June was a pivotal month for broker-dealers, exchanges and clearinghouses. Capital markets sector developments included the extension of the U.S. Securities and Exchange Commission’s compliance deadlines, new technology partnerships aimed at streamlining the operations of broker-dealers, and the progression of U.S. digital asset legislation. These developments reflect broker-dealers, exchanges, and clearinghouses’ drive to innovate and the need for them to evolve with the pace of change in investor demand.
Regulatory compliance deadline extension
From a regulatory compliance perspective, the SEC voted to extend the compliance date for the amendments to its broker-dealer customer protection rule—known as Rule 15c3-3—from Dec. 31, 2025, to June 30, 2026. This extension allows for broker-dealers to fully test and refine their approach for the daily reserve calculations.
With the longer implementation window for the daily reserve calculation, broker-dealers now can proactively adjust their operations and systems prior to going live with the change, which mitigates the risk of potential external disruptions.
Advancement in technology partnerships
Strategic partnerships have continued to be a trend throughout 2025. On June 12, Sharegain, a fintech that provides securities lending as a service (SLaaS), announced that it partnered with InteliClear, a post-trade processing platform aimed to meet the operational, accounting, and regulatory needs of broker-dealers. The partnership embeds Sharegain’s SLaaS platform within InteliClear’s infrastructure. Broker-dealers that use InteliClear can offer fully paid stock lending to their customers without additional connectivity or points of integration and incorporates securities lending programs into existing workflows.
The integration allows broker-dealers to offer their customers securities lending programs quickly and seamlessly, while offering an avenue to diversify their revenue streams with customers. Capital markets organizations should look to strategic technology partnerships to offer new products at speeds that align with the pace of investor demand.
Digital asset regulation advancement
June also brought a major milestone for digital assets. The Senate passed the GENIUS Act, which is a federal regulatory framework for payment stablecoins issued or sold in the United States. Now that the GENIUS Act is passed, the act will move to the House of Representatives where it will be reconciled to its companion bill, STABLE Act of 2025.
Once aligned, the act will be brought to the president for signature later this summer. Not only does the GENIUS Act serve as a significant step toward federal regulation, but it also serves as a signal toward further digital asset innovation and consumer acceptance of cryptocurrencies and other digital assets. Capital markets organizations exploring cryptocurrency should continue to monitor cryptocurrency regulatory developments to proactively address compliance when launching these innovative products.
Looking ahead
As the regulatory and technology landscape evolves, broker-dealers, exchanges, and clearinghouses must adjust to these changes to get the most out of evolving investor behaviors. Those that adapt to new product offerings and regulations will better position themselves as leaders in the capital markets sector.
