NYDIG, a prominent Bitcoin financial services firm, publicly flagged World Liberty Financial’s USD1 stablecoin for failing to publish required monthly attestation reports, with the most recent report dating from July 2025—over two months behind schedule. Greg Cipolaro, NYDIG’s Global …
World Liberty FinancialNYDIGGreg CipolaroBitGo TrustBitGo Technologies+1 moreworld-liberty-financialusd1-stablecoincryptocurrencytransparency-failureattestation-reports+6 more
In January 2021, the Depository Trust & Clearing Corporation (DTCC) granted Robinhood an unprecedented $9.7 billion collateral waiver during the GameStop short squeeze. This extraordinary measure prevented Robinhood from defaulting on its regulatory obligations, revealing significant gaps in …
Robinhood FinancialDTCCDan GallagherU.S. House Committee on Financial Servicesfinancial-regulationrobinhooddtccgamestop-short-squeezeregulatory-capture
Morgan Stanley and other underwriters engaged in selective disclosure during Facebook’s initial public offering, revealing sensitive financial information only to institutional investors. Massachusetts securities regulators fined Morgan Stanley million for creating an ‘unlevel playing …
Morgan StanleyFacebookWilliam GalvinJames Gormansecurities-fraudmarket-manipulationtech-industryfinancial-regulationfacebook+1 more
President Barack Obama signed the Stop Trading on Congressional Knowledge (STOCK) Act into law, addressing long-standing concerns about insider trading by members of Congress. The bipartisan legislation, passed with overwhelming support (96-3 in Senate, 417-2 in House), prohibits members of Congress …
The Stop Trading on Congressional Knowledge (STOCK) Act gained explosive momentum after CBS’s 60 Minutes aired an investigation on November 13, 2011, revealing that several members of Congress allegedly used non-public information obtained through their official positions for personal …
Scott BrownKirsten GillibrandBrian Bairdcongressional corruptioninsider tradingpolitical accountabilityfinancial regulationethics reform
The Financial Crisis Inquiry Commission (FCIC), established in 2010 and led by Phil Angelides, released its final report concluding the 2008 financial crisis was caused by a “systemic breakdown in accountability and ethics” on the part of corporate executives. The commission was …
On July 30, 2002, President George W. Bush signed the Sarbanes-Oxley Act into law, calling it “the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt.” The legislation passed with overwhelming bipartisan support—423 to 3 in the House and 99 …
George W. BushPaul SarbanesMichael Oxleycorporate-fraudlegislationcorporate-accountabilityfinancial-regulationreform
CFTC Chair Brooksley Born issued a concept release seeking public comment on regulating the $29 trillion over-the-counter derivatives market, warning of systemic risks from unregulated trading. Within hours, Treasury Secretary Robert Rubin, Federal Reserve Chairman Alan Greenspan, and SEC Chairman …
Brooksley BornRobert RubinLawrence SummersAlan GreenspanArthur Levittderivativescftcregulatory-capturefinancial-crisissystemic-risk+2 more
President Roosevelt signs the Banking Act of 1935 on August 23, 1935, fundamentally restructuring the Federal Reserve System to centralize monetary policy authority in a reformed Board of Governors in Washington rather than the twelve regional Federal Reserve Banks, which had been dominated by …
Franklin D. RooseveltMarriner EcclesCarter GlassU.S. CongressFederal Reserve Board+1 morefinancial-regulationnew-dealfederal-reservebanking-reformmonetary-policy+1 more
President Roosevelt appoints Joseph P. Kennedy, a wealthy Wall Street speculator known for stock manipulation and insider trading, as the first chairman of the newly-created Securities and Exchange Commission on July 2, 1934. The appointment shocks New Deal reformers and delights Wall Street, …
Franklin D. RooseveltJoseph P. KennedySecurities and Exchange Commission (SEC)Wall Streetregulatory-capturenew-dealsecfinancial-regulationrevolving-door
The Senate Banking and Currency Committee issued its 400-page final report documenting the systematic corruption, fraud, and market manipulation that caused the 1929 Wall Street crash and subsequent Great Depression. The investigation, which began on March 4, 1932 with Senate Resolution 84 and …
Ferdinand PecoraU.S. Senate Committee on Banking and CurrencySenator Duncan Fletcherfinancial-regulationcorporate-accountabilitycongressional-oversightinstitutional-integrity
President Franklin D. Roosevelt signs the Securities Exchange Act of 1934 into law on June 6, 1934, establishing the Securities and Exchange Commission (SEC) and comprehensive federal regulation of secondary securities trading (stocks, bonds, and debentures). FDR’s compromise approach attempts …
