Partner, Fusion Law, PLLC
Paul is the founding partner of Fusion Law, PLLC. He has extensive experience with state, federal, and global regulators building coalitions and implementing policies to promote innovation in financial services. He is responsible for designing and implementing the first state (Arizona) and federal (CFPB) FinTech sandboxes in the United States. He also designed the CFPB no-action letter and trial disclosure policies. He helped found the first global regulatory innovation coalition (Global Financial Innovation Network) and led the founding of the first U.S. regulatory innovation coalition (American Consumer Financial Innovation Network). He served on the Financial Stability Oversight Council subcommittee on digital assets. He also has drafted state-level laws on blockchain and utility tokens.
Paul also has significant enforcement and litigation experience. He led many multi-state consumer protection enforcement matters as Civil Litigation Division Chief at the Arizona Attorney General’s Office.
Prior to his government service, Paul practiced law in the areas of securities litigation and transactional work for approximately six years at two well-known law firms. He also clerked on the U.S. Court of Appeals for the Fourth Circuit.
Laurence A. Tisch Professor of Law and Director, Classical Liberal Institute, New York University School of Law; Director, Classical Liberal Institute, Civitas Institute University of Texas at Austin
Richard A. Epstein is the Laurence A. Tisch Professor of Law, at New York University, a senior research fellow at the Civitas Institute at the University of Texas Austin, and a senior Lecturer, the University of Chicago. He received an LL.D., h.c . from the University of Ghent, 2003 , and an LLD h.c . from the University of Siegen in 2018 and the Bradley Prize in 2011. He has been a member of the American Academy of Arts and Sciences since 1985. He has edited both the Journal of Legal Studies (1981-1991) and the Journal of Law and Economics (1991-2001). He is also a founder and director of the Classical Liberal Institute at NYU Law School. His most recent book is The Classical Liberal Constitution: The Uncertain Quest for Limited Government (2014). His other books include Takings: Private Property and the Power of Eminent Domain ( 1985); Bargaining with the State (1993); Simple Rules for a Complex World (1995); Principles for a Free Society: Reconciling Individual Liberty and the Common Good (1998); Skepticism and Freedom: A Modern Theory of Classical Liberalism (2003); Design for Liberty: Private Property, Public Administration and the Rule of Law (2011), and most recently, The Myth of Birthright citizenship—and Beyond (2026). He has taught courses in , administrative law, antitrust, constitutional, contracts, environmental law, land use planning; real property, torts and water law. He has written and spoken extensively on a wide range of topics, and is writes a regular column for Defining Ideas.
Counsel to Commissioner Hester M. Peirce, U.S. Securities and Exchange Commission
Thaya Brook Knight was associate director of financial regulation studies at the Cato Institute. She is an attorney with extensive experience in securities regulation, small business capital access, and capital markets. Before joining Cato, she co-founded and served as general counsel of CrowdCheck, a company providing due diligence and disclosure services in the online investing market. Following the recent financial crisis, she served as investigative counsel for the congressional oversight panel charged with overseeing the expenditure of Troubled Asset Relief Program funds. She also spent several years with the Washington office of the law firm WilmerHale, where her practice focused on securities litigation, securities enforcement defense, and corporate investigations.
She holds a BA from Middlebury College and a JD from the University of Michigan Law School.
Partner, Quinn, Emmanuel, Urquhart & Sullivan LLP
Chris Michel is Co-Chair of the firm’s National Appellate Practice. His practice focuses on complex legal issues at all stages of litigation, with a particular emphasis on appellate and Supreme Court matters. He has handled significant matters in the areas of securities, antitrust, intellectual property and technology, health care, administrative law, the First Amendment, corporate governance, foreign affairs, energy and the environment, and criminal procedure—among others. He practices frequently in the U.S. Supreme Court, federal and state courts of appeals, and trial courts. In 2023, he was named an Appellate MVP by Law360 and one of America’s 500 Leading Litigators by Lawdragon.
