Cornell Convenes Digital Assets Roundtable Publications Addressing Fintech’s Central Issues
ITHACA, NY – In 2020, as the influence of fintech and the digital economy on world finance exploded, Cornell SC Johnson College of Business established its Fintech at Cornell initiative, a global open link of industry and academic expertise, which hosts frequent roundtable conferences and events. The initiative hosted a roundtable conference in June, hosted by President Biden Proclamation to ensure responsible development of digital values. The product of that discussion is the cross-industry white paper, Cornell Convenes 2022 Digital Assets Reportwhich reflects nuanced opinions from regulatory, academic and industry perspectives.
“We are facing major, potentially seismic changes in the fabric of the way the financial world works, and this requires broad participation, beyond legislative input,” said Susan JosephFintech at Cornell’s CEO.
Observing Chatham’s House Rule to encourage open dialogue, 26 academics, industry experts and former regulators discussed topics from first principles, asset definitions, methods and requirements for disclosure, regulation and preservation of US leadership while taking advantage of trial-and-error evidence of use in other countries and states. Some participants collaborated in post-work collaboration and contributed to work reports included as appendices.
One participant framed the discussion with a series of caveats. Citing crypto’s “quasi-legitimacy,” the inevitable centralization of the decentralized, and the vexing issue of crafting regulation to serve both markets and society, “It’s incumbent upon us to think about how we can meet those goals and create an ecosystem that can support benefits.” Innovation should be encouraged, but harm (intentional and otherwise) prevented. The potential for confusion and contamination between traditional finance and decentralized finance was widely mentioned (and this before FTX).
Although the report reveals general agreement on the importance of credentialing, disclosure and education in this field where rapid development and the pursuit of justice are at a premium, it provides insight into a fintech ecosystem that carries key conflicts. Above all, the group concluded that continued discussion is essential, so that industry can help regulators navigate the changing landscape, so that researchers can deepen their understanding of how to proceed. “An open, thoughtful conversation like this is invaluable, as emphasized in The Ministry of Trade’s own report“, concludes Joseph. “Cornell Convenes will continue to host events like these, next time this spring of 2023.”
Read Cornell convenes digital assets roundtable report here.
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