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There are zillions of communication channels in today's world, ranging from the usual suspects like WhatsApp, Signal and Telegram to arcane ones like "Click the purple pixel on so-and-so website" on the Dark Web that I don't envy the job of compliance folks responsible for tracking comms and regulators who are supposed to spot violations of channel rules in investment banks.

Because the founding premise of crypto is that it is NOT regulated?

Because a lot of people love the "code is law" ethos of crypto??

End of the day, if people wanted a regulated asset class, there's fixed deposit, equity, real estate and a ton of other tried-and-tested ones that cater to a wide spectrum of risk and return profiles, so why'd anyone bother with yet another asset class called crypto?

Nice post.

Indeed tech companies must budget for adequate marketing spend or risk seeing their product development costs go down the drain. 

One correction: Per its latest 10-K filing, Salesforce spends 48% - not 53% - of its revenue on Sales & Marketing.

Here are the S&M spend figures for other leading tech companies:

Zoom Video Communications ($ZM): 28%

Oracle: 27%

Microsoft: 12%

Workday: 37%

Alphabet: 9%

Snowflake: 61%

Hubspot: 51%.

(Source: 10K)

As I highlighted in Open Banking: EU v. USA, I too agree that there's "continued low consumer appetite for open banking".

But good luck changing the status quo when one after the other open banking authority, including the incoming chair of OBIE, conveniently assumes that “Open banking is a success story"!

Sure SCA in the form of 2FA did result in a lot of friction and failed payments in India. By helping sidestep 2FA, PayTM largely alleviated the pain caused by SCA and became a blockbuster hit. 

In the case of scraping, nothing comes between bank data and Open Banking app, so Open Banking user sees the same data as bank user.

From this Finextra article, it appears that API may come in the way and screw up the quality of data seen by Open Banking user.

In the case of scraping, nothing comes between bank data and Open Banking app, so Open Banking user sees the same data as bank user.   

Adding this yet another difference between Scraping and API to the others covered in Open Banking: EU v. USA.

While there are elements of tokens of questionable value, tech-enabled backdoors to siphon money, and so on, in principle, 3AC, Voyager, Genesis etc. are all more-or-less like garden variety bank bankruptcies: take deposit, give loan, fail to collect from borrowers, fail to pay depositors. In banking, there's a lender of last resort in the form of central bank, there isn't in crypto.

When I last wrote on this topic in Open Banking: EU v. USA, there were 80M users of "Open Banking" in USA, driven entirely by free market forces.

Despite having the backing of regulation, EU had a measly 5M.

By the time CFPB s1033 rules go into effect in 2024, I'm guessing free market forces would have already saturated the adoption of "Open Banking" in USA. Not sure if regulation will move the needle much. 

TY @Michael Miller: I've visited the said website and requested for a trial.