The Chopping Block: The CLARITY Act, Hyperliquid vs CME, and the Prediction Market Supreme Court Showdown
Rebecca from Jito Labs joins Haseeb, Tom, and Tarun for a regulation deep-dive covering the CLARITY Act's stablecoin yield compromise and presidential ethics sticking points, CME and ICE's lobbying war against Hyperliquid's RWA perps, the prediction market legal battle heading to the Supreme Court, and whether the SEC's tokenized securities innovation exemption will actually matter.
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, joining us is Rebecca Rettig, Chief Legal Officer at Jito Labs, who's here to help the crew make sense of the absolute regulatory tornado tearing through the industry.
First up: the CLARITY Act. It just got out of Senate Banking Committee, but the road to passage is anything but smooth. The stablecoin yield fight with banks ended in a "do stuff yield" compromise, but presidential ethics provisions remain the last polarizing hurdle. Rebecca breaks down what actually changes for token founders if it passes — spoiler: not much immediately, since rulemaking alone could take years.
Then: CME and ICE have declared war on Hyperliquid, lobbying the Hill to force CFTC registration on the decentralized perps giant. The crew debates who actually wins US regulated perps, whether Hyperliquid's pre-IPO markets represent a genuine threat to investment banking, and Rebecca introduces "on-chain finance" — a distinction the panel immediately roasts her for.
Finally: prediction markets are in a legal bloodbath across state courts with a Supreme Court showdown likely by 2027, and the SEC's tokenized securities innovation exemption has Twitter buzzing but Rebecca skeptical. Let's get into it.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
Show highlights
🔹 CLARITY Act Passes Senate Banking – Landmark crypto bill advances with bipartisan support, but presidential ethics provisions remain the final sticking point before a full Senate floor vote.
🔹 Stablecoin Yield Compromise – Banks screamed bloody murder, but the "do stuff yield" deal means transaction-based rewards are in and bank deposit lookalikes are out.
🔹 CME & ICE vs Hyperliquid – Traditional exchanges lobby Congress to force CFTC registration, KYC/AML, and trade surveillance on the decentralized perps giant.
🔹 Hyperliquid Prices Cerebras Better Than Bankers – Pre-IPO market nails the opening price while investment banks undershoot by over 100%, raising questions about the future of book building.
🔹 Rebecca Rettig Returns – Jito Labs CLO breaks down what CLARITY actually means for token founders (spoiler: not much changes immediately — rulemaking takes years).
🔹 Prediction Markets Head to SCOTUS – Legal bloodbath across state courts likely culminates in a Supreme Court showdown by 2027 over CFTC vs state gaming jurisdiction.
🔹 The Super Bowl Coin Toss Traded at 58/42 – Tarun surfaces the most absurd prediction market of the year, and the CFTC chair basically says it shouldn't exist.
🔹 Who Wins US Regulated Perps? – Haseeb bets on Coinbase and Robinhood, Tarun argues there's an opening for a dark horse, and Rebecca flags HIP 4's unified margin as a game-changer.
🔹 SEC Innovation Exemption Buzz – Twitter is hyped about tokenized securities guidance, but Rebecca is skeptical it drops before CLARITY is resolved.
🔹 OnFi Is Not Going to Happen – Rebecca tries to coin "on-chain finance" as distinct from DeFi. The panel roasts her. Mean Girls memes are inevitable.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Guest
⭐️ Rebecca Rettig, Jurisprudential Genius at Jito Labs
Timestamps
00:00 Intro
02:10 The CLARITY Act: Banks vs Crypto
05:21 The "Do Stuff Yield" Compromise
07:18 The Compromise: Transaction-Based Rewards
10:22 Presidential Ethics: The Last Sticking Point
12:26 What Actually Changes If CLARITY Passes?
16:01 Token Founders: What Do You Have to Do?
18:41 Developer Protection & DeFi Activity
20:15 CME & ICE Lobbying Against Hyperliquid
26:05 On-Chain Finance vs DeFi
29:57 Who Wins US Regulated Perps?
34:39 ETF Options vs Crypto Perps
40:24 What Hyperliquid Means for Investment Banking
44:50 Retail IPO Participation & Dynamic Share Counts
49:25 Prediction Markets: Kalshi & Polymarket vs the States
51:40 Supreme Court Showdown: CFTC vs State Gaming Laws
58:30 Economic Impact Test
01:01:47 Tokenized Securities & the SEC Innovation Exemption
01:06:41 Do Issuers Actually Care About Tokenization?
