FiSolve Weekly News Digest: April 24, 2026

Here is what we are reading in the news this week...

NY AG Sues Coinbase and Gemini for Running Illegal Gambling Platforms in New York

New York Attorney General Letitia James (AG) sued Coinbase Financial Markets, Inc. (Coinbase) and Gemini, Titan LLC (Gemini) for illegally running gambling operations in New York through their so-called “prediction market” platforms. Both Coinbase and Gemini offer users the ability to bet on events, including sports, entertainment, and elections, which the AG alleges violates New York laws. In a press release, the AG’s office states that an investigation by its office found that Coinbase and Gemini are running prediction markets that constitute illegal, unlicensed gambling operations. The press release alleges these illegal operations expose New Yorkers, including those under the legal gambling age of 21, to serious financial and personal risk. The AG is seeking court orders requiring Coinbase and Gemini to pay fines, forfeit illegal profits, and pay restitution to customers. Read more here.

SEC and CFTC Jointly Propose Amendments

to Reduce Form PF Burdens

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly proposed amendments to reduce private fund reporting burdens while enabling the continued collection of necessary and appropriate information. The agencies proposed to amend Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, including those that also are registered with the CFTC as commodity pool operators or commodity trading advisors. Form PF collects information designed to facilitate the Financial Stability Oversight Council’s (FSOC) monitoring of systemic risk in the financial markets. The SEC and CFTC use the information collected on Form PF in their investor protection efforts. The proposed amendments would eliminate filing requirements for smaller advisers, who represent almost half of the advisers currently required to file Form PF, by raising the filing threshold from $150 million in private fund assets under management to $1 billion. The proposal would also raise the exposure reporting threshold for “large” hedge fund advisers from $1.5 billion in hedge fund assets under management to $10 billion. In addition to amending these thresholds, the proposal would eliminate or streamline many Form PF requirements. The proposal includes a 60-day comment period. Read more here.

Study Finds Over-Investment in Tech,

Under-Investment in People

The 2026 KPMG Adaptability Index finds that while a strong majority of executives (81%) face rising expectations from boards to better adapt to constant disruption, many organizations struggle to turn that ambition into consistent action, creating a growing and costly gap between intent and impact. Based on a data-driven assessment the study defines adaptability as the ability to anticipate change, perform under pressure, and sustain growth, and measures it across three pillars (1) cultural, (2) ecosystem, and (3) strategic adaptability, along with structural readiness. The research shows that companies often over-invest in technology while under-investing in people, governance clarity, and decision rights, which undermines returns on innovation and adaptability initiatives. Importantly, KPMG finds that adaptability is measurably linked to stronger business outcomes, including modest improvements in year-over-year revenue growth, and concludes that leaders who balance investments in talent, partnerships, and strategy (rather than pursuing piecemeal or tech-only solutions) are best positioned to adapt at speed and compete in an increasingly volatile environment. Read more here.

FINRA Adopts New Intraday Margin Standards to Replace the Day Trading Margin Requirements

On April 14, the U.S. Securities and Exchange Commission approved SR-FINRA-2025-017, which establishes new intraday margin standards to replace the longstanding day trading margin requirements under FINRA Rule 4210, including the day trade count requirements for designating a customer as a “pattern day trader” and the $25,000 pattern day trader minimum equity requirement. The new standards will give customers more freedom to participate in the markets while also ensuring customers maintain equity in their margin account commensurate with the amount of market exposure they have at any given point in time during the trading day. This rule change advances the FINRA Forward Rule Modernization initiative to update requirements, facilitate innovation, and reduce unnecessary burdens while maintaining investor protection. FINRA will issue a regulatory notice to announce the effective date of the rule change, which will be 45 days from publication of the regulatory notice. FINRA noted Members that may need more time to implement the rule change will be permitted to phase in their implementation over a period of 18 months from publication of the regulatory notice. Read more here.

CFTC Approves Order to Strengthen

U.S. Treasury Market Liquidity

The CFTC approved a regulatory order aimed at improving liquidity and resilience in the U.S. Treasury market. The order reinforces controls and oversight for derivatives and clearing activity tied to government securities. Specifically, the order permits joint clearing members of Chicago Mercantile Exchange and Fixed Income Clearing Corporation (FICC) that are dually registered as broker-dealers with the Securities and Exchange Commission and futures commission merchants with the CFTC to hold futures customer funds in a commingled customer account at FICC. Read more here.

Banking Agencies Issue Revised

Model Risk Management Guidance

The Federal Deposit Insurance Corporation (FDIC), along with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, issued revised model risk management guidance. Among other things, the revised guidance clarifies that model risk management should be tailored commensurately to the size, complexity, and model risk profile of a banking organization. Read more here.

FCA Leads First Crackdown on Illegal Crypto Trading

The UK’s Financial Conduct Authority (FCA) announced its first coordinated crackdown on illegal peer‑to‑peer crypto trading, launching a multi‑agency operation across several London locations with HM Revenue & Customs and the South West Regional Organised Crime Unit to disrupt unregistered activity and issue cease‑and‑desist warnings at eight targeted premises. The FCA said the inspections gathered evidence supporting ongoing criminal investigations, warned that no peer‑to‑peer crypto traders or platforms are currently registered to operate legally in the UK, and stressed that such activity poses significant financial crime risks, including money laundering, urging consumers to deal only with FCA‑registered firms and reminding them that crypto remains a high‑risk investment. Read more here.

💡FiSolve's Negotiation Tip of the Week💡

When to Walk Away

In negotiation, knowing when to walk away is as strategic as knowing when to press forward: establish your non negotiables early (e.g., economic thresholds, risk limits, regulatory constraints, and reputational guardrails) and treat them as decision rules, not talking points. If the counterparty consistently erodes value through last minute changes, shifts risk asymmetrically, or requires concessions that impair capital efficiency or long term client trust, disengaging preserves optionality and signals discipline to the market. Walking away is not failure; it is a deliberate capital allocation decision that protects downside, maintains negotiating leverage for future deals, and reinforces a culture where growth never outruns governance.

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