Adrian Wall Urges Tougher Stablecoin Rules at Harvard

Adrian Wall, managing director of the Digital Sovereignty Alliance, called for tougher regulation of stablecoins during a panel at Harvard’s Blockchain & Fintech Conference on April 17 in Cambridge. The conference was hosted by Harvard Law School’s Blockchain & Fintech Initiative and DSA participated as a Gold tier sponsor.

Speaking on the panel titled “Stablecoins and the Future of Global Payments,” Wall said regulators need clearer rules and stronger governance because stablecoins are being used as payment rails. He told attendees that resilience and governance should take the place of traditional deposit insurance, and he warned that a digital dollar that pays yield would raise additional regulatory questions. “Stablecoins represent a new payment rail, not just a financial product. Policy frameworks need to catch up with how they’re already being used,” Wall said.

Panelists included Michael Grazio of Mastercard, Sarah Wilson of Circle and Nick Gersh of Paxos. The session was moderated by Harvard Law professor Howell Jackson. The panel examined how digital assets are being integrated into mainstream finance and what regulatory gaps remain.

Speakers addressed risks tied to wider stablecoin use, including consumer protection, financial stability and market integrity. The discussion also covered tokenization of real-world assets, litigation trends and cybersecurity risks, and highlighted the need for consistent cross-border regulatory approaches as firms and governments consider linking stablecoins to existing payment systems.

The Digital Sovereignty Alliance said it will continue working with policymakers, academic institutions and market participants to support the development of clear frameworks for digital finance. DSA is a nonprofit social welfare organization that conducts research, organizes educational events and advocates public policies on decentralized technologies, blockchain, cryptocurrency, Web3 and artificial intelligence.