Franklin D. RooseveltJoseph P. KennedyFerdinand PecoraRichard WhitneyNew York Stock Exchange+3 morefinancial-regulationnew-dealsec-creationsecurities-lawregulatory-victory+1 more
President Roosevelt signs the Gold Reserve Act on January 30, 1934, nationalizing all gold holdings in the United States, transferring ownership of Federal Reserve gold to the U.S. Treasury, and authorizing the President to set the gold value of the dollar between 50 and 60 percent of its previous …
Franklin D. RooseveltU.S. CongressFederal ReserveWall Streetbanking industry+1 morenew-dealmonetary-policygold-standardfinancial-regulationcorporate-resistance
President Franklin D. Roosevelt signs the Securities Act of 1933 into law on May 27, 1933, establishing the first major federal regulation of securities markets and requiring that investors receive financial and material information about securities offered for public sale. Often called the …
Franklin D. RooseveltHuston ThompsonFederal Trade CommissionWall StreetSecurities Industryfinancial-regulationnew-dealsecurities-lawinvestor-protectionregulatory-victory+1 more
J.P. Morgan Jr., head of the most powerful banking house in America, testified before the Pecora Commission in hearings that riveted the nation. The New York Times headline on May 24, 1933 blared: “Morgan Paid No Income Tax for 1931 or 1932.” Morgan admitted under oath that he and his …
J.P. Morgan Jr.J.P. Morgan and CompanyFerdinand PecoraU.S. Senate Committee on Banking and CurrencyCalvin Coolidge+1 morefinancial-regulationinsider-tradingcorporate-accountabilitytax-evasionpolitical-corruption
The Pecora Commission revealed that Albert Wiggin, chairman of Chase National Bank, had secretly profited from his bank’s collapse during the 1929 crash. Beginning in September 1929, even as Wiggin publicly committed Chase’s funds to investment pools intended to stabilize the falling …
Albert H. WigginChase National BankFerdinand PecoraU.S. Senate Committee on Banking and Currencyfinancial-regulationinsider-tradingcorporate-accountabilitytax-evasionbanking-fraud
On March 9, 1933, just five days after Franklin Roosevelt’s inauguration and three days after his declaration of a national bank holiday, Congress passes the Emergency Banking Act in a mere eight hours—many members voting without even reading the legislation. The act grants the President …
Franklin D. RooseveltU.S. CongressFederal ReserveWilliam Woodinbanking industrynew-dealbanking-crisisfinancial-regulationemergency-powers
On March 6, 1933, two days after his inauguration, President Franklin D. Roosevelt invokes emergency powers to declare a nationwide “bank holiday,” closing all banks in the United States and suspending all banking transactions. The unprecedented action aims to stop the complete collapse …
Franklin D. Rooseveltbanking industryFederal ReserveAmerican depositorsbanking-crisisnew-dealfinancial-regulationemergency-powersgreat-depression
Charles E. Mitchell, chairman of National City Bank (predecessor to Citigroup), began testimony before the Senate Banking Committee’s Pecora investigation after receiving a subpoena on January 24, 1933. Under Ferdinand Pecora’s meticulous questioning, Mitchell confessed that his 1929 …
Charles E. MitchellNational City BankNational City CompanyFerdinand PecoraU.S. Senate Committee on Banking and Currencyfinancial-regulationcorporate-accountabilitytax-evasionbanking-fraudcongressional-oversight
Republican Senator Peter Norbeck appointed Ferdinand Pecora, a former New York deputy district attorney, as the fourth chief counsel to the Senate Banking and Currency Committee’s investigation into the Wall Street crash. Pecora, son of Italian immigrants who grew up in Hell’s Kitchen, …
Ferdinand PecoraSenator Peter NorbeckSenator Duncan FletcherU.S. Senate Committee on Banking and Currencyfinancial-regulationcorporate-accountabilitycongressional-oversightinstitutional-integrity
The U.S. Senate passed Senate Resolution 84, authorizing the Committee on Banking and Currency to investigate “practices with respect to the buying and selling and the borrowing and lending” of stocks and securities following the 1929 Wall Street crash. The investigation, chaired …
U.S. Senate Committee on Banking and CurrencySenator Peter NorbeckSenator Duncan Fletcherfinancial-regulationcorporate-accountabilitycongressional-oversightgreat-depression
President Woodrow Wilson signed the Federal Reserve Act at 6:00 p.m., creating the Federal Reserve System as the central banking system of the United States. The need for a central bank became evident during the Panic of 1907, when the federal government lacked tools to respond and had to depend on …
President Woodrow WilsonCarter GlassRobert Latham OwenJP MorganWilliam Jennings Bryanbanking-consolidationprogressive-erafinancial-regulationfederal-reservejp-morgan