Federal Regulatory Agencies
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Federal Regulatory Agencies
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SEC Files Proposed Settlement With Respect to Former Financial Services Professional and Associate for Front-Running Scheme
WASHINGTON, Sept. 23 -- The Securities and Exchange Commission issued the following litigation release:
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Securities and Exchange Commission v. Lawrence Billimek and Alan Williams, No. 22-cv-10542-JHR (S.D.N.Y. filed Dec. 14, 2022)
On September 17, 2026, the SEC filed proposed final judgments in the U.S. District Court for the Southern District of New York as to the Commission's claims against Lawrence Billimek and Alan Williams. If approved by the court, the proposed final judgments would settle the SEC's previously-filed action alleging that Billimek and Williams engaged in a multi-year ... Show Full Article WASHINGTON, Sept. 23 -- The Securities and Exchange Commission issued the following litigation release: * * * Securities and Exchange Commission v. Lawrence Billimek and Alan Williams, No. 22-cv-10542-JHR (S.D.N.Y. filed Dec. 14, 2022) On September 17, 2026, the SEC filed proposed final judgments in the U.S. District Court for the Southern District of New York as to the Commission's claims against Lawrence Billimek and Alan Williams. If approved by the court, the proposed final judgments would settle the SEC's previously-filed action alleging that Billimek and Williams engaged in a multi-yearfront-running scheme that generated approximately $47 million in illegal trading profits.
The SEC's complaint, filed on December 14, 2022, alleged that, from at least September 2016, Billimek would inform Williams of market-moving trades placed by a major asset management firm prior to their execution. Billimek was employed by the asset management firm at the time. According to the complaint, Williams would trade in the same securities, on the same day, prior to Billimek's employer or while multiple large orders were being placed by the employer. Williams would close his positions after the price of the security moved as expected.
Billimek and Williams consented to the entry of the final judgments permanently enjoining them from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and, as to Billimek, also enjoining him from violating Section 17(j) of the Investment Company Act of 1940 and Rules 17j-1(b)(1) and (3) thereunder. The proposed final judgments, which are subject to court approval, also order disgorgement of $12,684,000 as to Billimek and disgorgement of $34,627,659 and prejudgment interest of $12,027,557.75 as to Williams, all of which are deemed satisfied by the order of forfeiture entered in the parallel criminal case, United States v. Lawrence Billimek and Alan Williams, 22 cr. 675 (PGG) (S.D.N.Y.).
The case originated from the SEC's Market Abuse Unit's Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns.. The SEC's litigation was conducted by Terry Miller and supervised by Gregory Kasper of the SEC's Denver Office. The SEC's investigation was conducted by Market Abuse Unit staff members David Bennett, Jeffrey Oraker, and John Rymas, and was supervised by Danielle Voorhees and Joseph Sansone, Chief of the Market Abuse Unit.
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Resources
* SEC Complaint (https://www.sec.gov/files/litigation/complaints/2022/comp-pr2022-228.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26645
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Securities and Exchange Commission v. Lawrence Billimek and Alan Williams, No. 22-cv-10542-JHR (S.D.N.Y. filed Dec. 14, 2022)
On September 17, 2026, the SEC filed proposed final judgments in the U.S. District Court for the Southern District of New York as to the Commission's claims against Lawrence Billimek and Alan Williams. If approved by the court, the proposed final judgments would settle the SEC's previously-filed action alleging that Billimek and Williams engaged in a multi-year ... Show Full Article WASHINGTON, Sept. 23 -- The Securities and Exchange Commission issued the following litigation release: * * * Securities and Exchange Commission v. Lawrence Billimek and Alan Williams, No. 22-cv-10542-JHR (S.D.N.Y. filed Dec. 14, 2022) On September 17, 2026, the SEC filed proposed final judgments in the U.S. District Court for the Southern District of New York as to the Commission's claims against Lawrence Billimek and Alan Williams. If approved by the court, the proposed final judgments would settle the SEC's previously-filed action alleging that Billimek and Williams engaged in a multi-yearfront-running scheme that generated approximately $47 million in illegal trading profits.
The SEC's complaint, filed on December 14, 2022, alleged that, from at least September 2016, Billimek would inform Williams of market-moving trades placed by a major asset management firm prior to their execution. Billimek was employed by the asset management firm at the time. According to the complaint, Williams would trade in the same securities, on the same day, prior to Billimek's employer or while multiple large orders were being placed by the employer. Williams would close his positions after the price of the security moved as expected.
Billimek and Williams consented to the entry of the final judgments permanently enjoining them from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and, as to Billimek, also enjoining him from violating Section 17(j) of the Investment Company Act of 1940 and Rules 17j-1(b)(1) and (3) thereunder. The proposed final judgments, which are subject to court approval, also order disgorgement of $12,684,000 as to Billimek and disgorgement of $34,627,659 and prejudgment interest of $12,027,557.75 as to Williams, all of which are deemed satisfied by the order of forfeiture entered in the parallel criminal case, United States v. Lawrence Billimek and Alan Williams, 22 cr. 675 (PGG) (S.D.N.Y.).
The case originated from the SEC's Market Abuse Unit's Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns.. The SEC's litigation was conducted by Terry Miller and supervised by Gregory Kasper of the SEC's Denver Office. The SEC's investigation was conducted by Market Abuse Unit staff members David Bennett, Jeffrey Oraker, and John Rymas, and was supervised by Danielle Voorhees and Joseph Sansone, Chief of the Market Abuse Unit.
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Resources
* SEC Complaint (https://www.sec.gov/files/litigation/complaints/2022/comp-pr2022-228.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26645
SEC Commissioner Uyeda Issues Remarks at U.S. Treasury Market Conference
WASHINGTON, Sept. 23 -- The Securities and Exchange Commission issued the following remarks by Commissioner Mark T. Uyeda:
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Remarks at the 2026 U.S. Treasury Market Conference
Sept. 22, 2026
Thank you, Brian [Smith of the U.S. Department of the Treasury], for the introduction. I appreciate the opportunity to update you on the ongoing implementation of the Securities and Exchange Commission's Treasury clearing requirements./1
The Commission's Treasury Clearing Rule was intended to strengthen the resilience, transparency, and operational integrity of this market./2 Its success will depend ... Show Full Article WASHINGTON, Sept. 23 -- The Securities and Exchange Commission issued the following remarks by Commissioner Mark T. Uyeda: * * * Remarks at the 2026 U.S. Treasury Market Conference Sept. 22, 2026 Thank you, Brian [Smith of the U.S. Department of the Treasury], for the introduction. I appreciate the opportunity to update you on the ongoing implementation of the Securities and Exchange Commission's Treasury clearing requirements./1 The Commission's Treasury Clearing Rule was intended to strengthen the resilience, transparency, and operational integrity of this market./2 Its success will dependon careful, thoughtful, and measured implementation by regulators, clearing agencies, and market participants. Getting the implementation right is essential to preserve the trust that domestic and international participants place in the U.S. Treasury market as a whole.
Looking Back
Prior to the adoption of the Treasury Clearing Rule, only a portion of U.S. Treasury transactions were centrally cleared. Dealer to dealer trading was cleared through a single clearing agency, the Fixed Income Clearing Corporation ("FICC"). Most dealer to customer and principal trading activity cleared bilaterally, which came without the benefits of netting or centralized risk management. Only about a quarter of Treasury cash trades and less than half of Treasury repo transactions were centrally cleared,/3 leaving much of the market operating through fragmented, firm specific processes.
The contrast today is striking. Even ahead of the Rule's compliance dates, centrally cleared Treasury activity has dramatically increased. According to FICC, daily cleared Treasury volumes are now approximately 165% higher than before the Commission's proposal./4
Market participants have made significant progress in preparing for mandatory Treasury clearing. Industry groups have published market standard documentation for both the done with and done away clearing models to support firms' negotiation with and onboarding of clients./5 Market participants have been redesigning their trading workflows, upgrading systems, and conducting extensive end to end testing to prepare for expanded clearing requirements./6 This progress in implementation is substantial.
Looking Closer
The Commission has been working consistently to address the issues and concerns that have arisen in the course of implementing the Treasury Clearing Rule. Today, I will focus on the Commission's progress, the challenges that remain to be addressed, and the role that market participants continue to play in supporting a smooth transition to full central clearing.
SEC Actions to Support Implementation
Expanding Access to Clearing
In the last 12 months, the Commission has approved enhanced margin efficiency offerings at FICC, including collateral in lieu arrangements and expansion of the FICC agent clearing service to tri-party repos, as well as cross margining at the customer level with Treasury futures./7 These developments have expanded clearing access to more market participants by creating additional pathways for firms that previously had no direct or practical means to centrally clear Treasury activity--such as buy side institutions, smaller broker dealers, and principal trading firms. At the same time, these enhancements have strengthened the experience of firms that were already centrally clearing by improving margin efficiency, increasing optionality in how they manage risk across cash, repo, and futures positions, and reducing the operational frictions associated with daily settlement and collateral movements.
In the past year, the Commission also approved the registration of two additional clearing agencies, CME Securities Clearing, Inc. ("CMESC") and ICE Clear Credit LLC ("ICC"), giving market participants more choice in how they meet their clearing obligations./8 The additional clearing providers create potential alternatives for firms with different business models, including institutions that may benefit from varied membership structures, workflows, or support services. However, market forces will determine the extent to which such alternatives are economically beneficial.
Exploring Tailored Relief and Giving Practical Guidance
Another area of focus for the Commission and its staff has been providing appropriate guidance on the implementation of the Treasury Clearing Rule, and in some cases tailored relief from related regulatory obligations.
Like most new rules, it is not surprising that there are a range of interpretive questions--some technical, some operational--that surface only after the compliance, operations, and information technology professionals start their implementation work. SEC staff have worked to address these questions quickly and directly, so firms can build processes, update documentation, and adjust systems accordingly.
One major focus area has involved Exchange Act Rule 15c3 3, the customer protection rule, that governs broker-dealer reserve calculations. Firms have raised questions about the application of this rule to cleared Treasury activity. Last year, SEC staff issued targeted guidance, clarifying that it is permissible for broker-dealers to temporarily pre-fund, on behalf of their customers, segregated margin with U.S. dollars in addition to Treasury securities./9
More recently, the Commission noticed a request for exemptive relief submitted by SIFMA to permit firms to include a debit in their reserve calculations for margin required and on deposit at a qualified clearing agency for customer positions in cleared Treasury securities where margin is calculated and delivered on a net/omnibus basis, rather than on a gross, customer by customer basis./10 In its request, SIFMA stated that an exemption is needed to address operational strains on firms that could impair their ability to facilitate customer access to the cleared U.S. Treasury markets. The Commission is considering this request and taking feedback from the public.
Beyond Rule 15c3 3, SEC staff have provided guidance on several operational scenarios that firms believed were critical to their implementation planning. FAQs have been issued outlining expectations for how market participants should consider a clearing agency outage or a failed trade scenario--situations that, while infrequent, can carry significant operational implications. Other FAQs have clarified what information is available to help firms identify a government securities dealer, which is important, in certain circumstances, to determine which transactions fall within the clearing requirement./11
Together, these actions reflect the SEC's practical approach to identifying areas of uncertainty early and giving firms the time and tools to build their compliance frameworks.
Clarifying the Scope of the Rule
Another area of work has focused on clarifying which transactions fall within the clearing requirement and how the Rule applies across the diverse structures of today's markets.
This summer, the Commission granted exemptive relief that would allow private funds to clear Treasury repo transactions through wholly owned captive subsidiaries, which are direct participants in covered clearing agencies, provided certain conditions are met./12 Many private funds access central clearing through these wholly owned entities, which serve as their clearing members and allow them to fund margin directly rather than relying on unaffiliated third party intermediaries. Without such relief, these repos could have been swept into the clearing mandate even though they do not pose external counterparty risk.
At this point in time, there are two significant questions about the scope of the Treasury Clearing Rule that remain outstanding. This past spring, two trade organizations (the Institute of International Bankers, or "IIB," and SIFMA) submitted separate requests for exemptive relief./13 The IIB request concerns transactions executed entirely outside the United States between non U.S. parties. Market participants and foreign regulators have raised concerns about the operational complexity, legal uncertainty, and time zone limitations associated with applying the Rule's trade submission requirement to trades occurring wholly overseas. The SIFMA request seeks to expand the set of affiliates eligible to rely on the inter affiliate exception and to introduce a tailored activity based threshold for certain non U.S. affiliate transactions. Many institutions rely on inter affiliate repo activity for internal liquidity, treasury, and collateral management, particularly across time zones as covered clearing agencies do not operate on a 24 hour basis.
