State-Issued Stablecoins and the Future of Digital Currency Regulation: Lessons from Wyoming’s Frontier Token

Flavia Naves | Hathaway & Kunz LLP

Flavia Naves is a distinguished legal and compliance executive who has played a pivotal role in shaping the growth and innovation of financial services companies at every stage of development. Blending strategic insight with operational expertise. She is recognized for her entrepreneurial mindset, ability to anticipate regulatory shifts, and proven track record of driving businesses forward in highly complex markets. Widely connected across the banking, money transmission, and payments sectors. Flavia is a trusted advisor to industry leaders and a respected voice before state and federal regulators.

Currently Of Counsel at Hathaway & Kunz in Cheyenne. Flavia advises companies on corporate strategy, licensing, and regulatory compliance, while also serving as a Commissioner on Wyoming’s Stable Token Commission, an appointment that underscores her leadership at the forefront of financial innovation. Her career includes senior leadership positions at global companies such as Circle, Intuit, and Worldplay, where she helped advance transformative initiatives in fintech and payments.

Flavia earned her law degree from Pontificia Universidade Católica de Minas Gerais and further specialized with a certificate in U.S. legal studies from Widener University Commonwealth Law School.

Gary E. Kalbaugh | Cahill Gordon & Reindel LLP

Gary is a partner in the New York office of Cahill Gordon & Reindel LLP as well as a Special Professor of Law at the Maurice A. Deane School of Law at Hofstra University, where he teaches derivatives law and banking law.

A preeminent authority in the derivatives field, Gary is the author of the principal treatise Derivatives Law and Regulation (3rd ed. 2021) and serves as Editor-in-Chief of the Futures and Derivatives Law Report, the foremost industry publication. He is a past chair of the New York City Bar Association’s Committee on the Regulation of Futures and Derivatives and has over 15 years of experience as a professor teaching derivatives and banking law.

Gary is the leading derivatives lawyer in the digital assets space, and one of few to truly understand the technical side of emerging financial technology. He serves on the CFTC’s Future of Finance Subcommittee, reflecting his recognized leadership at the intersection of financial regulation and emerging technologies. A frequent speaker, writer, and commentator on derivatives, banking law, artificial intelligence, and digital assets regulation, he has served as conference co-chair for the American Bar Association’s “Artificial Intelligence and Derivatives Market” conference and regularly speaks at major industry conferences on cutting-edge issues in financial regulation and technology. Gary is sought after as a thought leader on the evolving landscape of digital asset regulation and the regulatory implications of AI in financial markets.

At ING, Gary served as Deputy General Counsel and Director, where he chaired swap dealer and securitybased swap dealer regulatory committees and provided strategic leadership on U.S., European, and other regulations impacting the organization. He had global responsibility for U.S. derivatives regulatory issues and maintained strong relationships with regulators. Gary also co-developed ING legal’s global artificial intelligence training program and was responsible for U.S. regulatory issues relating to ING’s blockchainbased pilot programs and crypto initiatives.

Previously, Gary served as a lecturer-in-law at Columbia Law School and held senior roles at WestLB, where he was executive director, counsel, and chief U.S. data protection officer and chaired the global Dodd-Frank and underwriting committees. He began his career as an associate at a notable international firm.

I. The strategic rationale behind FRNT, implementation timeline and blockchain infrastructure, and the potential implications if other states/sovereigns adopt similar models | 1:00pm – 1:15pm

II. How stablecoins function and what backs them, comparative advantages over traditional peerto- peer payment services and cryptocurrencies like Bitcoin and Ether, and practical applications that stablecoins uniquely enable in commerce and finance | 1:15pm – 1:30pm

III. Analysis of impact of GENIUS Act, policy requirements for integrating stablecoins into the broader payment system, and balancing safety and soundness with competitive innovation | 1:30pm – 1:45pm

IV. The evolving competitive landscape between state-issued and privately-issued stablecoins, how major institutions (banks, corporations, and state governments) are positioning themselves in the stablecoin sector, and whether the United States attain leadership in the global stablecoin market | 1:45pm – 2:00pm