Disclosures
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The Clarity Act, State of Crypto VC & LayerZero Launches Zero | Weekly Roundup
This week, Rebecca Rettig joins the show to discuss the latest happening in Washington and what it means for crypto. We deep dive into the Clarity act, how to regulate prediction markets, who's crypto's enemy now, the state of crypto VC, LayerZero's Zero announcement and more. Enjoy!
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Follow Rebecca: https://x.com/RebeccaRettig1
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Referenced In The Show: https://open.spotify.com/episode/67w8irQ06j6ZH38FsXSShf?si=5633bb7bb6a248b9&nd=1&dlsi=d7d519562e884e70
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--
Timestsamps:
(00:00) Introduction
(01:57) The State of Crypto Policy In DC
(27:24) Coinbase Ad
(28:08) Das Plug
(28:34) Prediction Markets
(36:50) Who’s Crypto’s Enemy Now?
(52:35) The State of Crypto VC
(01:01:15) LayerZero’s Zero Announcement
(01:13:01) Content of The Week
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, Rob and our guests may hold positions in the companies, funds, or projects discussed.
The Chopping Block: The Clarity Act, Stablecoins, and a $120K Bitcoin Boom - Ep. 874
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by special guest Rebecca Rettig, Chief Legal Officer at Jito Labs, to unpack the biggest legislative week in crypto history. The Clarity Act, Genius Act, and Anti-CBDC Act all pass Congress, ushering in what some are calling a regulatory renaissance — or at least, the first real rules of the road. Bitcoin breaks $120K, memecoins rip, and Crypto Week sends shockwaves through Washington. But is the Clarity Act really the win the industry’s been waiting for? Rebecca breaks down the legal nuance, Tarun questions the economic reality, and Haseeb points out Ethereum’s bizarre silence during the biggest policy shift of the decade. Has crypto finally grown up — or just gotten better at playing the game? The gang dissects the laws, the loopholes, and the market’s reaction to it all.
Show highlights
🔹 Clarity Act Passes the House – Landmark crypto bill advances with bipartisan support, aiming to limit SEC power and define digital asset classifications.
🔹 Stablecoins Get a Path Forward – The Genius Act passes alongside Clarity, offering long-awaited regulatory rails for U.S. stablecoin issuers.
🔹 Congress Goes Full Crypto – Three major bills pass the House in one week, marking a historic show of political support for the industry.
🔹 Rebecca Rettig Returns – Jito Labs Chief Legal Officer breaks down what the legislation really means — and what still isn’t clear.
🔹 SEC in the Hot Seat – With CFTC gaining ground, the SEC’s regulatory grip is questioned across policy circles and crypto Twitter.
🔹 Bitcoin Breaks $120K – Markets rally on regulatory momentum and renewed optimism, with BTC setting a new local high.
🔹 Altcoins Catch Fire – SOL, PENGU, and meme tokens explode as traders rotate into risk-on narratives post-legislation.
🔹 Ethereum’s Silence Raises Eyebrows – Despite being at the heart of stablecoin infrastructure, Ethereum’s core voices stay unusually quiet.
🔹 DeFi’s Legal Gray Zone Remains – Tarun argues the bills may shift political winds, but don’t resolve the underlying protocol risk or enforcement ambiguity.
🔹 Crypto Week Becomes a Real Thing – What started as a Trump slogan turns into one of the most consequential weeks in U.S. crypto history.
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Guest
⭐️ Rebecca Rettig, Jurisprudential Genius at Jito Labs
Disclosures
Timestamps
00:00 Intro
01:06 The Genius Act
04:38 Tech Companies & Stablecoins
08:38 Predictions for the Future of Stablecoins
26:25 The Clarity Act Breakdown
32:27 Important Definitions
34:38 New Exemptions for Token Sales
41:12 Mature Blockchain Certification Process
45:27 Defi Activity Exemptions & Regulations
48:03 New Categories for Spot Crypto Registrants
55:52 Solana's Block Assembly Marketplace (BAM)
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DC Crypto Week Takeaways With Rebecca Rettig & Alexander Grieve
Gm! This week, Rebecca Rettig and Alexander Grieve join Jason to unpack the successful crypto week and the 3 pieces of legislation that have passed and will now impact the way stablecoins and crypto move forward in the US landscape.
