Description
Welcome to the March 2025 edition of Market Structure Insights! This month, we cover:
- the SEC’s decision to delay treasury markets trading reforms;
- IntelligentCross’s continued push to obtain a protected quotation;
the SEC staff’s “No Action” letter allowing private markets firms to avoid “accredited investor” verification practices in general solicitations; - the SEC staff’s expansion of confidential IPO processes;
- how some GOP Congressional leaders asked the SEC to rethink the CAT;
- how the Trump Administration has announced that it won’t enforce the bipartisan, recently enacted Corporate Transparency Act;
- SEC’s abandonment of its signature crypto cases and investigations;
- the SEC staff’s guidance that meme coins aren’t securities;
- President Trump’s curious announcement of a crypto reserve;
- a review of some of President Trump’s efforts to slash federal agencies;
- the SEC’s hosting of crypto and AI roundtables later this month;
- the likely nomination of Michelle Bowman to be the top bank regulator;
- how the IRS reassigned a top lawyer for failing to share data with DOGE;
- how exchanges and DTCC are working towards round-the-clock trading;
- the dreams of a thousand flowers (or exchanges) blooming;
- how President Trump and BlackRock teamed up to seize control of ports around the world, including Panama, raising Chinese ire;
- reports that President Trump’s family business is looking to partner with convicted crypto felon Chengpang Zhao and Binance;
- how Congressional Democrats surprisingly ceded power to the President;
- how the House and Senate are both pushing China legislation;
- how House and Senate crypto efforts may lead to a STABLE GENIUS bill;
- the Congressional reversal of an IRS rule to make DeFi file taxes forms;
- nominations of top economic policy officials, including Paul Atkins;
- the Congressional fight over the FY 2026 budget-busting budget;
- the bipartisan efforts to spur capital formation;
- a House Committee’s dive into treasuries and monetary policy;
- the efforts to shrink and demoralize the staff of the SEC; and
- how President Trump has taken unprecedented steps to take control over the so-called “independent” agencies
Plus full coverage of the markets and more.