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Milken Institute Conference Highlights Dr. Michael Piwowars Role in Shaping U.S. Digital-Asset Regulation
The 29th Annual Milken Institute Global Conference, held in Beverly Hills in May 2026, featured an exclusive interview with Dr. Michael Piwowar, a former U.S. Securities and Exchange Commission (SEC) commissioner and senior adviser to the Milken Institute. Piwowar discussed his recent appointment as Executive Director of the Psaros Center for Financial Markets and Policy at Georgetown University, his testimony before Congress on digital‑asset regulation, and his research on early‑wealth programs such as Invest America Accounts.
Piwowar’s career spans public service and policy research. He served as an SEC commissioner from 2013 to 2018, was acting chairman of the commission in 2017, and later became executive vice president of the Milken Institute’s finance division. In 2026 he joined Georgetown’s Psaros Center while remaining a senior adviser to the Milken Institute.
During the conference, Piwowar reviewed his testimony before the U.S. House Agriculture Committee on June 4 2025. The hearing, titled “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework,” focused on the Digital Asset Market Clarity Act (the “Clarity Act”). Piwowar explained that the Act would give the Commodity Futures Trading Commission (CFTC) and the SEC jurisdiction over most digital‑asset activities, with the goal of reducing regulatory overlap. He emphasized the need to draw clear lines between the two agencies, noting that the CFTC and SEC have historically struggled to coordinate.
The Clarity Act has passed the House and is now under review by the Senate Banking and Agriculture Committees. Piwowar said that the bill’s passage marks a significant step toward establishing a coherent regulatory framework for non‑stable‑coin tokens, including Bitcoin, Ethereum, and other large‑cap projects. The Act is distinct from the Genius Act, which was already signed into law and applies only to stablecoins.
The Genius Act, enacted in 2025, creates a banking‑style regulatory regime for stablecoins that are backed by U.S. dollars or Treasury securities. Piwowar clarified that Bitcoin and other volatile tokens fall outside the Genius Act’s scope because they are not designed to maintain a stable value.
Piwowar also addressed the regulation of tokenized real‑estate assets. He noted that tokenization does not change the underlying classification of an asset. If a property is a security, its tokenized form remains a security. The SEC and CFTC both rely on the Howey Test to determine whether a digital asset is a security. Piwowar said that tokenized real‑estate investments that meet the Howey criteria would be subject to federal securities laws.
The interview highlighted Piwowar’s research on Invest America Accounts, a program that provides universal, after‑tax investment accounts for every U.S. child. The accounts invest in a low‑cost, broad‑based index such as the S&P 500. Monte‑Carlo simulations in Piwowar’s study projected that a $1,000 seed investment could grow to $8,000 after 20 years, $69,000 after 40 years, and $574,000 after 60 years, assuming historical market returns. Philanthropists such as Michael Dell and Ray Dalio have contributed billions to seed the program.
Finally, Piwowar reflected on his experience with the Senate Banking Committee during the drafting of the 2010 Dodd‑Frank Act. He criticized the Federal System Oversight Council (FSOC) for attempting to apply bank‑style regulation to non‑bank market participants, arguing that such expansion would undermine the U.S. capital‑market model.
In summary, the Milken Institute conference underscored Piwowar’s ongoing influence on U.S. digital‑asset policy. The Clarity Act remains in Senate deliberation, the Genius Act is law, tokenized real‑estate regulation follows existing securities rules, and Invest America Accounts continue to expand under Treasury oversight. Piwowar’s dual roles at the Milken Institute and Georgetown position him to shape future regulatory developments.
Piwowar’s career spans public service and policy research. He served as an SEC commissioner from 2013 to 2018, was acting chairman of the commission in 2017, and later became executive vice president of the Milken Institute’s finance division. In 2026 he joined Georgetown’s Psaros Center while remaining a senior adviser to the Milken Institute.
During the conference, Piwowar reviewed his testimony before the U.S. House Agriculture Committee on June 4 2025. The hearing, titled “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework,” focused on the Digital Asset Market Clarity Act (the “Clarity Act”). Piwowar explained that the Act would give the Commodity Futures Trading Commission (CFTC) and the SEC jurisdiction over most digital‑asset activities, with the goal of reducing regulatory overlap. He emphasized the need to draw clear lines between the two agencies, noting that the CFTC and SEC have historically struggled to coordinate.
The Clarity Act has passed the House and is now under review by the Senate Banking and Agriculture Committees. Piwowar said that the bill’s passage marks a significant step toward establishing a coherent regulatory framework for non‑stable‑coin tokens, including Bitcoin, Ethereum, and other large‑cap projects. The Act is distinct from the Genius Act, which was already signed into law and applies only to stablecoins.
The Genius Act, enacted in 2025, creates a banking‑style regulatory regime for stablecoins that are backed by U.S. dollars or Treasury securities. Piwowar clarified that Bitcoin and other volatile tokens fall outside the Genius Act’s scope because they are not designed to maintain a stable value.
Piwowar also addressed the regulation of tokenized real‑estate assets. He noted that tokenization does not change the underlying classification of an asset. If a property is a security, its tokenized form remains a security. The SEC and CFTC both rely on the Howey Test to determine whether a digital asset is a security. Piwowar said that tokenized real‑estate investments that meet the Howey criteria would be subject to federal securities laws.
The interview highlighted Piwowar’s research on Invest America Accounts, a program that provides universal, after‑tax investment accounts for every U.S. child. The accounts invest in a low‑cost, broad‑based index such as the S&P 500. Monte‑Carlo simulations in Piwowar’s study projected that a $1,000 seed investment could grow to $8,000 after 20 years, $69,000 after 40 years, and $574,000 after 60 years, assuming historical market returns. Philanthropists such as Michael Dell and Ray Dalio have contributed billions to seed the program.
Finally, Piwowar reflected on his experience with the Senate Banking Committee during the drafting of the 2010 Dodd‑Frank Act. He criticized the Federal System Oversight Council (FSOC) for attempting to apply bank‑style regulation to non‑bank market participants, arguing that such expansion would undermine the U.S. capital‑market model.
In summary, the Milken Institute conference underscored Piwowar’s ongoing influence on U.S. digital‑asset policy. The Clarity Act remains in Senate deliberation, the Genius Act is law, tokenized real‑estate regulation follows existing securities rules, and Invest America Accounts continue to expand under Treasury oversight. Piwowar’s dual roles at the Milken Institute and Georgetown position him to shape future regulatory developments.
