Crypto Council For Innovation
Subscribe
No Result
View All Result
  • Home
  • About Us
    • Leadership
    • Membership
    • Careers
    • CCI News
    • Contact
    • Events
    • Press Releases
  • Analysis
    • All Analysis
    • Crypto in Action
    • News Analysis
    • Explainer
  • POSA
  • Comment Letters
  • Policy Briefs
  • Reports
  • Security
  • Financial Literacy
  • Policy
  • EU Elections
  • Crypto in Action
  • Explainer
    • Defi
    • NFTs
    • DAOs
    • Layer 1s
    • Layer 2s
    • Government
    • Infrastructure
  • Home
  • About Us
    • Leadership
    • Membership
    • Careers
    • CCI News
    • Contact
    • Events
    • Press Releases
  • Analysis
    • All Analysis
    • Crypto in Action
    • News Analysis
    • Explainer
  • POSA
  • Comment Letters
  • Policy Briefs
  • Reports
No Result
View All Result
Crypto Council For Innovation
No Result
View All Result

Home » From Cars to Crypto: Parallel Battles for Regulating Revolutions

From Cars to Crypto: Parallel Battles for Regulating Revolutions

byLinda Jeng
February 4, 2023
in News Analysis
From Automobiles to Crypto: Parallel Battles for Regulation.
Red flag laws in the UK and US helped warn people that cars were coming.

From dirt roads with pushcart vendors to bustling streets dominated by automobiles – the transformation of our city streets reflects society’s adaptive nature. Just as the 1920s saw cars revolutionizing transportation amidst growing concerns and regulatory challenges, the rise of crypto and distributed ledger technologies is heralding a similar transformation for the financial sector today. But, banking agencies’ statements on crypto indicate worrying prospects for the future of finance.

Historical Context: When Cars Were Intruders

Not so long ago, our city streets were primarily dirt roads, for pedestrians, pushcart vendors, and horse-drawn carriages. Then came the car.  As more people drove cars in the 1920s, accidents and deaths skyrocketed. Local governments responded, creating laws to police this novel activity. And yet it’s hard now to imagine anything else.  In the United States, for better or worse, we primarily view streets as a place for cars and sidewalks as a place for pedestrians.

Back in the 1920s, cities like New York, Philadelphia, and Chicago treated cars as dangerous intruders. In Chicago in 1926, as in most cities, “nothing” in the law would “prohibit a pedestrian from using any part of the roadway of any street or highway, at any time or at any place as he may desire.”  Battles were waged in these cities’ courts, legislative halls and in the public “courts”, the newspapers. In New York City’s traffic court in 1923, a judge explained that “Nobody has any inherent right to run an automobile at all.” How did legislators respond?  In the UK, and in states like Vermont, “red flag laws” required someone to walk in front of the vehicle carrying a red flag, to warn everyone of its impending arrival. The back and forth may have been dramatic, but it was also consequential. Ultimately, the automotive industry and its consumers made their case, the cars ruled the roads – a revolution in transport was made safer through improvements in technology as well as in law, and a dramatically new way of ordering things became the accepted norm for generations.

Today: Banking agencies and crypto

We are at a similar crossroads today with the transformation of money and assets, and their overall implications for the financial services sector and society at large. The rise of the internet and advances in modern computing power have led to the creation of blockchain and other types of distributed ledger technologies. They have also led to the unbundling of financial services and fintech firms finding innovative ways to disintermediate, providing services and tokenizing assets along the financial services stacks.  Make no mistake, this is a revolution.

This revolution also comes with risks. Last year, we saw some of the worst hacks and scams in crypto history. According to Chainalysis, consumers lost $3 billion to crypto hacks, including the Wormhole Crypto Bridge, Axie Infinity and the most high profile of all – the bankruptcy of FTX.

