SEC Crushes Dream Exchange's Hopes of Trading Glory
Published Date: 12/1/2025
Notice
Summary
Dream Exchange Holdings, Inc. asked the SEC to become a national securities exchange, but after careful review, the SEC said no. This means DreamEx can’t officially run a big stock trading platform right now. The decision affects DreamEx and anyone hoping to trade on their platform, with the denial final by November 28, 2025.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
DreamEx Registration Denied
The SEC denied Dream Exchange Holdings, Inc.'s application to register as a national securities exchange. This means DreamEx cannot operate as a registered national exchange and cannot run a trading platform as a national securities exchange as of the final action on November 28, 2025.
Investigation Raised; Refiling Possible
The SEC reviewed public and non-public information, including material from a formal investigation, and found unresolved questions about DreamEx's capacity to comply with the securities laws. The Commission said these issues may not be resolved until the investigation is concluded, but nothing prevents DreamEx from filing another Form 1 application in the future.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2025-21624 — Notice of Determinations; Culturally Significant Objects Being Imported for Exhibition-Determinations: “Edmonia Lewis: Said in Stone” Exhibition
The U.S. government has approved special cultural objects for a cool traveling art show called “Edmonia Lewis: Said in Stone.” These important pieces will be displayed at museums in Massachusetts, Georgia, North Carolina, and maybe more places soon. This means art lovers get a chance to see rare works while supporting cultural exchange, with no extra costs or delays expected.
Next: 2025-21629 — The RBB Fund Trust and Clearbrook Investment Consulting, LLC
The RBB Fund Trust and Clearbrook Investment Consulting want permission to change their subadvisory agreements without asking shareholders every time. They’re also asking to skip some usual fee disclosure rules. If approved, this could speed up their work and affect how fees are shared, with a decision expected by late December 2025.