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Cryptocurrency Policy Forum

Council on Foreign Relations

58 East 68th Street
New York, NY 10065

 

VIDEO  | Plenary Session 
THE FUTURE OF PAYMENT: Integration into Mainstream Systems

Presiding: Jerry Brito, Executive Director, Coin Center

Karen Gifford, Chief Compliance Officer, Ripple Labs 
Patrick Murck, Executive Director, Bitcoin Foundation
Anne Shere Wallwork, Senior Counselor for Strategic Policy, U.S. Department of the Treasury

Blockchain technologies hold the promise of open value exchange, financial inclusion, and a boom in cross-border commerce. This panel will discuss the approach and the critical elements needed to develop a comprehensive regulatory framework that doesn’t stifle innovation while meeting critical financial standards.


VIDEO  | Plenary Session 
ANTI-MONEY LAUNDERING: Current and Future Regulation

‎Presiding: Richard B. Zabel, Deputy U.S. Attorney, Southern District of New York

John Beccia, General Counsel and Chief Compliance Officer, Circle Internet Financial
Jennifer Shasky Calvery, Director, Financial Crimes Enforcement Network, U.S. Department of the Treasury
Brian Stoeckert, Managing Director & Chief Strategy Officer, CoinComply
Carol R. Van Cleef, Partner; Co-Chair, Global Payments, Manatt, Phelps & Phillips, LLP

Blockchain technologies are attempting to remake the banking system for the digital age. Yet the very nature of their near-complete anonymity and lack of central authority pose challenges around current AML and KYC regulations. This panel will discuss challenges and opportunities between regulators and innovators to bring these new technologies into the mainstream and combat cybercrime. 


VIDEO | Plenary Session 
CONSUMER PROTECTION: Insuring Users and Investors Against Fraud

Presiding: Chris Skinner, Chair, the Financial Services Club 

Michael Casey, Senior Columnist, Global Finance, The Wall Street Journal
Scott Ellison, Senior Director, Corporate Strategy, PayPal 
Marco Santori, Global Policy Counsel, Blockchain

As consumers and businesses adopt new crypto-enabled services, ensuring consumer protection for privacy freedoms and fraud is necessary on both state and international levels. This panel will examine the intersection of regulation and consumer protection in the absence of a third part intermediary, share perspectives on the current state of affairs, and discuss the path forward in creating measures to adopt consumer and investor protection.

 

beccia John Beccia is General Counsel and Chief Compliance Officer for Circle, where he brings with him a substantial amount of experience providing legal guidance with respect to complex financial matters. Prior to joining Circle, Mr. Beccia was Senior Vice President, Deputy General Counsel, and BSA Officer at Boston Private Financial Holdings, Inc., a national financial services organization that specializes in private banking, where he advised on bank regulatory, anti-money laundering, and corporate law issues. Prior to his time at Boston Private, Mr. Beccia served as the Assistant General Counsel of Investors Bank & Trust Company and as Chief Regulatory Counsel and Research Director for The Financial Services Roundtable, which represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to American consumers. Mr. Beccia holds a Bachelor of Arts degree in Political Science from Providence College, a J.D. from Roger Williams University School of Law, and a LLM in Banking and Financial Law from Boston University School of Law. He is Chair of the In-House Counsel Subcommittee of the American Bar Association's (ABA) Banking Law Committee and currently serves on the U.S. Treasury Department's Bank Secrecy Act Advisory Group. Mr. Beccia is an adjunct professor at Boston University School of Law and is a frequent speaker on legal and regulatory issues impacting the financial services industry.

britoJerry Brito is executive director of Coin Center, a nonprofit research and advocacy center focused on the public policy issues facing cryptocurrency technologies such as Bitcoin. He also serves as adjunct professor of law at George Mason University. Jerry is the coauthor of Bitcoin: A Primer for Policymakers, as well as other scholarly work on the regulation of cryptocurrencies. He has testified before Congress twice on cryptocurrencies, and he has held numerous briefings for and consultations with policy makers. His op-eds have appeared in the Wall Street Journal, the New York Times, and elsewhere.