Following the events of last year, we have seen a series of strongly-worded policy statements from US federal banking agencies on crypto released in recent weeks:

1.       US Banking Agencies’ Joint Statement on Crypto-asset risks to banking organizations

2.       Federal Reserve Board’s denial of application by Custodia Bank, Inc. to become a member of the Federal Reserve System

3.       Federal Reserve Board’s policy statement to promote a level playing field for all banks with a federal supervisor, regardless of deposit insurance status

Worrying prospects for the future of finance

It is not hard to hear echoes from initial responses to the revolution in transportation. Together, these banking agencies’ policy statements present a worrying prospect for the financial ecosystem for a number of reasons. 

First, the Joint Statement could be viewed as a warning to banks not to support the crypto industry, which will effectively de-bank the crypto industry and drive it to the shadows.

Second, the Fed’s policy statement sets out a “rebuttable presumption” under section 9(13) of the Federal Reserve Act that state member banks, regardless of deposit insurance status, are limited to activities permissible for national banks. This presumption can be rebutted if there is a “clear and compelling rationale” for the Fed to deviate in regulatory treatment among federally supervised banks and state banks. The Fed goes on to state that it “has not yet been presented with facts and circumstances that warrant rebutting its presumption.”

The Fed then explains why national banks (and therefore state banks) are not currently permitted to engage in crypto-asset activities.

The Fed’s main argument is that there is no federal statute or rule that expressly permits either national banks or state banks to hold most crypto-assets. But this reasoning is simply arbitrary. Congress passed the Federal Reserve Act in 1913 – the same year Henry Ford began mass producing automobiles. The National Bank Act was signed into effect by President Lincoln in 1863 – long before the advent of the computer, internet and crypto. Needless to say, it would be unrealistic to expect legislative drafters to include express permissions of crypto activities, but Hollywood has portrayed President Lincoln as a time traveler – so who knows!  

The Fed is not waving a red flag in front of a moving automobile, it is building a brick wall.

Furthermore, this policy stance further segregates crypto finance from traditional finance, dangerously bifurcating our financial system as it continues to grow and transform. This could lead to distortions in market integrity and efficiencies. We may end up with part of the economy transacting in Fed-sanctioned US dollars while the other part transacts in non-USD digital assets outside the governance and monitoring of the Fed. As this shadow economy grows, the Fed loses more and more of its ability to effect effective monetary policies and economic stability.

Finally, this leads us to the Fed’s denial of Custodia Bank’s application for a master account with the Federal Reserve System, and thereby denying it access to the Federal Reserve System. A number of reasons were raised by the Fed as to why Custodia’s application was “inconsistent with the required factors under the law”:

  • Custodia does not have federal deposit insurance
  • Custodia proposed to engage in novel and untested crypto activities that include crypto-assets on open, public and/or decentralized networks

The Fed then proceeds to conclude that these inconsistent factors presented “significant safety and soundness risks.” The Fed also found that “Custodia’s risk management framework was insufficient to address the heightened risks associated with its proposed crypto activities, including its ability to mitigate money laundering and terrorism financing risks.”

Let’s examine each alleged inconsistent factor.

No FDIC insurance

For a bank to be eligible for the Fed’s lender of last resort protections, it must be insured by the FDIC. But Custodia was applying only for a Fed master account, which does not require FDIC insurance. The Fed provided no explanation as to why it required federal deposit insurance of Custodia.

More importantly, would deposit insurance be needed if the bank is 100% backed by highly liquid assets and does not make loans, as Custodia was proposing? In the early 1930s, Congress debated how to deal with bank runs.There were two options, 100% liquid reserves (narrow banking) or deposit insurance (fractional reserve banking). Congress chose deposit insurance, allowing banks to continue to lend out their deposits. However, if a bank is fully backed by highly liquid assets and does not engage in maturity transformation, then deposit insurance would be entirely unnecessary.

Novel and untested crypto activities

Custodia proposed to be a crypto custody bank that could issue fiat-backed stablecoins backed by deposits (ie, narrow banking). What is novel about Custodia’s business proposal is that lending was not an important part of its business model. This means the riskiest part of banking – credit intermediation – did not exist. Custodia was proposing to be a utility bank – one that holds deposits to be tokenized in fiat-backed stablecoins and custodies crypto-assets for customers. Both lines of business are far less risky than credit intermediation.

