Commentary by Steven Lofchie
Ranking Member of the House Committee on Agriculture Glenn Thompson (R-PA) released a revised draft of the Digital Commodity Exchange Act, a bill "to bring certainty to developers, intermediaries, and customers in the digital asset marketplace by establishing clearly defined rules."
FINRA filed a proposal with the SEC to amend the exemption from trade reporting obligations for certain transactions on an Alternative Trading System where the current rules result in duplicative reporting.
Acting Comptroller of the Currency Michael J. Hsu underscored the need to "modernize the regulatory perimeter," by subjecting FinTech and crypto firms that offer banking services to the banking regulatory framework.
A broker-dealer and its general securities principal settled FINRA charges for deficient escrow account procedures while acting as a placement agent for a contingency offering.
In "A Collection of Essays Focused on Collateral Optimization in the OTC Derivatives Market," ISDA shared perspectives based on interviews with buy- and sell-side market participants.