Both requests raise questions about applying the Rule to transactions involving non U.S. entities and non U.S. activity, and both challenge the operational feasibility of mandatory trade submission for global institutions. Because resolving one request necessarily affects the other, the Commission reopened the comment periods to solicit further public input on how to reconcile them in a harmonized framework that addresses concerns about competitiveness, operational feasibility, and legal certainty, while adhering to the core objectives of the Rule./14
One potential path forward could be an exception from the clearing mandate with a firm specific cap on non-cleared, non U.S. repo activity. By limiting such transactions to a defined portion of a firm's overall Treasury volume, a cap could address concerns raised by both requests while maintaining the core integrity of the Rule. Commenters also asked the Commission to consider an alternative market wide cap, based on average daily repo volume in the Treasury market, which could be useful for firms with a smaller and less domestic-focused Treasury repo business./15 While the idea of a market-wide threshold is conceptually appealing, it is still not clear whether any firms would use such a threshold or how such a cap could be calculated or administered in practice, including what data sources and inputs should be used to size the repo market and the number of participants in that market.
If you are a market participant that thinks a market-wide threshold would be useful to you, it would be helpful to hear from you, including specific feedback on how you would utilize such relief (and at what volume), how you would suggest calculating such a threshold, and how such a threshold can be calibrated or updated over time.
As we continue evaluating these requests, one point remains clear: public engagement is essential. Input from market participants has shaped our policy considerations. When commenters identify issues early, we are better positioned to evaluate them, request data, and consider appropriate solutions. I strongly encourage market participants to continue submitting comments, raising operational questions, and flagging emerging challenges. The Commission's dedicated Treasury Clearing Implementation webpage is updated as new actions are completed, and you should monitor it closely.
Looking Ahead
Let me close by looking ahead. The compliance date for cash Treasury transactions is quickly approaching on December 31, 2026. The compliance date for repo transactions follows shortly after, on June 30, 2027./16 It is critical that market participants maintain momentum on their implementation efforts as the SEC does not currently intend to extend these deadlines. The SEC remains committed to continuing its dialogue with industry, providing timely guidance and taking action where needed to support a smooth and efficient transition well beyond the compliance dates. Successful implementation will require ongoing collaboration, careful attention to detail, and continued engagement from all stakeholders.
Thank you for your time today, and thank you for your partnership in strengthening the efficiency and resilience of the U.S. Treasury market. I look forward to continuing our work together.
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1/ My remarks reflect my individual views as an individual Commissioner and do not necessarily reflect the views of the U.S. Securities and Exchange Commission ("SEC") or my fellow Commissioners.
2/ This rule, among other things, mandates the clearing of certain eligible secondary market transactions in U.S. Treasury securities by direct participants in covered clearing agencies. See Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker- Dealer Customer Protection Rule with Respect to U.S. Treasury Securities, Exchange Act Release No. 99149 (Dec. 13, 2023), 89 FR 2714 (Jan. 16, 2024) (the "Treasury Clearing Rule" or the "Rule").
3/ See Federal Reserve Bank of Chicago, Central Clearing Mandates and Market Power: Lessons from Swaps for U.S. Treasury Securities, Chicago Fed Letter No. 526 (Aug. 2026), available at https://www.chicagofed.org/-/media/publications/chicago-fed-letter/2026/cfl526.pdf.
4/ See DTCC, Industry Readiness for U.S. Treasury Cash Clearing: A Survey of FICC Membership (July 27, 2026), available at https://files.dtcc.com/download/assets/FICC-clientsurveyreport.pdf/da0be31c8ac911f188dde6cceff09f9f (noting that daily cleared Treasury volumes at FICC increased from roughly $4.5 trillion in 2022 to more than $12 trillion); Depository Trust & Clearing Corporation, DTCC's FICC Now Live with New Treasury Clearing Capabilities as Volumes and Membership Continue to Grow (Mar. 25, 2025), available at https://www.dtcc.com/press-releases/2025/dtccs-ficc-now-live-with-new-treasury-clearing-capabilities.
5/ SIFMA, Treasury Clearing Documentation (July 30, 2026), available at https://www.sifma.org/resources/market-practices-model-documentation/treasury-clearing-documentation. See also FOW, "ISDA outlines 'work to be done' ahead of mandatory US Treasury clearing" (June 12, 2026), available at https://www.fow.com/insights/isda-outlines-work-to-be-done-ahead-of-mandatory-us-treasury-clearing.
6/ See FinOps Report, U.S. Treasury Clearing Rule: Countdown to Clear and Unclear (Aug. 21, 2026), available at https://finopsinfo.com/operations/u-s-treasury-clearing-rule-countdown-to-clear-and- unclear/.
7/ See Fixed Income Clearing Corporation; Notice of Filing of Proposed Rule Change, as Modified by Partial Amendment No. 1, to Establish a New Collateral-in-Lieu Offering Within the Sponsored GC Service, and Expand the Sponsored GC Service to Allow a Sponsoring Member to Submit for Clearing a "Done-Away" Sponsored GC Trade, Exchange Act Release No. 34-104374 (Dec. 12, 2025), available at https://www.sec.gov/files/rules/sro/ficc/2025/34-104374.pdf. See Fixed Income Clearing Corporation; Order Approving Proposed Rule Change to Modify the GSD Rulebook Relating to a New Service Offering Called the ACS Triparty Service, Exchange Act Release No. 34-104492 (Dec. 22, 2025), available at https://www.sec.gov/files/rules/sro/ficc/2025/34-104492.pdf. See also Fixed Income Clearing Corporation; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change to Amend and Restate the Cross Margining Agreement Between FICC and CME, Exchange Act Release No. 34 105249 (Apr. 15, 2026), available at https://www.sec.gov/files/rules/sro/ficc/2026/34-105249.pdf; Notice of Application of the Fixed Income Clearing Corporation and Chicago Mercantile Exchange Inc. for an Exemption Pursuant to Section 36 of the Securities Exchange Act of 1934 in Connection with Cross Margining of U.S. Treasury Securities, Release No. 34 104748 (Jan. 30, 2026), available at https://www.sec.gov/files/rules/other/2026/34-104748.pdf.
8/ See CME Securities Clearing, Inc.; Order Granting an Application for Registration as a Clearing Agency under Section 17A of the Securities Exchange Act of 1934, Exchange Act Release No. 34-104281 (Dec. 1, 2025), available at https://www.sec.gov/files/rules/other/2025/34-104281.pdf; ICE Clear Credit LLC; Order Granting an Application for Registration as a Clearing Agency under Section 17A of the Securities Exchange Act of 1934, Exchange Act Release No. 34-104762 (Jan. 30, 2026), available at https://www.sec.gov/files/rules/other/2026/34-104762.pdf.
9/ Division of Trading and Markets: Frequently Asked Questions - Treasury Clearing and Rule 15c3-3a (Aug. 6, 2025), available at https://www.sec.gov/rulesregulations/staffguidance/trading-markets-frequently-asked-questions/frequently-asked-questions-treasury-clearing-rule-15c3-3a.
10/ Notice of an Application of the Securities Industry and Financial Markets Association for an Exemption Pursuant to Section 36 of the Securities Exchange Act of 1934 from Certain Conditions of Note H to Exchange Act Rule 15c3 3a, Release No. 34 105980 (July 24, 2026), available at https://www.sec.gov/files/rules/exorders/2026/34-105980.pdf.
11/ Division of Trading and Markets: Frequently Asked Questions - Treasury Clearing Rule (Updated: Sept. 2, 2026), available at https://www.sec.gov/rulesregulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-treasury-clearing-responses-frequently-asked-questions-regarding-treasury.
12/ Securities and Exchange Commission, Order Granting Conditional Exemptive Relief, Pursuant to Sections 17A and 36(a) of the Securities Exchange Act of 1934, from the Definition of an "Eligible Secondary Market Transaction" in Rule 17ad 22(a), Release No. 34 105736 (June 18, 2026), available at https://www.sec.gov/files/rules/other/2026/34-105736.pdf.
13/ Notice of Request for Exemptive Relief, Pursuant to Section 36(a) of the Securities Exchange Act of 1934, from Certain Aspects of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934 and Request for Comment, Exchange Act Release No. 34-104944 (Mar.6, 2026) ("IIB Request"), available at https://www.sec.gov/files/rules/exorders/2026/34-104944.pdf; Notice of Request for Exemptive Relief, Pursuant to Section 36(a) of the Securities Exchange Act of 1934, from Certain Aspects of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934 and Request for Comment, Exchange Act Release No. 34-105262 (Apr. 17, 2026) ("SIFMA Request"), available at https://www.sec.gov/files/rules/exorders/2026/34-105262.pdf. See also Reopening of Comment Period; Notice of Request for Exemptive Relief, Pursuant to Section 36(a) of the Securities Exchange Act of 1934, from Certain Aspects of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934 and Request for Comment, Exchange Act Release No. 34-105261, available at https://www.sec.gov/files/rules/exorders/2026/34-105261.pdf.
14/ Reopening of Comment Period; Notices of Request for Exemptive Relief, Pursuant to Section 36(a) of the Securities Exchange Act of 1934, from Certain Aspects of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934 and Requests for Comment, Exchange Act Release No. 34-106062 (Aug. 7, 2026), available at https://www.sec.gov/files/34-106062.pdf.
15/ See Letters from Stephanie Webster, General Counsel, Institute of International Bankers,
16/ The Commission extended the original compliance dates for the Treasury Clearing Rule by one year to Dec. 31, 2026, for eligible cash market transactions and June 30, 2027, for eligible repo market transactions. See Extension of Compliance Dates for Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer Customer Protection Rule With Respect to U.S. Treasury Securities, Exchange Act Release No. 34-102487 (Feb. 25, 2025), 90 FR 11134 (Mar. 4, 2025).
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Original text here: https://www.sec.gov/newsroom/speeches-statements/uyeda-remarks-2026-u-s-treasury-market-conference-092226
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Remarks at the 2026 U.S. Treasury Market Conference
Sept. 22, 2026
Thank you, Brian [Smith of the U.S. Department of the Treasury], for the introduction. I appreciate the opportunity to update you on the ongoing implementation of the Securities and Exchange Commission's Treasury clearing requirements./1
The Commission's Treasury Clearing Rule was intended to strengthen the resilience, transparency, and operational integrity of this market./2 Its success will depend ... Show Full Article WASHINGTON, Sept. 23 -- The Securities and Exchange Commission issued the following remarks by Commissioner Mark T. Uyeda: * * * Remarks at the 2026 U.S. Treasury Market Conference Sept. 22, 2026 Thank you, Brian [Smith of the U.S. Department of the Treasury], for the introduction. I appreciate the opportunity to update you on the ongoing implementation of the Securities and Exchange Commission's Treasury clearing requirements./1 The Commission's Treasury Clearing Rule was intended to strengthen the resilience, transparency, and operational integrity of this market./2 Its success will dependon careful, thoughtful, and measured implementation by regulators, clearing agencies, and market participants. Getting the implementation right is essential to preserve the trust that domestic and international participants place in the U.S. Treasury market as a whole.
Looking Back
Prior to the adoption of the Treasury Clearing Rule, only a portion of U.S. Treasury transactions were centrally cleared. Dealer to dealer trading was cleared through a single clearing agency, the Fixed Income Clearing Corporation ("FICC"). Most dealer to customer and principal trading activity cleared bilaterally, which came without the benefits of netting or centralized risk management. Only about a quarter of Treasury cash trades and less than half of Treasury repo transactions were centrally cleared,/3 leaving much of the market operating through fragmented, firm specific processes.
The contrast today is striking. Even ahead of the Rule's compliance dates, centrally cleared Treasury activity has dramatically increased. According to FICC, daily cleared Treasury volumes are now approximately 165% higher than before the Commission's proposal./4
Market participants have made significant progress in preparing for mandatory Treasury clearing. Industry groups have published market standard documentation for both the done with and done away clearing models to support firms' negotiation with and onboarding of clients./5 Market participants have been redesigning their trading workflows, upgrading systems, and conducting extensive end to end testing to prepare for expanded clearing requirements./6 This progress in implementation is substantial.
Looking Closer
The Commission has been working consistently to address the issues and concerns that have arisen in the course of implementing the Treasury Clearing Rule. Today, I will focus on the Commission's progress, the challenges that remain to be addressed, and the role that market participants continue to play in supporting a smooth transition to full central clearing.
