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 […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with the sentencing of Nishad Singh, FTX’s former chief engineer. “One key measure of true justice is meting out consistent sentences. Allowing Singh to go scot-free appears grossly out of line given the two-year jail sentence handed to Caroline Ellison. […]
WASHINGTON, D.C.— Better Markets has released a new fact sheet on Bank-Fintech arrangements in conjunction with the filing of a comment letter on the same topic to the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC) and Federal Reserve Board (Fed). Shayna Olesiuk, Director of Banking Policy, issued the following […]
WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement on the filing of Better Markets’ Supplemental Comment Letter to the Securities and Exchange Commission (SEC) regarding the SEC’s proposed cybersecurity rules for broker-dealers and cybersecurity rules for investment advisers: “The threat financial firms face from cyberattacks increases each day. As our comment letter […]
WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the filing of an amicus or “friend of the court” brief in KalshiEx LLC v. CFTC, a case that will determine whether gambling on U.S. elections will be allowed: “It’s vital that the D.C. Circuit restore the CFTC’s decision to prohibit gambling […]
WASHINGTON, D.C.— Better Markets released a new fact sheet entitled “Crypto’s Predatory Targeting of Minority Communities” to highlight the ways that the crypto industry disproportionately harms the very people it claims to uplift. “Historically, minority groups in the U.S.—particularly Black and Latino communities—have been subjected to financial discrimination, exclusion, and exploitation through practices like redlining, […]
WASHINGTON, D.C.— Brady Williams, Legal Counsel, issued the following statement on the Consumer Financial Protection Bureau’s (CFPB’s) unveiling of rules to create a more transparent banking system that will spur competition: “The CFPB’s new rule will eliminate barriers to competition, empower consumers with greater control over their financial data, and provide new protections against potential misuse […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the Office of the Comptroller of the Currency (OCC) releasing final guidelines for recovery planning for large banks. “Today’s action by the OCC to strengthen bank recovery guidelines is a move in the right direction to protect the financial system, […]
WASHINGTON, D.C.—Shayna Olesiuk, Director of Banking Policy, issued the following statement on the filing of Better Markets’ Comment Letter to the Federal Deposit Insurance Corporation (FDIC) in response to proposed changes for evaluating bank change in control notices. “As investment fund managers like BlackRock, Vanguard, and State Street continue to grow, so does their influence […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Report, “Popularity of Index Funds is Both a Blessing and a Curse”: “Index funds are widely regarded as one of the most successful innovations in modern finance. They offer retail investors the benefits of diversification while charging much […]
WASHINGTON, D.C.—Shayna Olesiuk, Director of Banking Policy, issued the following statement on the filing of Better Markets’ Comment Letter the Federal Deposit Insurance Corporation (FDIC) in response to a proposed rule amending the regulations governing industrial banks. “Today’s regulation framework for industrial banks disproportionately benefits a small subset of commercial companies that own these banks, […]
WASHINGTON, D.C.—Dennis M. Kelleher, Cofounder, President and CEO, issued the following statement in connection with actions taken today by the Office of the Comptroller of the Currency (OCC) and other federal agencies against TD Bank for deficiencies in the bank’s Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance program. “Today’s actions and financial penalties […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the release of Better Markets’ new Fact Sheet, “Can the CFTC Tame Carbon Fraud and Create Trust in a Broken System?” “Although Voluntary Carbon Credits (VCCs) were originally marketed as a solution to combat climate change, they have become a […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of a comment letter to the Basel Committee on Banking Supervision (Committee) on its proposed principles to improve banks’ resilience and their ability to manage third-party risks. “As technology rapidly develops and our world becomes more dependent on […]
WASHINGTON, D.C.—Shayna Olesiuk, Director of Banking Policy, issued the following statement on the filing of Better Markets’ Comment Letter to the Federal Deposit Insurance Corporation (FDIC) in response to a Request for Information (RFI) regarding information on the characteristics of and data collection related to bank deposits. “The March 2023 regional bank failures provided clear […]
WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement on the filing of Better Markets’ Supplemental Comment Letter to the Securities and Exchange Commission (SEC) regarding the SEC’s proposed Regulation Best Execution, which would require that a broker-dealer use reasonable diligence to ascertain the best market for a security and buy or sell […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the decision of the D.C. Circuit to remove an administrative stay in KalshiEx LLC v. CFTC, thereby allowing betting on the congressional elections to move forward while it takes time to consider the appeal. “The court’s order will allow betting on an […]
WASHINGTON, D.C. — Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the release of a Better Markets report profiling the Supreme Court’s decisions that threaten the financial future of all Americans: “In recent years, the Supreme Court has not only gutted individual liberties but also escalated its attacks on the agencies […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the sentencing of Caroline Ellison. “Justice was served today when Judge Kaplan sentenced FTX co-conspirator, Caroline Ellison, to a 24-month prison sentence, an order to forfeit about $11 billion, and three years of supervised release. Equal justice under the law […]
WASHINGTON, DC – Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “The SEC is Working to Reduce Costs, Increase Transparency, and Prevent Identity Theft”: “Today, all five members of the Securities and Exchange Commission (SEC) will testify before the House Financial Services Committee. The Commissioners’ […]
