The Office of Management and Budget is concluding its final meetings with the rule’s opponents, while House Democrats signaled their support in a letter this week.

The brokerage regulator settled two cases related to the SEC’s rule this week; one securities attorney believes FINRA has now established itself as the “primary regulator” of the rule.

Dawson James Securities failed to retain more than 10,000 business-related texts, including consumer complaints and client conversations, over 10 years, according to FINRA.

The settlement with the self-directed trading firm comes several weeks after FINRA's first enforcement action targeting firms' use of social media influencers.

Firm employees sent and received “thousands” of off-channel business-related messages during the time in question, according to the SEC.

The court ruling concludes a legal fight with the commission that started in 2019.

The firm settled similar charges in 2014.

Supporters and critics of the proposed rule are setting up discussions with the Office of Management and Budget, one of the last steps before the final rule will be revealed.