Robinhood derived about 80% of its revenue from payment for order flow transactions in the second quarter.
Gary Gensler, head of the SEC, is increasingly focused on cryptocurrency trading platforms and has called for more powers to oversee them.
MEMX's proposal is notably similar to an idea floated by Robinhood CEO Vlad Tenev in June, when he proposed pricing stocks down to the hundredth of a penny.
The billionaire investor argued that fund managers who follow ESG guidelines but invest in Chinese stocks are duping themselves and their clients.
SEC chief Gary Gensler recently warned investors about the risks of buying into Chinese companies listing in the US.
The "Shark Tank" star said the regulator should be more transparent and focus on individual investors' needs instead of impressing Wall Street.
The George Floyd protests sparked a dialogue on equity in corporate America. The SEC could force workplaces to publicize diversity like never before.
VanEck's fund will not invest directly in ether, but invest in ether futures contracts and other pooled invested vehicles that provide exposure to the coin.
Galaxy Digital, like numerous other firms, is still waiting for the green light from regulators to start running a bitcoin ETF.
Chinese companies establish contracts with shell companies in other countries to escape the government's directive on foreign ownership, Gensler said.
Gensler responded to a July letter from Sen. Elizabeth Warren's July letter, saying the agency needs help.
"The SEC has no authority over pure commodities or their trading venues whether those commodities are wheat, gold, oil… or #crypto assets," CFTC's Brian Quintenz said.
The Ripple boss said US regulators' belief that there was clarity around crypto assets was like an addict's belief that they don't have a problem.
"This is about putting some basic rules in place," she told Bloomberg. "Right now, we don't have any cops on the beat to speak of."
"If somebody is raising money selling a token and the buyer is anticipating profits based on the efforts of that group to sponsor the seller, that fits into something that's a security," Gensler told CNBC.
Others were a bit more sanguine, describing Gensler's move as a "stepping stone" toward a physically backed bitcoin ETF.
Novogratz, a highly vocal supporter of cryptocurrencies, pushed back against a call by Sen. Elizabeth Warren for more regulation of the "wild west" of crypto.
Gary Gensler likened crypto to driving, which only took off when the government laid out clear rules of the road.
Chinese IPO activity has stalled in the wake of the government's hard line on many newly-listed firms, most prominently ride-hailer Didi Chuxing.
But the SEC now may be warming up to the view, expressed by many bitcoin fund applicants, that not approving a regulated ETF could present its own risks.
"The harms to consumers as a result of this under-regulated market are real," Warren said in a letter demanding information from the SEC.
Bitcoin ETF proponents say common concerns about crypto, like volatility and potential market manipulation, could be said of other asset classes, too.
The regulator had to decide whether to approve the Valkyrie Bitcoin ETF by June 26, but it has now extended the review period to August 10.
The SEC first delayed its decision on VanEck's bitcoin ETF in late April, but said Wednesday that it needed more time to address outstanding concerns.
The US markets regulator's boss Gary Gensler has suggested it's up to Congress to take the lead on protecting cryptocurrency investors.
Chair Gary Gensler said he asked the regulator's staff to submit recommendations on a range of market rules, including high broker fees.
The proposal could introduce some limitations to company insiders, such as having to wait between four and six months after planning a trade.
SEC Chairman Gary Gensler told Congress last week that "there are many challenges and gaps for investor protection in [crypto] markets."
Chairman Gary Gensler said the SEC needs to be ready to fight legal crypto cases and that regulations are needed to protect investors.
Billionaire hedge fund boss Ray Dalio said of cryptocurrencies: "No government wants to have an alternative currency."
The head of the SEC said a host of factors were behind the GameStop short squeeze, and that the regulator may need to refresh some rules.
Gary Gensler, the SEC's new chair, raised concerns that game-like trading apps could hurt retail investors by prompting them to make bad decisions.
"It's no longer 'if' but 'when' and the question of when is probably in 2021," says one crypt expert about the launch of a bitcoin ETF in the US.
Gensler said that the SEC would enforce investor protections in the crypto market, including ensuring that the custody of digital assets are safe.
The nominee to be the next SEC head says he wants the agency to evaluate the practice, which came into focus during January's GameStop drama.
President-elect Joe Biden is considering Roger Ferguson, former vice-chair of the Federal Reserve Board of Governors, for National Economic Council director, sources close to the matter told CNBC. Biden is considering regulatory veteran Gary Gensler, who worked for both the Obama and Clinton administrations, for Deputy Treasury Secretary, they said. […]
It isn’t every day that we get to see bank regulators let their hair down. Luckily, Reuters’ Pedro da Costa managed to sneak a video of a rare moment of bliss and carefree joy on the dance floor experienced by none other than CFTC chair Gary Gensler.
[credit provider=”U.S. Dept of Treasury” url=”http://en.wikipedia.org/wiki/File:Lael_Brainard.jpg”] Treasury Secretary Timothy Geithner is expected to leave his post and now President Obama will have to pick his replacement. We’ve put together a rundown of some of the names being tossed around for the next Treasury Secretary.
No hedge funder made more money last year than Bridgewater Associates founder Raymond Dalio — he made $3.9 billion.
[credit provider=”Business Insider”] If you’ve been watching the disgraced former MF Global chief Jon Corzine’s testimony to Congress today, you probably wouldn’t want to be in his place.The multi-millionaire was basically on top of the world having served as chief executive of Goldman Sachs, New Jersey Governor and a U.S. […]
The Occupy Wall Street demonstration, which began in Manhattan’s Financial District and spread nationwide, has definitely created a lot of dialogue about the income disparity between the 1% and the 99%.Not surprisingly, a majority of the ire coming of these demonstrations has been directed at Wall Street.
The following is the oral testimony that Gary Gensler, Chairman of the CFTC, gave before the U.S. Senate Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, in Washington, DC on November 3, 2011. A copy of it is also available on the CFTC’s website.
[credit provider=”prepidemic.wordpress.com” url=”http://prepidemic.wordpress.com/2009/08/17/wallstreet2/”] The CFTC has been forced to halt a program that might have alerted regulators to suspicious trades because of an $11 million cut in its tech budget, the Wall Street Journal reported.And the massive funding shortages at the futures regulator are apparently causing bitter fights within the […]
Comment letters sent to the CFTC recently have caused a stir, because whoever authored them, pretended they were written by an H.J. Heinz executive, a Burger King franchise and five other Arkansas-based officials or businesses.And they weren’t.