Financial regulation expert Art Wilmarth calls on Congress to reject the proposed GENIUS Act’s misguided approach to regulating stablecoins. He would require all issuers and distributors of stablecoins to be FDIC-insured banks. The GENIUS Act would pose great dangers to our financial system by allowing nonbanks to issue stablecoins without the protections provided by federal deposit insurance and the regulations governing FDIC-insured banks. If enacted, the GENIUS Act would set the stage for future runs on stablecoins, which would likely trigger costly systemic financial crises and government bailouts.

An antitrust concern is that the GENIUS Act would allow Big Tech firms and others to acquire nonbank stablecoin issuers and use stablecoins to conduct a banking business. That outcome would severely undermine our longstanding policy of separating banking and commerce and would potentially enable Big Tech firms to dominate financial markets.

Professor Wilmarth's recent article on stablecoins and the GENIUS Act is available for free download at https://ssrn.com/abstract=5272859

The Second Chance Amendment Act of 2022, as enacted in March 2025, amends D.C.’s outdated record-sealing laws to align them with contemporary record relief laws in other states. Succinctly stated, the Act provides a comprehensive framework for expunging and sealing certain records. In doing so, it can help remove the stigma of past convictions and make it easier for eligible individuals to get a job, rent an apartment, or secure a loan—all while still ensuring public safety. Because navigating the Act’s eligibility requirements can be tricky, joining us to explain it all are D.C. Justice Lab’s founder and Executive Director, Patrice Sulton; and Policy Counsel, Nye Wilson, with host Robin Earnest from the Steering Committee of the DC Bar’s Criminal Law and Individual Rights Steering Committee.

Robin M. Earnest serves on the Steering Committee for the DC Bar’s Criminal Law and Individual Rights Community and received the Bar’s 2024 Lawyer of the Year Award for her Community service. Robin is also a member of the D.C. Court of Appeals Committee on Admissions; and she teaches a course on Litigation With the Federal Government as a Professional Lecturer at GW Law School. Robin founded The Earnest Law Firm and is a CJA Panel attorney with the U.S. Courts of Appeals for the Fourth and D.C. Circuits, as well as the D.C. Court of Appeals.

Patrice A. Sulton is the founder and executive director for DC Justice Lab–a team of law and policy experts researching, organizing, and advocating for large-scale changes to the District’s criminal legal system. She teaches Adjudicatory Criminal Procedure and Trial Advocacy as a Professional Lecturer at GW Law School and was awarded the Distinguished Adjunct Teaching Award in 2021. She also serves on the Board of Directors for the Network of Victim Recovery of DC. Most recently, Patrice served on DC’s Criminal Code Reform Commission; the Police Reform Commission; and its Jails and Justice Task Force.

Nye Winslow is the Policy Counsel with the DC Justice Lab where he shapes policy campaigns and offers legal expertise on policy issues. Prior to joining DC Justice Lab Nye worked as a Legal Consultant at the NAACP’s Office of the General Counsel and focused on claims of racial discrimination in voting rights, policing, redistricting, and child welfare.

In the fifth episode of Season 2, A. Valerie Mirko, Partner at Armstrong Teasdale LLP and Leader of the firm’s Securities Regulation and Litigation Practice, and William Nelson, Director of Public Policy and Associate General Counsel at the Investment Adviser Association continue to discuss SEC Chair Paul Atkins’ key priorities now that he has begun his term. Valerie and William discuss key SEC developments focusing on the recent Crypto Task Force Roundtables, public company disclosure priorities and current targeted reorganization developments occurring at the SEC. Valerie and William also discuss recent FINRA developments, including FINRA’s modernization rule proposals and outside business activity rule proposal, as well as FINRA’s May 8, 2025 Statement entitled SEC Off-Channel Communications Settlements – SRO Collateral Consequences. Whether you’re a compliance professional, attorney, or SEC registrant (broker-dealer, investment adviser or dual), this conversation provides valuable insights into the shifting regulatory landscape.

Past episodes of this series:

⁠⁠⁠Episode 1⁠⁠⁠ (5/22/24) [https://podcasters.spotify.com/pod/show/dcbar/episodes/Securities-Regulation-and-Enforcement-Series-Investor-Protection-in-2024-e2je2a6]

⁠⁠⁠Episode 2⁠⁠⁠ (6/5/2024) [https://podcasters.spotify.com/pod/show/dcbar/episodes/Securities-Regulation-and-Enforcement-Series-All-Things-Standards-of-Care-in-2024-e2k8u2m/a-abahg6m]

⁠⁠⁠Episode 3⁠⁠⁠ (7/24/2024) [https://podcasters.spotify.com/pod/show/dcbar/episodes/Securities-Regulation-and-Enforcement-Series-Developments-in-Insider-Trading-e2lk443/a-abdiehh]

⁠⁠Episode 4⁠⁠ (8/21/2024) [https://podcasters.spotify.com/pod/show/dcbar/episodes/Securities-Regulation-and-Enforcement-Series-The-SEC-Private-Funds-Rule--the-Fifth-Circuit-Decision-and-SEC-Rulemaking-Authority-e2mucdm]

⁠Episode 5⁠ (9/11/2024) [https://podcasters.spotify.com/pod/show/dcbar/episodes/Securities-Regulation-and-Enforcement-Series-Fireside-Chat-with-SEC-Investor-Advocate-Cristina-Martin-Firvida-e2o23db/a-abguokt]

Episode 6 (10/23/2024) [https://creators.spotify.com/pod/show/dcbar/episodes/Securities-Regulation-and-Enforcement-Series-Off-Channel-Communications--A-State-of-the-Union-e2pqi6c/a-abj83g8]

Episode 7 (12/4/2024) [https://creators.spotify.com/pod/show/dcbar/episodes/Securities-Regulation-and-Enforcement-Series-Impact-of-2025-Presidential-Transition-on-the-SEC-e2r7ivg]