Scrutiny

Biden to call for greater bank merger scrutiny, customer control of financial data

President BidenJoe BidenAlabama military base orders troops to show vaccination proof amid increased COVID-19 cases Arizona’s Maricopa County approves M for new vote-counting machines On The Money: Democrats reach deal on .5T target | Biden rallies Democrats: ‘We’re going to get this done’ MORE on Friday will ask bank regulators to adopt tighter standards for approving mergers and allow customers to download their financial transaction data from banks.

Biden is set to sign a sweeping executive order intended to boost competition within the U.S. economy, the White House announced Friday. The order includes two provisions intended to slow consolidation

Read More

Wall Street’s New Cop Signals More Scrutiny of Crypto, SPACs

Wall Street’s main regulator is signaling that the Biden era will spell tougher oversight for cryptocurrencies and blank-check companies, two of the white-hot market’s most talked-about asset classes.

U.S. Securities and Exchange Commission Chairman Gary Gensler on Wednesday told lawmakers that special purpose acquisition companies and digital coins posed significant policy and investor-protection questions. He referred to SPACs, shell companies that list on stock exchanges for the purpose of buying other firms and making them public, as “blank-check IPOs.”

The financial world has been anxiously waiting to see how Gensler will steer the SEC at a time when retail investors

Read More

As Scrutiny of Cryptocurrency Grows, the Industry Turns to K Street

The board of advisers at the digital chamber is stuffed with former federal regulators, including a former member of Congress and a recent chairman of the Commodity Futures Trading Commission, J. Christopher Giancarlo, who was named to the board of BlockFi, a financial services company that tries to link cryptocurrencies with traditional wealth managers.

Max Baucus, the Democratic former chairman of the Senate Finance Committee, and Jim Messina, a former top Obama adviser, also have recently been named to senior industry posts.

Lobbying disclosure records show that at least 65 contracts as of early 2021 addressed industry matters

Read More