SEC Actions to Support Implementation
Expanding Access to Clearing
In the last 12 months, the Commission has approved enhanced margin efficiency offerings at FICC, including collateral in lieu arrangements and expansion of the FICC agent clearing service to tri-party repos, as well as cross margining at the customer level with Treasury futures./7 These developments have expanded clearing access to more market participants by creating additional pathways for firms that previously had no direct or practical means to centrally clear Treasury activity--such as buy side institutions, smaller broker dealers, and principal trading firms. At the same time, these enhancements have strengthened the experience of firms that were already centrally clearing by improving margin efficiency, increasing optionality in how they manage risk across cash, repo, and futures positions, and reducing the operational frictions associated with daily settlement and collateral movements.
In the past year, the Commission also approved the registration of two additional clearing agencies, CME Securities Clearing, Inc. ("CMESC") and ICE Clear Credit LLC ("ICC"), giving market participants more choice in how they meet their clearing obligations./8 The additional clearing providers create potential alternatives for firms with different business models, including institutions that may benefit from varied membership structures, workflows, or support services. However, market forces will determine the extent to which such alternatives are economically beneficial.
Exploring Tailored Relief and Giving Practical Guidance
Another area of focus for the Commission and its staff has been providing appropriate guidance on the implementation of the Treasury Clearing Rule, and in some cases tailored relief from related regulatory obligations.
Like most new rules, it is not surprising that there are a range of interpretive questions--some technical, some operational--that surface only after the compliance, operations, and information technology professionals start their implementation work. SEC staff have worked to address these questions quickly and directly, so firms can build processes, update documentation, and adjust systems accordingly.
One major focus area has involved Exchange Act Rule 15c3 3, the customer protection rule, that governs broker-dealer reserve calculations. Firms have raised questions about the application of this rule to cleared Treasury activity. Last year, SEC staff issued targeted guidance, clarifying that it is permissible for broker-dealers to temporarily pre-fund, on behalf of their customers, segregated margin with U.S. dollars in addition to Treasury securities./9
More recently, the Commission noticed a request for exemptive relief submitted by SIFMA to permit firms to include a debit in their reserve calculations for margin required and on deposit at a qualified clearing agency for customer positions in cleared Treasury securities where margin is calculated and delivered on a net/omnibus basis, rather than on a gross, customer by customer basis./10 In its request, SIFMA stated that an exemption is needed to address operational strains on firms that could impair their ability to facilitate customer access to the cleared U.S. Treasury markets. The Commission is considering this request and taking feedback from the public.
Beyond Rule 15c3 3, SEC staff have provided guidance on several operational scenarios that firms believed were critical to their implementation planning. FAQs have been issued outlining expectations for how market participants should consider a clearing agency outage or a failed trade scenario--situations that, while infrequent, can carry significant operational implications. Other FAQs have clarified what information is available to help firms identify a government securities dealer, which is important, in certain circumstances, to determine which transactions fall within the clearing requirement./11
Together, these actions reflect the SEC's practical approach to identifying areas of uncertainty early and giving firms the time and tools to build their compliance frameworks.
Clarifying the Scope of the Rule
Another area of work has focused on clarifying which transactions fall within the clearing requirement and how the Rule applies across the diverse structures of today's markets.
This summer, the Commission granted exemptive relief that would allow private funds to clear Treasury repo transactions through wholly owned captive subsidiaries, which are direct participants in covered clearing agencies, provided certain conditions are met./12 Many private funds access central clearing through these wholly owned entities, which serve as their clearing members and allow them to fund margin directly rather than relying on unaffiliated third party intermediaries. Without such relief, these repos could have been swept into the clearing mandate even though they do not pose external counterparty risk.
At this point in time, there are two significant questions about the scope of the Treasury Clearing Rule that remain outstanding. This past spring, two trade organizations (the Institute of International Bankers, or "IIB," and SIFMA) submitted separate requests for exemptive relief./13 The IIB request concerns transactions executed entirely outside the United States between non U.S. parties. Market participants and foreign regulators have raised concerns about the operational complexity, legal uncertainty, and time zone limitations associated with applying the Rule's trade submission requirement to trades occurring wholly overseas. The SIFMA request seeks to expand the set of affiliates eligible to rely on the inter affiliate exception and to introduce a tailored activity based threshold for certain non U.S. affiliate transactions. Many institutions rely on inter affiliate repo activity for internal liquidity, treasury, and collateral management, particularly across time zones as covered clearing agencies do not operate on a 24 hour basis.
Both requests raise questions about applying the Rule to transactions involving non U.S. entities and non U.S. activity, and both challenge the operational feasibility of mandatory trade submission for global institutions. Because resolving one request necessarily affects the other, the Commission reopened the comment periods to solicit further public input on how to reconcile them in a harmonized framework that addresses concerns about competitiveness, operational feasibility, and legal certainty, while adhering to the core objectives of the Rule./14
One potential path forward could be an exception from the clearing mandate with a firm specific cap on non-cleared, non U.S. repo activity. By limiting such transactions to a defined portion of a firm's overall Treasury volume, a cap could address concerns raised by both requests while maintaining the core integrity of the Rule. Commenters also asked the Commission to consider an alternative market wide cap, based on average daily repo volume in the Treasury market, which could be useful for firms with a smaller and less domestic-focused Treasury repo business./15 While the idea of a market-wide threshold is conceptually appealing, it is still not clear whether any firms would use such a threshold or how such a cap could be calculated or administered in practice, including what data sources and inputs should be used to size the repo market and the number of participants in that market.
If you are a market participant that thinks a market-wide threshold would be useful to you, it would be helpful to hear from you, including specific feedback on how you would utilize such relief (and at what volume), how you would suggest calculating such a threshold, and how such a threshold can be calibrated or updated over time.
As we continue evaluating these requests, one point remains clear: public engagement is essential. Input from market participants has shaped our policy considerations. When commenters identify issues early, we are better positioned to evaluate them, request data, and consider appropriate solutions. I strongly encourage market participants to continue submitting comments, raising operational questions, and flagging emerging challenges. The Commission's dedicated Treasury Clearing Implementation webpage is updated as new actions are completed, and you should monitor it closely.
Looking Ahead
Let me close by looking ahead. The compliance date for cash Treasury transactions is quickly approaching on December 31, 2026. The compliance date for repo transactions follows shortly after, on June 30, 2027./16 It is critical that market participants maintain momentum on their implementation efforts as the SEC does not currently intend to extend these deadlines. The SEC remains committed to continuing its dialogue with industry, providing timely guidance and taking action where needed to support a smooth and efficient transition well beyond the compliance dates. Successful implementation will require ongoing collaboration, careful attention to detail, and continued engagement from all stakeholders.
Thank you for your time today, and thank you for your partnership in strengthening the efficiency and resilience of the U.S. Treasury market. I look forward to continuing our work together.
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1/ My remarks reflect my individual views as an individual Commissioner and do not necessarily reflect the views of the U.S. Securities and Exchange Commission ("SEC") or my fellow Commissioners.
2/ This rule, among other things, mandates the clearing of certain eligible secondary market transactions in U.S. Treasury securities by direct participants in covered clearing agencies. See Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker- Dealer Customer Protection Rule with Respect to U.S. Treasury Securities, Exchange Act Release No. 99149 (Dec. 13, 2023), 89 FR 2714 (Jan. 16, 2024) (the "Treasury Clearing Rule" or the "Rule").
3/ See Federal Reserve Bank of Chicago, Central Clearing Mandates and Market Power: Lessons from Swaps for U.S. Treasury Securities, Chicago Fed Letter No. 526 (Aug. 2026), available at https://www.chicagofed.org/-/media/publications/chicago-fed-letter/2026/cfl526.pdf.
4/ See DTCC, Industry Readiness for U.S. Treasury Cash Clearing: A Survey of FICC Membership (July 27, 2026), available at https://files.dtcc.com/download/assets/FICC-clientsurveyreport.pdf/da0be31c8ac911f188dde6cceff09f9f (noting that daily cleared Treasury volumes at FICC increased from roughly $4.5 trillion in 2022 to more than $12 trillion); Depository Trust & Clearing Corporation, DTCC's FICC Now Live with New Treasury Clearing Capabilities as Volumes and Membership Continue to Grow (Mar. 25, 2025), available at https://www.dtcc.com/press-releases/2025/dtccs-ficc-now-live-with-new-treasury-clearing-capabilities.
5/ SIFMA, Treasury Clearing Documentation (July 30, 2026), available at https://www.sifma.org/resources/market-practices-model-documentation/treasury-clearing-documentation. See also FOW, "ISDA outlines 'work to be done' ahead of mandatory US Treasury clearing" (June 12, 2026), available at https://www.fow.com/insights/isda-outlines-work-to-be-done-ahead-of-mandatory-us-treasury-clearing.
6/ See FinOps Report, U.S. Treasury Clearing Rule: Countdown to Clear and Unclear (Aug. 21, 2026), available at https://finopsinfo.com/operations/u-s-treasury-clearing-rule-countdown-to-clear-and- unclear/.
7/ See Fixed Income Clearing Corporation; Notice of Filing of Proposed Rule Change, as Modified by Partial Amendment No. 1, to Establish a New Collateral-in-Lieu Offering Within the Sponsored GC Service, and Expand the Sponsored GC Service to Allow a Sponsoring Member to Submit for Clearing a "Done-Away" Sponsored GC Trade, Exchange Act Release No. 34-104374 (Dec. 12, 2025), available at https://www.sec.gov/files/rules/sro/ficc/2025/34-104374.pdf. See Fixed Income Clearing Corporation; Order Approving Proposed Rule Change to Modify the GSD Rulebook Relating to a New Service Offering Called the ACS Triparty Service, Exchange Act Release No. 34-104492 (Dec. 22, 2025), available at https://www.sec.gov/files/rules/sro/ficc/2025/34-104492.pdf. See also Fixed Income Clearing Corporation; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change to Amend and Restate the Cross Margining Agreement Between FICC and CME, Exchange Act Release No. 34 105249 (Apr. 15, 2026), available at https://www.sec.gov/files/rules/sro/ficc/2026/34-105249.pdf; Notice of Application of the Fixed Income Clearing Corporation and Chicago Mercantile Exchange Inc. for an Exemption Pursuant to Section 36 of the Securities Exchange Act of 1934 in Connection with Cross Margining of U.S. Treasury Securities, Release No. 34 104748 (Jan. 30, 2026), available at https://www.sec.gov/files/rules/other/2026/34-104748.pdf.
8/ See CME Securities Clearing, Inc.; Order Granting an Application for Registration as a Clearing Agency under Section 17A of the Securities Exchange Act of 1934, Exchange Act Release No. 34-104281 (Dec. 1, 2025), available at https://www.sec.gov/files/rules/other/2025/34-104281.pdf; ICE Clear Credit LLC; Order Granting an Application for Registration as a Clearing Agency under Section 17A of the Securities Exchange Act of 1934, Exchange Act Release No. 34-104762 (Jan. 30, 2026), available at https://www.sec.gov/files/rules/other/2026/34-104762.pdf.
9/ Division of Trading and Markets: Frequently Asked Questions - Treasury Clearing and Rule 15c3-3a (Aug. 6, 2025), available at https://www.sec.gov/rulesregulations/staffguidance/trading-markets-frequently-asked-questions/frequently-asked-questions-treasury-clearing-rule-15c3-3a.
10/ Notice of an Application of the Securities Industry and Financial Markets Association for an Exemption Pursuant to Section 36 of the Securities Exchange Act of 1934 from Certain Conditions of Note H to Exchange Act Rule 15c3 3a, Release No. 34 105980 (July 24, 2026), available at https://www.sec.gov/files/rules/exorders/2026/34-105980.pdf.
11/ Division of Trading and Markets: Frequently Asked Questions - Treasury Clearing Rule (Updated: Sept. 2, 2026), available at https://www.sec.gov/rulesregulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-treasury-clearing-responses-frequently-asked-questions-regarding-treasury.
12/ Securities and Exchange Commission, Order Granting Conditional Exemptive Relief, Pursuant to Sections 17A and 36(a) of the Securities Exchange Act of 1934, from the Definition of an "Eligible Secondary Market Transaction" in Rule 17ad 22(a), Release No. 34 105736 (June 18, 2026), available at https://www.sec.gov/files/rules/other/2026/34-105736.pdf.
