WASHINGTON, D.C.— Dennis Kelleher, President, CEO, and Co-founder, issued the following statement in response to reports that the SEC is dropping its lawsuit against Coinbase: “The SEC, the cop on the financial beat, is unilaterally disarming. It has moved from investor protector to a financial industry cheerleader. That is going to have historic repercussions and, […]
WASHINGTON, D.C.— Dennis Kelleher, President, CEO, and Co-founder, issued the following statement in response to reports that the Trump administration is planning to merge the Federal Deposit Insurance Corporation (“FDIC”) and Consumer Financial Protection Bureau (“CFPB”) into the Office of the Comptroller of the Currency (“OCC”). “Our economy depends on a strong financial system which […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with the approval by the Securities and Exchange Commission (SEC) of a rule change to allow the New York Stock Exchange to offer overnight trading: “The legalization of sports betting in America has led to a gambling addiction epidemic, fueled partly by […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with Better Markets’ new report, “Debunking Debanking.” “All of a sudden “debanking” is a hot topic. Congressional hearings are being held, and the media is breathlessly reporting every claim, no matter how baseless or fact-free. The truth is that banking regulators […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Crypto Crimes of the Heart”: “With Valentine’s Day approaching, many Americans may be searching for love online. Most of these individuals probably don’t expect that online dating could lead them to be victimized by a cryptocurrency […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the release of Better Markets’ new Fact Sheet, “Bank Directors Must Be Held Accountable.” “Banks—including the biggest banks in the country headquartered on Wall Street—have repeated failures of the most basic risk controls, routinely break the law, and too often […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with SEC Acting Chair Uyeda’s statement indicating that the SEC may no longer defend the climate-related disclosure rule the agency adopted in 2024: “The Acting Chair suggested in his statement that the SEC lacked the authority to adopt rules requiring companies to […]
WASHINGTON, D.C.—Dennis Kelleher, President, CEO and Cofounder of Better Markets, issued the following statement in connection with the Securities and Exchange Commission’s (SEC) order limiting the information that can be collected by the Consolidated Audit Trail (CAT): “Markets and financial firms, including those who rip off investors, move at the 21st Century speed of light […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “A Golden Age of Crypto Crime?” released ahead of a House Financial Services Committee hearing “A Golden Age of Digital Assets: Charting a Path Forward”: “Tomorrow, Congress will hold a hearing dedicated to crypto. The hearing […]
WASHINGTON, D.C.— Dennis Kelleher, President, CEO, and Co-founder, issued the following statement in response to the Trump administration’s illegal attempt to defund the Consumer Financial Protection Bureau (CFPB): “Every single American will be hurt by the Trump administration’s illegal midnight order to defund the Consumer Financial Protection Bureau, which has forced financial firms to return […]
WASHINGTON, D.C.— Today Shayna Olesiuk, Director of Banking Policy, testified at a House Financial Services Committee hearing on debanking. Below are quotes from her testimony and video from the hearing. “What’s really at stake is protecting our financial system and Main Street Americans from the risks, costs, and consequences of incredibly volatile and often flagrantly […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the Commodity Futures Trading Commission’s (CFTC) announcement of a public roundtable in response to the self-certified Super Bowl event contracts: “The CFTC’s decision to convene a public roundtable on event contracts is an important step toward ensuring proper regulatory scrutiny. […]
WASHINGTON, D.C.— Dennis Kelleher, President, CEO, and Co-founder, issued the following statement in response to Trump’s Acting FDIC Chair Travis Hill’s release of formerly nonpublic confidential documents regarding the FDIC’s supervision of crypto-related activities. “In a highly political move, the Acting FDIC Chair this morning released formerly nonpublic, confidential supervisory documents with the apparent intent […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the release of Better Markets’ new Fact Sheet, “Fumbling the Ball: Why the CFTC Should Sack Super Bowl Gambling Contracts.” “Sports betting is nothing new, but a troubling trend is bringing sports gambling into federally regulated financial markets under the […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Report, “The SEC’s Whistleblower Program Is Key to Protecting the Economy and Main Street Americans’ Wallets”: “The US capital markets are the engine that fuels our economy, businesses, jobs, and standard of living. And our capital markets thrive […]
WASHINGTON, D.C.— Travis Horr, Director of External Affairs, issued the following statement in connection with Better Markets’ proposed agenda for Banking and Finance for the 119th Congress: “Donald Trump enters the White House with a unified Republican Congress. Many lawmakers, including Trump, ran their campaigns on the promise of lowering costs and unrigging the economy […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement regarding the SEC’s decision to rescind Staff Accounting Bulletin (SAB) 121: “The SEC’s decision to rescind SAB 121 endangers investors and the financial system as a whole. SAB 121 provided that companies holding crypto assets for customers face unique risks and should therefore reflect […]
WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the filing of an amicus brief supporting the Securities and Exchange Commission (SEC) in the high-profile crypto case, SEC v. Ripple: “This appeal has enormous consequences for the ever-increasing number of American investors who are swept up the cryptocurrency investment craze. The […]
Washington, D.C. – Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with a comment letter to the Federal Deposit Insurance Corporation (FDIC) on its proposed rule requiring improved recordkeeping for custodial accounts held by FDIC-insured banks. “The FDIC’s Proposal is a response to a massive rip-off of tens of thousands of ordinary […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Working-Class Americans Elected President Trump, and His New SEC Chair Must Take Action to Protect Them”: “Last summer, at the Republican National Convention, Vice President-elect JD Vance said that his party was done ‘catering to Wall […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the release of Better Markets’ new Fact Sheet, “Honoring Martin Luther’s King Vision of Equality by Financial Regulators Advancing Economic Justice.” “As we commemorate Dr. Martin Luther King Jr.’s legacy on the same day as President Trump’s inauguration, we are […]
WASHINGTON, D.C.— Dennis Kelleher, President, CEO and Co-founder, issued the following statement in response to the Consumer Financial Protection Bureau (CFPB) request for comment on a proposed interpretive rule outlining how the Electronic Fund Transfer Act (ETFA), which provides consumers with protections against errors and fraud, applies to new types of digital payment mechanisms, such […]
WASHINGTON, D.C.— Brady Williams, issued the following statement on the Consumer Financial Protection Bureau’s (CFPB’s) finalization of its long-awaited rule addressing medical debt on credit reports: “Today, the CFPB finalized an important rule to stop the harmful impact of medical debt on consumers’ credit scores. Prohibiting alleged medical debts from appearing on credit reports will benefit 15 […]
Washington, D.C. – Dennis Kelleher, President, CEO and Co-founder of Better Markets, issued the following statement in connection with a supplemental comment letter on the Regulatory Capital Rules related to the Basel III Endgame proposal. The letter highlights compelling Federal Reserve Bank of New York research that underscores the need for higher capital levels to […]
WASHINGTON, D.C.— Dennis Kelleher, President, CEO and Co-founder of Better Markets, issued the following statement in response to the Federal Reserve’s announcement today that the Vice Chair for Supervision will be resigning. “The Vice Chair said today in his shocking resignation that a ‘dispute’ over his position as Vice Chair for Supervision ‘could be a distraction […]
WASHINGTON, D.C.— Dennis Kelleher, President, CEO and Co-founder of Better Markets, issued the following statement in connection with the Federal Reserve’s announcement today of plans to weaken stress tests. “Showing disrespect if not disdain for the public, the Federal Reserve’s announcement today at 4PM on the day before Christmas and Hanukkah eve should be beneath the […]
WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement in connection with the adoption by the Securities and Exchange Commission of rule amendments designed to better protect customers from broker-dealer failures: “Today, the SEC required that large broker-dealers calculate the net cash owed to their customers daily. The purpose of the required calculation […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the release of a new report by the Treasury Department on the “Uses, Opportunities, and Risks of Artificial Intelligence in Financial Services.” “We applaud the Treasury Department for carefully considering both the benefits and risks of Artificial Intelligence (AI) in […]
ARCHEGOS FRAUD MASTERMIND BILL HWANG CAUSED INVESTORS TO LOSE BILLIONS OF DOLLARS AND SHOULD PAY RESTITUTION To: Interested Parties From: Dennis Kelleher, President and CEO (Media Contact: Anton Becker, Dir. of Communications, [email protected]) Date: December 17, 2024 Re: Archegos’s Bill Hwang should be required to make restitution to investors as well as the too-big-to-fail […]
WASHINGTON, D.C.— Dennis Kelleher, President, CEO and Co-founder of Better Markets, issued the following statement in connection with the Federal Deposit Insurance Corporation (FDIC) authorizing lawsuits against six former officers and eleven former directors of Silicon Valley Bank (SVB). “We applaud the FDIC for acting to hold SVB’s officers and directors accountable for their alleged mismanagement […]
The following op-ed ran in Fortune Magazine. By Benjamin Schiffrin December 13, 2024 In 2018, the Supreme Court legalized sports gambling. Six years later, gambling addiction is approaching a national epidemic. Numerous state surveys show an increase in the incidence and prevalence of gambling addiction, and nearly every state has seen increased demand in recent years for treatment […]
WASHINGTON, D.C.— Brady Williams, Legal Counsel, issued the following statement on the Consumer Financial Protection Bureau’s (CFPB’s) finalization of its long-awaited overdraft fees rule: “Today, the CFPB championed the cause of consumers by finalizing its long-awaited overdraft fees rule, which will close an outdated loophole that exempted overdraft loans from traditional lending laws. This loophole allowed […]