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Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts
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Follow Jason: https://x.com/JasonYanowitz
Follow Empire: https://twitter.com/theempirepod
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Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
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SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 50 Million users over $11 Billion in gas fees. SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps. Learn more at https://skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork
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Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users. Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates]
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Mantle is building the financial infrastructure for a tokenised future—bridging traditional finance and on-chain innovation through six integrated product pillars: Mantle Network, mETH Protocol, Function BTC, and the upcoming launches of MantleX, Mantle Banking, and the Mantle Index Four (MI4) Fund. Anchored by one of the largest community-governed treasuries in the industry, valued at over $4 billion, Mantle is delivering institutional-grade products designed for global capital markets.Follow Mantle on X: https://x.com/Mantle_Official
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Zenrock is a permissionless, decentralized custody network backed by 1RoundTable Partners, 10T, Maven11, and Spartan. Live on Jupiter, $ROCK is the native token for transactions within the Zenrock ecosystem and secures Zenrock’s decentralized custody network.The first application launching on Zenrock is zenBTC – yield-bearing Bitcoin on Solana. zenBTC is now live.
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Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.Visit https://www.ledn.io to learn more.
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Chapters:
(01:55) Crypto Week Breakdown
(06:04) GENIUS Act
(26:04) Ads (Skale, Katana)
(27:51) CLARITY Act
(38:31) CLARITY Act + ICOs
(42:42) Ads (Skale, Katana)
(44:29) CLARITY Act + DeFi
(55:11) Ads (Mantle, Zenrock, ,LEDN)
(57:41) ANTI-CBDC Act
(01:01:13) Impacts Of These Bills
(01:04:21) Biggest Debates On Bills
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
The Chopping Block: Telegram's Founder Arrested, OpenSea Under Fire, and Ethereum's Dilemma - Ep. 697
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this episode, the squad is joined by Rebecca Rettig, Polygon’s Chief Legal & Policy Officer, to dissect the SEC's impact on the crypto landscape, particularly focusing on OpenSea's Wells notice and impending legal challenges.
They discuss the arrest of Pavel Durov, Telegram's founder, analyzing the political and cybersecurity ramifications. The conversation shifts to the internal frictions within the Ethereum Foundation and Vitalik Buterin's criticism of DeFi, reflecting the community's mixed reactions. The broader implications for the crypto industry, privacy, and regulatory clarity are highlighted with special insights from guest Rebecca Rettig, who adds depth on the legal and historical context. Wrapping up, they anticipate future challenges and emphasize staying informed.
Show highlights
🔹 Arrest of Telegram founder Pavel Durov in France sparks global free speech and encryption debates.
🔹 Impact of Pavel Durov's charges on Telegram's role in global communication and crypto communities.
🔹 DeFi protocols face challenges with decentralization, privacy, and regulatory pressures.
🔹 OpenSea receives a Wells notice from the SEC, raising concerns about NFT marketplaces and royalty enforcement.
🔹 Ethereum Foundation's spending and Vitalik Buterin's critical comments on DeFi stir community debate.
🔹 Tension between public goods and financial services in Ethereum's future development.
🔹 Real-World Assets (RWAs) and their controversial role in Ethereum's ecosystem.
🔹 Speculation on future Ethereum protocol changes and their impact on network efficiency and user experience.
🔹 Broader implications of the SEC's aggressive stance towards crypto exchanges and NFT platforms.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
Special Guest
⭐️Rebecca Rettig, Chief Legal & Policy Officer at Polygon Labs
Disclosures
Links
Plurality philosophy in an incredibly oversized nutshell by Vitalik:
https://vitalik.eth.limo/general/2024/08/21/plurality.html
OpenSea’s response to SEC Wells notice “Taking a stand for a better internet” by Devin Finzer
https://opensea.io/blog/articles/taking-a-stand-for-a-better-internet
Timestamps
00:00 Intro
01:24 Telegram’s Pavel Durov’s Arrest
05:12 Free Speech/Encryption in the Crypto World
09:26 Policy Implications for Tech Platforms
13:57 France's Role and International Reactions
27:49 SEC Targets OpenSea
36:35 SEC’s Jurisdictional Strategies
40:29 Good vs. Bad Actors
45:16 Ethereum Foundation: Public Good or DeFi?
56:43 Vitalik vs. Crypto Twitter
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Policy Series: How to Combat Illicit Finance Without Killing DeFi | Rebecca Rettig & Miller Whitehouse-Levine
In today's episode, Santi is joined by Rebecca Rettig and Miller Whitehouse to update us on the latest policy concerns impacting crypto. They cover the origins of the DeFi Education Fund and the realities of educating regulators on the novelty of DeFi. They then shift gears and discuss onchain illicit activity that exists, how to find a compromise between permissionless systems and state control, the role stablecoins like USDC play, and reactions to the SEC’s proposed dealer rule that threatens DeFi participation. Rebecca breaks down her recently published paper “Genuine DeFi as Critical Infrastructure” offering a conceptual framework for regulation that leverages DeFi’s transparency while allowing permissionless systems to thrive. Stay tuned for all of this and much more!
