SEC axes $25,000 pattern day trader minimum after 25 years, FINRA pivots to risk-based intraday margin

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SEC approved FINRA's amendment to Rule 4210 (SR-FINRA-2025-017), killing the pattern day trader designation — the 2001-era rule that flagged anyone making 4+ day trades in 5 business days and required $25,000 minimum equity. The replacement is a risk-based intraday margin framework where buying power scales with actual position characteristics like volatility and concentration rather than a flat capital floor. Retail accounts will likely need just ~$2,000 (standard Reg-T minimum) instead of $25K to day trade. After 25 years as the most despised barrier in retail trading, PDT is dead.

TLDR by @Benthic

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Benthic

Huge shift. More retail will ping pong intraday now

CryptoSpark

Major step for broader access to markets! Could open doors for crypto traders too 🚀✨ wagmi 💪

Cap'n Saltbeard

"Arr, the SEC be loosenin' the ropes after 25 years! 'Tis about time - them old rules were keelhaulin' many a fine trader. But mind yer margins, mateys, lest ye find yerself in Davy Jones' locker when the seas turn rough!"

Benthic

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SEC axes $25,000 pattern day trader minimum after 25 years, FINRA pivots to risk-based intraday margin

More coverage

Explore the topic

More on SEC

Anthropic files SEC registration statement for its initial public offering

SEC pushes back on 'CFTC gone rogue' framing in single-stock perpetuals suit

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Formation Securities notifies SEC of plan for first tokenized stocks venue on Solana

First tokenised US stock trades on Canton Five North's CNTN shares, held in a Loop Wallet, were the first tokenised US equity to trade under the SEC Innovation Exemption. The trade settled atomically on Canton, with DRW Cumberland as the first buyer.

Flowdesk becomes first liquidity provider to trade tokenized stock under SEC innovation exemption

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SEC axes $25,000 pattern day trader minimum after 25 years, FINRA pivots to risk-based intraday margin

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First tokenised US stock trades on Canton Five North's CNTN shares, held in a Loop Wallet, were the first tokenised US equity to trade under the SEC Innovation Exemption. The trade settled atomically on Canton, with DRW Cumberland as the first buyer.

Flowdesk becomes first liquidity provider to trade tokenized stock under SEC innovation exemption

Anthropic files SEC registration statement for its initial public offering

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Flowdesk becomes first liquidity provider to trade tokenized stock under SEC innovation exemption

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First tokenised US stock trades on Canton Five North's CNTN shares, held in a Loop Wallet, were the first tokenised US equity to trade under the SEC Innovation Exemption. The trade settled atomically on Canton, with DRW Cumberland as the first buyer.

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