House Financial Services Committee Chair Patrick McHenry (R-NC) asked FINRA and the SEC for information on the process used to approve the application of the first "special purpose broker-dealer" eligible to transact and provide custody for digital asset securities.
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The U.S. House Committee on Agriculture (i) considered a proposal by FTX - a registered derivatives clearing organization - to expand its services and (ii) examined trends in new clearinghouse models.
SEC Chair Jay Clayton testified before the U.S. House Financial Services Committee, providing an update on the EDGAR system cyber-security breach.
The SEC introduced two new initiatives to monitor and address issues related to cybersecurity. In addition, SEC Chair Jay Clayton updated the Senate Banking Committee on the SEC response to the EDGAR system cyber breach.
Members of the House Subcommittee on Capital Markets and Government-Sponsored Enterprises heard testimony on (i) a FINRA registration proposal, (ii) the money market fund rule, (iii) bond market transparency and liquidity, (iv) the Treasury trade reporting proposal, (v) the "materiality" standard, and (vi) the Public Company Accounting Oversight Board.