Natalia Jevglevskaja is a Research Fellow on the ARC Laureate Project on the data revolution at UNSW Sydney. Ross P Buckley is an Australian Research Council Laureate Fellow and a Scientia Professor at UNSW Sydney. For correspondence: <mailto:n.jevglevskaja@unsw.edu.au> and <mailto:ross.buckley@unsw.edu.au>.The authors gratefully acknowledge the financial support of the ARC Laureate Fellowship on regulating the data revolution (FL200100007) – see ‘The Financial Data Revolution: Seizing the Benefits, Controlling the Risks’ (2023) <https://fintechrevn.org/>, and editorial support provided by Rachel Kennedy. The views herein are of the authors and not necessarily of the Australian government or Research Council.