Open, public and/or decentralized networks

The Fed presumes that open, permissionless blockchains are a risk factor without explaining why. The internet is an open and public network upon which information travels freely. As explained by Chris Dixon in his blog, developers building on closed, centrally-controlled platforms can risk having the platforms unilaterally change their rules. As a society, we give up rights over our personal data and expose ourselves to security breaches on such centralized platforms.

Open-source, permissionless networks are more transparent, have fewer information asymmetries and operate via more democratic governance. They allow for a virtual cycle in blockchain innovation. Open, public decentralized networks facilitate innovative and collaborative uses for the network, which leads to greater user access and user demand, which in turn contributes to improvements to the public network and then more innovation in the network. The Internet is an obvious example. As Peter Van Valkenburgh explains, “anyone can design, build, and utilize hardware or software that will automatically connect to the Internet without seeking permission from a network gatekeeper, a national government, or a competitor.”

Risk management system

I cannot comment on Custodia’s risk management system without a deeper dive into its architecture and risk controls. But it should be noted that a new generation of crypto-native banks will be more innovative and tech-savvy and can take advantage of the myriad new technologies available for identifying illicit financial activities.

Finally, Fed Chair Jerome Powell remarked that if the Fed had approved Custodia, then the Fed would be flooded with similar bank applications, and then who would do the lending? Chair Powell’s fear is not listed as one of the reasons why Custodia’s application was denied, but it sounds like it may be an underlying cause. It seems premature to deny Custodia’s application on an unfounded fear that there would be a tidal wave of narrow bank applications. 

Other central banks are experimenting with crypto activities themselves*. Mainstream commercial banks are also entering the chat.** I commend these institutions for their efforts to engage with crypto technologies. Ultimately, chilling innovation harms not only private sector innovation but public sector innovation as well. Instead, at a minimum, the Fed could allow a pilot of a few narrow banks and see how they fare. The opportunity to engage collaboratively between banking agencies and crypto industry experts could allow for education on both sides, while widening the aperture of innovation in the United States.

Looking Back to Look Ahead: Banking agencies and crypto

We now look back on the “Red Flag Laws” of the early 1900s as quaint and amusing. Let’s hope our children can afford to feel the same way when they look back at US banking agencies’ fear of embracing technological developments that are transforming money and assets in 2023.

* Other central banks are experimenting with crypto activities themselves. Project Dunbar, led by the BIS Innovation Hub in partnership with the Reserve Bank of Australia, Central Bank of Malaysia, Monetary Authority of Singapore, and South African Reserve Bank, is testing the use of central bank digital currencies for improving international settlement. Another example is Project Mariana, a joint project between the Switzerland, Singapore, and Eurosystem BIS Innovation Hub Centres, the Bank of France, the Monetary Authority of Singapore and the Swiss National Bank, is exploring the use of DeFi for the cross-border exchange of hypothetical Swiss franc, euro and Singapore dollar wholesale CBDCs between financial institutions to settle foreign exchange trades in financial markets.

**Mainstream commercial banks are getting into the fray as well. The New York Fed and the Regulated Liability Network (RLN) banks are exploring how to use bank deposits to tokenize money.  The RLN includes Citi, BNY Mellon, Wells Fargo, HSBC and Mastercard are among the participants. Another project is Project Guardian – a collaborative initiative with the financial industry that seeks to test the feasibility of applications in asset tokenization and DeFi while managing risks to financial stability and integrity.  DBS, JP Morgan and SBI Digital Asset Holdings explored how they were able to launch the first industry pilot where the banks conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenized Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (JPY) and Singapore Dollar (SGD) on public blockchain networks. 

