Anne Kelley

World Traveler, runner, SEC alum, Senate alum, NCUA alum, and twitter newbie - all opinions are my own

[Anne Kelley @amk_dc]

Excited to be speaking at #BlockchainCentral: Risk. Compliance. Security. hosted by Global Blockchain Business Council (GBBC) @GBBC_io, June 8–10 at The George Washington University Law School in D.C.!
Request an invite or to join the live stream: https://t.co/xVMmVho9Lg
Honored to join a very distinguished list of speakers for insightful discussions on RegTech, AML/KYC, the GENIUS Act, quantum security & more.
#Blockchain #DigitalAssets #RegTech #CyberSecurity #crypto

[Anne Kelley @amk_dc]

@dom_kwok @Kalshi Harvard’s endowment (about $57 billion) is the largest university endowment in the world and is routinely cited as one of the biggest single institutional funds anywhere.

[Anne Kelley @amk_dc]

Clarity Act passage before August recess just got more challenging.
I tell my clients that the most valuable commodity in Washington, DC is Senate floor time — and I always run the “Senate math” to figure out if we have enough floor time for passage.
Reconciliation to end the TSA shutdown being pushed into June reportedly because it now includes ballroom funding and the $1.8 billion anti-weaponization fund adds a new challenge to getting the Clarity Act done before recess while it competes against the housing bill, nominees, and possible supplemental war funding ect.

[Jake Sherman @JakeSherman]

HOUSE done until June after 4:30 votes after Senate punts reconciliation due to weaponization fund.

[Anne Kelley @amk_dc]

Clarity Act passage before August recess just got more challenging.
I tell my clients that the most valuable commodity in Washington, DC is Senate floor time — and I always run the “Senate math” to figure out if we have enough floor time for passage.
Reconciliation to end the TSA shutdown being pushed into June reportedly because it now includes ballroom funding and the $1.8 billion anti-weaponization fund adds a new challenge to getting the Clarity Act done before recess while it competes against the housing bill, nominees, and possible supplemental war funding ect.

[Anne Kelley @amk_dc]

Dodd Frank required the SEC to fund its operations almost entirely through Section 31 fees on “covered sales” of “covered securities”. These are transaction-based fees paid only by covered SROs (exchanges and @FINRA) — scaling directly with market volume — and are usually passed on to customers along the way. The statute and Rule 31 make this obligation clear: each covered SRO must pay the SEC a fee based on the aggregate dollar amount of “covered sales” on their venue (or through their members for FINRA). The @SECGov does not bill broker-dealers, clearing firms, or investors directly. That makes the upcoming “innovation exemption” for tokenized stocks especially fascinating. Per Bloomberg, a framework is coming soon for trading crypto versions of public equities on blockchain/DeFi platforms — enabling 24/7 trading and instant settlement. But how does it interact with Section 31 fees? If tokenized securities get carved out or treated more lightly (and trade outside traditional SRO venues), we could see a two-tier system: traditional stocks carry the full passed-on fees, while tokenized versions get cheaper all-in costs for the same exposure. Would liquidity and volume migrate? Crypto’s efficiency advantages could accelerate the shift — but that shrinks the SEC’s fee-paying base. Is the agency incentivizing cannibalization of its own funding? Should the SEC require tokenized securities to trade through SROs so they qualify as covered sales and continue generating Section 31 revenue? Pivotal moment. Innovation clearly wins for investors, but revenue implications might matter — Congress sets the SEC’s funding levels and could increase its funding even if the fee base erodes.

[Anne Kelley @amk_dc]

Dodd Frank required the SEC to fund its operations almost entirely through Section 31 fees on “covered sales” of “covered securities”. These are transaction-based fees paid only by covered SROs (exchanges and @FINRA) — scaling directly with market volume — and are usually passed on to customers along the way. The statute and Rule 31 make this obligation clear: each covered SRO must pay the SEC a fee based on the aggregate dollar amount of “covered sales” on their venue (or through their members for FINRA). The @SECGov does not bill broker-dealers, clearing firms, or investors directly. That makes the upcoming “innovation exemption” for tokenized stocks especially fascinating. Per Bloomberg, a framework is coming soon for trading crypto versions of public equities on blockchain/DeFi platforms — enabling 24/7 trading and instant settlement. But how does it interact with Section 31 fees? If tokenized securities get carved out or treated more lightly (and trade outside traditional SRO venues), we could see a two-tier system: traditional stocks carry the full passed-on fees, while tokenized versions get cheaper all-in costs for the same exposure. Would liquidity and volume migrate? Crypto’s efficiency advantages could accelerate the shift — but that shrinks the SEC’s fee-paying base. Is the agency incentivizing cannibalization of its own funding? Should the SEC require tokenized securities to trade through SROs so they qualify as covered sales and continue generating Section 31 revenue? Pivotal moment. Innovation clearly wins for investors, but revenue implications might matter — Congress sets the SEC’s funding levels and could increase its funding even if the fee base erodes. Would it be smart for the SEC to bring as much tokenized volume as possible under their fee regime? Thoughts?

