Why the SEC may not ban payment for order flow

Hello there, and welcome to Protocol Fintech. This Friday: making the case for payment for order flow, don’t call it a stablecoin, and the state of Ethereum staking.

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Hello there, and welcome to Protocol Fintech. This Friday: making the case for payment for order flow, don’t call it a stablecoin, and the state of Ethereum staking.

Off the chain

When is a stablecoin not a stablecoin? When it’s USDF. Call it a “digital marker” or a “tokenized deposit,” please, members of the nine-bank consortium backing the idea. The notion is that when bank customers want to send money on the USDF network, a bank will mint USDF coins and use it to transfer the funds. The tokens won’t trade on crypto exchanges. The sole benefit appears to be purported cost savings. USDF will likely compete with more traditional rails like the existing RTP network and the forthcoming FedNow, and a potential CBDC. The cost picture will have to be really compelling for this idea to gain traction.

— Owen Thomas (email | twitter)

The orders must flow

SEC chair Gary Gensler has repeatedly criticized payment for order flow, the trade-handling practice for stocks that is used by Robinhood,…

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