Armani Ferrante, CEO of crypto trading platform Backpack, has criticized the concept of "Neo Finance," arguing that it fails to improve the traditional financial system and instead undermines existing protections. Ferrante highlighted that these models often resemble stocks but lack dividends, voting rights, or SIPC insurance. They mimic banks but cannot directly receive payments, issue checks, pay salaries, or transfer funds to other accounts. Additionally, they feature complex fee structures, lack investor protection, and expose user data. Ferrante believes this approach introduces more intermediaries while removing the most useful features of traditional finance.