WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet and Report, “Crypto Should Be Regulated by the SEC under the Howey Test to Protect Investors and Enforce the Securities Laws”: “The crypto industry has been fighting in every available arena to avoid being regulated by […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of Better Markets’ Comment Letter on the proposal by Capital One Financial Corporation (“Capital One”) to acquire Discover Financial Services and Discover Bank (“Discover”) and for Discover to merge with Capital One. “The proposed merger of Capital One and Discover will […]
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) regarding its proposed rule to require that investment advisers implement reasonable procedures to verify the identity of their customers. “Investment advisers play a crucial role in our financial […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, released the following statement on six federal banking regulators finalizing a rule to implement quality control standards for automated valuation models (AVMs) that are used to determine residential mortgage loan collateral values. “Computerization, digitalization, and automation have infiltrated nearly all parts of American life, and the process […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “To Protect Investors and Markets, the SEC Must Finish What It Started”: “Since Chair Gensler arrived at the SEC on April 17, 2021, the agency has finalized almost 40 rules in an effort to address the […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of Better Markets’ Comment Letter to the Basel Committee on Banking Supervision (Committee) on the role of climate scenario analysis in strengthening the management and supervision of climate-related financial risks. “Our economy, financial system, banks, and citizens are […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the guilty verdict in the trial of Bill Hwang, head of the former Archegos investment fund. “Bill Hwang’s massive market manipulation caused huge losses among investors and banks, shook the financial markets, and highlighted major regulatory vulnerabilities in our financial system. […]
WASHINGTON, D.C.—Today, Better Markets released a fact sheet titled “FDIC Chair Nominee, Christy Goldsmith Romero, Is Uniquely Highly Qualified” ahead of a Senate Banking Committee hearing on the nomination of Christy Goldsmith Romero to be Chairperson and Member of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC). Dennis Kelleher, Co-founder, President and CEO, released the […]
WASHINGTON, D.C. — Stephen Hall, Legal Director & Securities Specialist, issued the following statement on the filing of a friend of the court brief in Crypto Freedom Alliance of Texas v. SEC, No. 4:24-cv-00361-O (N.D. Tex.), defending the SEC’s new rule that requires more firms to register as dealers: “The securities markets have seen an explosion […]
WASHINGTON, D.C.— Stephen Hall, Better Markets Legal Director and Securities Specialist, issued the following statement in connection with the Supreme Court’s decisions in Loper Bright Enterprises v. Raimondo: “It’s another bad day for every American who depends on our federal agencies to protect them from a wide range of threats to their health, safety, and financial well-being. […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Three Ways The Financial Industry Targets Minority Communities”: “The failure of the mainstream financial industry to meet the needs of minority communities is well known, but less well known are the ways that players in the […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the release of a fact sheet titled “Fighting Discrimination in Finance Starts with Ensuring Diversity at the Agencies That Enforce the Financial Laws.” “Financial regulatory agencies have the power to improve racial economic inequality by fighting predatory practices in the […]
WASHINGTON, D.C.— Stephen Hall, Better Markets Legal Director and Securities Specialist, issued the following statement in connection with the Supreme Court’s decision in Jarkesy v. SEC: “It’s a bad day for American investors, who depend on the SEC to enforce the law against fraudsters and con artists in the securities markets. The Court has struck down the […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and CEO, issued the following statement on the Federal Reserve’s (Fed) release of the 2024 Dodd-Frank Act stress test results: “Stress tests for the largest, most complex, and dangerous banks are supposed to provide the public with confidence that those banks are strong enough to withstand financial and economic […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement regarding the Commodity Futures Trading Commission’s (CFTC) approval of the Comparability Determinations orders for Japan, Mexico, the European Union, and the United Kingdom (four Comparability Orders). “The CFTC’s approval today of the four Comparability Orders violates the law, lacks a factual basis, and […]
WASHINGTON, D.C.— Today, Better Markets released a fact sheet ahead of a House Financial Services Committee hearing on bank stress testing and the Federal Reserve’s release of its annual stress test results, both scheduled for tomorrow. Shayna Olesiuk, Director of Banking Policy, released the following statement. “Done right, stress testing the biggest banks for various […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with the release of a fact sheet titled “The CFPB Is Making Progress On Economic Racial Inequality, But There Is More To Do.” “One of the most effective government agencies in the fight to close the economic racial divide is […]
