🚨TIMES UP, FINRA!!!...
Today is FINRA's deadline to file objections to the Washington DC Magistrate Judge's order on Februaury 4, 2026, sending their MOTION TO QUASH A SUBPOENA to the Nevada District Court supervising the Meta Materials BK proceedings.
Will they or won't they object???...
If FINRA does NOT object, AND the District Court Judge does not overrule the decision, the Magistrate's order stands, transferring the motion to Nevada.
FINRA, NASDAQ, Citadel, VIRTU and ANSON funds have ALL filed MOTIONS TO QUASH SUBPOENAS. A partial tentative ruling issued by the BK Court Judge leans toward DENYING these motions and allowing the discovery to proceed.
A hearing scheduled for this Friday (Feb. 20), will hear arguments from NASDAQ on why the MOTION TO QUASH should be granted.
What are they hiding???
IMO, if the subpoenas stand and the data is delivered, it will be done under a stipulated protective order (as has been done with other subpoenaed data). No "trade secrets/methods" will be made public. So, I ask again...
IF NOTHING IS WRONG, WHAT ARE THEY HIDING???
MMTLP MMAT TRCH
MMTLP #FAFO#RICO
🚨Where are my MMTLP shares??!!🚨
You have a problem moving in fast with the NBH S-1. @SecScottBessent@SECPaulSAtkins
Who will blink first? SEC, FINRA, or is it someone else? @BankingGOP@SenFinance@FinancialCmte@GOPoversight
How SEC Rule 15c3‑3 and Regulation SHO should have protected MMTLP Investors, and why they didn’t.
The MMTLP situation sits at the intersection of two of the SEC’s most fundamental market‑integrity rules:
1. Rule 15c3‑3 (Customer Protection Rule)
2. Regulation SHO (Close‑Out Requirements).
When these rules function properly, they prevent exactly the kind of systemic breakdown that occurred in December 2022.
Here’s how the system is supposed to work — and how it failed.
Rule 15c3‑3: Brokers Must Actually Possess the Shares They Sell. Under Rule 15c3‑3, broker‑dealers must maintain physical possession or control of fully paid‑for customer securities.
🚨If a broker sells a share, it does not actually have, whether through naked shorting, internal bookkeeping errors, or settlement failures, the broker must immediately cure the deficit.
This rule exists to prevent:
• phantom shares
• synthetic positions
• unbacked obligations
• customer entitlements being diluted or compromised
In the case of MMTLP, any shortfall in real shares should have triggered mandatory buy‑ins before the corporate action.
Regulation SHO: Mandatory Close‑Out of Failures to Deliver. Reg SHO governs failures to deliver (FTDs) and requires clearing firms to close out persistent settlement failures — especially when a security appears on the threshold list.
MMTLP appeared on the threshold list repeatedly.
Under SHO, this should have triggered:
• forced buy‑ins
• mandatory close‑outs
• elimination of synthetic or unsettled positions
These obligations do not disappear simply because a corporate action is pending.
Where the System Broke: FINRA’s U3 Halt
On December 9, 2022, FINRA imposed a U3 trading halt on MMTLP and kept it in place through the deletion of the ticker.
This single decision made it impossible for brokers to:
• buy‑in shares
• close short positions
• cure FTDs
• resolve possession/control deficits
In other words, the halt blocked the very mechanisms required by law to reconcile the market before the spin‑off. Yet the conversion into Next Bridge proceeded anyway.
The Result: Unresolved Obligations Were Carried Into a Private Company. Because the halt prevented reconciliation:
• short positions were never closed
• FTDs were never resolved
• synthetic positions were never extinguished
• brokers remained in violation of 15c3‑3
• Reg SHO obligations were effectively suspended
These unresolved obligations were then carried into a private, non‑tradable security (Next Bridge), something the regulatory framework was never designed to handle.
This is why investors today cannot trade, transfer, or resolve their positions.
It is not a market anomaly.
It is a regulatory process failure.
It is a failure in our government. If you sit in a position of oversight, this rests on you. We have asked for your assistance in thousands of ways, yet you refuse to hear our voices. The MMTLP fiasco is a direct reflection of your leadership. No accountability or oversight of the SEC.