13/ Notice of Request for Exemptive Relief, Pursuant to Section 36(a) of the Securities Exchange Act of 1934, from Certain Aspects of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934 and Request for Comment, Exchange Act Release No. 34-104944 (Mar.6, 2026) ("IIB Request"), available at https://www.sec.gov/files/rules/exorders/2026/34-104944.pdf; Notice of Request for Exemptive Relief, Pursuant to Section 36(a) of the Securities Exchange Act of 1934, from Certain Aspects of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934 and Request for Comment, Exchange Act Release No. 34-105262 (Apr. 17, 2026) ("SIFMA Request"), available at https://www.sec.gov/files/rules/exorders/2026/34-105262.pdf. See also Reopening of Comment Period; Notice of Request for Exemptive Relief, Pursuant to Section 36(a) of the Securities Exchange Act of 1934, from Certain Aspects of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934 and Request for Comment, Exchange Act Release No. 34-105261, available at https://www.sec.gov/files/rules/exorders/2026/34-105261.pdf.
14/ Reopening of Comment Period; Notices of Request for Exemptive Relief, Pursuant to Section 36(a) of the Securities Exchange Act of 1934, from Certain Aspects of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934 and Requests for Comment, Exchange Act Release No. 34-106062 (Aug. 7, 2026), available at https://www.sec.gov/files/34-106062.pdf.
15/ See Letters from Stephanie Webster, General Counsel, Institute of International Bankers,
16/ The Commission extended the original compliance dates for the Treasury Clearing Rule by one year to Dec. 31, 2026, for eligible cash market transactions and June 30, 2027, for eligible repo market transactions. See Extension of Compliance Dates for Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer Customer Protection Rule With Respect to U.S. Treasury Securities, Exchange Act Release No. 34-102487 (Feb. 25, 2025), 90 FR 11134 (Mar. 4, 2025).
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Original text here: https://www.sec.gov/newsroom/speeches-statements/uyeda-remarks-2026-u-s-treasury-market-conference-092226
NCUA Releases 2026 Q2 State-Level Credit Union Data
ALEXANDRIA, Virginia, Sept. 23 -- The National Credit Union Administration issued the following news release:
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NCUA Releases 2026 Q2 State-Level Credit Union Data
*
Alexandria, VA (September 23, 2026) -The National Credit Union Administration (NCUA) today released its second quarter 2026 state-level credit union data report.
Highlights from the 2026 Q2 U.S. Map Review include:
* Nationally, assets in federally insured credit unions increased by 2.9 percent at the median over the year ending in the second quarter of 2026.
* The median ratio of total loans outstanding to total shares ... Show Full Article ALEXANDRIA, Virginia, Sept. 23 -- The National Credit Union Administration issued the following news release: * * * NCUA Releases 2026 Q2 State-Level Credit Union Data * Alexandria, VA (September 23, 2026) -The National Credit Union Administration (NCUA) today released its second quarter 2026 state-level credit union data report. Highlights from the 2026 Q2 U.S. Map Review include: * Nationally, assets in federally insured credit unions increased by 2.9 percent at the median over the year ending in the second quarter of 2026. * The median ratio of total loans outstanding to total sharesand deposits was 69 percent at the end of the second quarter of 2026.
* While membership continued to grow in the aggregate over the year ending in the second quarter of 2026, at the median, membership declined by 0.6 percent.
* Nationally, 87 percent of federally insured credit unions had positive year-to-date net income in the second quarter of 2026.
NCUA's Quarterly U.S. Map Review tracks performance indicators for federally insured credit unions in all 50 states and the District of Columbia and includes information on two important state-level economic indicators: the unemployment rate and home prices.
***
Original text here: https://ncua.gov/newsroom/press-release/2026/ncua-releases-2026-q2-state-level-credit-union-data
(TNSmrp)
* * *
NCUA Releases 2026 Q2 State-Level Credit Union Data
*
Alexandria, VA (September 23, 2026) -The National Credit Union Administration (NCUA) today released its second quarter 2026 state-level credit union data report.
Highlights from the 2026 Q2 U.S. Map Review include:
* Nationally, assets in federally insured credit unions increased by 2.9 percent at the median over the year ending in the second quarter of 2026.
* The median ratio of total loans outstanding to total shares ... Show Full Article ALEXANDRIA, Virginia, Sept. 23 -- The National Credit Union Administration issued the following news release: * * * NCUA Releases 2026 Q2 State-Level Credit Union Data * Alexandria, VA (September 23, 2026) -The National Credit Union Administration (NCUA) today released its second quarter 2026 state-level credit union data report. Highlights from the 2026 Q2 U.S. Map Review include: * Nationally, assets in federally insured credit unions increased by 2.9 percent at the median over the year ending in the second quarter of 2026. * The median ratio of total loans outstanding to total sharesand deposits was 69 percent at the end of the second quarter of 2026.
* While membership continued to grow in the aggregate over the year ending in the second quarter of 2026, at the median, membership declined by 0.6 percent.
* Nationally, 87 percent of federally insured credit unions had positive year-to-date net income in the second quarter of 2026.
NCUA's Quarterly U.S. Map Review tracks performance indicators for federally insured credit unions in all 50 states and the District of Columbia and includes information on two important state-level economic indicators: the unemployment rate and home prices.
***
Original text here: https://ncua.gov/newsroom/press-release/2026/ncua-releases-2026-q2-state-level-credit-union-data
(TNSmrp)
FCC Issues Daily Digest for Sept. 22
WASHINGTON, Sept. 23 -- The Federal Communications Commission issued the following Daily Digest (Vol. 45, No. 182) on Sept. 22, 2026:
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THE FOLLOWING ITEMS ARE DATED AND RELEASED TODAY:
NEWS RELEASES
GOMEZ ON PARAMOUNT-WBD SETTLEMENT. Gomez on Paramount-WBD Settlement. by News Release. News Media Contact: Gomez.Press@fcc.gov. OMR OCAG. DOC-425232A1.docx (https://docs.fcc.gov/public/attachments/DOC-425232A1.docx) DOC-425232A1.pdf (https://docs.fcc.gov/public/attachments/DOC-425232A1.pdf) DOC-425232A1.txt (https://docs.fcc.gov/public/attachments/DOC-425232A1.txt)
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PUBLIC NOTICES
Report ... Show Full Article WASHINGTON, Sept. 23 -- The Federal Communications Commission issued the following Daily Digest (Vol. 45, No. 182) on Sept. 22, 2026: * * * THE FOLLOWING ITEMS ARE DATED AND RELEASED TODAY: NEWS RELEASES GOMEZ ON PARAMOUNT-WBD SETTLEMENT. Gomez on Paramount-WBD Settlement. by News Release. News Media Contact: Gomez.Press@fcc.gov. OMR OCAG. DOC-425232A1.docx (https://docs.fcc.gov/public/attachments/DOC-425232A1.docx) DOC-425232A1.pdf (https://docs.fcc.gov/public/attachments/DOC-425232A1.pdf) DOC-425232A1.txt (https://docs.fcc.gov/public/attachments/DOC-425232A1.txt) * * * PUBLIC NOTICES ReportNo: REPORT NO. PN-2-260922-01. Released: 2026-09-22. ACTIONS. MB. DOC-425229A1.pdf (https://docs.fcc.gov/public/attachments/DOC-425229A1.pdf) DOC-425229A1.txt (https://docs.fcc.gov/public/attachments/DOC-425229A1.txt)
Released: 2026-09-22. EX PARTE PRESENTATIONS AND POST-REPLY COMMENT PERIOD FILING IN PERMIT-BUT-DISCLOSURE PROCEEDINGS RECEIVED ON 9-21-26. OMD. Contact: Kenneth Hill, 202-418-7521. DOC-425233A1.pdf (https://docs.fcc.gov/public/attachments/DOC-425233A1.pdf) DOC-425233A1.txt (https://docs.fcc.gov/public/attachments/DOC-425233A1.txt)
Released: 2026-09-22. DOMESTIC SECTION 214 APPLICATION GRANTED FOR THE TRANSFER OF CONTROL OF HUNTEL, INC. AND ITS OPERATING SUBSIDIARIES, BRANDED AS FASTWYRE, TO GREAT PLAINS COMMUNICATIONS, LLC. (DA No. 26-1017). (Dkt No 26-142). WCB. Contact: Dennis Johnson, Competition Policy Division, Wireline Competition Bureau, at dennis.johnson@fcc.gov; or Audra Hale-Maddox, Telecommunications Access Policy Division, Wireline Competition Bureau, at audra.hale-maddox@fcc.gov. DA-26-1017A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1017A1.docx) DA-26-1017A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1017A1.pdf) DA-26-1017A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1017A1.txt)
Report No: REPORT NO. PN-1-260922-01. Released: 2026-09-22. APPLICATIONS. MB. DOC-425228A1.pdf (https://docs.fcc.gov/public/attachments/DOC-425228A1.pdf) DOC-425228A1.txt (https://docs.fcc.gov/public/attachments/DOC-425228A1.txt)
Report No: REPORT NO. PN-3-260922-01. Released: 2026-09-22. PLEADINGS. MB. DOC-425230A1.pdf (https://docs.fcc.gov/public/attachments/DOC-425230A1.pdf) DOC-425230A1.txt (https://docs.fcc.gov/public/attachments/DOC-425230A1.txt)
Released: 2026-09-22. DOMESTIC SECTION 214 APPLICATION GRANTED FOR THE TRANSFER OF CONTROL OF BIG RIVER TELEPHONE COMPANY, LLC AND BIG RIVER BROADBAND, LLC FROM WH I3 BIDCO LLC TO INSPIRE NEWCO, LLC. (DA No. 26-1016). (Dkt No 26-122). WCB. Contact: Dennis Johnson, Wireline Competition Bureau, Competition Policy Division, (202) 418-080.. DA-26-1016A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1016A1.docx) DA-26-1016A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1016A1.pdf) DA-26-1016A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1016A1.txt)
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TEXTS
TABLE OF TV ALLOTMENTS, REPORT & ORDER, NORWELL, MASSACHUSETTS. Licensee seeks to amend the Table to allow continued operation on channel 10 at Norwell.. (Dkt No 26-29 RM-12016). Action by: Chief, Video Division, Media Bureau. Adopted: 2026-09-22 by R&O. (DA No. 26-1023). MB. DA-26-1023A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1023A1.docx) DA-26-1023A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1023A1.pdf) DA-26-1023A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1023A1.txt)
TABLE OF TV ALLOTMENTS, NPRM, SAVANNAH, GEORGIA. Petitioner requests the substitution of UHF channel *18 in place of its current VHF channel *8 at Savannah in the Table.. (Dkt No 26-266 RM-12027). Action by: Chief, Video Division, Media Bureau. Adopted: 2026-09-22 by NPRM. (DA No. 26-1018). MB. DA-26-1018A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1018A1.docx) DA-26-1018A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1018A1.pdf) DA-26-1018A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1018A1.txt)
CORINE SAUNDERS; MOUNT VERNON, NEW YORK. Notice of Illegal Pirate Radio Broadcasting issued following investigation of a complaint about an unlicensed FM broadcast station operating on frequency 98.1 MHz in Mount Vernon, New York.. Action by: Regional Director, Region One. by NIPRB. (DA No. 26-1021). EB. DA-26-1021A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1021A1.docx) DA-26-1021A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1021A1.pdf) DA-26-1021A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1021A1.txt)
IN THE MATTER OF GEAN BECERRA PAEZ, JUAN BECERRA ARAYA, AND ALEJANDRO RODRIGUEZ GONZALEZ. EB proposes a penalty of $25,000 against Gean Becerra Paez, Juan Becerra Araya, and Alejandro Rodriguez Gonzalez for operating two radiofrequency jamming devices during an alleged burglary of a jewelry store in Irving, Texas, on September 24, 2025.. Action by: Acting Chief, Enforcement Bureau. Adopted: 2026-09-22 by NAL. (DA No. 26-1015). EB. DA-26-1015A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1015A1.docx) DA-26-1015A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1015A1.pdf) DA-26-1015A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1015A1.txt)
A & O TRUCKING LLC; CLEVELAND, OHIO. Notice of Illegal Pirate Radio Broadcasting issued following investigation of a complaint about an unlicensed FM broadcast station operating on frequency 91.7 MHz in Cleveland, Ohio. Action by: Regional Director, Region One. by NIPRB. (DA No. 26-1022). EB. DA-26-1022A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1022A1.docx) DA-26-1022A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1022A1.pdf) DA-26-1022A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1022A1.txt)
KTJ NY MGT LLC; BRONX, NEW YORK . Notice of Illegal Pirate Radio Broadcasting issued following investigation of a complaint about an unlicensed FM broadcast station operating on frequency 97.3 MHz in Bronx, New York. Action by: Regional Director, Region One. by NIPRB. (DA No. 26-1020). EB. DA-26-1020A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1020A1.docx) DA-26-1020A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1020A1.pdf) DA-26-1020A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1020A1.txt)
