WASHINGTON, DC - JULY 30: Commodity Futures Trading Commission Chairman Gary Gensler testifies before the Senate Banking, Housing and Urban Affairs Committee in the Dirksen Senate Office Building on Capitol Hill July 30, 2013 in Washington, DC. Gensler and Securities and Exchange Commission Chairman Mary Jo White testified and took questions from Senators during the hearing titled, "Mitigating Systemic Risk in Financial Markets through Wall Street Reforms." (Photo by Chip Somodevilla/Getty Images)
Gary Gensler is working on Biden's financial regulatory plans.
Chip Somodevilla/Getty Images

Guess who’s back?

Gary Gensler, the former chair of the CFTC, is set to be picked by President-elect Joe Biden as the next chair of the SEC, according to a report from Reuters.

Gensler is quite an adjustment (to put it mildly) from former SEC chair Jay Clayton. Gensler was known for overseeing plenty of new regulation in the wake of the financial crisis, including implementing rules around how complex derivatives are traded and managed by financial firms.

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Visa is scrapping its $5.3 billion deal to buy Plaid after DOJ antitrust lawsuit

Zach Perret
Zach Perret CEO and cofounder of Plaid
Plaid

Visa's $5.3 billion deal for Plaid wasn't the biggest of 2020, but its implications were far reaching.

Plaid is the startup you might not have heard of, but have definitely used. The fintech essentially acts as the back-end piping for the world of digital finance, connecting banks and third-party apps - such as Betterment and Coinbase - with each other.

Visa's plan to acquire Plaid in January 2020 was big news, as it seemed like the card network positioning itself for the future.

Fast forward a year, and throw in an antitrust lawsuit from the Department of Justice, and the two sides have agreed to part ways, axing the deal.

Get the rundown on why Visa and Plaid decided to call it quits.

Click here to read the entire story.


5 big revelations in SoFi's plans to go public

Anthony Noto
Anthony Noto
Asa Mathat for Vox Media. Used by permission.

SoFi is the latest company to join the SPAC frenzy, agreeing to a deal with a SPAC backed by Social Capital head and billionaire Chamath Palihapitiya. Take a look inside the fintech's recent regulatory filing that outlines some key risks it could face as it looks to go public. Read more here


George Soros-backed fintech dv01 just raised more money and made a key acquisition

Perry_Rahbar_Headshot
Perry Rahbar, dv01's founder and CEO
dv01

Mortgage- and asset-backed securities aren't know for being the most transparent securities. Perry Rahbar's dv01 is looking to change that. Read more about a recent acquisition the fintech made to bolster its offering. Check it out here.


Citi just announced a leadership reshuffle in its consumer bank

Gonzalo Luchetti, Citi
Gonzalo Luchetti, Citi
Citi

Citi has its fair share of changes taking place among its leadership. Here's a breakdown of some recent promotions being made in the consumer bank, all of which point towards a focus on the digital experience. Read more here.


Blackstone billionaire Stephen Schwarzman defended his support for Trump. Now his allies are trying to put distance between the two.

AP17034590695919
Stephen Schwarzman and Donald Trump.
AP Photo/Evan Vucci

Blackstone's Stephen Schwarzman has been a long-time supporter of US President Donald Trump. Over the past week, that sentiment has changed following the events in Washington, D.C. Here's a breakdown of the relationship between the two


Odd lots:

Meet Cecillia Xie, the Big Law associate with 186,000 TikTok followers inspiring the next generation of lawyers (BI)

Legendary investor Bill Miller compared marijuana legalization to the early days of gambling and shares the one pot stock he's betting on to soar (BI)

Leaked email suggests Big Four employees work longer hours than bankers (eFinancialCareers)

Theranos 'dumped' a useless, double-encrypted blood-test database on prosecutors, then destroyed the original, Feds say (BI)

TikTok and Discord Are the New Wall Street Trading Desks (WSJ)

Buyout giant Silver Lake closes in on stake in New Zealand All Blacks (Sky News)

Read the original article on Business Insider