Weekly Roundup

SEC Commissioner Allison Lee expressed concern about gamification of the markets, noting the importance of considering whether further transparency and disclosures could address potential conflicts of interest for retail investors.

Crypto “Sprint Team” Underway
Senator Mark Warner (D-VA) called at a Senate Banking hearing for a “semblance of order” following last week’s crypto volatility.Randal K. Quarles, Vice Chairman For Supervision, Board of Governors of the Federal Reserve System, responded that regulators are in the “early stages of the sprint” of the Federal Reserve, OCC, and the FDIC and seeking to pull together views on common regulatory framework, capital treatment, operational treatment, and to fill in any gaps in the regulatory framework.

US Regulators Should Be Ahead of Curve on Crypto Regulation
MMI CEO Kirsten Wegner authored an op-ed titled, “Regulators should bring the best of equity market regulation to crypto investment”, that it is vital that US regulators and lawmakers are ahead of the curve on innovation policy and investor protection in a globally competitive landscape, with regulators in Canada and Brazil approving Crypto ETFs earlier this year, and further growthexpected in the cryptocurrency ecosystem.

Democrats are Democrats seeking to expand ESG strategies in retirement plans with bills in the House and Senate, with data reportedthat ESG investing nearly doubling from $22.9 trillion in 2016 to $40 trillion in 2020 of overall value of assets under management focused on ESG investing.

A report was released highlighting the negative impact of a financial transaction tax by Copenhagen Economics entitled “FTT, Impact on Pensions Savers and the Real Economy.

Annual Data Breach and Cyber Theft Report Released
It was reported that Verizon’s 2021 Data Breach Investigations Report has been released, including “information to help stay currenton threat actors’ schemes and scams so the information can be shared with employees to prevent them from becoming a victim.”Among other things, the report notes that 85 percent of breaches involved a human element and that financially-motivated attacks are the most common.

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