# 2025-21627: SEC Crushes Dream Exchange's Hopes of Trading Glory

2025-21627, In the Matter of the Application of Dream Exchange Holdings, Inc. for Registration as a National Securities Exchange; Findings, Opinion, and Order of the Commission, is a Federal Register notice from Securities and Exchange Commission published 2025-12-01, effective 2025-11-28 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-21627
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-21627
- Title: In the Matter of the Application of Dream Exchange Holdings, Inc. for Registration as a National Securities Exchange; Findings, Opinion, and Order of the Commission
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 55189
- Published: 2025-12-01
- Effective: 2025-11-28
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

SEC Crushes Dream Exchange's Hopes of Trading Glory

## 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.

## Effects PRIA read

- DreamEx Registration Denied: cost, low. 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: mixed, low. 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 prev…

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## Sources
- [2025-21627 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/01/2025-21627/in-the-matter-of-the-application-of-dream-exchange-holdings-inc-for-registration-as-a-national)
- [2025-21627 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-01/pdf/2025-21627.pdf)

## Related
- [Previous: 2025-21624, Notice of Determinations; Culturally Significant Objects Being Imported for Exh…](https://policyrisk.com/federal-register/2025-21624)
- [Next: 2025-21629, The RBB Fund Trust and Clearbrook Investment Consulting, LLC](https://policyrisk.com/federal-register/2025-21629)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-21627 (as of 2026-06-08).