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Securities Compliance Podcast: Compliance in Context

The Securities Compliance Podcast Season 4: Episode 7

On Season 4 Episode 7 of The Securities Compliance Podcast: Compliance in Context, host and Calfee Partner Patrick D. Hayes dives back into the Cryptocurrency conversation with FinTech expert Chuck Senatore to discuss the current state of cryptocurrency in the financial markets and how certain timeless principles could be helpful for the future of this asset class. In the Headlines section, Patrick reviews a recent rule proposal from the SEC regarding the use of predictive data analytic technologies. Patrick wraps up with another installment of What’s On My Mind, where following up on Chuck’s interview, he reviews the recent decision in the Ripple case and its future impact on the investment management industry.

Season 4, Episode 7 Topics:



  • The SEC proposed a rulemaking that would require broker-dealers and investment advisers to eliminate conflicts of interest associated with the use of predictive data analytic (PDA) technologies

Interview with Chuck Senatore

  • How would you describe the current state of cryptocurrency in our financial markets?

  • The merits of certain coins and why some question their necessity

  • What is the concept of “Timeless Principles” in the investment management space?

  • What challenges does the SEC have in this space?

  • What additional regulatory uncertainty currently exists?

  • Have any solutions been proposed by the industry?

  • How do you see the state of cryptocurrency evolving in the near future?

What’s On My Mind

  • Reviewing the impact of the Ripple decision


10:25 – “There's been a lot of bumpiness, growing pains, some actors that were less than responsible, which are part of where we are now in terms of what would it mean in terms of how we can get to a place where the responsible parties are able to step in and be in a position to where these lessons that are being learned painfully can actually be a foundation of future growth.” – Chuck Senatore

13:07 – “So I guess the question about whether we need the coins, I guess my answer would be maybe a little bit facile. But at the end of the day, I think that to make a decision about whether these things are needed would really be unfair to the innovation process. And if when we think about a lot of other things, I mean, let's say like there are government-based payment protocols, Fedwire, there's a bunch of things that are involved with that. But there are other payment use cases that have evolved. And the marketplace is deciding whether they have value. I mean PayPal, there's a bunch of, as an example, of sort of like a non-government based payment system and there are tons of others. And the good part about this is that these new offerings, these other offerings are actually promoting better outcomes ,and I think we should let things play out and let's see how things work out in terms of whether something is desirable, something is making sense or not.” – Chuck Senatore

15:55 – “When I think about timeless principles, it really is a function of how a player in the marketplace, regardless of whatever the laws might be, there's an element of business ethics, there's an element of what I again, or some of these timeless principles are actually highly grounded in things, I think, that are an element of common sense in the human experience.” – Chuck Senatore

About the Securities Compliance Podcast: Compliance in Context

Introducing the Securities Compliance Podcast: Compliance in Context presented by Calfee, Halter & Griswold, and the National Society of Compliance Professionals and hosted by Patrick D. Hayes, Partner and Chair of Calfee's Investment Management practice.

Designed as a personal master class for the securities legal and compliance professional, this podcast embodies Patrick’s passion to help you put Compliance In Context™ by combining the technical expertise of industry thought leaders and innovators with the practical experience of doers and key decision makers.

Listeners will find the podcast on Apple Podcast, Google Podcast, Spotify, and Stitcher.

The opinions expressed by guest speakers and panelists during Securities Compliance Podcasts may not necessarily reflect the viewpoints of the attorneys and professionals of Calfee, Halter & Griswold LLP or its subsidiaries or affiliates. Calfee’s educational content is intended to inform and educate readers about legal developments and is not intended as legal advice for any specific individual or specific situation. Please consult with your attorney regarding any legal questions you may have. With regard to all content including case studies or descriptions, past outcomes do not predict future results.

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