 

caseyMichael J. Casey is senior columnist covering global finance at The Wall Street Journal, where his "Horizons" columns are frequently published. He is also a regular host of the AM News Hub show on WSJ Live. In a career spanning Perth, Bangkok, Jakarta, Buenos Aires, and New York, he has covered currencies, bonds, equities, and economic policy for Dow Jones Newswires, The Journal, and as a guest commentator at multiple major media outlets. Michael is the co-author, along with Paul Vigna, of The Age of Cryptocurrency: How Bitcoin and Digital Money are Challenging the Global Economic Order. He has also written two prior books: The Unfair Trade, about the global dimensions of the financial crisis, and Che's Afterlife, on the international impact of Alberto Korda's iconic image of Che Guevara. He is a graduate of the University of Western Australia and has a Masters Degree from Cornell University.

 

ellison

 

Scott Ellison is Senior Director of Corporate Strategy at PayPal, where he focuses on the intersection of technology, commerce, and financial services. Scott is the PayPal strategy lead on tokenization, cryptocurrencies, sensor-based authentication, and next-gen financial services. Prior to joining PayPal in 2012, Scott founded the consulting practice on mobile apps and developers at industry analyst firm IDC.

 

karen

Karen Gifford is Chief Compliance Officer at Ripple Labs. Previously, Ms. Gifford worked as an attorney in the private sector and at the Federal Reserve Bank of New York, where she was Counsel and Officer in the Litigation and Enforcement Group. Her work at the New York Fed included the successful defense of a claim by the Central Bank of Iran arising out of the hostage crisis for over $1 billion, and co-heading an investigation into misconduct in the sales and trading of complex leveraged derivatives at Bankers Trust. Later, she was a Senior Director at Promontory Financial Group, where she advised global banks and financial companies on regulatory issues and conducted investigations. She holds a J.D. from Yale Law School and an A.B. from Vassar College, where she graduated Phi Beta Kappa. 

 

murckPatrick Murck is a founding member and Executive Director for the Bitcoin Foundation. He was formerly General Counsel. His expertise extends across the legal and regulatory issues governing the use of Bitcoin, decentralized financial systems, virtual economies, alternative payment systems, and social loyalty and reward programs. He is a member of the bar in Virginia and Washington D.C. Mr. Murck has held executive roles in a number of digital currency companies. He has published in a variety of journals, including Cato Unbound: A Journal of Debate, The Federal Communications Law Journal, and The CommLaw Conspectus: Journal of Communications Law and Policy.

 

santori

Marco Santori is a counsel in Pillsbury Winthrop Shaw Pittman’s Intellectual Property practice. Described by an American Banker reporter as “the dean of digital currency lawyers,” Marco is a recognized authority in the law of digital currencies and emerging payments. He counsels exchanges, payment processors, institutional miners, and other companies making new and exciting uses of distributed ledger technology, including so-called "Bitcoin 2.0" implementations. As Chairman of the Bitcoin Foundation’s Regulatory Affairs Committee, he advises clients on regulatory matters, including compliance with and avoidance of money services and securities regulations. The winner of the first annual Blockchain Award for Bitcoin Legal Expert, Marco is fluent in the Bank Secrecy Act (BSA) and Patriot Act's application to digital currency businesses, including Know Your Customer (KYC) and Anti Money Laundering (AML) regulation. Marco's technology transactions practice focuses on early-stage companies in the high technology sector, including web, e-commerce, financial technology (FinTech), and the emerging digital currency space. Marco assists clients in structuring complex international technology transactions, often in heavily regulated industries. He is well-versed in the corporate requirements of early-stage businesses, including seed, angel, and venture-backed fundraising. He litigates disputes arising out of intellectual property, trade secrets, defamation and securities fraud, and is well-versed in alternative dispute resolution (ADR), lecturing on mediation and arbitration. Before beginning his legal career, Marco founded and operated a successful home-décor distribution company, which imported textiles from India, China and Canada and sold to institutional customers in the Americas and across Europe. Since then, Marco has counseled organizations of all sizes in their business matters, such as Nike, 3M, Nautica, and Tory Burch. Marco appears on Real Money with Ali Velshi and Bloomberg TV. He has also been profiled by the Wall Street Journal, Forbes, Washington Post, The New Yorker, Wired, Entrepreneur.com, and Crain's New York Business.

