- Fintech companies are pushing for envelopes After a big change in the closeness of the U.S. Securities and Exchange Commission under the Trump administration, President Weber and U.S. CEO Anthony Denier told wealth. Meanwhile, while bipartisan concerns about the stock trading platform’s ties to China, Daniel said Robini’s rivals have appeased regulators.
The Securities and Exchange Commission is accepting Take a step back Under President Donald Trump. This is good news Financial TechnologyAccording to Anthony Denier, president and CEO of mobile stock trading platform Webull.
Not all comments from Washington are favorable to Robini competitors, which went public in early April because of the company’s relation Continue to invite review to China. Recent interview wealth, However, Daniel expressed confidence in the platform’s relationship with regulators, especially in the clear changes in SEC’s attitudes and priorities.
“This has allowed us to build us in an environment where you will start to see positive innovation,” said Denier, who has led Webull’s U.S. agency since 2017.
“You are starting to see more asking for forgiveness than asking for permission,” he added.
While he didn’t mention the competitor’s name, Denier quoted the competitor’s investment platform into “sports gambling.” This probably refers to the partnership between the Robin era and the forecast market Carlseywhich allows users to speculate on the outcomes of NBA finals, the U.S. Open and other major events.
Daniel said that under the Biden administration, this is a bold move. Webull also recently worked with Kalshi, but Denier said Webull does not intend to offer sports-related contracts.
“I think there are a lot of boundaries to test,” he said.
Changes in the SEC method are more obvious than changes in cryptocurrencies. The agency is under Biden, Gary GensesBecome the number one public enemy in the digital asset world after openly quarrel with the industry and conducting a split regulatory crackdown.
Critics think Gensler’s SEC Embrace In the absence of a clear, rule-based framework, “enforcement regulations”, or rely on litigation and penalties for the company to develop policies. Denier said this uncertainty led Webull to sell its digital asset business and remove cryptocurrency products from its platform when it is ready to be publicly disclosed in 2023.
and Crypto advocates Paul Atkins now leads the SEC, and Webull plans to reintroduce cryptocurrency trading for U.S. clients in the second half of the year.
“It will be that cryptocurrency investment is still investing at its core, even if it is an unregistered and unsecured product,” Daniel said.
As a source of income, supporting crypto transactions can be Feast or famineas investors’ interest often surges during the bull run of Bitcoin and other digital assets, but then prices move in the opposite direction.
Robinhood’s response was through push Enter banking and wealth management, imitate loyalty and others, Charles Schwaband electronic transactions. Webull is resembling a young, tech-savvy customer base, which the company claims is a young customer base of more than 24 million users worldwide. and Black Stone Delivering the appetite and goals of various risks, giving users access to the model portfolio, boosting the consulting product that Denier acknowledged was previously “naked bones.”
“As we start to mature, as our customers start to mature, their needs are changing, and we are adapting to meet their needs,” Daniel said.
China’s relations attract Washington’s attention
Webull completes another step in the evolution in early April public Through a merger with the $7.3 billion acquisition of the company, or Gaskets. Retail crazy stocks sent 500% the day after the transaction, briefly bringing Webull’s market cap to nearly $30 billion.
However, stocks quickly made profits, especially afterwards fox Business Report Members like Senator Tommy Tuberville (R-Ala.) have called for the SEC to investigate and possibly due to the company’s connection to China. Stocks were priced at less than $11 on Tuesday, down from $79.56 two months ago.
Chinese citizen Anquan Wang, former manager of e-commerce Titan Alibaba and Technology Group Milletfounded Webull in 2016. He remains chairman and CEO, controlling more than 80% of the company’s voting rights. Regulatory documents.
Webull is set up as a locally regulated broker or licensed financial services company in every country in which it operates. Daniel said this means that Americans’ client information must remain in the U.S. and can only be accessed by employees of American brokers in the country.
He said Webull’s R&D team is headquartered in China. According to the prospectus Registerit accounts for about 60% of the company’s employees.
“By the way, this is not different from most fintech companies,” Daniel said. “But unlike most fintech companies, we are a regulated entity, and have always been a regulated entity.”
He said the SEC did not view Webull as a Chinese company.
“They don’t need us to put anything China Disclosure About our prospectus. ” he said.
These two companies F-1 and F-4 However, the prospectus filed a government investigation into the risks of Webull’s China link.
“I think over time, especially as a public company, we have the idea that Chinese investors will disappear as the hat table starts to change,” Daniel said.
For now, the relationship with regulators seems to be very sunny.
This story was originally fortune.com