Chris joined the firm from the Office of the Solicitor General at the U.S. Department of Justice. During his time there, he argued 10 cases before the Supreme Court, briefed roughly 200 Supreme Court cases at the certiorari and merits stages, and advised the Solicitor General on all aspects of federal litigation strategy. Among other recognition, he received a Civil Division Special Commendation Award for his work on high-stakes civil litigation.
Chris has a unique perspective on the workings of the federal government and key strategic issues facing business clients. In addition to his experience in the Solicitor General’s Office, he served as a counselor to the Attorney General on civil litigation matters and as a special adviser in the White House Counsel’s Office. He began his legal career as a law clerk to Chief Justice John G. Roberts, Jr., at the Supreme Court, and to Justice Brett M. Kavanaugh, who was then sitting on the U.S. Court of Appeals for the D.C. Circuit. Before attending law school, Chris worked at the White House under President George W. Bush, whom he served as Director of Speechwriting, drafting more than 500 presidential speeches including five State of the Union addresses. He also collaborated on President Bush’s memoir, Decision Points, assisting with the researching, drafting, and editing of the book.
A native of California and a graduate of Yale College and Yale Law School, Chris is a member of the Virginia and District of Columbia bars. He has represented and counseled clients in matters at all levels of the federal judiciary, in state trial and appellate courts, before administrative agencies, and in both civil and criminal investigations. He has also taught constitutional law and separation of powers at Georgetown University Law Center, and he is an appointed member of the D.C. Circuit’s Advisory Committee on Procedures.
Wayne A. Abernathy, Wild Bells
Wayne A. Abernathy is a former U.S. Treasury Assistant Secretary for Financial Institutions under President George W. Bush, receiving the Alexander Hamilton Award in recognition of his service. In that office he was also a member of the Board of Directors of the Securities Investor Protection Corporation. Prior to his work at the Treasury, Mr. Abernathy served as Staff Director of the Senate Banking Committee, under Chairman Phil Gramm.
Following his service at the Treasury, Mr. Abernathy worked for 15 years on the staff of the American Bankers Association, as Executive Vice President for Financial Institutions Policy and Regulatory Affairs.
Previous experience with the Senate Banking Committee includes serving as Staff Director of the Subcommittee on Securities during 1995-1998. From 1989 until 1994, Mr. Abernathy was a Republican economist for the committee. He previously worked as a senior legislative assistant for Senator Gramm during 1987-1989 and as an economist for the Banking Committee’s Subcommittee on International Finance and Monetary Policy during 1981-1986, under Chairman Jake Garn.
Mr. Abernathy earned his bachelor’s degree in International Studies from The Johns Hopkins University in 1978. In 1980, he received a master’s degree in International Studies from the School of Advanced International Studies of The Johns Hopkins University.
Retired, Winston & Strawn LLP
Jerry Loeser is of counsel in the Chicago office of Winston & Strawn, and his practice focuses on banking regulation. He has extensive experience in counseling financial services clients on, among other things, bank acquisitions, privacy, financial modernization, the USA PATRIOT Act, Basel II and III, lending limits, capital, trust, affiliate transactions, and Federal Reserve, OCC, FDIC, and CFPB regulations.
Prior to working at large corporate law firms, Jerry was chief regulatory and compliance counsel for Comerica Bank, where he also served as senior vice president and deputy general counsel and as general counsel of its retail bank division. Before that, he served as chief regulatory in-house counsel at Wells Fargo & Co. Jerry began his legal career advising the Board of Governors of the Federal Reserve System in Washington, D.C.
Partner, Fusion Law, PLLC
Paul is the founding partner of Fusion Law, PLLC. He has extensive experience with state, federal, and global regulators building coalitions and implementing policies to promote innovation in financial services. He is responsible for designing and implementing the first state (Arizona) and federal (CFPB) FinTech sandboxes in the United States. He also designed the CFPB no-action letter and trial disclosure policies. He helped found the first global regulatory innovation coalition (Global Financial Innovation Network) and led the founding of the first U.S. regulatory innovation coalition (American Consumer Financial Innovation Network). He served on the Financial Stability Oversight Council subcommittee on digital assets. He also has drafted state-level laws on blockchain and utility tokens.