1745 REALTY NY LLC; BROOKLYN, NEW YORK. Notice of Illegal Pirate Radio Broadcasting issued following investigation of a complaint about an unlicensed FM broadcast station operating on frequency 99.9 MHz in Brooklyn, New York. Action by: Regional Director, Region One. by NIPRB. (DA No. 26-1019). EB. DA-26-1019A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1019A1.docx) DA-26-1019A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1019A1.pdf) DA-26-1019A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1019A1.txt)
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ADDENDA: THE FOLLOWING ITEMS, RELEASED SEPTEMBER 21, 2026, DID NOT APPEAR IN DIGEST NO. 181:
PUBLIC NOTICES
Released: 2026-09-21. COMMENTS INVITED ON SECTION 214 APPLICATION TO DISCONTINUE DOMESTIC NON-DOMINANT CARRIER TELECOMMUNICATIONS AND/OR INTERCONNECTED VOIP SERVICES. (DA No. 26-1012). (Dkt No 26-246). Comments Due: 2026-10-06. WCB. Contact: Kimberly Jackson, (202) 418-7393, Kimberly.Jackson@fcc.gov. DA-26-1012A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1012A1.docx) DA-26-1012A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1012A1.pdf) DA-26-1012A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1012A1.txt)
Released: 2026-09-21. COMMENTS INVITED ON AT&T'S SECTION 214 APPLICATION TO DISCONTINUE DOMESTIC LEGACY VOICE SERVICE AS PART OF A TECHNOLOGY TRANSITION. (DA No. 26-1011). (Dkt No 26-210). Comments Due: 2026-10-06. WCB. Contact: Kimberly Jackson, (202) 418-7393, Kimberly.Jackson@fcc.gov. DA-26-1011A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1011A1.docx) DA-26-1011A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1011A1.pdf) DA-26-1011A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1011A1.txt)
Released: 2026-09-21. COMMENTS INVITED ON CENTURYLINK'S SECTION 214 APPLICATION TO DISCONTINUE DOMESTIC LEGACY VOICE SERVICE AS PART OF A TECHNOLOGY TRANSITION. (DA No. 26-1013). (Dkt No 26-247). Comments Due: 2026-10-06. WCB. Contact: Kimberly Jackson, (202) 418-7393, Kimberly.Jackson@fcc.gov. DA-26-1013A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1013A1.docx) DA-26-1013A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1013A1.pdf) DA-26-1013A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1013A1.txt)
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TEXTS
WIRELINE COMPETITION BUREAU AND OFFICE OF ECONOMICS AND ANALYTICS ADOPT 2026 MANDATORY DATA COLLECTION FOR INCARCERATED PEOPLE'S COMMUNICATIONS SERVICES. By this Order, the Wireline Competition Bureau and the Office of Economics and Analytics adopt the 2026 Mandatory Data Collection for incarcerated people's communications services. . (Dkt No 23-62 12-375). Action by: Chief, Wireline Competition Bureau and Chief, Office of Economics and Analytics . Adopted: 2026-09-21 by ORDER. (DA No. 26-1008). WCB OEA. DA-26-1008A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1008A1.docx) DA-26-1008A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1008A1.pdf) DA-26-1008A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1008A1.txt)
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Original text here: https://www.fcc.gov/edocs/daily-digest/2026/09/22
* * *
THE FOLLOWING ITEMS ARE DATED AND RELEASED TODAY:
NEWS RELEASES
GOMEZ ON PARAMOUNT-WBD SETTLEMENT. Gomez on Paramount-WBD Settlement. by News Release. News Media Contact: Gomez.Press@fcc.gov. OMR OCAG. DOC-425232A1.docx (https://docs.fcc.gov/public/attachments/DOC-425232A1.docx) DOC-425232A1.pdf (https://docs.fcc.gov/public/attachments/DOC-425232A1.pdf) DOC-425232A1.txt (https://docs.fcc.gov/public/attachments/DOC-425232A1.txt)
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PUBLIC NOTICES
Report ... Show Full Article WASHINGTON, Sept. 23 -- The Federal Communications Commission issued the following Daily Digest (Vol. 45, No. 182) on Sept. 22, 2026: * * * THE FOLLOWING ITEMS ARE DATED AND RELEASED TODAY: NEWS RELEASES GOMEZ ON PARAMOUNT-WBD SETTLEMENT. Gomez on Paramount-WBD Settlement. by News Release. News Media Contact: Gomez.Press@fcc.gov. OMR OCAG. DOC-425232A1.docx (https://docs.fcc.gov/public/attachments/DOC-425232A1.docx) DOC-425232A1.pdf (https://docs.fcc.gov/public/attachments/DOC-425232A1.pdf) DOC-425232A1.txt (https://docs.fcc.gov/public/attachments/DOC-425232A1.txt) * * * PUBLIC NOTICES ReportNo: REPORT NO. PN-2-260922-01. Released: 2026-09-22. ACTIONS. MB. DOC-425229A1.pdf (https://docs.fcc.gov/public/attachments/DOC-425229A1.pdf) DOC-425229A1.txt (https://docs.fcc.gov/public/attachments/DOC-425229A1.txt)
Released: 2026-09-22. EX PARTE PRESENTATIONS AND POST-REPLY COMMENT PERIOD FILING IN PERMIT-BUT-DISCLOSURE PROCEEDINGS RECEIVED ON 9-21-26. OMD. Contact: Kenneth Hill, 202-418-7521. DOC-425233A1.pdf (https://docs.fcc.gov/public/attachments/DOC-425233A1.pdf) DOC-425233A1.txt (https://docs.fcc.gov/public/attachments/DOC-425233A1.txt)
Released: 2026-09-22. DOMESTIC SECTION 214 APPLICATION GRANTED FOR THE TRANSFER OF CONTROL OF HUNTEL, INC. AND ITS OPERATING SUBSIDIARIES, BRANDED AS FASTWYRE, TO GREAT PLAINS COMMUNICATIONS, LLC. (DA No. 26-1017). (Dkt No 26-142). WCB. Contact: Dennis Johnson, Competition Policy Division, Wireline Competition Bureau, at dennis.johnson@fcc.gov; or Audra Hale-Maddox, Telecommunications Access Policy Division, Wireline Competition Bureau, at audra.hale-maddox@fcc.gov. DA-26-1017A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1017A1.docx) DA-26-1017A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1017A1.pdf) DA-26-1017A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1017A1.txt)
Report No: REPORT NO. PN-1-260922-01. Released: 2026-09-22. APPLICATIONS. MB. DOC-425228A1.pdf (https://docs.fcc.gov/public/attachments/DOC-425228A1.pdf) DOC-425228A1.txt (https://docs.fcc.gov/public/attachments/DOC-425228A1.txt)
Report No: REPORT NO. PN-3-260922-01. Released: 2026-09-22. PLEADINGS. MB. DOC-425230A1.pdf (https://docs.fcc.gov/public/attachments/DOC-425230A1.pdf) DOC-425230A1.txt (https://docs.fcc.gov/public/attachments/DOC-425230A1.txt)
Released: 2026-09-22. DOMESTIC SECTION 214 APPLICATION GRANTED FOR THE TRANSFER OF CONTROL OF BIG RIVER TELEPHONE COMPANY, LLC AND BIG RIVER BROADBAND, LLC FROM WH I3 BIDCO LLC TO INSPIRE NEWCO, LLC. (DA No. 26-1016). (Dkt No 26-122). WCB. Contact: Dennis Johnson, Wireline Competition Bureau, Competition Policy Division, (202) 418-080.. DA-26-1016A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1016A1.docx) DA-26-1016A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1016A1.pdf) DA-26-1016A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1016A1.txt)
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TEXTS
TABLE OF TV ALLOTMENTS, REPORT & ORDER, NORWELL, MASSACHUSETTS. Licensee seeks to amend the Table to allow continued operation on channel 10 at Norwell.. (Dkt No 26-29 RM-12016). Action by: Chief, Video Division, Media Bureau. Adopted: 2026-09-22 by R&O. (DA No. 26-1023). MB. DA-26-1023A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1023A1.docx) DA-26-1023A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1023A1.pdf) DA-26-1023A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1023A1.txt)
TABLE OF TV ALLOTMENTS, NPRM, SAVANNAH, GEORGIA. Petitioner requests the substitution of UHF channel *18 in place of its current VHF channel *8 at Savannah in the Table.. (Dkt No 26-266 RM-12027). Action by: Chief, Video Division, Media Bureau. Adopted: 2026-09-22 by NPRM. (DA No. 26-1018). MB. DA-26-1018A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1018A1.docx) DA-26-1018A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1018A1.pdf) DA-26-1018A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1018A1.txt)
CORINE SAUNDERS; MOUNT VERNON, NEW YORK. Notice of Illegal Pirate Radio Broadcasting issued following investigation of a complaint about an unlicensed FM broadcast station operating on frequency 98.1 MHz in Mount Vernon, New York.. Action by: Regional Director, Region One. by NIPRB. (DA No. 26-1021). EB. DA-26-1021A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1021A1.docx) DA-26-1021A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1021A1.pdf) DA-26-1021A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1021A1.txt)
IN THE MATTER OF GEAN BECERRA PAEZ, JUAN BECERRA ARAYA, AND ALEJANDRO RODRIGUEZ GONZALEZ. EB proposes a penalty of $25,000 against Gean Becerra Paez, Juan Becerra Araya, and Alejandro Rodriguez Gonzalez for operating two radiofrequency jamming devices during an alleged burglary of a jewelry store in Irving, Texas, on September 24, 2025.. Action by: Acting Chief, Enforcement Bureau. Adopted: 2026-09-22 by NAL. (DA No. 26-1015). EB. DA-26-1015A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1015A1.docx) DA-26-1015A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1015A1.pdf) DA-26-1015A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1015A1.txt)
A & O TRUCKING LLC; CLEVELAND, OHIO. Notice of Illegal Pirate Radio Broadcasting issued following investigation of a complaint about an unlicensed FM broadcast station operating on frequency 91.7 MHz in Cleveland, Ohio. Action by: Regional Director, Region One. by NIPRB. (DA No. 26-1022). EB. DA-26-1022A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1022A1.docx) DA-26-1022A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1022A1.pdf) DA-26-1022A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1022A1.txt)
KTJ NY MGT LLC; BRONX, NEW YORK . Notice of Illegal Pirate Radio Broadcasting issued following investigation of a complaint about an unlicensed FM broadcast station operating on frequency 97.3 MHz in Bronx, New York. Action by: Regional Director, Region One. by NIPRB. (DA No. 26-1020). EB. DA-26-1020A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1020A1.docx) DA-26-1020A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1020A1.pdf) DA-26-1020A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1020A1.txt)
1745 REALTY NY LLC; BROOKLYN, NEW YORK. Notice of Illegal Pirate Radio Broadcasting issued following investigation of a complaint about an unlicensed FM broadcast station operating on frequency 99.9 MHz in Brooklyn, New York. Action by: Regional Director, Region One. by NIPRB. (DA No. 26-1019). EB. DA-26-1019A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1019A1.docx) DA-26-1019A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1019A1.pdf) DA-26-1019A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1019A1.txt)
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ADDENDA: THE FOLLOWING ITEMS, RELEASED SEPTEMBER 21, 2026, DID NOT APPEAR IN DIGEST NO. 181:
PUBLIC NOTICES
Released: 2026-09-21. COMMENTS INVITED ON SECTION 214 APPLICATION TO DISCONTINUE DOMESTIC NON-DOMINANT CARRIER TELECOMMUNICATIONS AND/OR INTERCONNECTED VOIP SERVICES. (DA No. 26-1012). (Dkt No 26-246). Comments Due: 2026-10-06. WCB. Contact: Kimberly Jackson, (202) 418-7393, Kimberly.Jackson@fcc.gov. DA-26-1012A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1012A1.docx) DA-26-1012A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1012A1.pdf) DA-26-1012A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1012A1.txt)
Released: 2026-09-21. COMMENTS INVITED ON AT&T'S SECTION 214 APPLICATION TO DISCONTINUE DOMESTIC LEGACY VOICE SERVICE AS PART OF A TECHNOLOGY TRANSITION. (DA No. 26-1011). (Dkt No 26-210). Comments Due: 2026-10-06. WCB. Contact: Kimberly Jackson, (202) 418-7393, Kimberly.Jackson@fcc.gov. DA-26-1011A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1011A1.docx) DA-26-1011A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1011A1.pdf) DA-26-1011A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1011A1.txt)
Released: 2026-09-21. COMMENTS INVITED ON CENTURYLINK'S SECTION 214 APPLICATION TO DISCONTINUE DOMESTIC LEGACY VOICE SERVICE AS PART OF A TECHNOLOGY TRANSITION. (DA No. 26-1013). (Dkt No 26-247). Comments Due: 2026-10-06. WCB. Contact: Kimberly Jackson, (202) 418-7393, Kimberly.Jackson@fcc.gov. DA-26-1013A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1013A1.docx) DA-26-1013A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1013A1.pdf) DA-26-1013A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1013A1.txt)
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TEXTS
WIRELINE COMPETITION BUREAU AND OFFICE OF ECONOMICS AND ANALYTICS ADOPT 2026 MANDATORY DATA COLLECTION FOR INCARCERATED PEOPLE'S COMMUNICATIONS SERVICES. By this Order, the Wireline Competition Bureau and the Office of Economics and Analytics adopt the 2026 Mandatory Data Collection for incarcerated people's communications services. . (Dkt No 23-62 12-375). Action by: Chief, Wireline Competition Bureau and Chief, Office of Economics and Analytics . Adopted: 2026-09-21 by ORDER. (DA No. 26-1008). WCB OEA. DA-26-1008A1.docx (https://docs.fcc.gov/public/attachments/DA-26-1008A1.docx) DA-26-1008A1.pdf (https://docs.fcc.gov/public/attachments/DA-26-1008A1.pdf) DA-26-1008A1.txt (https://docs.fcc.gov/public/attachments/DA-26-1008A1.txt)
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Original text here: https://www.fcc.gov/edocs/daily-digest/2026/09/22
FCC Approves Channel Station Allotment for Norwell Television Broadcast
WASHINGTON, Sept. 23 -- The Federal Communications Commission issued an order regarding the Amendment of Section 73.622(j), Table of Allotments, Television Broadcast Stations (Norwell, Massachusetts) (MB Docket No. 26-29).