Tags: carouselcryptoheroPolicy
Tweet

Related Posts

Karachi at night to illustrate a story about Pakistan and crypto development.
News Analysis

Pakistan Creates Digital Asset Authority in Latest Pro-Crypto Move

May 23, 2025
News Analysis

Trump’s Crypto Appointments – Key Leaders in the Administration

May 16, 2025
Load More
Next Post
POSA Decries the Overly-Broad Scope of SEC-Kraken Staking Enforcement, Urges Industry to Abide by Industry Principles

POSA Decries the Overly-Broad Scope of SEC-Kraken Staking Enforcement, Urges Industry to Abide by Industry Principles

By Categories

  • CCI News
  • Comment Letters
  • Congressional Testimony
  • Crypto in Action
  • Data
  • Explainers
  • Letter
  • News Analysis
  • Pinned Event
  • Policy Briefs
  • Press Releases
  • Previous Events
  • Recent Coverage
  • Report
  • Uncategorized
  • Upcoming Events
  • About
  • Contact

© 2025 Crypto Council For Innovation.

No Result
View All Result
Subscribe
  • Home
  • About Us
    • Leadership
    • Membership
    • Careers
    • CCI News
    • Contact
    • Events
    • Press Release
    • Recent Coverage
  • Analysis
    • All Analysis
    • Crypto in Action
    • Explainer
      • All Explainers
      • DeFi
      • NFT
      • DAO
      • Layer 1s
      • Layer 2s
      • Government
      • Infrastructure
    • News Analysis
  • Recent Coverage
  • Comment Letters
  • Policy Briefs
  • Reports
  • Security
  • Financial Literacy
  • Policy
  • EU Elections
  • In Action
  • Explainer
    • All Explainers
    • DeFi
    • NFT
    • DAO
    • Layer 1s
    • Layer 2s
    • Government
    • Infrastructure

© 2025 Crypto Council For Innovation.

Saskia Seidel

Policy Fellow

Saskia Seidel is the Policy Fellow at CCI, conducting legal and policy analysis on crypto regulations and legislative developments across key jurisdictions. She examines bills and regulatory proposals as well as case decisions, providing insights into the evolving landscape of digital assets policy.

Saskia holds a Master of Laws in International Business and Economic Law from Georgetown University Law Center. Originally from Germany, she earned a Bachelor's degree in Law and Economics and passed the First German State Exam in Law to qualify in the legal system.

Before joining CCI, Saskia worked at various law firms specializing in corporate and international tax law, where she developed a strong understanding of how businesses navigate legal and regulatory challenges in a cross-border context and advising on complex legal matters.

Krisina Antonio

Office Manager / Administrative Assistant

Krisina Antonio is the Executive Assistant to the CEO and DC Office Manager at CCI. Prior to joining CCI, Krisina has led executive offices in education and finance. She also worked within the pro-sports sales and marketing space for teams within the NFL, MLS, and Minor League Baseball

Emily Ekshian

Communications Specialist

Emily Ekshian is the Communications Lead at CCI, working closely with the communications team on branding, marketing and publicity efforts. She holds a Master of Science in Journalism from Columbia University’s Graduate School of Journalism, with concentrations in Finance, Technology, and Human Rights.

She also earned a Bachelor of Arts in Political Economy and Media Studies, with a Minor in Human Rights, from the University of California, Berkeley. Emily is passionate about the intersection of blockchain, digital assets, and global policy, focusing on how emerging technologies can support climate resilience, financial inclusion, and freedom of expression.

Through her work, she explores the transformative potential of Web3 in addressing global challenges and advancing positive social impact.

Renee Barton

Director, Impact Research

Renée leads Impact Research at CCI, documenting real world Web3 use cases to create shared understandings of how Web3 technologies are shaping the future for people and communities. She has ten years of experience examining the policy, economic, and community development implications of technology deployments.

She previously led primary ethnographic research at the Crypto Research and Design Lab (CRADL), where her research helped policymakers and business leaders understand why people are turning to crypto through evidenced-based insights.

Prior to her work at CRADL, Renée advised public, private, non-profit, and philanthropic clients at the intersection of technology, economic development and community-building.

Giles Swan

European Public Police Advisor

Giles has been a regulator, policymaker, the policy lead of a major digital asset service provider and the global policy director of a leading investment fund trade association. Giles advises trade associations, investment funds and asset managers, and web3 and crypto firms, on public policy, licensing, regulation and advocacy. During his time as a policymaker,

Giles was a national expert on the Investment Management Standing Committee of the European Securities and Markets Authority’s (ESMA), a national representative on the Standing Committee on Investment Management of the International Organization of Securities Commissions (IOSCO) and a member of the European Union’s Council of Ministers Financial Services Working Party.

