Better Markets

Benjamin Schiffrin our Director of Securities Policy, is part of the #SEC's #Crypto Task Force. He shares his thoughts on today's roundtable and why retail investors deserve the protections of the securities laws. https://bit.ly/43KeWYH

Sharing my thoughts on stablecoins as Congress debates various legislative proposals. I even got to include a crypto meme.

As #stablecoins gain attention in Washington, it's important to separate the hype from the reality. While they promise 24/7 decentralized transactions, the risks are significant. In an Open Banker op-ed, our Amanda Fischer argues that without clear consumer protections, stablecoins could destabilize markets and harm consumers. #crypto https://lnkd.in/eWf9rYFH

In a new Barron's op-ed, Dennis Kelleher explains that President #Trump's proposal for a "strategic #crypto reserve" is a concerning move that could put taxpayer dollars at risk. The plan lacks economic logic and offers no real benefits to #MainStreet Cryptocurrencies, unlike gold or oil, have no intrinsic value and are highly volatile, making them unsuitable as a national reserve asset. The proposal could artificially inflate crypto prices, creating a speculative bubble that harms working people when it bursts. Additionally, the crypto market is rife with illegal activities, such as scams and ransomware. This plan is needless and dangerous. The U.S. government should focus instead on regulating cryptocurrencies effectively, fighting ransomware and arresting crypto criminals, protecting the interests of taxpayers, and ensuring the stability of the nation’s financial system. https://lnkd.in/ezu6Dtmq

The Financial Stability Oversight Council (Stability Council) is one of the most important if low-profile, financial regulatory agencies charged with protecting the country from financial crashes and taxpayer bailouts. The good news is that the Stability Council will hold its first meeting of the #Trump administration tomorrow. The bad news is that it has the wrong priorities and, rather than protect the American people, it is likely going to endanger them. That’s because the Treasury Secretary, who is the Chair of the Stability Council, stated ‘deregulating the financial sector’ is a ‘critical aspect of [Trump’s] domestic economic agenda.’ After more than four decades of deregulation, including two major and one significant financial crash, the last thing the American people need is further deregulation of the financial industry. #FSOC Read more in our statement: https://lnkd.in/eqxUr554

Trump’s lawless firing of the Democratic Commissioners at the #FTC will convert it from an independent agency into a politicized rubber stamp of the White House, destroying not just its independence and effectiveness but also its integrity and credibility. While this may serve Trump’s short-term desire to accumulate as much power as possible, it is going to distort and undermine economic activity as well as capital formation and allocation. The FTC’s legal mandates to enforce the antitrust laws and promote consumer protection are critical to a well-functioning economy, the rule of law, and equal justice under the law. https://lnkd.in/eKa53YNs

We’re excited to welcome Phillip Basil as Better Markets' new Director of Economic Growth and Financial Stability! Phillip was most recently a Financial Institution Policy Specialist at the Federal Reserve Board and previously served as Executive Director within Model Risk for JP Morgan Chase. He also served as Better Markets’ Director of Banking Policy from 2021 to 2023. “As the economy and financial system face unprecedented turmoil, Phillip’s 20 years of experience in both the public and private sectors will be invaluable as our new Director of Economic Growth and Financial Stability,” said Dennis Kelleher, Co-Founder, President and CEO of Better Markets. “Moving finance from wealth extraction for the few to wealth creation for the many is the core mission of Better Markets. In this newly created position, Phillip will be operationalizing that mission by working on economic and financial matters that are crucial to Main Street families, workers, investors, consumers, community banks, and small businesses.” https://lnkd.in/etCJ55GA

Event contracts have quickly gained traction in the financial world, allowing traders to speculate on a wide range of outcomes — from politics and economics to sports and entertainment. While many see event contracts as an innovative financial product, our Cantrell Dumas argues in Reuters that these contracts could "bring gambling into financial markets" and divert resources away from the critical role of regulators in overseeing legitimate derivatives markets. https://lnkd.in/e3VVNue8

Over the past eight years, the U.S. Securities and Exchange Commission (#SEC) has been actively holding the crypto industry accountable, winning nearly every case in court. These actions were intended to protect investors and uphold securities laws in an industry rife with scams, frauds, and instability. None of that matters to President #Trump and his administration, who, after receiving campaign contributions from crypto, have vowed to unleash the industry. While that has happened to varying degrees across the administration, the SEC has been in the lead in surrendering to the industry, even at the cost of its reputation and integrity. The industry spent $200+ million in campaign contributions during the 2024 election to buy enough political influence to get the cases stopped. Learn more in our new fact sheet by our Benjamin Schiffrin. https://lnkd.in/eACu2p2G

Our Amanda Fischer tells Claire Williams of American Banker that #stablecoins present serious risks for our financial system and economy. https://lnkd.in/en5ruqUj