The Third New York Fed Conference on FinTech: Wholesale Digital Assets

September 23, 2022

The Third New York Fed Conference on FinTech brought together leading academics, policymakers, and industry leaders to further their understanding of the impact, implications, and direction of FinTech. The conference covered recent developments in FinTech, including the perils and promises of stablecoins, the rise of decentralized finance, implications for cross-border payments, and countries’ experience with open banking and open finance.

watch the event

Session I

Session II

Session III

Session IV

Session V


This event was by invitation-only for in-person attendees; and was open to the public virtually.


All remarks were on the record, with a recording to be made available afterward. For Media inquiries please contact Mariah Measey at mariah.measey@ny.frb.org.


Pablo Azar, Federal Reserve Bank of New York
Asani Sarkar, Federal Reserve Bank of New York

Program Committee

Hampton Finer, Federal Reserve Bank of New York
Antoine Martin, Federal Reserve Bank of New York
Sishush Maru, Federal Reserve Bank of New York
Per von Zelowitz, Federal Reserve Bank of New York

Event Details

Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045


8:30am Continental Breakfast

8:45am Welcoming Remarks
Michelle Neal, Federal Reserve Bank of New York
9:00am Panel 1: Stablecoins: Perils and Promises

Moderator: Pablo Azar, Federal Reserve Bank of New York

Austin Campbell, Paxos
Marco Di Maggio, Harvard Business School
Cesare Fracassi, Coinbase
10:00am Coffee Break

10:15am Academic Session 1: Stablecoins and DeFi

Moderator: Julapa Jagtiani, Federal Reserve Bank of Philadelphia

What Keeps Stablecoins Stable?
Richard K. Lyons, University of California, Berkeley
Ganesh Viswanath-Natraj, Warwick Business School | Presentation

Discussant: Uday Rajan, Michigan Ross School of Business
| Presentation
Making Money
Gary B. Gorton, Yale School of Management
Chase P. Ross, Federal Reserve Board of Governors | Presentation
Sharon Y. Ross, U. S. Treasury, Office of Financial Research

Discussant: Antoine Martin, Federal Reserve Bank of New York | Presentation

Inclusion and Democratization through Web3 and DeFi? Initial Evidence from the Ethereum Ecosystem
Will Cong, Cornell University Johnson Graduate School of Management | Presentation
Ke Tang, Tsinghua University
Yanxin Wang, Xi’an Jiaotong University
Xi Zhao, Xi’an Jiaotong University

Discussant: Agostino Capponi, Columbia University
11:45am Lunch

12:45pm Panel 2: Enhanced Payments across Borders

Moderator: Hampton Finer, Federal Reserve Bank of New York

Ross Leckow, Bank for International Settlements
David Ornstein, Baton Systems
Scott Shay, Signature Bank
Ryan Zagone, Wise
2:00pm Coffee Break

2:15pm Academic Session 2: Open Banking

Moderator: Nicola Cetorelli, Federal Reserve Bank of New York

Customer Data Access and Fintech Entry: Early Evidence from Open Banking
Tania Babina, Columbia Business School
Greg Buchak, Stanford Graduate School of Business | Presentation
Will Gornall, University of British Columbia Sauder School of Business

Discussant: Yao Zeng, University of Pennsylvania | Presentation

Open Banking under Maturity Transformation
Itay Goldstein, Wharton Finance, University of Pennsylvania | Presentation
Chong Huang, University of California, Irvine, Paul Merage School of Business | Presentation
Liyan Yang, University of Toronto Rotman School of Management
Discussant: Todd Keister, Rutgers University | Presentation

Open Banking: Credit Market Competition When Borrowers Own the Data
Zhiguo He, University of Chicago, Booth School of Business
Jing Huang, Texas A&M University, Mays Business School
Jidong Zhou, Yale School of Management

Discussant: Charles Kahn, University of Illinois at Urbana-Champaign | Presentation
3:45pm Coffee Break

4:15pm Panel 3: Open Finance

Moderator: Joseph Cox, Federal Reserve Board

Umar Farooq, Onyx by JP Morgan
Chuck Mounts, S&P Global
Charles Woods, Bank of England
5:15pm Adjourn and Reception, 13th Floor Pre-function area


Pablo Azar
Financial Research Economist
Federal Reserve Bank of New York

Greg Buchak
Assistant Professor of Finance
Stanford Graduate School of Business

J. Austin Campbell
Head of Portfolio Management

Agostino Capponi
Associate Professor
Columbia University

Nicola Cetorelli
Head of Non-Bank Financial Institution Studies
Federal Reserve Bank of New York

Will Cong
Rudd Family Professor of Management and Associate Professor of Finance
Cornell University SC Johnson College of Business & NBER

Joseph Cox
Manager, Supervision & Regulation
Federal Reserve Board

Umar Farooq
Global Head of Financial Institution Payments and CEO
Onyx by J.P. Morgan

Hampton Finer
Policy Strategy & Analysis Program Director
Federal Reserve Bank of New York

Cesare Fracassi
Chief Economist & Director of Economic Education

Itay Goldstein
Joel S. Ehrenkranz Family Professor and a Professor of Finance
Wharton School of the University of Pennsylvania

Jing Huang
Assistant Professor of Finance
Texas A&M University, Mays Business School

Julapa Jagtiani
Senior Economic Advisor & Economist
Federal Reserve Bank of Philadelphia

Charles Kahn
Professor Emeritus of Finance
University of Illinois

Todd Keister
Professor of Economics
Rutgers University

Ross Leckow
Acting Head of the BIS Innovation Hub
Bank for International Settlements

Marco Di Maggio
Ogunlesi Family Associate Professor
Harvard Business School

Antoine Martin
Financial Research Advisor
Federal Reserve Bank of New York

Chuck Mounts
Chief DeFi Officer
S&P Global

Ganesh Viswanath Natraj
Assistant Professor of Finance
Warwick Business School

Michelle Neal
Head of the Markets
Federal Reserve Bank of New York

David Ornstein
Chief Operating Officer
Baton Systems

Uday Rajan
David B. Hermelin Professor of Business Administration and Professor of Finance
University of Michigan, Ann Arbor

Chase P. Ross
Federal Reserve Board

Scott Shay
Co-founder and Chairman
Signature Bank

Charles Woods
Head of New-Mid Tier Banking Supervision UK Deposit-Taker
Prudential Regulation Authority

Ryan Zagone
Head of Americas
Wise for Banks

Yao Zeng
Assistant Professor of Finance
The Wharton School, University of Pennsylvania


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