The decision grants a request from RNN Boston License Co. LLC, licensee of WWDP(TV). The station previously obtained approval to move from channel 10 to channel 36, but construction was not finished before authorization expired.
To avoid service disruption, the station asked to keep operating on channel 10. The Media Bureau found that substituting channel 10 for channel 36 ... Show Full Article WASHINGTON, Sept. 23 -- The Federal Communications Commission issued an order regarding the Amendment of Section 73.622(j), Table of Allotments, Television Broadcast Stations (Norwell, Massachusetts) (MB Docket No. 26-29). The decision grants a request from RNN Boston License Co. LLC, licensee of WWDP(TV). The station previously obtained approval to move from channel 10 to channel 36, but construction was not finished before authorization expired. To avoid service disruption, the station asked to keep operating on channel 10. The Media Bureau found that substituting channel 10 for channel 36meets technical rules and serves public interest.
The allotment change becomes effective upon publication in the Federal Register. RNN must submit a minor change application within 10 days of that effective date.
-- Vidhi Gianani, Targeted News Service
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Original text here: https://docs.fcc.gov/public/attachments/DA-26-1023A1.pdf
The decision grants a request from RNN Boston License Co. LLC, licensee of WWDP(TV). The station previously obtained approval to move from channel 10 to channel 36, but construction was not finished before authorization expired.
To avoid service disruption, the station asked to keep operating on channel 10. The Media Bureau found that substituting channel 10 for channel 36 ... Show Full Article WASHINGTON, Sept. 23 -- The Federal Communications Commission issued an order regarding the Amendment of Section 73.622(j), Table of Allotments, Television Broadcast Stations (Norwell, Massachusetts) (MB Docket No. 26-29). The decision grants a request from RNN Boston License Co. LLC, licensee of WWDP(TV). The station previously obtained approval to move from channel 10 to channel 36, but construction was not finished before authorization expired. To avoid service disruption, the station asked to keep operating on channel 10. The Media Bureau found that substituting channel 10 for channel 36meets technical rules and serves public interest.
The allotment change becomes effective upon publication in the Federal Register. RNN must submit a minor change application within 10 days of that effective date.
-- Vidhi Gianani, Targeted News Service
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Original text here: https://docs.fcc.gov/public/attachments/DA-26-1023A1.pdf
EEOC Sues MedStar Health, Inc. and MedStar Southern Maryland Health Center for Disability Discrimination
WASHINGTON, Sept. 23 -- The Equal Employment Opportunity Commission issued the following news release:
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EEOC Sues MedStar Health, Inc. and MedStar Southern Maryland Health Center for Disability Discrimination
*
Federal lawsuit says hospital refused to hire applicant with disability, denying disability-related accommodations
GREENBELT, Md. -MedStar Health, Inc., a healthcare network in Maryland, and member hospital MedStar Southern Maryland Hospital Center in Clinton, Maryland, violated federal law by failing to hire an applicant with a disability and conducting an unlawful post-offer ... Show Full Article WASHINGTON, Sept. 23 -- The Equal Employment Opportunity Commission issued the following news release: * * * EEOC Sues MedStar Health, Inc. and MedStar Southern Maryland Health Center for Disability Discrimination * Federal lawsuit says hospital refused to hire applicant with disability, denying disability-related accommodations GREENBELT, Md. -MedStar Health, Inc., a healthcare network in Maryland, and member hospital MedStar Southern Maryland Hospital Center in Clinton, Maryland, violated federal law by failing to hire an applicant with a disability and conducting an unlawful post-offermedical examination, the U.S. Equal Employment Opportunity Commission (EEOC) charged in a lawsuit announced today.
According to the EEOC's lawsuit, in March 2024, MedStar extended a job offer to an applicant in an admitting registrar position, and the applicant accepted the job offer. MedStar then subjected the applicant to medical examinations and inquiries, including requiring him to undergo an occupational health evaluation, respond to medical inquiries, and otherwise comply with medical examination and inquiry requirements.
After discovering that the applicant is disabled, MedStar used results of the medical examinations and inquiries to discriminate against the applicant in violation of the Americans with Disabilities Act (ADA), including denying him medical clearance to work and demanding that he stop receiving intravenous treatment for his disability. MedStar denied him reasonable accommodations, revoked the job offer, and refused to hire him, the EEOC said.
"The Americans with Disabilities Act prohibits employers from making hiring decisions based on stereotypes or fears of a disability," said Debra M. Lawrence, regional attorney for the EEOC's Philadelphia District. "Where an employer chooses to require an applicant to undergo medical examinations and inquiries, and to condition employment on the results of such examinations, the employer must use information gathered during that process in accordance with the law."
The alleged conduct violates the Americans with Disabilities Act (ADA), which prohibits disability discrimination and requires employers to provide reasonable accommodations to individuals with disabilities unless it would cause undue hardship.
Karen McDonough, acting director of the EEOC's Baltimore Field Office, said, "The EEOC is committed to enforcing the ADA and fulfilling the statute's promise of equal employment opportunity for individuals with disabilities."
The EEOC filed suit in the U.S. District Court for the District of Maryland, Southern Division (U.S. EEOC v. MedStar Health Inc., et al., Case No. 1-26-cv-03585- TDC) after first attempting to reach a pre-litigation settlement through its administrative conciliation process.
For more information on disability discrimination, please visit https://www.eeoc.gov/disability-discrimination.
The lawsuit was initiated by the EEOC's Baltimore Field Office, one of four component offices of the agency's Philadelphia District Office. The Philadelphia District Office has jurisdiction over Maryland, Pennsylvania, West Virginia, Delaware, and portions of New Jersey and Ohio. Attorneys in the Philadelphia District Office also prosecute discrimination cases in Washington, D.C., and portions of Virginia.
The EEOC is the sole federal agency authorized to investigate and litigate against businesses and other private sector employers for violations of federal laws prohibiting employment discrimination. For public sector employers, the EEOC shares jurisdiction with the Department of Justice's Civil Rights Division. The EEOC also is responsible for coordinating the federal government's employment antidiscrimination effort. More information about the EEOC is available at www.eeoc.gov.
***
Original text here: https://www.eeoc.gov/newsroom/eeoc-sues-medstar-health-inc-and-medstar-southern-maryland-health-center-disability
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EEOC Sues MedStar Health, Inc. and MedStar Southern Maryland Health Center for Disability Discrimination
*
Federal lawsuit says hospital refused to hire applicant with disability, denying disability-related accommodations
GREENBELT, Md. -MedStar Health, Inc., a healthcare network in Maryland, and member hospital MedStar Southern Maryland Hospital Center in Clinton, Maryland, violated federal law by failing to hire an applicant with a disability and conducting an unlawful post-offer ... Show Full Article WASHINGTON, Sept. 23 -- The Equal Employment Opportunity Commission issued the following news release: * * * EEOC Sues MedStar Health, Inc. and MedStar Southern Maryland Health Center for Disability Discrimination * Federal lawsuit says hospital refused to hire applicant with disability, denying disability-related accommodations GREENBELT, Md. -MedStar Health, Inc., a healthcare network in Maryland, and member hospital MedStar Southern Maryland Hospital Center in Clinton, Maryland, violated federal law by failing to hire an applicant with a disability and conducting an unlawful post-offermedical examination, the U.S. Equal Employment Opportunity Commission (EEOC) charged in a lawsuit announced today.
According to the EEOC's lawsuit, in March 2024, MedStar extended a job offer to an applicant in an admitting registrar position, and the applicant accepted the job offer. MedStar then subjected the applicant to medical examinations and inquiries, including requiring him to undergo an occupational health evaluation, respond to medical inquiries, and otherwise comply with medical examination and inquiry requirements.
After discovering that the applicant is disabled, MedStar used results of the medical examinations and inquiries to discriminate against the applicant in violation of the Americans with Disabilities Act (ADA), including denying him medical clearance to work and demanding that he stop receiving intravenous treatment for his disability. MedStar denied him reasonable accommodations, revoked the job offer, and refused to hire him, the EEOC said.
"The Americans with Disabilities Act prohibits employers from making hiring decisions based on stereotypes or fears of a disability," said Debra M. Lawrence, regional attorney for the EEOC's Philadelphia District. "Where an employer chooses to require an applicant to undergo medical examinations and inquiries, and to condition employment on the results of such examinations, the employer must use information gathered during that process in accordance with the law."
The alleged conduct violates the Americans with Disabilities Act (ADA), which prohibits disability discrimination and requires employers to provide reasonable accommodations to individuals with disabilities unless it would cause undue hardship.
Karen McDonough, acting director of the EEOC's Baltimore Field Office, said, "The EEOC is committed to enforcing the ADA and fulfilling the statute's promise of equal employment opportunity for individuals with disabilities."
The EEOC filed suit in the U.S. District Court for the District of Maryland, Southern Division (U.S. EEOC v. MedStar Health Inc., et al., Case No. 1-26-cv-03585- TDC) after first attempting to reach a pre-litigation settlement through its administrative conciliation process.
For more information on disability discrimination, please visit https://www.eeoc.gov/disability-discrimination.
The lawsuit was initiated by the EEOC's Baltimore Field Office, one of four component offices of the agency's Philadelphia District Office. The Philadelphia District Office has jurisdiction over Maryland, Pennsylvania, West Virginia, Delaware, and portions of New Jersey and Ohio. Attorneys in the Philadelphia District Office also prosecute discrimination cases in Washington, D.C., and portions of Virginia.
The EEOC is the sole federal agency authorized to investigate and litigate against businesses and other private sector employers for violations of federal laws prohibiting employment discrimination. For public sector employers, the EEOC shares jurisdiction with the Department of Justice's Civil Rights Division. The EEOC also is responsible for coordinating the federal government's employment antidiscrimination effort. More information about the EEOC is available at www.eeoc.gov.
***
Original text here: https://www.eeoc.gov/newsroom/eeoc-sues-medstar-health-inc-and-medstar-southern-maryland-health-center-disability
CFTC Chairman Selig Issues Keynote Remarks at U.S. Treasury Market Conference
WASHINGTON, Sept. 23 -- The Commodity Futures Trading Commission issued the following remarks by Chairman Michael S. Selig:
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Keynote Remarks at 2026 U.S. Treasury Market Conference
Washington, DC | September 22, 2026
Good afternoon.
