| Guess who's back? Gary Gensler, the former chair of the CFTC, is set to be picked by President-elect Joe Biden as the next chair of the SEC, according to a report from Reuters. Gensler is quite an adjustment (to put it mildly) from former SEC chair Jay Clayton. Gensler was known for overseeing plenty of new regulation in the wake of the financial crisis, including implementing rules around how complex derivatives are traded and managed by financial firms. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals. Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.
Visa's $5.3 billion deal for Plaid wasn't the biggest of 2020, but its implications were far reaching. Plaid is the startup you might not have heard of, but have definitely used. The fintech essentially acts as the back-end piping for the world of digital finance, connecting banks and third-party apps — such as Betterment and Coinbase — with each other. Visa's plan to acquire Plaid in January 2020 was big news, as it seemed like the card network positioning itself for the future. Fast forward a year, and throw in an antitrust lawsuit from the Department of Justice, and the two sides have agreed to part ways, axing the deal. Get the rundown on why Visa and Plaid decided to call it quits. Click here to read the entire story.
SoFi is the latest company to join the SPAC frenzy, agreeing to a deal with a SPAC backed by Social Capital head and billionaire Chamath Palihapitiya. Take a look inside the fintech's recent regulatory filing that outlines some key risks it could face as it looks to go public. Read more here. | 
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