As FINRA modernizes into a data-driven, system-embedded overseer, the real question is no longer whether it will survive, but whether it is quietly becoming indistinguishable from the SEC.
The future of the Financial Industry Regulatory Authority (FINRA) is not being contested in headlines but in design choices.
Those choices now point in three possible directions: endurance as a distinct SRO, gradual absorption into federal machinery, or a hybrid evolution that blurs the line between the two.
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