It's not a new thing. PFOF has been a contentious issue for more than 30 years. But, with the rise of feeless retail trading options since 2018, PFOF is back in the news.
We talk about OnlyFans, and how its bank vendors pressured it to try to ban adult content, and how and why that failed. We also discuss the crypto tax provisions in the Senate version of the $1 trillion infrastructure bill, and their impracticality. These themes are tied together with a metaphysical hypothesis about the role of financial services, anchored in a discussion of the Platonic model of the mind. How are rationality, emotion, and social context involved to define the shape of our industry?
Gensler said his biggest worry about the equity market was competition and consolidation. While retail investing has taken off, the PFOF that enables it is ripe for conflict of interest.
On Wednesday the House passed a package of bills called the Comprehensive CREDIT Act which would change the credit reporting...