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Category: Rulemaking

The SEC’s Whistleblower Rule Helps Protects Main Street Consumers, Investors, and Families Against Securities Crooks, Fraudsters & Rip-off Artists

WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist at Better Markets, issued the following statement in response to the Securities and Exchange Commission’s (SEC) adoption of a final whistleblower rule reversing two flawed provisions written under the prior administration: “The SEC’s whistleblower program has been an extraordinarily effective enforcement tool in fighting against fraud […]

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Federal Agencies Must Address the Rampant Fraud and Extreme Volatility of Digital Assets to Protect Consumers, Investors, Businesses, and Markets

WASHINGTON, D.C.— Phillip Basil, Director of Banking Policy, issued the following statement after Better Markets filed a comment letter to the Department of the Treasury regarding its request for comment related to the President’s Executive Order “Ensuring Responsible Development of Digital Assets”: “The digital asset industry is seeking special carveouts, loopholes, and changes to our […]

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The Travesty of Zero Progress in Homeownership Rates in 45 Years Proves the Community Reinvestment Act (CRA) Has Failed and Must Be Strengthened

WASHINGTON, D.C.— Dennis Kelleher, Co-Founder, President, and CEO, issued the following statement after Better Markets filed a comment letter to rulemaking agencies on ways to update the Community Reinvestment Act (CRA): “Credit, investment, and banking services have been unfairly if not illegally denied to too many Americans for too long.  The CRA was supposed to […]

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SEC’s Rollback of Trump-Era Requirements Will Make It Easier for Investors to Receive Independent Advice on Proxy Votes

WASHINGTON, D.C.—Following Better Markets’ recommendations in its December 2021 comment letter, today the SEC rescinded provisions of a 2020 rule that stifled the availability of independent and timely advice for shareholders exercising their proxy voting rights. Legal Director and Securities Specialist Stephen Hall issued the following statement on the rule: “The SEC’s rule is a […]

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FDIC Takes Important Step Towards Managing Climate-Related Financial Risks

WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy, issued the following statement on the filing of Better Markets comment letter to the Federal Deposit Insurance Corporation (FDIC) on their request for comments regarding its proposed principles for climate-related financial risk management for large banks. “We applaud the FDIC for incorporating climate-related financial risks into its risk management expectations […]

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SEC Proposal Would Bring Much Needed Oversight and Transparency to the Activities of High-Frequency Traders

WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to the agency’s proposed rule to modernize and expand the definition of those firms that are “dealers” or “government securities dealers” subject to SEC regulation: “This […]

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FTX’s Application Raises Serious Questions that the CFTC’s Trading and Clearing Roundtable Should Address

WASHINGTON, D.C.— President and CEO Dennis M. Kelleher issued the following statement on the CFTC’s May 25 public roundtable on intermediation in derivatives trading and clearing, which was precipitated by FTX’s application to offer non-intermediated, margined clearing of Bitcoin futures products. On May 11, Better Markets filed a comment letter with the CFTC on FTX’s […]

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SEC Must Do More To Reform the Corrupt, Conflict-Ridden Credit Ratings Process Before It Fuels Another Crisis and Crash

WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to the agency’s proposed rule that would remove references to credit ratings from Regulation M: “Even before the 2008 financial crisis, when wildly inflated credit ratings […]

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The Ongoing Crypto Carnage and Wealth Destruction Are Red Flags for the CFTC Regarding FTX’s Application for Auto-Liquidation of Retail Customers Bitcoin Futures Margin Accounts

WASHINGTON, D.C.— Better Markets President and CEO Dennis M. Kelleher issued the following statement on the filing of Better Markets’ Comment Letter to the Commodity Futures Trading Commission (CFTC) in response to the agency’s request for comment on FTX’s proposal to offer non-intermediated, margined clearing of Bitcoin futures products: “FTX has filed an application with […]

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SEC Must Close Loopholes in Proposal to Ensure Short Selling Comes Out of the Shadows

WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to the agency’s proposal to bring more transparency to short selling activity: “To protect investors and markets, short selling transparency must be increased.  Disclosures must be […]

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