shasky

Jennifer Shasky Calvery Jennifer Shasky Calvery is the Director of the Financial Crimes Enforcement Network (FinCEN) at the U.S. Department of the Treasury. As Director, Jennifer oversees FinCEN's wide-ranging work to protect the U.S. financial system from money laundering and to advance the national security interests of the United States. FinCEN leads the development of regulatory policy to combat money laundering and terrorist financing, uses its civil authorities to enforce compliance with those regulations, and is a respected leader among the world’s financial intelligence units. It has been nearly a year and a half now since Jennifer joined Treasury, moving from the Department of Justice where she spent 15 years as a federal prosecutor focused on combating money laundering and organized crime. Most recently, before moving to FinCEN, Jennifer served as the Chief of the Asset Forfeiture and Money Laundering Section. In this position, she was responsible, among other things, for overseeing the money laundering and sanctions-related prosecutions of financial institutions and the development of the Justice Department's money laundering policy. Jennifer has testified before Congress on behalf of both Justice and Treasury on a wide range of issues, including transnational organized crime, money laundering, shell companies, and virtual currency. She holds a law degree from the University of Arizona College of Law and an undergraduate degree in international affairs from The George Washington University, where she was also an All-American basketball player.

skinner

Chris Skinner is Chairman of the Financial Services Club. He is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club.  He has been voted the best banking blog by The Financial Brand, and he is viewed as a FinTech Titan as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. Chris has written books covering everything from European regulations in banking through the credit crisis to the future of banking. His latest book, Digital Bank, provides a comprehensive review and analysis of the battle for digital banking and strategies for companies to compete. He is also Chief Executive of Balatro Ltd, a research company, a co-founder of the website Shaping Tomorrow, and a regular commentator on BBC News, Sky News and Bloomberg about banking issues. 

stoeckertBrian Stoeckert serves as a Managing Director at CoinComply, the only compliance solutions provider devoted exclusively for the digital currency and FinTech marketplace. He works with digital currency and FinTech startups, accelerators, venture capitalists, law firms, universities, celebrities, and financial institutions. Brian is also a Principal at FC Strategy Group, a financial crimes strategy firm, where he has led the design of the ACAMS Advanced Certification Program and has been retained as a subject matter expert and expert witness in matters relating to AML program compliance, digital currencies, and offshore parallel exchange markets. Brian previously served as a strategy and management consultant at Booz Allen Hamilton advising executive management of financial institutions under consent orders, money service businesses, and international intelligence firms. Brian has served as a guest lecturer at New York University's Law School and Stern School of Business on AML and digital currency compliance. Brian is a recipient of Stony Brook University's 2014 Top 40 Under Forty and the 2011 ACAMS Volunteer of the Year Award. He received his JD from New York Law School and his BA in political science from Stony Brook University.

vancleefCarol Van Cleef is co-chair of the Global Payments practice group and a member of the Financial Services and Banking practice at Manatt, Phelps & Phillips. She represents financial services companies and other clients in federal and state regulatory, compliance, and enforcement matters, including anti-money laundering, electronic payments, federal deposit insurance, and other bank regulatory issues. Ms. Van Cleef has significant experience working with all types of MSBs (including domestic and foreign money remitters, bill payment systems, check cashers, currency dealers/exchangers), third-party payment processors, stored value (prepaid card) programs, and other alternative payment systems regarding state money transmitter licensing and regulatory requirements, federal MSB registration, BSA/AML compliance, privacy and information security programs. Ms. Van Cleef is the author of the legal/regulatory section of the National Automated Clearing House Association's popular 2007 Guidelines for Billers and Walk-in Payment Providers. A Certified Anti-Money Laundering Specialist, she is a frequent speaker on AML compliance-related issues. She has created a series of highly acclaimed AML compliance training programs. Ms. Van Cleef regularly advises clients on compliance with the USA Patriot Act, the Bank Secrecy Act, and Office of Foreign Assets Control regulations. She assists clients in developing, reviewing, and enhancing BSA, AML, and OFAC compliance programs, and in analyzing implementation of their automated BSA/AML compliance solutions. She is an active member of NACHA's Council for Electronic Billing and Payment, and has served as the vice-chair of the Legislative Process and Lobbying Committee of the American Bar Association's Administrative Law and Regulatory Practice Section and a member of the Executive Committee of the Federal Bar Association's Banking Law Committee. 

