Description
Welcome to the April 2025 edition of Market Structure Insights! This month, we cover:
- how the SEC is suffering a massive brain drain, just as DOGE is demanding access to confidential data;
- China investment restrictions are coming — and likely, soon;
- how the SEC restored transparency to the exchange filing process;
- the SEC’s efforts to regulate crypto, and maybe deregulate securities;
- how a new Trump Administration rule turns on its head the intent and administrative record of the Corporate Transparency Act;
- the ticking and the tocking of the TikTok ban; the SEC’s decision to stop defending its climate rule in court;
- how a Presidential Executive Order and the Texas legislature are taking opposite views on federalism to block corporate climate actions;
- a FINRA proposal to consolidate execution quality reports;
- how the SEC staff is pushing crypto rules through “guidance;” a Presidential Executive Order seeking to reduce and eliminate regulatory burdens on competition, and how that might hit exchanges;
- new data from the SEC staff on investment companies and money funds;
- how President Trump has threatened major law firms into donating over $900 million in free legal work to support his personal causes;
- how the Trump tariffs are impacting markets and the economic outlook;
- how US treasuries are looking dangerously close to losing haven status;
- Interactive Brokers’ offering more crypto trading; DTCC’s commitment to treasuries clearing and segregation support;
- Robinhood’s effort to push “crazy” products;
- the Senate’s unprecedented confirmation of Paul Atkins to lead the SEC;
- the Congressional infighting over the FY2026 budget and debt ceiling; Congressional Republicans’ request that regulators *not* consider designating non-banks as systemically significant; and the long, arduous road to getting the CT Plan up and running.
Plus full coverage of the markets and more.