This Week in ESG and Impact Investing

  In the wake of the lawsuits filed by the Securities and Exchange Commission (SEC) against cryptocurrency exchanges Coinbase and Binance , it's time to refocus the conversation on the transformative potential of cryptocurrency, particularly in its capacity as a form of money that transcends traditional limitations. The conventional functions of money are widely acknowledged as: a medium of exchange, a unit of account, and a store of value. But cryptocurrency underscores a less-discussed fourth function: a means of social control, an ability to set the rules of economic interactions. It's a democratic financial instrument that exists outside the control of traditional central banking systems. Cryptocurrency, by its decentralized nature, pushes back against the centralized control and regulation associated with traditional money. In doing so, it raises important questions about financial sovereignty and monetary policy. It forces a discussion about who should have control ov...

According to the SEC, "In coordination with the federal-state Residential Mortgage-Backed Securities Working Group, the Securities and Exchange Commission today charged J.P. Morgan Securities LLC and Credit Suisse Securities (USA) with misleading investors in offerings of residential mortgage-backed securities (RMBS). The firms agreed to settlements in which they will pay more than $400 million combined.." What's interesting is that this represents a marked increase in the amount of money firms are required to pay, given the size of the estimated damages. According to the SEC, "J.P. Morgan received fees of more than $2.7 million, and investors sustained losses of at least $37 million on undisclosed delinquent loans. J.P. Morgan also is charged for Bear Stearns' failure to disclose its practice of obtaining and keeping cash settlements from mortgage loan originators on problem loans that Bear Stearns had sold into RMBS trusts. The proceeds from this bulk settle...