Decentralized Markets and Self-Regulation

By Yuliya Guseva January 31, 2025 by renholding

The United States is ushering in a new era of crypto reforms. Only a few days ago, Mark Uyeda, the acting chair of the Securities and Exchange Commission (SEC), announced the formation of the Crypto Task Force to be spearheaded …

Stock Exchange Rulemaking After the Fifth Circuit’s AFBR Decision

By James Fallows Tierney January 7, 2025 by renholding

Securities law often relies on stock exchanges and other self-regulatory organizations (SROs) to create rules that structure markets. The SEC reviews and must approve these rules if the agency finds they meet certain statutory requirements. SROs file over a thousand

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Serendipity and Self-Regulation: The Case of Cryptocurrency-Based ETPs

By Onnig H. Dombalagian October 10, 2024 by renholding

Cryptocurrency enthusiasts rejoiced when the Securities and Exchange Commission (SEC) approved the listing of bitcoin – and ether-based exchange-traded products (ETPs) – on U.S. stock exchanges earlier this year. There is yet a certain irony in this outcome: Why did …

SEC Commissioner Criticizes Funding for Consolidated Audit Trail

By Hester M. Peirce September 7, 2023 by renholding

Thank you, Mr. Chair. The CAT has been expensive, far more costly than anyone imagined it would be. CAT’s considerable costs need to be allocated and no allocation method is ideal. And regardless of which approach we choose, most costs …

FINRA Faces Uphill Battle in Case Challenging Its Enforcement Authority

By James Fallows Tierney and Benjamin P. Edwards August 1, 2023 by renholding

FINRA, the self-regulatory organization (SRO) responsible for overseeing broker-dealers in securities markets, now faces constitutional scrutiny about its structure, enforcement proceedings, and sanctions. In July, Judge Justin R. Walker of the U.S. Court of Appeals for the D.C. Circuit issued …

Skadden Discusses New Senate Crypto Bill Limiting SEC Regulatory Role

By David Meister, Chad E. Silverman and Daniel Merzel July 25, 2023 by renholding

A bipartisan bill introduced in the U.S. Senate two weeks ago seeks “to bring crypto assets within the regulatory perimeter” by granting oversight responsibility to the Commodity Futures Trading Commission (CFTC) for most forms of cryptocurrency.

The new bill, sponsored …

The Attack on Nasdaq’s Board Diversity Rule

By Darren Rosenblum, John Livingstone, Anat Alon-Beck and Michal Agmon-Gonnen September 13, 2022 by renholding

The recent pushback by conservative legal groups against equality and diversity on corporate boards has accelerated to new levels in the past few months. The latest example is a challenge to Nasdaq’s board diversity rule, which was approved in August …

Supreme Risk for FINRA and Other SROs

By Benjamin P. Edwards August 30, 2021 by renholding

Most efforts to manage systemic risk tend to focus on risks arising from within financial markets, from existing regulators, or from legislative misadventures. Yet self-regulatory organizations (SROs) and the markets that depend on their steady functioning now face an underappreciated …

SEC Chair Clayton Addresses Proposed Order on Access to Equity Market Data

By Jay Clayton January 9, 2020 by renholding

Good morning. This is an open meeting of the U.S. Securities and Exchange Commission on January 8, 2020, under the Government in the Sunshine Act. The Commission today will consider a staff recommendation to issue for public comment a Proposed

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PwC Offers 10 Key Points on SEC’s Consolidated Audit Trail Plan

By Dan Ryan, Mike Alix, Adam Gilbert and Armen Meyer December 23, 2016 by renholding

On November 15, 2016, the Securities and Exchange Commission (SEC) approved a plan to establish a Consolidated Audit Trail (CAT), which will contain a complete record of all equities and options traded in the U.S.^[1] The plan will require …

SEC Investor Advocate Talks Dodd-Frank and Regulation’s Future

By Rick A. Fleming November 17, 2016 by renholding

Today (November 16), we will consider the future of financial regulation and, more specifically, whether the Dodd-Frank Act went too far.^[1]. I am I happy to share my views with you, but before I begin, I must give

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Columbia Law School's Blog on Corporations and the Capital Markets

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