Paul also has significant enforcement and litigation experience. He led many multi-state consumer protection enforcement matters as Civil Litigation Division Chief at the Arizona Attorney General’s Office.
Prior to his government service, Paul practiced law in the areas of securities litigation and transactional work for approximately six years at two well-known law firms. He also clerked on the U.S. Court of Appeals for the Fourth Circuit.
Counsel to Commissioner Hester M. Peirce, U.S. Securities and Exchange Commission
Thaya Brook Knight was associate director of financial regulation studies at the Cato Institute. She is an attorney with extensive experience in securities regulation, small business capital access, and capital markets. Before joining Cato, she co-founded and served as general counsel of CrowdCheck, a company providing due diligence and disclosure services in the online investing market. Following the recent financial crisis, she served as investigative counsel for the congressional oversight panel charged with overseeing the expenditure of Troubled Asset Relief Program funds. She also spent several years with the Washington office of the law firm WilmerHale, where her practice focused on securities litigation, securities enforcement defense, and corporate investigations.
She holds a BA from Middlebury College and a JD from the University of Michigan Law School.
Partner, Quinn, Emmanuel, Urquhart & Sullivan LLP
Chris Michel is Co-Chair of the firm’s National Appellate Practice. His practice focuses on complex legal issues at all stages of litigation, with a particular emphasis on appellate and Supreme Court matters. He has handled significant matters in the areas of securities, antitrust, intellectual property and technology, health care, administrative law, the First Amendment, corporate governance, foreign affairs, energy and the environment, and criminal procedure—among others. He practices frequently in the U.S. Supreme Court, federal and state courts of appeals, and trial courts. In 2023, he was named an Appellate MVP by Law360 and one of America’s 500 Leading Litigators by Lawdragon.
Chris joined the firm from the Office of the Solicitor General at the U.S. Department of Justice. During his time there, he argued 10 cases before the Supreme Court, briefed roughly 200 Supreme Court cases at the certiorari and merits stages, and advised the Solicitor General on all aspects of federal litigation strategy. Among other recognition, he received a Civil Division Special Commendation Award for his work on high-stakes civil litigation.
Chris has a unique perspective on the workings of the federal government and key strategic issues facing business clients. In addition to his experience in the Solicitor General’s Office, he served as a counselor to the Attorney General on civil litigation matters and as a special adviser in the White House Counsel’s Office. He began his legal career as a law clerk to Chief Justice John G. Roberts, Jr., at the Supreme Court, and to Justice Brett M. Kavanaugh, who was then sitting on the U.S. Court of Appeals for the D.C. Circuit. Before attending law school, Chris worked at the White House under President George W. Bush, whom he served as Director of Speechwriting, drafting more than 500 presidential speeches including five State of the Union addresses. He also collaborated on President Bush’s memoir, Decision Points, assisting with the researching, drafting, and editing of the book.
A native of California and a graduate of Yale College and Yale Law School, Chris is a member of the Virginia and District of Columbia bars. He has represented and counseled clients in matters at all levels of the federal judiciary, in state trial and appellate courts, before administrative agencies, and in both civil and criminal investigations. He has also taught constitutional law and separation of powers at Georgetown University Law Center, and he is an appointed member of the D.C. Circuit’s Advisory Committee on Procedures.
Regulatory Federalism
Paul N. Watkins
Emerging technologies in highly regulated areas like financial services give states a unique opportunity to...
Regulatory Federalism
Financial Services & E-Commerce Practice Group Teleforum
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Courthouse Steps: D.C. Circuit En Banc Argument - Podcast
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Wayne A. Abernathy, Julius L. Loeser
Members of the Federalist Society’s Financial Services & E-Commerce Practice Group Executive Committee provided an...