On March 28, 2022, the Securities and Exchange Commission (“SEC” or “Commission”) proposed new rules that would require certain market participants—including, in particular, proprietary trading firms, among other market participants—that satisfy certain qualitative standards or engage in specified levels of buying and selling government securities to register with the SEC, become a member of a self-regulatory organization and comply with federal securities laws and regulations, as well as Treasury regulations, as applicable. Certain market participants would be exempt from these rules, including any person that has or controls total assets of less than $50 million, is a registered investment company or complies with an existing exemption or exception to the dealer registration requirements. The Commission invites comment on all aspects of the proposal, which should be submitted by the later of 30 days following publication of the proposal in the Federal Register and May 27, 2022.