Rosie Rios opened her address with a provocative statement grounded in transformation and accountability: “We are moving from fiat cash to computer code, and we need to make sure the code reflects our values.” In framing the future of money as a convergence of physical and digital, policy and technology, and trust and infrastructure, she positioned financial institutions not as observers of change but as its architects. As the former Treasurer of the United States whose signature appears on $1.8 trillion in US currency, and as a current board member of blockchain firm Ripple, Rios’s call carried both symbolic and operational weight. Her remarks appealed directly to banking leaders to lead in embedding values into the infrastructure of emerging technologies, at a turning point for the industry, as it moves from fiat to code. The financial sector’s responsibility in the age of AI Rios identified artificial intelligence (AI) as a “paradigm shift” that is redefining every aspect of economic life, including the business models of financial institutions. “AI is not a product, it’s a paradigm shift,” she said. “If AI is not developed inclusively, it will exacerbate inequality. If it is not deployed ethically, it will destroy trust.” She urged banks and regulators to lead with foresight, rather than follow in the wake of disruption. “This is not just a tech problem. It is a leadership problem,” she said. The financial sector, in her view, must ensure that AI deployment in areas such as credit scoring, fraud detection and risk modelling does not replicate historical biases or reduce transparency in decision-making. She called on institutions to interrogate their data governance practices, especially around the training of AI models, and to participate actively in policy and ethical frameworks. “We cannot let fear paralyse us. But we also cannot let convenience compromise our values.” From cryptocurrency to institutional infrastructure: the blockchain imperative While AI dominated the public policy conversation, Rios argued that digital assets and blockchain-based infrastructure are equally transformative for banking. “I use the analogy of ‘the train has left the station.’ The question is, are we on it?” she said, emphasising the urgency for financial institutions to understand and shape the digital asset ecosystem. Rios drew attention to how major players like JP Morgan and Ripple are already using blockchain at scale. “JP Morgan Coin (Kinexys Digital Payments) and Ripple are already being used by global banks and corporates,” she said. “Ripple is used for cross-border transactions, and I am proud to sit on its board.” These developments, she explained, are not speculative—they represent the operational infrastructure of the future. By naming Ripple’s expanding role in global settlement and cross-border liquidity, she underscored the competitive implications for banks. The conversation about crypto, she said, is no longer about belief in bitcoin, but about who is designing the rails of tomorrow’s financial system. She also contextualised the evolution of regulatory thinking, referencing David Stack, who she described as the Trump administration’s “crypto czar”. “David Stack… helped shape early regulatory thinking in Washington,” she said, noting that much of today’s digital asset policy debates were seeded during that period. AI policy, governance and the GENIUS Act Rios called for proactive, values-driven regulation of emerging technologies. Citing the GENIUS Act—Growth and Expansion through New and Innovative Uses of Strategic AI—she pointed to early examples of how legislation can be used to direct innovation towards strategic national goals. “In the US, the GENIUS Act is one proposal to fund and structure AI investments across sectors, including finance. It reflects the growing awareness of AI’s strategic value,” she said. She urged the banking sector not to wait for regulation, but to help shape it through participation in international forums, standards bodies and collaborative public-private partnerships. She warned that many existing laws were designed for a different technological era, and that financial regulators must now operate with greater agility. “If an AI system denies you a loan or medical treatment, who do you hold responsible?” she asked, arguing for clear accountability frameworks and explainable models. Inclusion, equity and data-driven finance Rios stressed that innovation must serve the entire population, not just those already empowered. “Innovation without inclusion is not innovation—it’s exclusion,” she stated. She urged banks to ensure that the data they use to train AI models reflect diverse populations, and that they conduct regular audits to detect algorithmic bias. She spoke directly to the structural barriers women and underrepresented communities face in accessing financial services and venture funding. “Putting one woman on a panel does not make you inclusive. Inclusion is a process, not a checkbox,” she said, calling for deeper institutional change, from procurement policies to boardroom representation. Financial institutions, she argued, must embed equity not just in branding or environmental, social and governance (ESG) statements, but into the mechanics of how money is distributed, how credit is extended, and how trust is built. Bridging the digital divide: education and access as infrastructure Recognising that the benefits of digital innovation are not evenly distributed, Rios drew attention to the role of education and digital infrastructure. “Every child today will work in an economy shaped by AI, whether they become engineers or artists,” she said. “Our job is to ensure they are ready—not just to use technology but to question it, improve it, and lead it.” She spoke about the consequences of the digital divide, particularly in marginalised communities that lack basic access to technology. “If you do not have access to a computer, how can you participate in the digital economy?” she asked. Her remarks challenged financial institutions to go beyond product design and think about capacity building—both in terms of workforce development and customer empowerment. Currency as identity, from physical symbols to digital values Returning to her background as US Treasurer, Rios tied the conversation back to the symbolic meaning of money. She recalled her work to place Harriet Tubman on the US $20 bill, describing it as a necessary act of representation. “It matters who we put on our money. It tells us who we value,” she said. She argued that as society moves away from physical notes towards digital tokens and systems, the same questions of identity, inclusion and trust must carry over. “Money is more than a medium of exchange—it’s a mirror of national values.” In her words, the design of money—whether physical or digital—is about more than efficiency. It’s about trust, meaning and accountability. Dialogue with industry: transformation through shared responsibility In the leadership dialogue following her keynote, Rios deepened these themes in conversation with other panellists. Asked about the US’ role in AI and digital finance globally, she said, “America’s strength has always been reinvention. Our challenge now is making sure reinvention includes everyone.” She described the America250 initiative as a once-in-a-generation opportunity to reframe national purpose, including through sustainable innovation, inclusive policymaking and strategic investment. She also returned to practical examples for how the financial sector can improve inclusion: “If your supply chain doesn’t include women-owned firms, you are part of the problem,” she said. Closing her remarks, Rios offered a concise message: “This is not just about coding. It is about values.” A call to lead, not follow Rosie Rios’s keynote was a pointed and profound challenge to the global banking sector. She asked not simply whether banks will adopt AI and digital assets—but how, why, and for whom. By invoking both regulatory foresight and moral clarity, she reframed the future of money not as a question of technology alone, but of leadership. “Leadership is not a title—it’s a responsibility. The next 250 years depend on what we do now.”