[Anne Kelley @amk_dc]

Dodd Frank required the SEC to fund its operations almost entirely through Section 31 fees on “covered sales” of “covered securities”. These are transaction-based fees paid only by covered SROs (exchanges and @FINRA) — scaling directly with market volume — and are usually passed on to customers along the way. The statute and Rule 31 make this obligation clear: each covered SRO must pay the SEC a fee based on the aggregate dollar amount of “covered sales” on their venue (or through their members for FINRA). The @SECGov does not bill broker-dealers, clearing firms, or investors directly. That makes the upcoming “innovation exemption” for tokenized stocks especially fascinating. Per Bloomberg, a framework is coming soon for trading crypto versions of public equities on blockchain/DeFi platforms — enabling 24/7 trading and instant settlement. But how does it interact with Section 31 fees? If tokenized securities get carved out or treated more lightly (and trade outside traditional SRO venues), we could see a two-tier system: traditional stocks carry the full passed-on fees, while tokenized versions get cheaper all-in costs for the same exposure. Would liquidity and volume migrate? Crypto’s efficiency advantages could accelerate the shift — but that shrinks the SEC’s fee-paying base. Is the agency incentivizing cannibalization of its own funding? Should the SEC require tokenized securities to trade through SROs so they qualify as covered sales and continue generating Section 31 revenue? Pivotal moment. Innovation clearly wins for investors, but revenue implications might matter — Congress sets the SEC’s funding levels and could increase its funding even if the fee base erodes. Would it be smart for the SEC to bring as much tokenized volume as possible under their fee regime? Thoughts? Bloomberg: https://t.co/oq9GYECaqc #TokenizedStocks #SEC #Crypto #Section31 @pattersonscott

[Anne Kelley @amk_dc]

@Don141136471242 @EleanorTerrett Yes, it has to go back to the House to be voted on after the Senate votes on it. The exact same language has to pass both before it can go to the president’s desk.

[Anne Kelley @amk_dc]

@BarredinDC Dream bar concept: No phones allowed. Pure Guards basement / St. X / Smith Point circa 2007 energy. Low lights, sticky floors, “Murder on the Dance Floor” on repeat, and people actually talking to each other. IYKYK.
Who’s opening this immediately?

[Anne Kelley @amk_dc]

@nathanmccauley Congratulations Nathan! Anchorage is continuing to do amazing things and continuing to be a pioneer in the financial services space.

[Cleve Mesidor @cmesi]

Greetings from HederaCon in Miami!

It has been a great day, filled with exceptional programming. Commend @hedera for curating such an inspirational forum.

Great to connect with so many friends from across the crypto industry, including @chayesdc, @amk_dc and others.

[Anne Kelley @amk_dc]

@KLF Ken - you are 💯 correct! You didn’t have to make plans to go to the Lounge on any given night you would find friends and a lot of bipartisan friendships started in Cap Lounge and T-Coast.

[Anne Kelley @amk_dc]

The SEC has released NYSE’s filing to amend its rules and enable trading of securities in tokenized form during the DTC tokenization pilot. Eligible securities (starting with Russell 1000 components & major ETFs) can clear & settle on blockchain while trading on the same book.
Full PDF: https://t.co/vm1b3gwb07
#Tokenization #NYSE #SEC

[Anne Kelley @amk_dc]

@jacob_wass Senate Barber Shop across from Cups in the Russell Building.

[Anne Kelley @amk_dc]

@conncarroll Wagshalls or Deli City.

[Anne Kelley @amk_dc]

@AllisonPapson The video is of H st NW not NE.

[Anne Kelley @amk_dc]

@ShawnChittle @2fiftybbq Their BBQ is the best in DC.

[Anne Kelley @amk_dc]

@UrsulaPerano I miss the Tuna Melt from Cups

[Anne Kelley @amk_dc]

@MichaelSelig @CFTC @POTUS @SenateAgGOP Congratulations Mr. Chairman! I know you are going to be a wonderful leader at the CFTC.