It's a pleasure to be here today at the U.S. Treasury Market Conference. I want to thank President John Williams and the New York Fed for inviting me to share my perspective before such a wonderful audience.
It's great to be back in New York City, the heartbeat of global financial markets. I spent over a decade in private practice here, and it's the honor ... Show Full Article WASHINGTON, Sept. 23 -- The Commodity Futures Trading Commission issued the following remarks by Chairman Michael S. Selig: * * * Keynote Remarks at 2026 U.S. Treasury Market Conference Washington, DC | September 22, 2026 Good afternoon. It's a pleasure to be here today at the U.S. Treasury Market Conference. I want to thank President John Williams and the New York Fed for inviting me to share my perspective before such a wonderful audience. It's great to be back in New York City, the heartbeat of global financial markets. I spent over a decade in private practice here, and it's the honorof a lifetime being able to speak today from the other side of the table as a public servant.
Before I begin, I must note that the views I share today are my own as Chairman and don't necessarily reflect those of the Commission.
When the U.S. derivatives markets are functioning well, they quietly perform two of the most important jobs in our economy: helping businesses hedge risk, which improves the allocation of capital, and facilitating price discovery, which allows markets to function efficiently and transparently. And there is no better example of this than in the U.S. Treasury market.
The U.S. Treasury market is the foundation of the global financial system. It funds the U.S. government, provides the benchmark for interest rates throughout the economy, and serves as a critical source of liquidity and collateral. And it is one of the reasons why the U.S. dollar remains the world's reserve currency. Simply put, the U.S. Treasury market is the envy of the world.
Over the past twenty years, global derivatives markets have nearly doubled to $1.2 quadrillion notional, nearly half of which is overseen by the CFTC. Their growing importance is particularly evident in the Treasury market, where daily Treasury futures turnover has risen from roughly $200 billion to $900 billion during that same time period, while short-term interest rate futures such as SOFR have increased from roughly $2 trillion to $5 trillion.
But the transformation is not simply one of scale. The financial architecture around the Treasury market has evolved alongside it.
Repo and the cash-futures basis trade also now play a much larger role in financing, hedging and arbitrage. In 2006, related short term Treasury futures had roughly $10 trillion in open interest. Today, the similar short term U.S. interest-rate complex exceeds $60 trillion.
Alongside futures, the swaps market has expanded dramatically as well. USD interest-rate derivatives now average over $2 trillion in daily turnover, compared to roughly $300 billion a day in 2007. Overnight index swaps now represent a substantial share of that activity.
These numbers tell us something important: the Treasury market has not simply become larger. Its structure has changed.
Derivatives--including futures, options and swaps--are no longer simply instruments used to hedge positions in the cash Treasury market. They are part of the core market ecosystem--central to liquidity, risk transfer and increasingly to price discovery.
Today's Treasury market is therefore fundamentally different from the market we knew two decades ago. And that means the CFTC must be different as well.
Our role can no longer be viewed simply through the lens of individual futures or swaps markets.
The derivatives markets we oversee are now deeply interconnected with the cash Treasury market, repo, financing, and the broader Treasury ecosystem, and the CFTC sits at the center of these global financial markets.
This places an extraordinary responsibility on the agency. We need to regulate the marketplace as it function today, not as it functioned twenty years ago. That means better data, more integrated surveillance, a sharper focus on cross-market risks, and the ability to see how positions, leverage and liquidity interact across futures, swaps and cash markets.
The objective is not simply to regulate more. It is to regulate differently, with greater speed, greater precision, and a much more complete view of market structure. It will require a deeper understanding and assessments of these markets to detect vulnerabilities and risk and proactively working with our fellow agencies in protecting the deepest and most valuable marketplace in the world.
The CFTC, under my leadership, plans to embrace that change. As President Reagan once said, "the future doesn't belong to the fainthearted; it belongs to the brave." That has always been the American approach to innovation - embracing ideas, encouraging entrepreneurship, and building the markets of tomorrow.
Today, we are entering another period of rapid transformation. Markets are increasingly operating across digital infrastructure through blockchain technology, stablecoins, and other innovative technologies. Trading continues to become faster, more automated, and increasingly global. And participants expect markets that are more accessible, more efficient, and in many cases, available on a continuous, 24/7 basis.
What We've Done
At the CFTC, we are delivering on our mandate to ensure that our regulatory regime is purpose-fit today for the innovations of tomorrow.
And the way we regulate these markets matters - not only to those trading in them - but to the broader strength and resilience of the American financial system.
Since I rejoined the agency last December, the CFTC has taken meaningful steps to right-size regulation, reduce overburdensome and duplicative rules, and provide clear rules of the road for all market participants.
The Commission has worked diligently to advance Treasury market reforms and deliver on the SEC's Treasury Clearing Mandate ahead of the December 31st, 2026 deadline for cash Treasuries and the June 30th, 2027 deadline for Treasury repo transactions. As the SEC's Treasury clearing requirements bring more Treasury transactions into central clearing, market participants increasingly have positions spanning SEC- and CFTC-regulated clearing infrastructures.
Earlier this year, the CFTC, along with the SEC, approved exemptive orders allowing CME and FICC to expand their cross-margining arrangement beyond clearing members and to customers for Treasury securities and futures positions, allowing risk to be managed more holistically and reducing unnecessary margin costs for a broader swath of market participants.[1]
As part of this order, dually registered broker-dealers and futures commission merchants (FCMs) may now hold futures customer funds in a commingled customer account at FICC, resulting in reductions in required collateral while ensuring customer funds remain appropriately protected.[2] I have directed staff to make the necessary adjustments to our rulebook to permit FCMs to engage in cleared repo transactions involving customer funds ahead of the June 2027 Clearing Mandate deadline for Treasury repos.
The Commission expects to see similar cross-margining programs submitted for regulatory approval from other clearing agencies, and I look forward to working with Chairman Atkins to ensure a smooth transition ahead of the "go live" dates in the coming months.
In addition, as part of an unprecedented agency harmonization effort, the CFTC and SEC have sought public comment on ways to harmonize portfolio-margining frameworks.[3] Our joint request for comment on portfolio margining frameworks asks how the agencies can better recognize economically related positions and cross-product offsets, including across clearing organizations, rather than requiring market participants to maintain duplicative margin.[4] This work builds on our FICC-CME cross-margining efforts and demonstrates how CFTC-SEC harmonization can translate into more efficient clearing, lower collateral costs, and greater liquidity and resilience in the Treasury market.
Finally, as cross-margining programs continue to expand and risk profiles evolve, the CFTC is working alongside our interagency partners to ensure that the recent Basel III proposal's capital requirements are appropriately tailored to actual risk, lower the cost of entry for businesses across the United States, and increase participation in derivatives markets. The agency will continue to consider what legacy capital, margin, or reporting rules should be amended to properly reflect the new Basel III proposal.
Looking Ahead
However, in order to embrace innovation, we cannot simply modernize yesterday's markets. We have to prepare for tomorrow's.
The work will not be easy, but preparing our markets for the new frontier of finance is imperative. This means readying our markets for mass tokenization, tailoring legacy frameworks so that innovative technologies, such as blockchains and artificial intelligence ("AI"), can be adopted at scale, and ensuring our market participants are prepared for the world of onchain finance and 24/7 markets.
One of the most important innovations is the tokenization of real world assets. As I remarked earlier in my tenure as Chairman, high-quality tokenized collateral has the potential to make liquidity more dynamic and markets more resilient.
It is easy to see how using blockchain technology and tokenized assets could become the foundation of a more efficient financial system - a financial system that I suspect many of you believe is long overdue for the 21st century. It is one that enables near instantaneous settlement and real time collateral mobility across clearinghouses, intermediaries, and end users, all with the attributes of what makes America's financial markets the gold standard. Just as the transition from hand signals to electronic trading advanced our financial system, I believe tokenization can do the same for all asset classes.
As tokenization and onchain finance continue to evolve, the CFTC is committed to providing clear, principles-based rules to ensure that these innovations foster growth and preserve market integrity. Our goal is simple: digital technologies should make America's markets more efficient, more resilient, and more competitive.
To realize this goal, stablecoins will play an important role. Thanks to the leadership of President Trump, the GENIUS Act is now the law of the land, and the CFTC has been hard at work addressing stablecoins in our derivatives markets. Earlier this year, the agency expanded the list of eligible tokenized collateral to include certain payment stablecoins issued by national trust banks[5] and released a robust set of frequently asked questions,[6] which it continues to iterate on, concerning the use of tokenized collateral in our markets. Going forward, the Commission is committed to finding additional ways to encourage responsible stablecoin adoption for market participants, exchanges, and clearinghouses.
As our markets continue to globalize, and as advances in trading platforms, connectivity, and settlement technologies accelerate, the Commission has seen an increased interest around continuous, and 24/7 trading. Our derivatives markets serve participants in every time zone around the world, and the infrastructure supporting them is increasingly capable of operating around the clock.
Although many markets are moving toward continuous trading, that does not mean all markets are ready to make that change today. I have been clear that, under my leadership, the Commission will not take a one size fits all approach to 24/7 trading. Market structure evolves best through thoughtful and responsible progress, not by assuming that what works for one product or venue works universally.
That is why the Commission sought public comment on the suitability of certain asset classes for 24/7 trading[7] and why CFTC staff issued an advisory on 24/7 trading, clearing, and settlement.[8] While certain asset classes, such as crypto or precious metals, may currently be suitable for 24/7 trading, others, like agricultural products, energy, and certain financials, may not.
A transition to broader trading hours must be done responsibly, grounded in a commitment to the agency's mandate of fostering responsible innovation and promoting market integrity. The Commission's role is to ensure our surveillance systems, margin frameworks, and operational safeguards are prepared to function continuously should the markets decide to move toward a 24/7 framework.
Our principles based approach remains our north star. The agency will support innovation that enhances resilience and competitiveness, while ensuring that any expanded trading hours promote the core functions of our derivatives markets.
Conclusion
The United States is the financial markets capital of the world. We have innovative firms, world-class exchanges, strong market participants, and now, regulators committed to promoting market integrity while supporting responsible innovation.
Those advantages will matter. With developments like tokenization, onchain finance, and 24/7 trading, the next decade will likely bring more change to financial markets than the previous several decades combined. If the question is, will the United States continue leading in these markets, then I say, yes, we will. Across the entire Trump Administration, we've already laid the groundwork to continue doing so by embracing innovation, encouraging competition, rightsizing regulation, and maintaining the trust that has made our markets the gold standard across the globe.
Thank you again to the New York Fed for the warm welcome, and I'm looking forward to hearing more on some of these topics from our next panel.
* * *
[1] Order Providing Exemptive Relief to Facilitate Cross-Margining of Customer Positions Cleared at Chicago Mercantile Exchange, Inc. and Fixed Income Clearing Corporation, 91 Fed. Reg. 20880 (Apr. 20, 2026); Order Under Section 36 of the Securities Exchange Act of 1934 (the "Exchange Act") Granting Conditional Exemptive Relief from Section 15(c)(3) of and Rule 15c-3 Under the Exchange Act for Cross-Margining of Cleared U.S. Treasury Securities and Related Futures, 91 Fed. Reg. 21035 (Apr. 20, 2026).
[2] Id.
[3] Joint Request for Comment on Further Implementation of Portfolio Margining and Cross-Margining of Securities and Derivatives, 91 Fed. Reg. 39579 (June 30, 2026).
[4] Id.
[5] Staff No-Action Position Regarding Digital Assets Accepted as Margin Collateral, CFTC Letter No. 26-05 (Feb. 6, 2026).
[6] CFTC Staff Issues FAQs Concerning Registrant and Registered Entity Activities Relating to Crypto Assets and Blockchain Technologies, CFTC (Mar. 20, 2026), https://www.cftc.gov/PressRoom/PressReleases/9200-26.
[7] Request for Comment on the Extension of Standard Futures Contracts to 24/7 Trading and on Perpetual Contracts Referencing Physically Delivered or Storable Energy Commodities, 91 Fed. Reg. 38334 (June 25, 2026).
[8] Staff Advisory for Extending Trading and/or Clearing Operations to a 24 hours-a-day, 7-days-a-week Basis, CFTC Letter No. 26-16 (May 29, 2026).
