Again, misunderstanding the function of these organizations.
DTCC is the regulatory body. SEC approves regulations DTCC puts forth. But if this link was read thoroughly, DTCC is not the self-regulated organization requesting the rule changes, their subsidiary is. SFT's do not benefit retail investors. They benefit broker dealers.
"Depository Trust & Clearing Corporation (DTCC), the premier market infrastructure for the global financial services industry, today announced that the U.S. Securities and Exchange Commission (SEC) has approved the Securities Financing Transaction (SFT) Clearing Service proposal of the National Securities Clearing Corporation (NSCC), the equity clearing subsidiary of DTCC, to operate a central clearing and settlement infrastructure for overnight borrows and loans of equity securities (collectively, securities financing transactions or “SFTs”)."
DBMM does not benefit from this either. It does, however, produce a vehicle through SFT's that the Kramers of the world can exponentially push out, not being able to produce a registered security.
Possibility review the previous post to understand better why the link was provided.