SEC Shake-Up: GOP vs. Gensler - Issue #420 June 15th, 2023
A week full of news in the fintech space. Republicans accused Gary Gensler of a series of abuse during his activity at the SEC, and want to remove him from the commission to protect investors and entrepreneurs. The Hinman documents are about to be released, and this might finally end the dispute between Ripple and the SEC. Artificial intelligence is increasingly important, also in the banking industry, and also discussions about risks and AI ethics. This and much more in this number of FinTech Weekly, the newsletter that makes you discover top fintech news and events to stay ahead of competition.
Top Stories
House Republicans introduce bill to remove SEC Chair Gary Gensler, restructure agency
— via Fox NewsRepublicans lawmakers accuse Gary Gensler because of a “long series of abuses” during his activity as SEC chairman. That’s why they introduced a bill to remove Gensler from the Securities and Exchange Commission.
Top Events
Join your data & analytics peers from leading brands across North America as you discover the latest trends and challenges facing your role.
Podcasts and Videos
An interesting analogy between the dot-com boom and artificial intelligence (AI). If the two markets are really similar, it means that AI is just beginning.
Jobs
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Crypto
The long-awaited “Hinman docs” were worth the wait, according to Ripple CEO Brad Garlinghouse. The documents will detail internal deliberations by the SEC, and this could help Ripple win the court battle against the Securities and Exchange Commission.
Binance lawyers allege SEC Chair Gensler offered to serve as advisor to crypto company in 2019
— via CNBCGary Gensler might be removed from the SEC for his decisions, especially those concerning crypto-related companies. But the negative attitude towards crypto wasn’t always in his plans: Binance, recently sued by the SEC chairman, released documents that affirm that the chairman offered to serve as an advisor to the crypto company in 2019.
Banking
Big banks are talking up generative A.I. — but the risks mean they’re not diving in headfirst
— via CNBCAt the Amsterdam Money 20/20, many were the definitions of generative AI given by bankers. They were positive thoughts and opinions, and even if most think that artificial intelligence could represent a great opportunity for banks, it’s still too risky to use this technology in areas that directly involve consumers.
Innovation
After Meta, LinkedIn announces new AI-based tools to create different ad copies that would help users with their ad campaigns.
Fintech
GoCardless, the UK fintech unicorn, announced a new layoff round in the fintech industry. The CEO of the company, Hiroki Takeuchi, announced that over 130 roles will be cut, and that also the senior leadership group will be reduced by 25%.
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