The CLARITY Act has a vote in four days, but can it get to 60? @RebeccaRettig1 and @renato_mariotti are joined by @DigitalChamber CEO @CodyCarboneDC to break down the make-or-break fight over crypto market structure, what happens if Clarity fails, and why it all comes down to “ethics, ethics, ethics.” Plus: AMC vs. Robinhood over tokenized stocks and prediction markets get star-studded endorsements. Chapters/Timecodes: 00:00 Welcome to The Policy Protocol 02:54 The AMC–Robinhood Tokenization Showdown 05:18 Can AMC Actually Sue? Renato's Litigation Read 07:41 CLARITY Act Death Watch 10:15 Why Reg Crypto Isn't Enough Without Market Structure 11:06 Cody Carbone, CEO of the Digital Chamber Joins 12:03 Ethics, Ethics, Ethics: Will the White House Weigh In? 15:25 What Happens to Crypto Policy if Clarity Fails? 17:42 Federal Preemption and the Illinois Crypto Tax Fight 20:51 The Convergence of TradFi and Digital Finance 23:32 Rebecca and Renato Debrief on Spot Authority 24:37 Person of the Week: LeBron James and Prediction Markets

On this week's @CoinDesk Policy Protocol with @RebeccaRettig1, we also spoke with @CodyCarboneDC about Clarity’s outlook and what the industry’s backup plans will be if it fails. Full episode:

Anyone telling you the Clarity Act will die on Tuesday because of the calendar is wrong. It’s not the calendar. It’s not stablecoin yield. It’s not DeFi. There are three issues standing between the Clarity Act and 60 votes in the Senate: Ethics. Ethics. Ethics.

My @CoinDesk Policy Protocol co-host @renato_mariotti is on "CLARITY death watch" 👀 but sets out 3 ways the bill could be resurrected (hint: "ethics"). We also talk about @KingJames v @sydney_sweeney & @DigitalChamber CEO @CodyCarboneDC talks all things DC. It's a banger 🔥

1/ grateful to @a16zcrypto for recognizing the importance of ensuring financial institutions can use/build on permissionless networks. The article published today gives a brief synopsis of the paper (&framework) @m_mosier_ @malekanoms (link ⬇️).

🎙️ On this week's #TRMTalks#, @RebeccaRettig1 (COO and CLO at @jito_labs) and @m_mosier_ (Founding Partner at Arktouros, former Acting Director of FinCEN) join host @ARedbord on what comes next for DeFi. Their new paper gives banks, asset managers, and card issuers a framework they can hand to legal and compliance. Keep the network layer credibly neutral and put KYC, screening, monitoring, and sanctions controls at the application layer. Listen to the full episode, out now ➡️

🎥 @ChainlinkLabs Head of Legal @kkirkbos says the House canceling its final two weeks of September is a major setback for the CLARITY Act: “It's not looking great, which is obviously very frustrating for the industry.”

🎙️ Coming Wednesday on #TRMTalks#: Institutions are leaning into blockchain. Tthe next step is bringing that activity onto permissionless rails with the compliance controls regulators expect. @RebeccaRettig1 (@jito_labs) and @m_mosier_ (Arktouros) sit down with host @ARedbord to discuss how. Their new paper is a how-to under current law, building on their earlier work on DeFi as critical infrastructure alongside SWIFT, telecoms, Linux, and the RPC nodes that have carried traffic since the 1970s. Follow TRM Talks on Spotify to be the first to tune in when the episode drops 👉

I told @andyyy on @therollupco last week that I feel like I'm doing my life's work at @HyperliquidPC. I'm deep in two pieces of writing now that get to the heart of it: housing all finance on public blockchains that outcompete legacy incumbents. Both coming soon. Hyperliquid.

Is CLARITY dead? @RebeccaRettig1 and @renato_mariotti unpack the growing doubts around crypto’s market structure bill, as Kalshi’s prediction market fight heads toward the Supreme Court. Plus, @Chainlink’s @kkirkbos on 21 global banks challenging Circle and Tether; and a “creative” path to bring Hyperliquid onshore. The latest Policy Protocol. Chapters/Timecodes: 00:00 Welcome to The Policy Protocol 02:07 Hot Topic: Ninth Circuit Rules Against Kalshi 03:12 New Jersey Takes Prediction Markets to SCOTUS 04:31 The Kalshi–Michigan Federalism Fight 06:17 Hot Topic: SEC's 24/7 Trading Roundtable 08:57 Katherine Kirkpatrick Bos of Chainlink Joins 09:30 21 Global Banks Launch a Joint Stablecoin 12:14 Bringing Hyperliquid Onshore via Kraken–Bitnomial 16:14 London Stock Exchange's Tokenization Push 18:13 Are We in a Post-CLARITY Era? 21:00 Person of the Week: The U.S. House 21:51 Is the House Recess Really 'Devastating'? 24:26 A Big Miss for Crypto — and America

Great advice from crypto law equally applicable to AI law: "use and know the technology; it is the only way to figure out where the law intersects with a system." Great article! Check out Rebecca's LinkedIn for the full article if you don't have a subscription.

Multicoin thanks the @SECGov for the opportunity to comment on the issue of Novel ETFs, and we appreciate the collaboration again with @SolanaInstitute and @Jito_Labs on this important topic. S/o @pmwnyc @RebeccaRettig1 @_DanLeonardo @jstolkin & Deb.

Wise words for anyone looking to stare into the abyss and provide it legal advice. Working in sectors without clear precedent can be the most fun you'll ever have as a lawyer as long as you are curious and have a generously elevated risk tolerance.

1/ Today, @m_mosier_ @malekanoms & I are sharing a new paper: "The Compatibility of Financial Integrity With Permissionless Networks". Institutions say BSA & sanctions laws prevent use of these networks. We debunk this & provide a path forward. 🧵

1/ I know we are singularly focused on CLARITY rn, but heads up on an important reg development last week: @SECGov approved an amendment to the ETF generic listing standards that allows trusts to hold 15% in an additional "digital commodity" which include LSTs like @jito SOL.

TY @SecScottBessent: some may discount this statement as "partisan," but those of us engaging w the *law* for years - incl w the dedicated staff @FinCENnews & @USTreasury - understand that the BRCA codifies existing law & policy. anyone "editing" it wants to *change* the law.

I've been loudly pushing back on the corp-chain FUD that MEV makes permissionless networks un-useable for traditional fin'l tx's. My article in @traders_tweets today lays out the full rebuttal. Open networks have won out every time; they'll win again now.