Catholic Law's Board of Visitors Chairman, J.C. Boggs, introduces the second panel.

On Thursday, November 14, amid an eventful week in the markets, Catholic Law hosted an event on Capitol Hill regarding The Future of Banking. The fintech sector is entering a new era with a pro-cryptocurrency president soon to be back in the White House and Bitcoin reaching all-time highs within the past week.

Speakers and attendees gathered in the House Financial Services Committee Room for a panel discussion featuring Catholic Law alumni experts from the financial services industry.

The first panelists included Hon. Summer Mersinger ’07, Commissioner, Commodity Futures Trading Commission; Hon. Dan Gallagher '98, Chief Legal Officer, Compliance and Corporate Affairs at Robinhood Markets and former Commissioner, U.S. Securities and Exchange Commission; Melissa Netram ’01, Global Head of Policy and Strategic Development, Block and former Chief Innovation Officer and Director, Lab CFTC; and Patrick McCarty ’86, Founder/President, McCarty Financial, LLC and Adjunct Professor, The Catholic University of America Columbus School of Law. The second panel included Machalagh Carr ’05, Founder and CEO, Quell Strategies and former Chief of Staff, Speaker Kevin McCarthy, U.S. House of Representatives; Jim Moye ‘99, Senior Vice President and Senior Counsel, American Bankers Association; Nessa Feddis ’83, Senior Vice President and Counsel, Consumer Regulations and Compliance Solutions, American Bankers Association; and Heidi Schooner, Professor of Law, The Catholic University of America Columbus School of Law and co-author of Global Bank Regulation: Principles and Policies.

Dean Stephen Payne and Board of Visitors Chairman, J.C. Boggs ’87 gave short opening remarks, recognizing the success of the alumni on the panels and Catholic Law’s enduring influence in DC. As Chairman of the board of visitors, Boggs spearheaded the event, bringing alumni, students, and other attendees together on Capitol Hill.

The discussion began with acknowledging the advancements of financial services through the blockchain. Patrick McCarty noted, “The world is going toward digital assets and crypto,” insisting that the industry cannot remain unregulated. Melissa Netram remarked concerning regulation, “Yes, we [the United States] are definitely way behind.” For example, other countries have frameworks for regulation, which provide clarity through disclosures and consumer stability. Netram suggested that strict laws may help big businesses but harm startups.

When asked how important it is to bring cryptocurrency into the regulated world, Hon. Dan Gallagher said it is “necessary.” He expressed optimism that the new administration would be willing to work with Congress on these matters, which may advance two pending bills and provide regulatory clarity.

The second panel jumped into a discussion about ongoing and past lawsuits and how they are impacting regulation. The panelists noted that the challenge will be for Congress to get specific, and for the committees to embrace the jobs they were selected to do. Machalagh Carr suggested that ambiguity in bills is intentional because, with clarity, the bill would be harder to pass. However, Congress needs to be more specific to make regulation clear.

Panelist Heidi Schooner remarked that Congress has historically written statutes regarding some of the same issues, such as deference and preemption of state law. However, it is up to Congress to take action and move regulation forward. Jim Moye noted that what drives Congress to act is sometimes “the cries in the street.” These may increase as scams and hacks lead to citizens demanding regulation.

After each panel discussion, the speakers answered questions from an audience of students and attendees.

The event was presented by The Columbus School of Law Alumni Association and followed by a Catholic Law Networking Reception, offering attendees an opportunity to connect with alumni and leading professionals in the legal and financial sectors.

View other photos from the event on Catholic Law's Instagram.