* * *
Original text here: https://www.cftc.gov/PressRoom/SpeechesTestimony/opaselig11
* * *
Keynote Remarks at 2026 U.S. Treasury Market Conference
Washington, DC | September 22, 2026
Good afternoon.
It's a pleasure to be here today at the U.S. Treasury Market Conference. I want to thank President John Williams and the New York Fed for inviting me to share my perspective before such a wonderful audience.
It's great to be back in New York City, the heartbeat of global financial markets. I spent over a decade in private practice here, and it's the honor ... Show Full Article WASHINGTON, Sept. 23 -- The Commodity Futures Trading Commission issued the following remarks by Chairman Michael S. Selig: * * * Keynote Remarks at 2026 U.S. Treasury Market Conference Washington, DC | September 22, 2026 Good afternoon. It's a pleasure to be here today at the U.S. Treasury Market Conference. I want to thank President John Williams and the New York Fed for inviting me to share my perspective before such a wonderful audience. It's great to be back in New York City, the heartbeat of global financial markets. I spent over a decade in private practice here, and it's the honorof a lifetime being able to speak today from the other side of the table as a public servant.
Before I begin, I must note that the views I share today are my own as Chairman and don't necessarily reflect those of the Commission.
When the U.S. derivatives markets are functioning well, they quietly perform two of the most important jobs in our economy: helping businesses hedge risk, which improves the allocation of capital, and facilitating price discovery, which allows markets to function efficiently and transparently. And there is no better example of this than in the U.S. Treasury market.
The U.S. Treasury market is the foundation of the global financial system. It funds the U.S. government, provides the benchmark for interest rates throughout the economy, and serves as a critical source of liquidity and collateral. And it is one of the reasons why the U.S. dollar remains the world's reserve currency. Simply put, the U.S. Treasury market is the envy of the world.
Over the past twenty years, global derivatives markets have nearly doubled to $1.2 quadrillion notional, nearly half of which is overseen by the CFTC. Their growing importance is particularly evident in the Treasury market, where daily Treasury futures turnover has risen from roughly $200 billion to $900 billion during that same time period, while short-term interest rate futures such as SOFR have increased from roughly $2 trillion to $5 trillion.
But the transformation is not simply one of scale. The financial architecture around the Treasury market has evolved alongside it.
Repo and the cash-futures basis trade also now play a much larger role in financing, hedging and arbitrage. In 2006, related short term Treasury futures had roughly $10 trillion in open interest. Today, the similar short term U.S. interest-rate complex exceeds $60 trillion.
Alongside futures, the swaps market has expanded dramatically as well. USD interest-rate derivatives now average over $2 trillion in daily turnover, compared to roughly $300 billion a day in 2007. Overnight index swaps now represent a substantial share of that activity.
These numbers tell us something important: the Treasury market has not simply become larger. Its structure has changed.
Derivatives--including futures, options and swaps--are no longer simply instruments used to hedge positions in the cash Treasury market. They are part of the core market ecosystem--central to liquidity, risk transfer and increasingly to price discovery.
Today's Treasury market is therefore fundamentally different from the market we knew two decades ago. And that means the CFTC must be different as well.
Our role can no longer be viewed simply through the lens of individual futures or swaps markets.
The derivatives markets we oversee are now deeply interconnected with the cash Treasury market, repo, financing, and the broader Treasury ecosystem, and the CFTC sits at the center of these global financial markets.
This places an extraordinary responsibility on the agency. We need to regulate the marketplace as it function today, not as it functioned twenty years ago. That means better data, more integrated surveillance, a sharper focus on cross-market risks, and the ability to see how positions, leverage and liquidity interact across futures, swaps and cash markets.
The objective is not simply to regulate more. It is to regulate differently, with greater speed, greater precision, and a much more complete view of market structure. It will require a deeper understanding and assessments of these markets to detect vulnerabilities and risk and proactively working with our fellow agencies in protecting the deepest and most valuable marketplace in the world.
The CFTC, under my leadership, plans to embrace that change. As President Reagan once said, "the future doesn't belong to the fainthearted; it belongs to the brave." That has always been the American approach to innovation - embracing ideas, encouraging entrepreneurship, and building the markets of tomorrow.
Today, we are entering another period of rapid transformation. Markets are increasingly operating across digital infrastructure through blockchain technology, stablecoins, and other innovative technologies. Trading continues to become faster, more automated, and increasingly global. And participants expect markets that are more accessible, more efficient, and in many cases, available on a continuous, 24/7 basis.
What We've Done
At the CFTC, we are delivering on our mandate to ensure that our regulatory regime is purpose-fit today for the innovations of tomorrow.
And the way we regulate these markets matters - not only to those trading in them - but to the broader strength and resilience of the American financial system.
Since I rejoined the agency last December, the CFTC has taken meaningful steps to right-size regulation, reduce overburdensome and duplicative rules, and provide clear rules of the road for all market participants.
The Commission has worked diligently to advance Treasury market reforms and deliver on the SEC's Treasury Clearing Mandate ahead of the December 31st, 2026 deadline for cash Treasuries and the June 30th, 2027 deadline for Treasury repo transactions. As the SEC's Treasury clearing requirements bring more Treasury transactions into central clearing, market participants increasingly have positions spanning SEC- and CFTC-regulated clearing infrastructures.
Earlier this year, the CFTC, along with the SEC, approved exemptive orders allowing CME and FICC to expand their cross-margining arrangement beyond clearing members and to customers for Treasury securities and futures positions, allowing risk to be managed more holistically and reducing unnecessary margin costs for a broader swath of market participants.[1]
As part of this order, dually registered broker-dealers and futures commission merchants (FCMs) may now hold futures customer funds in a commingled customer account at FICC, resulting in reductions in required collateral while ensuring customer funds remain appropriately protected.[2] I have directed staff to make the necessary adjustments to our rulebook to permit FCMs to engage in cleared repo transactions involving customer funds ahead of the June 2027 Clearing Mandate deadline for Treasury repos.
The Commission expects to see similar cross-margining programs submitted for regulatory approval from other clearing agencies, and I look forward to working with Chairman Atkins to ensure a smooth transition ahead of the "go live" dates in the coming months.
In addition, as part of an unprecedented agency harmonization effort, the CFTC and SEC have sought public comment on ways to harmonize portfolio-margining frameworks.[3] Our joint request for comment on portfolio margining frameworks asks how the agencies can better recognize economically related positions and cross-product offsets, including across clearing organizations, rather than requiring market participants to maintain duplicative margin.[4] This work builds on our FICC-CME cross-margining efforts and demonstrates how CFTC-SEC harmonization can translate into more efficient clearing, lower collateral costs, and greater liquidity and resilience in the Treasury market.
Finally, as cross-margining programs continue to expand and risk profiles evolve, the CFTC is working alongside our interagency partners to ensure that the recent Basel III proposal's capital requirements are appropriately tailored to actual risk, lower the cost of entry for businesses across the United States, and increase participation in derivatives markets. The agency will continue to consider what legacy capital, margin, or reporting rules should be amended to properly reflect the new Basel III proposal.
Looking Ahead
However, in order to embrace innovation, we cannot simply modernize yesterday's markets. We have to prepare for tomorrow's.
The work will not be easy, but preparing our markets for the new frontier of finance is imperative. This means readying our markets for mass tokenization, tailoring legacy frameworks so that innovative technologies, such as blockchains and artificial intelligence ("AI"), can be adopted at scale, and ensuring our market participants are prepared for the world of onchain finance and 24/7 markets.
One of the most important innovations is the tokenization of real world assets. As I remarked earlier in my tenure as Chairman, high-quality tokenized collateral has the potential to make liquidity more dynamic and markets more resilient.
It is easy to see how using blockchain technology and tokenized assets could become the foundation of a more efficient financial system - a financial system that I suspect many of you believe is long overdue for the 21st century. It is one that enables near instantaneous settlement and real time collateral mobility across clearinghouses, intermediaries, and end users, all with the attributes of what makes America's financial markets the gold standard. Just as the transition from hand signals to electronic trading advanced our financial system, I believe tokenization can do the same for all asset classes.
As tokenization and onchain finance continue to evolve, the CFTC is committed to providing clear, principles-based rules to ensure that these innovations foster growth and preserve market integrity. Our goal is simple: digital technologies should make America's markets more efficient, more resilient, and more competitive.
To realize this goal, stablecoins will play an important role. Thanks to the leadership of President Trump, the GENIUS Act is now the law of the land, and the CFTC has been hard at work addressing stablecoins in our derivatives markets. Earlier this year, the agency expanded the list of eligible tokenized collateral to include certain payment stablecoins issued by national trust banks[5] and released a robust set of frequently asked questions,[6] which it continues to iterate on, concerning the use of tokenized collateral in our markets. Going forward, the Commission is committed to finding additional ways to encourage responsible stablecoin adoption for market participants, exchanges, and clearinghouses.
As our markets continue to globalize, and as advances in trading platforms, connectivity, and settlement technologies accelerate, the Commission has seen an increased interest around continuous, and 24/7 trading. Our derivatives markets serve participants in every time zone around the world, and the infrastructure supporting them is increasingly capable of operating around the clock.
Although many markets are moving toward continuous trading, that does not mean all markets are ready to make that change today. I have been clear that, under my leadership, the Commission will not take a one size fits all approach to 24/7 trading. Market structure evolves best through thoughtful and responsible progress, not by assuming that what works for one product or venue works universally.
That is why the Commission sought public comment on the suitability of certain asset classes for 24/7 trading[7] and why CFTC staff issued an advisory on 24/7 trading, clearing, and settlement.[8] While certain asset classes, such as crypto or precious metals, may currently be suitable for 24/7 trading, others, like agricultural products, energy, and certain financials, may not.
A transition to broader trading hours must be done responsibly, grounded in a commitment to the agency's mandate of fostering responsible innovation and promoting market integrity. The Commission's role is to ensure our surveillance systems, margin frameworks, and operational safeguards are prepared to function continuously should the markets decide to move toward a 24/7 framework.
Our principles based approach remains our north star. The agency will support innovation that enhances resilience and competitiveness, while ensuring that any expanded trading hours promote the core functions of our derivatives markets.
Conclusion
The United States is the financial markets capital of the world. We have innovative firms, world-class exchanges, strong market participants, and now, regulators committed to promoting market integrity while supporting responsible innovation.
Those advantages will matter. With developments like tokenization, onchain finance, and 24/7 trading, the next decade will likely bring more change to financial markets than the previous several decades combined. If the question is, will the United States continue leading in these markets, then I say, yes, we will. Across the entire Trump Administration, we've already laid the groundwork to continue doing so by embracing innovation, encouraging competition, rightsizing regulation, and maintaining the trust that has made our markets the gold standard across the globe.
Thank you again to the New York Fed for the warm welcome, and I'm looking forward to hearing more on some of these topics from our next panel.
* * *
[1] Order Providing Exemptive Relief to Facilitate Cross-Margining of Customer Positions Cleared at Chicago Mercantile Exchange, Inc. and Fixed Income Clearing Corporation, 91 Fed. Reg. 20880 (Apr. 20, 2026); Order Under Section 36 of the Securities Exchange Act of 1934 (the "Exchange Act") Granting Conditional Exemptive Relief from Section 15(c)(3) of and Rule 15c-3 Under the Exchange Act for Cross-Margining of Cleared U.S. Treasury Securities and Related Futures, 91 Fed. Reg. 21035 (Apr. 20, 2026).
[2] Id.
[3] Joint Request for Comment on Further Implementation of Portfolio Margining and Cross-Margining of Securities and Derivatives, 91 Fed. Reg. 39579 (June 30, 2026).
[4] Id.
[5] Staff No-Action Position Regarding Digital Assets Accepted as Margin Collateral, CFTC Letter No. 26-05 (Feb. 6, 2026).
[6] CFTC Staff Issues FAQs Concerning Registrant and Registered Entity Activities Relating to Crypto Assets and Blockchain Technologies, CFTC (Mar. 20, 2026), https://www.cftc.gov/PressRoom/PressReleases/9200-26.
[7] Request for Comment on the Extension of Standard Futures Contracts to 24/7 Trading and on Perpetual Contracts Referencing Physically Delivered or Storable Energy Commodities, 91 Fed. Reg. 38334 (June 25, 2026).
[8] Staff Advisory for Extending Trading and/or Clearing Operations to a 24 hours-a-day, 7-days-a-week Basis, CFTC Letter No. 26-16 (May 29, 2026).
* * *
Original text here: https://www.cftc.gov/PressRoom/SpeechesTestimony/opaselig11