[forex scholar]

The veto was overridden and the CFTC is now at work implementing the new law passed by Congress. CFTC has just issued a press release touting what the new law does:
http://www.cftc.gov/newsroom/generalpressreleases/2008/pr5501-08.html

• Enhances agency authority over off-exchange retail foreign currency fraud by:

1. Clarifying that the CFTC’s anti-fraud authority applies to certain retail off-exchange foreign currency transactions (also known as the “Zelener” fix)

2. Creating a new registration category for retail foreign exchange dealers and requiring registration for those who solicit orders, exercise discretionary trading authority, and operate commodity pools with respect to off-exchange retail foreign currency transactions

3. Imposing minimum capital requirements for futures commission merchants and retail foreign exchange dealers that act as counterparties in such transactions.

And so it begins. The following firms do not currently meet the upcoming capital requirement increase to $10 million which will take effect 120 days from today:

Advanced Markets $5,100,000
Bacera $5,500,000
Money Garden $6,600,000
Easy Forex $7,200,000
MB Trading $7,700,000
Hotspot $7,700,000
Forex Club $7,900,000
Friedberg Mercantile $8,000,000
CMC $8,300,000
Alpari $8,800,000
Ikon $8,800,000