Is the SEC officially on record with a warning about the viability of unregulated ICOs? It is. Is that stopping start-ups from creating and selling new virtual currencies at a torrid pace? It is not – NYTimes

New stress test results released yesterday paint a pretty dismal picture of the state of affairs at Fannie & Freddie should another economic crisis hit. Like $100 billion-worth of dismal – Bloomberg

Dealbook’s White Collar Watch reflects on the mixed bag of results for defendants accused of fraud and conspiracy in NY federal courts last week (the unlucky one was Martin Shkreli, by the way) and concludes that deceptions alone—though an important building block for fraud—don’t always add up to a crime – NYTimes

As it ramps up production on its much-anticipated Model 3, Tesla is reportedly selling $1.5 billion in senior notes—part of a decision to raise cash through the debt market rather than through equity – WSJ

Big win for BNY Mellon in the first case against a RMBS trustee to go to trial, with Ohio state court Judge Steven Martin calling insurer Wester & Southern Life’s $100 million case “full of holes” and pointing to PSAs that “did not saddle the bank with any responsibilities” as a prime reason for finding for the defendant – Law360

An update from Bill Ackman’s latest activist adventure—this time involving outsourcing giant ADP—and the fight to get himself and two other candidates on the company’s board of directors – Bloomberg and WSJ

Hedge fund Auerlius Capital is suing to have Puerto Rico’s unprecedented bankruptcy case dismissed in its entirety, asserting that the federal oversight board “now guiding the island’s financial affairs” runs afoul of the Constitution’s “appointments clause” and should therefore be nullified. Aurelius, by the way, is a holder of PR’s general obligation bonds, and it’s hired Bush-era SG Ted Olson to make its case in federal court – NYTimes

US credit-card debt has passed a dubious milestone, eclipsing the $1 trillion mark and topping a record not seen since just before the 2008 economic crisis. Just saying – Bloomberg and MarketWatch

Still more trouble for Wells Fargo—this time in the form of unrefunded insurance money on early car loan repayments – NYTimes

Yet another side-effect of the uncertain replacement for Libor: what it means for a whole mess of ARMs – WSJ

Here’s a new take on an existential crisis with more at stake than just a bit of angst.  What happens when a company’s chosen human face (think Flo, the Most Interesting Man in the World, or the Maytag repairman) can’t seem to—you know—evolve – NYTimes

Soooo.  About those password best practices . . . – WSJ