In the 1920s, Wall Street cleared and settled trades by the end of the day after the trade instruction (“T+1”). Over the years, that cycle bloated to T+4, to T+3 in 1993, and then T+2.
The SEC proposed extensive new regulation of private fund advisers under the Adviser's Act. Also, in testimony before the U.S. Senate Committee on Agriculture, Nutrition and Forestry, CFTC Chair Rostin Behnam reviewed the agency's regulatory oversight of digital assets.
SIFMA, DTCC and the Investment Company Institute ICI outlined their plans to shorten the settlement cycle for U.S.-issued securities: Accelerating the U.S. Securities Settlement Cycle to T+1; the end of Q2 in 2024 as the target date for completion.