Giles holds a BA in Banking and Finance, first class, from London Guildhall University, an MSc in Finance and Investment from CASS Business School and professional certificates in teaching and learning, and blockchain strategy.

Peter Herzog

Associate Director, State Government Affairs

Peter Herzog is a dedicated government affairs professional, specializing in issues impacting emerging financial technologies. As the Associate Director of State and Local Government Affairs at the Crypto Council for Innovation, Peter oversees initiatives to advance responsible regulation for the digital asset industry across state and local governments.

He has developed a pragmatic approach to building relationships with key decision makers and navigating nuanced policy issues. Before joining CCI, Peter served on the government relations team at the digital mortgage startup Better.com, where he led the organization’s state government relations strategy. He began his career at the Health and Medicine Counsel, a boutique healthcare lobbying firm on Capitol Hill,

where he was one of the youngest registered lobbyists in Washington, DC. His former clients include patient advocacy organizations, trade societies, and pharmaceutical companies. Peter holds a Bachelor’s Degree in Government and International Politics from George Mason University.

Ryan Eagan

Associate Director, Federal Affairs

With nearly 10 years of experience working for Senate Majority Leader Charles E. Schumer, Ryan advised the Leader on a wide array of banking policies and housing priorities. He worked with members in the House and Senate and the relevant Committees to advance legislative priorities.

This includes federal responses to COVID such as the American Rescue Plan,statutory changes to securities law, ESG rulemaking, cryptocurrency policy, and certain appropriations topics.

He graduated Williams College with a BA in both Political Science and History.

Rashan Colbert

Director, U.S. Policy

Rashan A. Colbert is the US Policy Director for the Crypto Council for Innovation. A seasoned policy leader with extensive experience in government, politics, and the crypto industry, he has served as a senior legislative advisor in the U.S. Senate, led policy efforts for a cutting-edge DeFi protocol, and has amassed a high-powered network across the public and private sectors. As Head of Policy at dYdX Trading, Rashan took the firm’s advocacy strategy and effort from zero to one.

His work involved educating policymakers, advising company leadership on policy risks, and ensuring DeFi’s importance to the future of the United States was well understood in Washington. Before transitioning to the private sector, he spent seven years in Senator Cory Booker’s office, where he led on technology, telecommunications, and commerce issues, with work focused on AI, big tech, social media regulation, and digital assets.

As Booker’s lead staffer on crypto policy for the Senate Agriculture Committee, he developed a deep understanding of fi nancial regulation and the legislative vehicles that will be used to shape it.

Patrick Kirby

Policy Counsel

Patrick is joining CCI as Policy Counsel, and brings considerable experience engaging with policymakers on emerging technology and financial services issues. Before joining CCI, he worked as an attorney in the US Policy & Government Relations group at the law firms Dentons and Squire Patton Boggs.

In those roles, he advised domestic and international clients on a variety of legal, policy, and regulatory issues related to technology, financial services, and digital assets. He assisted clients in developing and executing government relations strategies to further their legislative and regulatory interests before Congress and the Executive Branch.

In prior roles, he served as a legal intern at the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC).

Yele Bademosi

Africa Advisor

Yele Bademosi is the co-creator of Onboard, a community-first onchain neobank designed for creators and builders. Onboard's goal is to expand the onchain economy, making it accessible to anyone, anywhere, and empowering people to live radically better lives.

Throughout his career, Yele has invested in close to 100 startups globally, primarily in the financial services and onchain sectors. His purpose extends beyond geographical borders, aiming to leverage innovation, capital, and policy to create sustainable economic opportunities worldwide.

Sean Lee

Senior APAC Advisor

Sean is an advisor and entrepreneur in Web3 and FinTech, and has been frequently quoted in Reuters, Forbes, Bloomberg, CoinDesk, among others. Sean was previously the CEO of the Algorand Foundation, an MIT incubated Layer-1 blockchain protocol that reached top-10 by network valuation during his tenure.