WASHINGTON, D.C.— Today, the Federal Deposit Insurance Corporation (FDIC) finalized a new rule on resolution plans for large banks. Shayna Olesiuk, Director of Banking Policy, released the following statement. “The failures, contagion, chaos, costs, and bailouts of Silicon Valley Bank, First Republic Bank, and Signature Bank did not have to happen, should not have happened, […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement regarding the Commodity Futures Trading Commission’s (CFTC) upcoming open meeting on Monday, June 24 to address the finalization of the proposed Comparability Determinations orders for Japan, Mexico, the European Union, and the United Kingdom. In anticipation of this meeting, Better Markets has released […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of Better Markets’ Comment Letter to the Federal Deposit Insurance Corporation (FDIC) on its proposal on bank mergers. “The dramatic increase in the largest, too-big-to-fail (‘TBTF’) banks over the last two decades raises a host of concerns, and […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of Better Markets’ Comment Letter to the Office of the Comptroller of the Currency (OCC) on Business Combinations Under the Bank Merger Act. “An insufficient merger review process has contributed to massive consolidation in the banking industry over […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement in connection with the nomination Caroline A. Crenshaw to serve another term as a Commissioner of the Securities and Exchange Commission (SEC): “This is an outstanding nomination and just the right decision at the right time. Commissioner Crenshaw has all of the credentials […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the nominations of Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero to be Chair of the Federal Deposit Insurance Corporation (FDIC) and CFTC Commissioner Kristin Johnson to be Assistant Secretary for Financial Institutions at the Treasury Department: “The nominations of […]
WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Despite Growing Responsibilities SEC Continues to be Severely Underfunded, Threatening Markets and Investors”: “The U.S. capital markets are the broadest, deepest, most liquid markets in the world because they are well-regulated. But an underreported threat to […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the release of a Fact Sheet titled “Seven Questions on the Pro-Crypto, Anti-SEC Financial Innovation and Technology for the 21st Century Act (FIT 21).” The fact sheet’s release comes as the Chairs of the SEC and CFTC appear before the Senate Appropriations […]
WASHINGTON, D.C.—Dennis Kelleher, Cofounder, President and CEO, issued the following statement in connection with filing a comment letter with the Basel Committee on Banking Supervision on a proposal to stop global banks from manipulating their balance sheets to cheat on key regulatory rules: “The rule proposed by the Basel Committee is necessary because clear evidence […]
WASHINGTON, D.C.—Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement after the Fifth Circuit’s decision in National Association of Private Fund Managers v. SEC, vacating the SEC’s Private Fund Advisers rule: “The Fifth Circuit’s decision is a terrible setback on many levels. First and foremost, it will deprive investors in private […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB’s) final rule creating a registry of nonbank lawbreakers. “The CFPB’s new registry of nonbank lawbreakers is a big victory for financial consumers and a major loss for lawbreakers. The CFPB’s registry will comprehensively collect and […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the sentencing of Ryan Salame, former FTX executive: “We applaud Federal Judge Lewis A. Kaplan for sending a clear message to crypto criminals today: break the law, enrich yourself, and corrupt elections means a prison sentence even longer than the one […]
WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement after the Securities and Exchange Commission (SEC) approved proposed rule changes filed by national securities exchanges to list and trade shares in spot ether exchange-traded products (ETPs): “Today the SEC doubled down on its historic mistake of approving spot bitcoin ETPs. Its decision to […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of Better Markets’ Comment Letter on the Federal Housing Finance Agency (FHFA) proposal to allow the Federal Home Loan Mortgage Corporation (Freddie Mac) to provide mortgage borrowers with a new loan product to access equity in their homes. […]
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 bitcoin exchange-traded products (“ETPs”): “In January 2024, the SEC approved the […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement regarding a Better Markets fact sheet on the Financial Innovation and Technology for the 21st Century Act, which will be voted on in the House of Representatives this week. “The crypto legislation pending in the House raises serious questions about investor, consumer, markets, and financial stability […]
WASHINGTON, D.C.— Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Biased Courts Are Undermining the Rule of Law, Democracy, our Markets, Economy, and Capitalism Itself”: “An independent judiciary is supposed to uphold the rule of law. However, federal judges in the Fifth Circuit Court of […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of Better Markets’ supplemental comment letter on the Regulatory Capital Rules related to the Basel III Endgame proposal. “Well-capitalized large banks are essential for a strong banking sector, financial system, and economy where Main Street families, businesses, and community banks […]
