Weekly Roundup

Gamification v. Long Term Investing
Discussion of social media impact on investing continued, with Nigil Sillis writing an op-ed in Pensions and Investments on rising retail investor participation, gamificationand encouragement of more young people to invest in long term savings.

EU Cryptocurrency Crackdown
It was reported that the EU is proposing to prohibit certain anonymous cryptocurrency transactions as part of a broader anti-money laundering and terrorist finance plan. According to an EU fact sheet, the plan would prohibit anonymous crypto asset wallets likening governance of Bitcoin systems to rules regarding regular wire transfers.

Source Code / IP Theft Ransom
It was reported that hackers who stole source code and other proprietary data from video game firm Electronic Arts are seeking ransom to discontinue posting additional trade secret information online.

Bitcoin ETF
Uncertainty remained regarding the potential timing of SEC consideration and approval, if any, of a Bitcoin ETF.

Algorithmic Trading 20% of Foreign Exchange Market, Anticipated to Grow
Media reported on the anticipated rise of automation of the foreign exchange market. It’s currently at 20 percent of all institutional foreign exchange trading volume, and it is expected to continue shifting from manual telephone trading.

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

  • Adam Large and Sai Rao, both counsel at SEC’s trading and markets, were announced as among thechairs of Gensler’s policy team.
  • Sheila Patel, former head of Goldman Sachs Asset Management, spoke about the future of fintech, and notedthat US Banks need a better approach to fintech. 
  • Jeremy Grant, Coordinator, The Better Identity Coalition, testified before the Congressional Task Force on Artificial Intelligence on the importance of creating digital counterparts to paper and plastic IDs.