WASHINGTON, D.C. – Dennis M. Kelleher, Cofounder, President and CEO, issued the following statement in connection with the closed-door meeting of the Financial Stability Oversight Council (“FSOC”) today: “The FSOC was a critically important innovation of the post-2008 crash financial reform law with two key goals: end regulatory arbitrage by designating and regulating systemically significant […]
WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement after the Securities and Exchange Commission (SEC) approved a proposed rule change filed by Nasdaq ISE, LLC, to list and trade options on the iShares Bitcoin Trust: “The SEC compounded the mistake that it made earlier this year in approving spot bitcoin exchange-traded products […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the Commodity Futures Trading Commission (CFTC) approving final guidance regarding the listing for trading of voluntary carbon credit (VCC) derivative contracts: “The CFTC’s approval of its guidance for the listing and trading of VCC derivative contracts is a significant milestone. […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with oral argument today in KalshiEx LLC v. CFTC, as the CFTC seeks to prevent trading in political event contracts while it appeals a lower court ruling allowing such trading to go forward: “The CFTC’s appeal is critical, as is […]
WASHINGTON, D.C.—Today, the U.S. Securities and Exchange Commission (SEC) adopted rule amendments to lower the minimum pricing increments at which a stock’s price can be quoted. Director of Securities Policy Benjamin Schiffrin released the following statement: “The SEC’s adoption of lower minimum pricing increments, or ‘tick sizes,’ for many National Market System stocks will benefit […]
WASHINGTON, DC – Today, Better Markets released a fact sheet on the growing fraud at the heart of the crypto industry. The release comes as the crypto industry holds its second annual “Stand With Crypto Day” to pressure members of Congress to advance the industry’s favored legislation, which would rewrite the rules around crypto regulation. […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in response to the Office of the Comptroller of the Currency (OCC) final rule on Business Combinations Under the Bank Merger Act and the Federal Deposit Insurance Corporation (FDIC) final statement of policy on Bank Merger Transactions. “An insufficient merger review process has […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with recently released opinion in KalshiEx LLC v. CFTC and a hearing today that allowed Kalshi to move forward with offering political event contracts: “Allowing Kalshi’s political event contracts is a dangerous move that opens the floodgates to unprecedented gambling on U.S. […]
WASHINGTON, D.C.— Dennis M. Kelleher, Cofounder, President and CEO, issued the following statement in connection with Federal Reserve Board (Fed) Vice Chair for Supervision Michael Barr’s statements on the Fed’s proposed capital rule: “Today’s action by Federal Reserve Vice Chair for Supervision Michael Barr gutting the proposed capital rule is baseless and unjustified. Remember that […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with a newly released Fact Sheet on Gambling on Elections and Event Contracts: “Democracy in America is at a fragile crossroads, with more Americans questioning the integrity of elections than ever before. The shocking attack on the Capitol on January 6, […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the SEC’s vote to adopt the Public Company Accounting Oversight Board’s (PCAOB) new rule imposing quality control standards on auditors. “The PCAOB is responsible for ensuring the auditing profession fulfills its duty as a critical gatekeeper for accurate and complete financial statements from […]
WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the decision issued in KalshiEx LLC v. CFTC. “The Court’s decision overturns a well-reasoned order by the CFTC denying Kalshi’s petition to offer an event contract on which party will win control of Congress. In these pivotal and fragile political times, the […]
WASHINGTON, D.C.— After 38 years of public service at the Federal Deposit Insurance Corporation (FDIC), George French has joined Better Markets as a Senior Fellow. After a long and distinguished career of public service, Mr. French is a deeply experienced expert in all aspects of banking policy and regulation. Mr. French began at the FDIC […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of a comment letter to the financial regulators on the latest proposed rulemaking for incentive-based compensation. “Financial executives and traders regularly pocket million-dollar bonuses. The prospect of unimaginable and immediate riches, however, often results in those executives and […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of a comment letter to the Basel Committee on Banking Supervision (Committee) on its proposed guidelines for the management of counterparty credit risk (CCR). “The opaque and interconnected web of megabanks’ counterparty credit risk (CCR) exposures can amplify […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with a comment letter filed to the Federal Reserve Board (Fed) on the need for increased data collection related to large banks’ lending to nonbanks. “Despite the fact that lending to the nonbank sector exceeded $2 trillion in 2023, and the […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the release of a new fact sheet on Artificial Intelligence (AI) and a comment letter sent to the U.S. Department of the Treasury on the same subject. “AI has found its way into nearly every aspect of Main Street Americans’ […]
WASHINGTON, D.C. — Stephen Hall, Legal Director & Securities Specialist, issued the following statement on the submission of an amicus brief with the Consumer Federation of America in State of Iowa v. U.S. Securities and Exchange Commission, defending the SEC’s climate risk disclosure rule. A fact sheet summarizing the arguments in the brief is available here. […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the release of an analysis on the Recent Supreme Court Decisions and Their Harmful Impact on Main Street Americans. “The Supreme Court ended its 2023-2024 term with three exceptionally damaging decisions that undermine the ability of the government to protect […]
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