FINRA Launches New Electronic Form 211 Portal via FINRA Gateway

As of March 30, 2026, FINRA has rolled out an enhanced Form 211 submission platform inside FINRA Gateway, replacing the legacy process for initiating or resuming OTC equity quotations under Rule 15c2-11.

Sponsoring market makers and Qualified IDQS now access Form 211 by logging into FINRA Gateway, selecting "Forms and Filings," and choosing "Form 211" from the new interface. The platform offers clearer workflows, integrated document upload, and entitlement-based access (Submit or Read-Only) managed by each firm's Super Account Administrator, and FINRA describes the new system as a more efficient, user-friendly experience for firms.

For issuers, this does not change the underlying review standard, but it does streamline the way supporting disclosure is packaged and transmitted to FINRA, which can help shorten back-and-forth and reduce friction in starting OTC quotation.

Trump Pushes to End Quarterly Reporting Semiannual Filings on the Table

The White House and current SEC leadership have signaled strong interest in revisiting one of the oldest mandates in U.S. securities law: the quarterly financial reporting requirement that has governed public companies for over 90 years. A potential framework, shaped directly by conversations with the Trump administration, would shift U.S. publicly listed companies to semiannual reporting cycles if ultimately adopted.

For OTC issuers particularly those on OTCQB and OTCQX the impact cuts both ways. Reduced filing frequency could meaningfully lower compliance costs. But investors and market makers rely on regular disclosure, and any shift would need to account for the standards that underpin OTC tier eligibility.

No formal rule proposal has yet been issued for public comment. Taken together, these statements signal a broader deregulatory posture from the White House and current SEC leadership that OTC participants should be tracking closely.

The CLARITY Act & Tokenization: How America Is Redrawing the Map for Digital Finance

The CLARITY Act. The Digital Asset Market Clarity Act (H.R. 3633) passed the House in July 2025 with a bipartisan 294–134 vote. After nearly a year in limbo, the bill is showing renewed momentum. On April 14, White House adviser Patrick Witt confirmed a compromise was reached on the central stablecoin yield dispute: passive yield from simply holding stablecoins would be prohibited, but activity-based rewards tied to payments or platform usage would be permitted. The Senate Banking Committee is targeting a late April or May markup, though the timetable remains subject to change. Coinbase Chief Policy Officer Faryar Shirzad has publicly predicted a committee markup this month and a full Senate floor vote in May. Senator Lummis has set April 25 as a critical threshold, warning that missing the window pushes the bill to 2030. At the time of writing, prediction markets such as Polymarket were pricing the odds of passage in 2026 at around 70%.

Tokenization is already happening. While Congress debates the framework, Wall Street isn't waiting. Tokenized Treasury bills now exceed $7–8 billion on public blockchains, up from well under $1 billion two years ago. JPMorgan has arranged tokenized bond issuances in the tens of millions of dollars on public blockchains such as Solana, settled in USDC. The SEC issued a No-Action Letter to DTCC allowing tokenization services, with rollout expected in H2 2026. BlackRock's Larry Fink has compared the current moment to the internet in 1996.

What it means for capital markets. Tokenization turns illiquid assets private equity stakes, real estate, corporate bonds into programmable, tradeable instruments. For smaller issuers, this is a potential new capital formation pathway: fractional ownership, 24/7 markets, and global investor access without the friction of traditional exchange listing.