At Converge22, a discussion led by Julien Le Goc with former FDIC Chairwoman Jelena McWilliams and former Acting Comptroller of the OCC Brian Brooks explored the current and future landscape of crypto regulation. The dialogue emphasized the pressing need for responsible regulation to safeguard consumers and maintain market integrity amidst recent crypto market instability. McWilliams highlighted the challenges regulators face in understanding rapidly evolving fintech, while Brooks discussed the limitations of the existing American banking system regarding real-time financial transactions. Both speakers addressed the potential of cryptocurrencies like USDC to address issues faced by the unbanked and underbanked populations, emphasizing the advantages of decentralized finance (DeFi) in providing accessible financial services. The conversation underscored the tension between financial privacy and regulatory oversight, with Brooks advocating for a balanced approach to innovation that respects both public safety and individual freedoms. McWilliams and Brooks also noted the resistance from traditional financial institutions to changes brought by crypto technologies, underscoring the need for regulatory adaptation to foster innovation. Overall, the session highlighted the complexities and opportunities in developing a regulatory framework that accommodates digital asset innovation while ensuring systemic stability.