Jay Clayton, at a TimesTalk event in New York to discuss the future of blockchain and cryptocurrency. (You can watch the discussion here.) Some highlights:

Mr. Clayton reaffirmed a need for caution. On the topic of initial coin offerings, he said, “We tried to get the word out that although the trading looks like the trading you would see on Nasdaq or on the New York Stock Exchange, these markets do not have the same kinds of safeguards for you.”

But he sees no need to modernize for modernity’s sake. “My view is that our rules have stood the test of time,” he said. “I’m not going to change rules just to fit a technology.” Any regulation that it does impose on crypto, he said, is “not picking winners and losers” but “protecting investors.”

Cryptocurrencies are still struggling. Bitcoin remains under $4,000, down about 80 percent from its high last December. It’s hurting in part because of regulatory scrutiny, and many people in the community would like some support from the establishment.

The bottom line: For a while, it looked as if laws might have to be changed to work with crypto. Mr. Clayton’s comments hinted that crypto might be the one to change, to meet the law.

Officials from around the globe are meeting in Katowice, Poland, today at the United Nations’s annual climate talks.

Big decisions are on the agenda. Bloomberg explains that delegates “will seek to transform pledges made in Paris three years ago into an international rule book aimed at curbing greenhouse gas emissions.” We’re now in the hard part, where goals must be turned into functioning policy.