Better Markets

Happy election day. Our team analyzed the Biden/Harris record, what a second Trump term would look like, and the Trump Administration’s deregulation that led to the Spring 2023 banking crisis. #Election2024

The #crypto industry is running more than a $100 million in ads this election cycle- but what's the one thing you won't hear about in their ads? CRYPTO That's because they know the American people and voters are skeptical if not hostile to crypto so they can’t talk about crypto, which is also why they buy and spread misleading and biased polls that overstate the number of Americans who own crypto. It’s as if Ford ran an ad campaign and never mentioned its cars – pretty much tells you everything you need to know about these scammers. https://lnkd.in/enmtHjix

You've probably heard about betting markets and the #2024election. Our Director of Derivatives Policy Cantrell Dumas and Legal Director Steve Hall, explain that election betting poses serious risks to democracy, corrupts our financial markets, & exacerbates trends in gamification that lead to addictive behaviors for millions. Read more here: https://lnkd.in/ekYYa7vf

Supporters of #election #betting argue that these markets provide unique insights and predictive powers. But with markets moving drastically in the last days of the election here is the question that should be asked... If prediction markets are so much better than the polls, why do they so often reflect the polls and react to the polls? https://lnkd.in/eBkUP9r9 Learn more about our work on political #predictionmarkets and the threat they pose to our democracy here: https://lnkd.in/gPrNiyfQ

#IndexFunds are widely regarded as an important tool for Main Street Americans to invest and save for retirement. But the popularity of index funds has allowed the three main index fund managers to accumulate enormous power, which has the potential to harm investors. In a new report our team examines what the concentration in this market means and how we can protect investors: https://bit.ly/4eVsWU8

For too long, our financial system has not worked for all Americans. Generations of discrimination and mistreatment informed by racist beliefs, narratives, laws, policies, and practices have contributed to deeply entrenched structural inequities within the financial services sector that continue to profoundly undermine the economic status of people of color. This will not be easily undone. A concerted commitment is badly needed and long overdue. That is why we are encouraged that the U.S. Department of the Treasury's financial inclusion plan- which includes many recommendations advocated for by Better Markets- is an important step toward positive change. Learn more about the plan here: https://lnkd.in/eVY-cgji

In this month's newsletter we discuss the whirlwind of change during the past few years. We’ve begun to undo some of the reckless financial deregulation and restore balance to our economic and financial systems and address long-overdue issues of social, economic, and racial justice. But there’s still so much more to do—and regardless of who wins on Tuesday, our work won’t stop. Better Markets is committed to continuing the fight for an economy that works for everyone—not just the already wealthy and well connected. Learn more about our work and how you can join our cause here: https://lnkd.in/evdsEshA

Millions of Americans currently use banking services—such as payments, lending, or deposit placement—provided by fintech firms that operate in partnership with banks. Although these partnerships provide convenience and can reduce costs, most users are unaware that these fintechs are almost entirely unregulated and that customer funds can be at great risk if the fintech gets into trouble. Our new letter and fact sheet outline these issues: https://bit.ly/4fpdkbp

Christopher Beam of The Atlantic writes on #crypto's hopes to rewrite the rules in it's favor after the election. Dennis Kelleher explains the industry is fighting financial protection rules because if the industry "had to fully and truthfully disclose the risks associated with crypto, the people who would engage in crypto would be near none." https://lnkd.in/egW4xKih

CNN covers the explosion of election betting on platforms like Kalshi and Robinhood. These sites have argued these markets are for hedging but the dozens of bets now being offered show that this is not the case. "For Cantrell Dumas, the director of derivatives policy at Better Markets, a non-profit organization that advocates for financial reform, it’s not possible to hedge business interests on those contracts. He says it underscores what his organization has argued: that Kalshi’s markets weren’t for hedging in the first place, but for gambling. "No business can hedge whether or not Kamala Harris loses by three points, or whether Donald Trump wins by two points." https://lnkd.in/eKNWnaew