The FinReg Pod
Prometheum is the one firm that other crypto firms love to hate. This is because the firm’s founders and co-CEOs, brothers Aaron and Ben Kaplan, have consistently and publicly argued that most cryptocurrencies are investment contracts subject to SEC registration requirements. In this episode, Aaron Kaplan joins Lee to discuss the process Prometheum followed to receive regulatory approve to operate an alternative trading system and special purpose broker dealer, which allows the firm to offer trading, clearing, settlement, and custody of digital asset securities. Aaron also addresses the...
info_outline What Really Happened at Wells Fargo?The FinReg Pod
Well Fargo was an iconic and respected American Brand. But then, in September 2016, in a settlement with the City of Los Angeles, the OCC, and CFPB, it was revealed that approximately 5,300 Wells Fargo employees had been terminated between 2011 and 2016, for sales practice violations that included opening over two million unauthorized deposit and credit card accounts. Earlier this year, Kevin Wack published a 5-part series in the American Banker that shed new details on the scandal. Kevin came on the show to talk about how the series came together and what his reporting uncovered. He also...
info_outline Can Cooperatives Save Web3 and Sports?The FinReg Pod
James Wigginton has thought deeply about economic power and the role cooperatives can play in ensuring Web3 lives up to its stated potential of sharing ownership with users in digital networks. James joins Lee to discuss how cooperatives can be used by Web3 firms to engage with their users, strengthen digital networks, and remain compliant with securities laws. James also talks about the potential for sports fans to own a part of their favorite teams by allowing cooperatives to take minority stakes in teams. Leave questions and comments at Lee’s Twitter: @leereiners Related Links...
info_outline Fixing Carbon Accounting with Emissions Liability ManagementThe FinReg Pod
is a lecturer at Stanford Law and the managing director of Stanford’s Sustainable Finance Initiative. And is the founder of investment advisory firm MNR Capital and a senior research scholar at Stanford University’s Steyer-Taylor Center for Energy Policy and Finance. In this episode, Alicia and Marc offer their perspective on the problems with the current method of corporate carbon counting, known as the Greenhouse Gas Protocol. They also break down a new carbon accounting methodology they’ve developed called Emissions Liability Management, or ELM. Leave questions and...
info_outline Payments and the Regulated Liability NetworkThe FinReg Pod
Tony McLaughlin is Managing Director for Emerging Payments & Business Development at Citi Treasury & Trade Solutions. In this episode, Tony offers his thoughts on the latest developments in payments, including stablecoins, central bank digital currency, and FedNow. He also breaks down an exciting new project he’s been working on, called the Regulated Liability Network (RLN). RLN envisions a regulated Financial Market Infrastructure that could deliver an interoperable network of all facets of the sovereign currency system: central bank money, commercial bank money, and e-money (and...
info_outline The Current and Future State of the US EconomyThe FinReg Pod
Joe Davis is chief economist at Vanguard as well as the global head of Vanguard Investment Strategy Group. In this episode, Joe offers his thoughts on what’s driving inflation, how the Federal Reserve is likely to respond at their upcoming policy meeting and beyond, and how investors can insulate their portfolio from inflations pernicious effects. Joe and Lee also reflect on key lessons learned from the last 15 years of economic policymaking. Lee’s Twitter: @leereiners GFMC Twitter: @DukeGFMC Related Links *Ukraine and the Changing Market Environment* Vanguard ...
info_outline Breaking Down the Crypto Executive OrderThe FinReg Pod
Ari Redbord is the head of legal and government affairs for the blockchain intelligence firm, TRM Labs. Prior to joining TRM Labs, Ari held public sector roles involving cryptocurrency and national security at the Department of Justice and U.S. Department of the Treasury. In this episode, Ari and Lee break down President Biden’s executive order on cryptocurrency. Ari Redbord’s Twitter: @ARedbord TRM Labs Twitter: @TRMLabs Lee’s Twitter: @leereiners GFMC Twitter: @DukeGFMC Related Links *Executive Order on Ensuring Responsible Development of Digital Assets* *FACT SHEET:...
info_outline The Problem with Carbon OffsetsThe FinReg Pod
Barbara Haya directs the . Barbara joins Lee to explain what carbon offsets are and the considerations that must be addressed to ensure that offset credits entering into commerce reflect real, verifiable reductions in greenhouse gas emissions. Specifically, Barbara details why most offset programs issue more credits than they should, and recent policy efforts to bring greater integrity to the voluntary offset market. Barbara’s Twitter: @Barbara_Haya GFMC’s Twitter: @DukeGFMC Lee’s Twitter: @leereiners Related Links: *POLICY BRIEF: The California Air Resources...
info_outline A Fresh Look at Bank MergersThe FinReg Pod
Jeremy Kress is Assistant Professor of Business Law at Michigan Ross and Co-Faculty Director of the University of Michigan’s Center on Finance, Law & Policy. Jeremy joins Lee to discuss how policymakers’ long-standing approach to bank antitrust—premised on consumer welfare—has reduced the cost and availability of basic financial services and ignores numerous non-price harms stemming from bank consolidation. Jeremy details how the Chicago school of antitrust and its focus on consumer welfare came to dominate bank merger review, the impact of fintech on bank competition, and recent...
info_outline Beware the Crypto MayorThe FinReg Pod
Mike Bloomberg is the Public Infrastructure Fellow at the NewCities Foundation and a Visiting Researcher with the Urban Tech Hub at Cornell Tech. In this episode, he examines the dark side of U.S. cities embracing cryptocurrency. Mike and Lee discuss how MiamiCoin and NYC Coin actually work, the nebulous legal relationship between these coins and the cities of Miami and New York, and why anyone would bother purchasing or mining these coins. They also discuss the legal and regulatory risks mayors are taking on by embracing crypto. Mike’s Twitter: @BloombergME GFMC’s Twitter:...
info_outlineOn Thursday, June 25th, the Federal Reserve released the results of its annual bank stress testing exercise. Due to the ongoing pandemic and the economic recession it has caused, there was added attention on this year’s results.
In this episode, Greg Gelzinis explains what the stress tests do and do not reveal, and what risks remain to the banking sector. Gregg is a senior policy analyst for Economic Policy at the Center American Progress, where he focuses on financial institutions, financial markets, and consumer finance policy.
Resources:
Bank Capital and the Coronavirus Crisis 4 Ways the Federal Reserve Can Improve the Resilience of the Banking System
https://cdn.americanprogress.org/content/uploads/2020/05/07111724/Banking-Capital.pdf
Are we seeing the demise of stress testing
From <https://www.brookings.edu/blog/up-front/2020/06/25/stress-testing/>
Federal Reserve Board releases results of stress tests for 2020 and additional sensitivity analyses conducted in light of the coronavirus event
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200625c.htm
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