Weekly Roundup

CEO Compensation: In the spring, proxy statements will report a new SEC-mandated measure of CEO pay. CEO compensation has been notoriously clouded and hard to estimate, and the new mandate is supposed to edge reported CEO compensation closer to the truth. But critics aren’t optimistic, citing many confounding variables that muddle CEO compensation packages, such as the fluctuating value of stock grants.

Climate Disclosure Support: Various US environmental organizations, like As You Sow and Earthjustice, shared a letter expressing public support for the SEC’s proposed climate disclosure rule. However, they cited a need for further clarification to assuage fears of its impacts on small businesses. “We are concerned that certain members of Congress and groups representing a handful of SEC registrants may be spreading misinformation about the rule’s contents and applicability,” the letter read.

Signet Losses: Following Signature Bank’s collapse, Coinbase Global announced that it is no longer using Signet, the bank’s real time payment network. Coinbase clients who already use Signet can now only send funds during banking hours. “While not ideal, this shows a need for an updated financial system,” a Coinbase spokeswoman said.

Crypto on Wall Street: Wall Street may be departing from its crypto-phobic ways. JPMorgan Chase, and other major banks, are opening new accounts for crypto firms following Silvergate Bank’s recent failures.

Crypto’s Future: After more than two years, it’s time for the judge in the Ripple vs. SEC lawsuit to issue a verdict. At the core of the lawsuit is a debate over whether Ripple’s crypto token, XRP, should be categorized as a security. The judge’s decision will set a precedent for the treatment of other US crypto tokens and help define the SEC’s role in crypto regulation.

Crypto Charges: The SEC charged cryptocurrency entrepreneur Justin Sun and three of his companies with securities law violations. Eight celebrities, including Lindsay Lohan and Jake Paul, were charged with illegally promoting Sun’s cryptocurrencies. Six of the eight celebrities agreed to pay a total of $400,000 to settle the charges.

In the Mix: This Week’s Top FinTech Thought Leader

  • Nathan Cox, CEO of Two Prime, heralded bitcoin in CoinDesk as an industry haven amid the recent turbulence in the traditional finance sphere. Cox referenced the positive performance of digital assets like bitcoin and ether that have followed the failures of banking institutions like Credit Suisse and Silicon Valley Bank.

  • Ronan Ryan, Co-Founder & President of IEX Group, spoke about IEX Exchange’s response to the SEC’s proposed Regulation NMS reforms. IEX emphasized the importance of regulation keeping pace with market changes. “In the nearly two decades since Regulation NMS was enacted, the markets have changed dramatically in ways that we believe not only justify but require, a significant overhauling of the structure and regulation,” Ryan said.