While the OpenAI saga continues without any major changes in the last 24 hours our featured story today concerns the SEC and crypto.

Yesterday, the SEC announced that it is suing Kraken for operating as an unregistered securities exchange. This follows similar actions in June against the two largest crypto exchanges, Coinbase and Binance.

The SEC still really, really doesn’t like crypto. Some in the industry think the agency has lost sight of its mission to protect investors as it has racked up a series of legal setbacks this year in its actions against the industry. 

In this latest action the SEC is targetting Kraken for a second time, the exchange settled with the SEC for $30 million for operating a crypto staking program but this current lawsuit gets at the core of Kraken’s business.

The company is determined to fight these new changes calling the SEC’s view of digital assets “incorrect as a matter of law, false as a matter of fact, and disastrous as a matter of policy.”

P.S. We often feature articles from The Fintech Blueprint in our newsletter. For Black Friday they’re offering their steepest discount yet — 50% off a premium subscription. It’s a fantastic value. For less than $10/month, you can ensure you’re getting access to the best fintech analysis in the biz. Get 50% off here.

Featured

SEC sues Kraken crypto exchange over failure to register

Kraken, one of the world’s largest cryptocurrency exchanges, was sued on Monday by the U.S. Securities and Exchange Commission, which accused it of illegally operating as a securities exchange without first registering with the regulator.

From Fintech Nexus

Looking beyond the AI hype: Delivering real value for financial institutions

By Tony Zerucha
If a financial institution looks beyond the hype of AI and tempers its expectations, it can use AI to deliver measurable business results. That’s been the experience of Amount’s director of decision science Garrett Laird.

Fintech: Private investment fintech Arch raises $20MM from capital markets insiders
By Laurence Smith
Arch, a Digital Admin for Private Investments, Closes $20 Million Series A Funding Round.

Podcast

The Fintech Coffee Break – Dani Fava, Envestnet

This week Isabelle spoke to Envestnet’s Dani Fava about generative AI and its potential in financial advisory.

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The State of Fintech Entrepreneurship, Access and Opportunity in the Caribbean

Nov 21, 2pm EST

For the 45 million people who live in the 26 countries of the Caribbean region, fintech holds the promise of increased access… Learn More

Also Making News

• Global: OpenAI Is a Mess. So What Happens to ChatGPT Now?
  OpenAI’s CEO turmoil might impact the company, but generative-AI tools are here to stay.
• USA: Microsoft maneuvers to a prime role with banks in OpenAI upheaval
  By nabbing the creators of ChatGPT during a leadership crisis at its parent company, Microsoft put itself on track to become the leading provider of generative AI for financial institutions, experts say.
• USA: Celsius to Transition to Mining-Only NewCo After SEC Feedback in Updated Bankruptcy Plan
  Crypto lender Celsius will transition to a new company that focuses only on Bitcoin mining, a shift from an earlier reorganization plan that included a focus on staking too.
• USA: Petal Card, backed by Peter Thiel’s Valar Ventures, seeks buyer
  Once valued at $800 million, Petal Card needs a buyer to survive
• USA: Like it or not, big changes are coming for the Federal Home Loan banks
  The Federal Housing Finance Agency’s report on the system at 100 years old signals major shifts in both policy and structure are on the horizon.
• USA: FinTechs Offer Check Depositing but Few Customers Use It
  There seems to be a mismatch between FinTech issuers and account holders as to what features customers deem important, PYMNTS Intelligence reveals.
• Europe: Plaid taps Adyen executive to lead its European operations
  U.S. financial technology firm Plaid has hired Brian Dammeir, a former Adyen executive, as its new head of Europe, the company told CNBC exclusively.

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