The Fourth New York Fed Conference on Fintech: Artificial Intelligence and Digital Assets

September 29, 2023

The Fourth New York Fed Conference on Fintech aims to foster discussion among leaders in academia, industry, and financial policy. The 2023 edition of the conference will focus on both the innovative applications of digital assets and generative artificial intelligence as well as the perils to market integrity, privacy, and security inherent in these technologies.


watch the event


See the agenda for timing of specific conference segments.


This event is by invitation-only for in-person attendees but is open to the public virtually.


All remarks will be on-the-record, with a recording to be made available afterward. Media who wish to register or attend in-person please contact Shelley Pitterson at Shelley.Pitterson@ny.frb.org.


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

Program Committee

Elizabeth Caviness, Federal Reserve Bank of New York
Mark Fischer, Federal Reserve Bank of New York
Antoine Martin, Federal Reserve Bank of New York
Sishush Maru, Federal Reserve Bank of New York
Joseph Torregrossa, Federal Reserve Bank of New York
Morgan White, Federal Reserve Bank of New York
Leslie Conner Warren, Federal Reserve Bank of New York
Per von Zelowitz, Federal Reserve Bank of New York

Event Details

Date & Time
September 29, 2023
8:30 AM-5:30 PM EDT

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


For logistical inquiries, please contact ny.researchconference@ny.frb.org.


8:30am Continental Breakfast
8:45am Welcome Remarks (00:15 in video)
Mihaela W. Nistor, Federal Reserve Bank of New York
9:00am Introduction (13:37 in video)
Asani Sarkar, Federal Reserve Bank of New York
9:05am Panel 1: Generative Artificial Intelligence (15:44 in video)
As artificial intelligence drives markets and public debate, how will it intersect with—or potentially disrupt—academic research and financial markets? While it potentially creates efficiencies, how does the technology also threaten the privacy and security of consumers and investors?

Moderator: Morgan White, Federal Reserve Bank of New York

Kelly Cochran, FinRegLab
Donald Kossman, Microsoft
Ashesh Rambachan, MIT
Prag Sharma, Citibank
10:00am Coffee Break
10:30am Academic Session 1: Crypto Market Structure (1:10:00 in video)
What are the efficiency properties of the unique elements of crypto market structure? Joshua Gans investigates the alignment of existing securities regulations with the emerging landscape of crypto-tokens and blockchain technology. Agostino Capponi shows that incorporating private pools into public blockchains can reduce allocative inefficiencies and increase overall welfare but cannot completely eliminate frontrunning attacks or achieve full efficiency. Andreas Park examines asset tokenization using public permissionless blockchains such as Ethereum, Algorand, or Avalanche.

Moderator: Tania Babina, Columbia University

Cryptic Regulation of Crypto-Tokens
Joshua Gans, University of Toronto, Rotman School of Management

Discussant, Eric Talley, Columbia Law School

Allocative Inefficiencies in Public Distributed Ledgers
Agostino Capponi, Columbia University Presentation
Ruizhe Jia, Columbia University
Ye Wang, University of Macau

Discussant: Dirk Bergemann, Yale University School of Management

Learning from DeFi: Would Automated Market Makers Improve Equity Trading?
Katya Malinova, McMaster University
Andreas Park, University of Toronto Presentation

Discussant: Fahad Saleh: Wake Forest University Presentation
12:00pm Lunch, 13th Floor
12:15pm The New York Innovation Center (NYIC) Lunch Spotlight (2:39:32 in video)
A spotlight on the Bank for International Setlements Innovation Hub and its collaboration with the Federal Reserve Bank of New York’s NYIC.

Cecilia Skingsley, BIS Innovation Hub, in conversation with Per von Zelowitz, Federal Reserve Bank of New York
1:00pm Panel 2: Decentralized Finance Tools for Financial Market Infrastructure (3:14:26 in video)
Innovation in financial market infrastructure use cases is being driven by both new entrants and incumbents. How are these building blocks emerging? With new developments come changes to market structure; will they be disruptors or complements?

Moderator: Raphael Auer, Head of the BISIH Eurosystem Centre
Victor O’Laughlen, BNY Mellon
Michael Shaulov, Fireblocks
2:00pm Coffee Break
2:30pm Panel 3: Approaches to Regulating Crypto (4:15:49 in video)
Securities regulation has traditionally focused on investor protection and market structure issues. Is there more to be done regarding protecting crypto investors, beyond the recent initiatives by regulators? And what are the outstanding issues with respect to the regulation of crypto market structure?

Moderator: Austin Campbell, Columbia Business School and Zero Knowledge

TuongVy Le, Bain Capital Crypto
Drake Evans, Frax Finance
Gordon Liao, Circle
Scott Farnin, Better Markets
3:30pm Coffee Break
4:00pm Academic Session 2: Using Large Language Models in Economic Research (4:49:30 in video)
Large language models (LLMs) such as ChatGPT are starting to be used in economic research and teaching. Anton Korinek argues that economists can reap significant productivity gains by taking advantage of LLMs to automate micro tasks. Baozhong Yang uses ChatGPT to extract managerial expectations of corporate policies from disclosures. Anne Lundgaard Hansen investigates the ability of generative pre-training transformer (GPT) models to decipher Fedspeak, a term used to describe the technical language used by the Federal Reserve to communicate monetary policy decisions.

Moderator: Pablo Azar, Federal Reserve Bank of New York

Large Language Models in Economic Research: Use Cases and Implications for Economists
Anton Korinek: University of Virginia, CEPR, and NBER Presentation

Discussant: John J. Horton, MIT Sloan School of Management

ChatGPT and Corporate Policies
Manish Jha, Georgia State University
Jialin Qian, Georgia State University
Michael Weber, University of Chicago Booth School of Business, NBER
Baozhong Yang: Georgia State University Presentation

Discussant: Aakash Kalyani, Federal Reserve Bank of St. Louis

Can ChatGPT Decipher Fedspeak?
Anne Lundgaard Hansen: Federal Reserve Bank of Richmond
Sophia Kazinnik, Federal Reserve Bank of Richmond

Discussant: Robin Lumsdaine, American University

5:30pm Adjourn and Reception

Dirk Bergeman
Professor of Economics
Yale University

Austin Campbell
Adjunct Professor and Managing Partner
Columbia University and Zero Knowledge

Agostino Capponi
Associate Professor
Columbia University

Drake Evans
Head of Lending and Lead Developer
FRAX Finance

Joshua Gans
University of Toronto

Anton Korinek
Professor of Economics
University of Virginia

TuongVy Le
Partner and Head of Regulatory & Policy
Bain Capital Crypto

Gordon Liao
Chief Economist
Circle International Financial

Baozhong Yang
Associate Professor
Georgia State

Michael Shaulov
CEO and Co-Founder

Donald Kossman
Distinguished Scientist and Director of Redmond Lab

Prag Sharma
Global Head of Artificial Intelligence

Fahad Saleh
Associate Professor of Finance
Wake Forest University

Eric Talley
Professor of Law
Columbia Law School

Scott Farnin
Legal Counsel
Better Markets

Aakash Kalyani
Professor of Law
Columbia Law School

Anne Hansen
Financial Economist
Federal Reserve Bank of Richmond

Robin Lumsdaine
American University

John J. Horton
Associate Professor

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