Financial Regulation in an Era of Innovation and Disruption

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• Michael Faulkender | Professor of Finance, University of Maryland; former Deputy Secretary of the U.S. Treasury
    > Advance reading:
    Systemic Risk Implications of Stablecoins After the Passage of the Genius Act
• Nellie Liang | Senior Fellow, Brookings Institution; former Undersecretary of the U.S. Treasury for Domestic Finance
    > Advance reading:
    Stablecoins after GENIUS: Private money, public debt, and the global dollar
• Livio Stracca | Deputy Director General, Macroprudential Policy and Financial Stability, European Central Bank
• Moderator: Haoxiang Zhu | Gordon Y Billard Professor of Finance, MIT Sloan; Co-director, MIT Golub Center for Finance and Policy

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• Sameena Shah | Managing Director, JPMorgan Chase 
• Neil Thompson | Director, FutureTech, MIT Computer Science & Artificial Intelligence Laboratory
• Rory Van Loo | Associate Professor of Legal Studies and Business Ethics, The Wharton School
• Moderator: Hui Chen | Nomura Professor of Finance and Professor of Finance, MIT Sloan

• Darrell Duffie | The Adams Distinguished Professor of Management and Professor of Finance, Emeritus, Stanford University, Graduate School of Business

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"Competing Peer Effects: Evidence from Cryptocurrency Trading and Gambling" by Igor Makarov (LSE); Antoinette Schoar (MIT); Tavneet Suri (MIT) 
presented by Antoinette Schoar (MIT)

"Is Criminal Crypto a Sideshow? Illicit Activities across Three Major Blockchains" by J.A. Artero Calvo; John M. Griffin; Zirui Wang (all UT Austin) 
presented by Zirui Wang (UT Austin)

"Digital Safe Havens: The Economics of Tokenized Treasuries" by Chen Lin (HKU); Eswar S. Prasad (Cornell/NBER); Daniel Rabetti (National University of Singapore); Che Zhang (Monash University)
presented by Daniel Rabetti (National University of Singapore)

Chair: J. Christina Wang | Principal Economist and Policy Advisor, Research, Federal Reserve Bank of Boston

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"The Effect of Instant Payments on the Banking System: Liquidity Transformation and Risk-Taking" by Ding Ding (MIT); Rodrigo Gonzalez (Central Bank of Brazil); Yiming Ma (Columbia Business School/NBER); Yao Zeng (UPenn/NBER)
presented by Yao Zeng (UPenn/NBER)

"Data as Collateral: Open Banking for Small Business Lending" by Tong Yu (Tsinghua University)
presented by Tong Yu (Tsinghua University)

"Shock Transmission Through Bank–Nonbank Linkages: Evidence from Private Credit" by Manasa Gopal (Georgia Tech); Camelia Minoiu (Atlanta Fed); Veronika Penciakova (Atlanta Fed)
presented by Camelia Minoiu (Atlanta Fed)

Chair: Kerry Y. Siani | Jon D. Gruber Career Development Assistant Professor in Finance, MIT Sloan

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"Tokenized Money and Financial Inclusion: Safe Collateral Access versus Treasury Liquidity" by Emre Ozdenoren (London Business School/CEPR); Kathy Yuan (London School of Economics/CEPR); Shengxing Zhang (CMU/CEPR)
presented by Shengxing Zhang (CMU/CEPR)

"Rating Without Market Discipline" by Xuelin Li; Sangmin S. Oh; Giacomo Ricciardi (all Columbia Business School)
presented by Xuelin Li (Columbia Business School)

"The Hidden Cost of Stock Market Concentration: When Funds Hit Regulatory Limits" by Luboš Pástor; Taisiya Sikorskaya; Jinrui Wang (all Chicago Booth)
presented by Luboš Pástor (Chicago Booth)

Chair: Lira Mota | Victor J. Menezes (1972) Career Development Assistant Professor of Finance, MIT Sloan

• Andrew Vrabel | Managing Director & Chief Regulatory Officer, CME Group
• Moderator: Deborah Lucas | Sloan Distinguished Professor of Finance at the MIT Sloan School of Management and Co-Director of the MIT Golub Center for Finance and Policy