Big Banks and Market Makers are Engaged in a Pitched Battle With the SEC Over a Plan to Regulate Brokerages Like Exchanges

Also, House Financial Services passes resolution to rescind SEC's crypto accounting bulletin; banks fed up with CFPB's credit card bashing; senators introduce `e-delivery' bill

Chair Gary Gensler’s push to require large brokerages to install the same safeguards that stock exchanges have for preventing trading breakdowns has fallen through the cracks a bit. But on Wall Street trading floors, a frenzy of opposition has been building behind the scenes. Though the SEC plan is designed to capture less than two dozen firms, it hits …