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the CFPB championed the cause of consumers by finalizing its long-awaited overdraft fees rule, which will close an outdated loophole that exempted overdraft loans from traditional lending laws.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 […]
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 […]
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