wallworkAnne Shere Wallwork is currently Senior Counselor for Strategic Policy in the U.S. Department of the Treasury's Office of Terrorist Financing and Financial Crimes (TFFC), where she is charged with identifying and developing strategies to address emerging and persistent money laundering and terrorist financing threats involving new payments mechanisms, while facilitating financial innovation and financial inclusion. In this role, she leads TFFC's efforts to develop policies to prevent abuse of mobile payments, prepaid access, virtual currency, and Internet payments, both domestically and internationally. Ms. Wallwork has been the U.S. Government's lead in working with the Financial Action Task Force (FATF) to address money laundering and terrorist financing threats associated with virtual currency, and was primary drafter on the FATF's June 2013 Virtual Currency Key Terms and AML/CFT Risks. From October 2007 to March 2012, Ms. Wallwork served as TFFC's Senior Counselor for Asia. In this capacity, she headed the U.S. delegation to the Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG) and initiated mechanisms to facilitate cooperation on illicit finance issues with China under the auspices of the U.S.-China Strategic and Economic Dialogue (S & ED) and with India under the U.S.-India Economic and Financial Partnership. Ms. Wallwork served as the Department's Senior Representative to National Counter-Terrorism Center (NCTC) from July, 2006 to November 2007 and was Deputy Director of Strategic Policy for Terrorist Financing and Financial Crimes from April 2004 to July 2006. She helped lead the U.S. Government's efforts to develop a comprehensive, strategic approach to combating kleptocracy; helped drive the U.S. Government's international efforts to trace and repatriate Iraqi assets worldwide; and chaired several interagency working groups that sought to recover the proceeds of foreign official corruption, including Liberian and Haitian assets. A graduate of Yale Law School (Editor, Yale Law Journal) and Wellesley College (Phi Beta Kappa, Wellesley College Scholar), before coming to Treasury, Ms. Wallwork clerked for the late Judge Thomas Gibbs Gee, U.S. Court of Appeals, 5th Circuit; practiced law at Miller, Cassidy, Larroca & Lewin in Washington, DC; and was a consultant for the World Bank.

zabelRichard B. Zabel is the Deputy U.S. Attorney for the Southern District of New York. He was promoted to that position in October 2011 after serving as Chief of the office's Criminal Division since 2009. Mr. Zabel first joined the U.S. Attorney's Office in 1991, where, as an Assistant U.S. Attorney, he prosecuted a variety of cases involving securities fraud, obstruction of justice, racketeering, firearms and narcotics charges, and argued numerous cases before the U.S. Court of Appeals for the Second Circuit.  From 1996 to 1999, he served as Deputy Chief and then Chief of the Office’s Narcotics Unit.  He received numerous awards, including the Attorney General’s Award for Distinguished Service and the Department of Justice Director’s Award for Superior Performance as an Assistant U.S. Attorney. In 1999, he left the U.S. Attorney’s Office to join the law firm of Akin Gump Strauss Hauer & Feld LLP, where he was a partner until 2009. Mr. Zabel received his A.B. in Comparative Literature and graduated summa cum laude in 1983 from Princeton University, where he was elected to Phi Beta Kappa, and was a Fulbright Scholar. He received his J.D. in 1987 from Harvard Law School where he was Best Oralist in the Ames Moot Court Competition. Mr. Zabel has taught as an adjunct professor of criminal law at Columbia Law School and the Fordham University School of Law.  He is a member of the New York Bar, the Federal Bar Council, and the New York Inn of Court. 

 We'd like to thank our partners and sponsors for their support of this forum. 

PARTNERS

coincenter

Coin Center is a non-profit research and advocacy center focused on the public policy issues facing cryptocurrency technologies such as Bitcoin. Our mission is to build a better understanding of these technologies and to promote a regulatory climate that preserves the freedom to innovate using blockchain technologies. We will do this by producing and publishing policy research from respected academics and experts, educating policymakers and the media about blockchain technology, and by engaging in advocacy for sound public policy.

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DCC

The Digital Currency Council (DCC) is the association of professionals in the digital currency economy. Members of the DCC benefit from training, certification, and connectivity to clients and the Blockchain. Interested professionals may join the Digital Currency Council at digitalcurrencycouncil.com.

 

 

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nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,500 listed companies with a market value of over $9.1 trillion and more than 10,000 corporate clients. To learn more, visit www.nasdaq.com/ambition or business.nasdaq.com.

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