WASHINGTON, D.C. — Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with the decision from the entire Fifth Circuit nullifying the SEC’s approval of NASDAQ’s board diversity disclosure rule: “This decision represents a terrible setback for transparency, which is the lifeblood of our securities markets. A rapidly growing number of […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the Basel Committee on Banking Supervision’s (Committee) final guidelines for counterparty credit risk management. “We commend the Committee’s eye-opening look at the need to address material weaknesses in counterparty credit risk management at the global megabanks. As we explained in […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with Better Markets’ comment letter to the Federal Reserve’s request for information (RFI) regarding operational aspects of the discount window. “The banking system needs a safety valve that actually works. The discount window is intended to provide a vital backstop by […]
WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to a proposal by the New York Stock Exchange to extend trading hours on its NYSE Arca securities exchange to 22 hours a day, 5 days a […]
WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to proposed rule changes filed by national securities exchanges to list and trade options on spot ether exchange-traded products (“ETPs”): “The SEC endangered retail investors by approving […]
WASHINGTON, D.C.—Dennis Kelleher, President, CEO and Co-founder of Better Markets, released the following statement in response to President-elect Trump’s announcement of Paul Atkins as his choice to lead the Securities and Exchange Commission (SEC): “Paul Atkins, President-elect Trump’s nominee to lead the SEC, is smart, experienced, and capable. Unfortunately, he is also a deregulation zealot […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with Better Markets’ comment letter to the Consumer Financial Protection Bureau (CFPB) supporting a petition for rulemaking to amend the Expedited Funds Availability Act (EFAA). “In today’s world when retailers such as Amazon and Walmart regularly deliver a wide range of […]
WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement in connection with the approval by the Securities and Exchange Commission (SEC) of an application filed by 24X National Exchange LLC (24X) to register as a national securities exchange and operate a trading platform 23 hours per day, five days per week: “The SEC’s […]
WASHINGTON, D.C. — Stephen Hall, Legal Director and Securiteis Specialist, issued the following statement in connection with the latest court decision nullifying an important SEC rule: “Upholding the SEC’s rule should have been a no-brainer for the judge. But the courts in Texas and the Fifth Circuit have come to resemble a Disney resort for […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with Better Markets’ comment letter to the Federal Deposit Insurance Company on brokered deposits. “In 2020, the FDIC approved a rule change on brokered deposits that significantly weakened important taxpayer protections that Congress put in place more than three decades ago, […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with the sentencing of Bill Hwang, head of the former Archegos investment fund. “Bill Hwang’s massive market manipulation caused huge losses among investors, his own employees, and banks. Eighteen years is a meaningful sentence that reflects the seriousness of these crimes and […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with the sentencing of Gary Wang, FTX’s co-founder and Chief Technology Officer. “Gary Wang was an indispensable collaborator in FTX’s historic crime spree as FTX’s chief technical officer (and 17% equity owner), Alameda’s co-founder (who owned 10% of the company), […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the release of Better Markets’ new Fact Sheet, “Financial Regulators’ Refusal to Recognize Clear, Well-Known Climate Risks is a Dangerous and Costly Mistake” “Recent hurricanes have caused unimaginable losses of human life in the Southeastern U.S. and also resulted in […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the release of Better Markets’ new Fact Sheet, “Blow the Whistle: The Importance of the Commodity Futures Trading Commission’s Whistleblower Office” “The CFTC’s Whistleblower Office has played a pivotal role in exposing wrongdoing that undermines the fairness and integrity of […]
Bait-and-Switch, False Promises, Influence Peddling and a Growing Threat to our Financial System and Main Street WASHINGTON, D.C.— Better Markets has released a new fact sheet entitled “Crypto 101: Bait-and-Switch, False Promises, Influence Peddling and a Growing Threat to our Financial System and Main Street.” After spending almost $200 million on campaign ads, the […]
WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in connection with a filing submitted by State Street and Apollo Global Management seeking approval for a private credit exchange-traded fund (ETF): “This application for a private credit ETF […]
WASHINGTON, D.C.— After a long and successful financial industry career, David Moskowitz has joined Better Markets as a Senior Fellow. After serving in numerous roles over almost 30-years, Mr. Moskowitz concluded his career with Wells Fargo & Company and its predecessors as an Executive Vice President and Head of Government Relations and Public Policy from […]
WASHINGTON, D.C. – Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the Treasury Department’s Inaugural National Strategy for Financial Inclusion. “For too long, our financial system has not worked for all Americans. Generations of discrimination and mistreatment informed by racist beliefs, narratives, laws, policies, and practices have contributed to deeply […]
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