He is currently leading the efforts at VSFG, a global financial services platform and the first licensed virtual asset manager in Hong Kong, to develop the regulated HKD stablecoin for programmable payment and cross border use cases across Asia and beyond. Before entering into crypto and blockchain, Sean spent 10 years and held global leadership positions in cloud computing and open source software development companies.

Sean also advises crypto startups and engages in mentorship and advocacy programs including the MIT Entrepreneurship & FinTech Innovation Node, the Chinese University of Hong Kong Business School, and the Hong Kong FinTech Association.

Matt Homer

Senior Advisor

Matthew Homer is the Founder & General Partner of The Venture Dept. Previously, he was an investor at Nyca Partners, a $1B+ AUM fintech VC firm, where he remains involved as an Operating Partner in an advisory capacity.

Before venture investing, he was Executive Deputy Superintendent at the New York State Department of Financial Services (NYDFS), where he oversaw the licensing and supervision of major digital asset firms, including some of the largest exchanges, custodians, and stablecoin issuers in the U.S.

Earlier in his career, he worked as a federal regulator at the FDIC, focusing on policy development and new technologies. Matt has also held operating roles in fintech startups, starting at Quovo and continuing at Plaid after its acquisition.

Laura Navaratnam

UK Policy Lead

Laura is a digital assets policy expert, and serves as the UK Policy Lead for CCI. Laura is a fintech policy expert, specializing in digital assets. Laura has worked in financial services policy for over 15 years. She worked at the UK Financial Conduct Authority for 7 years where she ultimately served as the Head of the FCA’s Innovate function,

which included all aspects of cryptoasset policy and fintech (sandbox, firm support, international engagement and strategy). She is also a Director at bespoke fintech consultancy Gattaca Horizons, supporting a broad range of US and UK based fintech clients and leveraging her experience to provide policy, regulatory and strategy advice.

She is also a Non-Executive Director for Zero Hash UK, a leading crypto-as-a-service provider.

Cameron Jones

Director, Strategic Initiatives

Cameron has over 30 years of experience in technology, philanthropy, and civil society sectors. She worked in the nonprofit and private sectors in the U.S., Europe, and Asia.

She developed and scaled strategic social good programs for leading tech companies, including Amazon, Microsoft, Adobe, Intuit, and VMware, leading the development of program delivery and marketing strategies.

At CCI she leads strategic initiatives, manages new partnerships and current members.

Amanda Russo

Director, Communications

She led C-suite media relations and content for IHS Markit research divisions across Europe, the Middle East and Africa. As a strategic communications advisor to CEOs, heads of state, and policymakers, Amanda worked on the World Economic Forum’s Public Engagement leadership team as Head of Media Content. Amanda started her career as a terrorism and intelligence analyst.

Yaya J. Fanusie

Director, Policy, AML & Cyber Risk

He spent seven years as an economic and counterterrorism analyst in the CIA, briefing federal law enforcement, military personnel, White House-level policy makers and the President. After government service, he joined the think tank world and as Director of Analysis at the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance led research on sanctions evasion and terrorist financing threats.

In 2016 he began tracking the illicit use of crypto and wrote some of the first public analysis on a terrorist crypto crowdfunding campaign. He later published a major study on efforts by Russia, Iran, Venezuela, and China to build national blockchain infrastructure. Yaya is currently an Adjunct Senior Fellow at the Center for a New American Security (CNAS) and Visiting Fellow at Georgetown's Psaros Center for Financial Markets and Policy.

He is a frequent media commentator and has testified before Congress multiple times on illicit financing issues. He is considered a leading expert on China’s CBDC.

Annie Dizon

Chief Operating Officer

With more than 20 years of tech, operations, and marketing experience, Annie has held several senior executive positions at the global social impact nonprofit TechSoup; most recently serving as Vice President of Customer Experience. Prior to TechSoup, she led marketing communications programs for leading Fortune 500 companies in the financial and professional services sectors.