WASHINGTON, D.C.—Today, the U.S. Securities and Exchange Commission (SEC) adopted rule amendments to ensure that financial institutions better protect the sensitive personal information of their customers and alert those customers when a data breach occurs. Director of Securities Policy Benjamin Schiffrin released the following statement: “Protecting the sensitive personal information of consumers and investors is […]
WASHINGTON, D.C.— Anton Becker, Communications Director for Better Markets, issued the following statement in response to the Supreme Court’s ruling in favor of the Consumer Financial Protection Bureau (CFPB). “Today’s 7-2 victory is a massive win for Main Street and a major blow to financial interests looking to rip off hard-working Americans. The CFPB is the […]
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) in response to proposed rule changes filed by national securities exchanges to list and trade shares in spot ether exchange-traded products (ETPs), with the SEC set to rule […]
WASHINGTON, D.C. — Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets issued the following statement in advance of a House Financial Services Committee hearing with financial regulators, including the Chair of the Federal Deposit Insurance Corporation (FDIC). “There would be no FDIC scandal, no FDIC special committee, no FDIC law firm report, no Wall […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the Commodities Futures Trading Commission’s (CFTC) open meeting to consider a proposed rule regarding event contracts. “We applaud the CFTC for taking steps today to clarify and strengthen the rules governing event contracts and specifically election gambling contracts. Gambling on […]
WASHINGTON, D.C. — Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets issued the following statement regarding an initial review of the 234-page report of the Special Committee of the Federal Deposit Insurance Corporation (FDIC) that was supposed to fully investigate all the issues related to the allegations of workplace misconduct: “There is no question […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement on yesterday’s filing of an amicus brief supporting the approval by the Securities and Exchange Commission (SEC) of Nasdaq’s board diversity disclosure rule: “We’re defending an important disclosure rule issued by Nasdaq, a major stock exchange, which the SEC rightly approved. It requires […]
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement in response to the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, National Credit Union Administration, and Federal Housing Finance Agency’s proposed rule on incentive-based compensation. “Executive compensation policies that encouraged short-sighted and high-risk corporate behavior were major contributors to […]
WASHINGTON, D.C.— For the fourth year in a row, Washingtonian Magazine has selected Dennis Kelleher, Co-Founder, President and CEO of Better Markets, as one of the Most Influential People in Washington. Washingtonian calls it a “list of the experts and advocates, outside the government, who are playing big roles in Washington’s policy debates.” “Hardworking Main […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the release of a Fact Sheet titled “Capital Rule Critics Proved Wrong by Facts and Data.” “Wall Street’s biggest banks and their supporters have staged a widespread resistance effort in recent months to convince the American people, community organizations, and financial […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and CEO, issued the following statement in connection with the sentencing of Binance’s Founder, Owner, and former Chief Executive Officer, Changpeng Zhao (CZ), for charges brought by the Department of Justice (DOJ): “’Crime pays’ is the message sent today not by the Judge but by the DOJ’s weak, minimalist sweet […]
WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the release of a Fact Sheet titled “Jamie Dimon is Still Dancing in the Streets One Year After JPMorgan Chase’s Acquisition of First Republic Bank.” “One year ago, First Republic Bank, with nearly $230 billion in total assets, became the second […]
To: Interested Parties From: Dennis Kelleher, President and CEO (Media Contact: Anton Becker, Dir. of Communications, [email protected]) Date: April 29, 2024 Re: Sentencing of Binance Founder, Owner, and Former Chief Executive Officer for Central Role in Violating the Bank Secrecy Act Binance, the largest crypto exchange in the world, plead guilty on November 21, 2023 […]
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the filing of a comment letter to the Commodities Futures Trading Commission’s (CFTC) on the use of artificial intelligence (AI) in CFTC-regulated markets. “We have entered a dangerous new era in which the use of articial intelligence in finance is exploding. […]
WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the release today of rules from the Department of Labor (DOL) that will protect American workers and retirees from adviser conflicts of interest: “These reforms will improve the lives of millions of Americans struggling to save and invest for a financially secure […]
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