Ji Kim

President and Acting Chief Executive Officer

Ji Kim is the President and Acting Chief Executive Officer of the Crypto Council for Innovation - the premier global alliance for advancing the promise of this new technology through research, education and advocacy. Prior to this role, he served as the Chief Legal & Policy Officer for CCI. Before joining CCI, he was General Counsel and Head of Policy & Regulatory Affairs at Gemini, a global digital asset exchange and custodian.

In his role, Ji led the legal, policy, and regulatory affairs teams and also set and implemented Gemini’s global strategy for engaging with regulators, policymakers, and the government. Prior to that, he was a senior attorney at Kraken, another global digital asset exchange. In prior roles, he was an attorney at Willkie Farr & Gallagher LLP and served as Federal Judicial Law Clerk to the Honorable Robert D. Drain of the Southern District of New York, U.S. Bankruptcy Court.

In prior roles, he was an attorney at Willkie Farr & Gallagher LLP and served as Federal Judicial Law Clerk to the Honorable Robert D. Drain of the Southern District of New York, U.S. Bankruptcy Court.

Sheila Warren

Senior Global Policy Advisor

In 2023, Sheila was voted one of the most influential women in DC by the Washingtonian. Prior to the Crypto Council, she founded the World Economic Forum’s blockchain and digital assets team and was a member of the Executive Leadership Team. She oversaw tech policy strategy across 14 countries and regularly briefed ministers, CEOs of the Fortune 100 and Heads of State.

She spent significant time as a lawyer and executive in the nonprofit sector helping companies work with emerging technology to solve problems and increase efficiency. She was on the leadership team at TechSoup and built NGOsource, an online service that helps US foundations reduce costs on cross-border grants.

Sheila began her career as a Wall Street attorney at Cravath, Swaine & Moore LLP after earning her J.D. at Harvard Law School. She graduated magna cum laude from Harvard College with a degree in Economics. She is the co-host of Money Reimagined, a CoinDesk podcast.

Senator Cory Gardner

Senior Political Advisor

Senator Gardner honorably represented the state of Colorado from 2015 to 2021 after two terms in the United States House of Representatives. During his tenure, Cory was consistently recognized as one of the most bi-partisan members of the Senate, sponsoring and passing milestone legislation like the Great American Outdoors Act,

America COMPETES Act, the Asia Reassurance Initiative Act and the 988 Suicide Prevention Hotline. He served on the Senate Committee on Foreign Relations, Senate Committee on Energy and Natural Resources, and the Senate Committee on Commerce, Science, and Transportation.

Mark Foster

EU Policy Lead

Mark has over 20 years of experience advising public and private sector entities on EU policy and politics. He started his career in Brussels as a European Parliamentary Assistant from 2003 to 2007. He later developed expertise in EU financial services as a Senior Official in the UK Permanent Representation.

In 2011, he moved to Kreab, a global public affairs and consultancy firm, where he became Partner in the financial services practice. He has held elected roles in trade associations including vice-chair at the financial services committee of AmCham EU and he retains a role as vice-chair for the EU/UK task force at the British Chamber of Commerce to the EU.

Mark was VP of Government Relations at Barclays from 2019-2021 before establishing his own business – Strategic Advisory Management - at the start of 2022.

Alison Mangiero

Senior Director, Staking Coalition & Industry Affairs

Alison Mangiero is the Executive Director of Proof of Stake Alliance (POSA), a CCI project that advocates for clear and forward-thinking public policies that foster innovation in the rapidly growing, sustainable, multi-billion dollar staking industry.

Alison began working in the industry in 2018, when she founded the Tocqueville Group (“TQ”), an entity that created open-source software and other public goods for Tezos, one of the first proof-of-stake blockchains to launch. Before founding TQ, she spent a decade in public policy and academia, and has broad experience fundraising and growing membership associations.

A passionate advocate of the liberal arts, Alison also teaches courses on leadership at the College of the Holy Cross and is on the Executive Board of Advisors for the University of Richmond's Jepson School of Leadership Studies.An alum of the University of Richmond and Boston College, Alison lives in the New York City suburbs with her husband and two young daughters.