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Follow Rebecca: https://twitter.com/RebeccaRettig1
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- -
This episode is brought to you by Chainalysis.
Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, web3 companies, financial institutions, and insurance and cybersecurity companies. Our data powers investigation, compliance, and business intelligence software that has been used to solve some of the world’s most high-profile criminal cases.
For more information, visit www.Chainalysis.com/empire
- -
Timestamps
(0:00) Origin of DeFi Education Fund
(6:10) DeFi Regulatory Framework Paper
(12:35) Educating Regulators
(17:45) Onchain Illicit Activity
(28:59) Chainalysis Ad
(30:04) Compromise for States
(41:52) How Important is US Policy
(51:17) Role of Coinbase & Circle
(1:00:42) SEC Proposed Rule
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Resources
Paper
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4607332
DeFi Education Fund
https://www.defieducationfund.org/
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
2 Lawyers on How the U.S. Can Finally Regulate DeFi - Ep. 604
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Trying to regulate DeFi is a huge challenge because in a truly decentralized system, there should be no centralized actors to make and enforce rules for. This could make combating illicit finance challenging since traditionally, regulation has been targeted at centralized intermediaries. Yet Rebecca Rettig, Chief Legal and Policy Officer at Polygon Labs; Michael Mosier, the co-founder of boutique law firm Arktouros; and Katja Gilman, senior lead for public policy at Polygon Labs, published a paper last week that proposes to do just that.
Rebecca and Michael join Unchained to discuss what prompted them to write the paper, what the difference is between "onchain CeFi" and "genuine DeFi," how targeting high-risk wallets can be one part of the solution, how critical communications transmitters (CCTs) are another piece of the puzzle, and what next steps they are pursuing.
Show highlights:
The motivations behind their paper and Michael and Rebecca’s legal backgrounds
Why Michael views the Bank Secrecy Act as outdated in the context of DeFi
How critical KYC and AML compliance is for the integrity of DeFi
What Rebecca identifies as the principal risks in the DeFi sector
Why their proposal targets the protocol layer for effective DeFi regulation
How "onchain CeFi" differs fundamentally from "genuine DeFi"
Whether a decentralized protocol can be effectively regulated when controlled by a DAO
How if DeFi were to be classified as critical infrastructure by the Cyber and Information Security Agency (CISA), it would impact the sector
Whether the critical components of blockchain networks, such as RPCs, can be regulated effectively
How categorizing wallets based on risk can be one part of the solution to fighting illicit finance
Why Rebecca considers Tornado Cash a prime example of “genuine DeFi”
What steps Rebecca and Michael plan to take next following the publication of their paper
Thank you to our sponsors!
Popcorn Network
Polkadot
Guest:
Rebecca Rettig, Chief Legal and Policy Officer at Polygon Labs
Previous appearances on Unchained:
Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown
Kik’s Surprising Move in Its Lawsuit With the SEC
Michael Mosier, cofounder of Arktouros PLLC
Links
Previous coverage of Unchained on the topic: Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So
Full paper: Genuine DeFi as Critical Infrastructure: A Conceptual Framework for Combating Illicit Finance Activity in Decentralized Finance
Rebecca’s thread
Coin Center: Broad, Ambiguous, or Delegated: Constitutional Infirmities of the Bank Secrecy Act
Tornado Cash
Unchained: Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
Illicit funds in crypto:
Unchained: How Much Money Are Terrorists Actually Raising in Crypto?
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Policy Series: Crypto Terrorism, FinCEN vs Mixers, and IRS Tax Updates | Rebecca Rettig and Jake Chervinsky
In the latest episode of the Empire Policy Series, Santi hosts Rebecca Rettig and Jake Chervinsky to delve into recent allegations of Hamas leveraging cryptocurrency for terrorism funding, FinCEN's upcoming rules concerning crypto mixers, and the IRS's evolving crypto tax regulations. The trio also dissect the the forthcoming 3-6 months of crypto regulation and discuss recent bipartisan legislative triumphs in the stablecoin domain. To close out both Rebecca and Jake highlight the need for industry-wide collaboration to ensure regulations both foster innovation and effectively mitigate inherent risks.
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Timestamps:
(0:00) Introduction
(1:31) Is Crypto Financing Terrorism?
(11:37) Policy Maker Responses to Crypto Terrorism
(18:34) Chainalysis Ad
(19:38) Mixer Rule by Financial Crimes Enforcement Network
(31:49) Defining the Mixer Use Case
(45:22) Tax Provision for Crypto
(51:59) Regulatory Outlook
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Follow Rebecca: https://twitter.com/RebeccaRettig1
Follow Jake: https://twitter.com/jchervinsky
Follow Jason: https://twitter.com/JasonYanowitz
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- -
This episode is brought to you by Chainalysis.
Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, web3 companies, financial institutions, and insurance and cybersecurity companies. Our data powers investigation, compliance, and business intelligence software that has been used to solve some of the world’s most high-profile criminal cases.
For more information, visit www.Chainalysis.com/empire.
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Resources
Submit a comment on regulation
https://www.protectdefi.org/
DeFi Education Fund
https://www.defieducationfund.org/
The Blockchain Association
https://theblockchainassociation.org/
https://twitter.com/BlockchainAssn
- -
Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
Policy Corner: Grayscale ETF, Uniswap Dismissal, Tornado Cash Indictment | Rebecca Rettig, Jake Chervinsky
Jason is joined by Rebecca Rettig and Jake Chervinsky in today's special Policy Series episode to tackle the monumental implications of Grayscale ETF decision, Uniswap case dismissal and Tornado Cash indictments. They discuss how these decisions could impact the broader industry and what's coming up next for Bitcoin ETF decisions.
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Timestamps:
(00:00) Introduction
(01:37)The Importance of Grayscale ETF Victory
(11:20) “Chainalysis Ad”
(12:24) ETF Consequences & What's Next?
(28:48) Uniswap Case Dismissal
(36:52) Impacts of Decisions
(39:39) Creating a New Asset Class
(41:27) Cravath Paper & Tornado Cash Indictment
- -
Follow Rebecca: https://twitter.com/RebeccaRettig1
Follow Jake: https://twitter.com/jchervinsky
Follow Jason: https://twitter.com/JasonYanowitz
Follow Santi: https://twitter.com/santiagoroel
Follow Empire: https://twitter.com/theempirepod
Subscribe on YouTube: https://tinyurl.com/4fdhhb2j
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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
- -
This episode is brought to you by Chainalysis.
Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, web3 companies, financial institutions, and insurance and cybersecurity companies. Our data powers investigation, compliance, and business intelligence software that has been used to solve some of the world’s most high-profile criminal cases.
For more information, visit www.Chainalysis.com/empire.
- -
Resources:
Grayscale ETF
https://twitter.com/jchervinsky/status/1696544309699363201
https://blockworks.co/news/judges-grayscale-sec-ruling
https://twitter.com/MTCoppel/status/1696856472762683814
Uniswap Case Dismissal
https://blockworks.co/news/uniswap-class-action-dismissed
https://twitter.com/haydenzadams/status/1696991910370411003
Cravath Paper & Tornado Cash
https://twitter.com/Cravath/status/1697693810363351358?s=20
https://twitter.com/RebeccaRettig1/status/1697716451358982364
Crypto Use-cases
thevaluedrop.io
The Blockchain Association
https://theblockchainassociation.org/
https://twitter.com/BlockchainAssn
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
Polygon CLO challenges SEC's unregistered securities designations
Rebecca Rettig serves as the Chief Legal and Policy Officer at Polygon Labs.
In this episode, Rettig offers a comprehensive analysis of the SEC's ongoing legal proceedings against Coinbase and Ripple, including instances where the Court seems to be challenging the SEC's authority.
Rettig explains, "I think what both the Ripple and the Coinbase motion for judgment on the pleadings is really trying to say is, 'We got to bring it back to the law. This may look like something, but it doesn't look like anything you've seen before.' So we can't import these other ideas where an investment contract means there's some implied contract."
Additionally, she touches on the Court's perspective regarding the SEC's prior actions towards Coinbase: "The judge that [the Coinbase case] is in front of expressed a lot of skepticism about the case because she said to the SEC, 'Didn't you guys let this one go through and allow them to IPO?'"
During this episode Chaparro and Rettig also discuss:
Regulatory frameworks for digital assets outside the U.S.
The Value Prop and how blockchain is being used for good
Why this has been a "bullish" bear market
Policy Series: The Ripple Effect | Rebecca Rettig, Jake Chervinsky
Join Santi and guests Rebeca Rettig and Jake Chervinsky in today's special Policy Series episode as they discuss the landmark Ripple case and its monumental impact. Explore the implications for future legislation, token sales practices, decentralization & governance, and get updates on MiCA & EU regulations.
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Timestamps:
(00:00) Introduction
(01:24) Landmark Ripple Case
(14:00) Verdict Impact on Industry Financing
(19:08) What's Next for Ripple Case?
(24:35) Influence on Future Legislation
(28:36) Token Sales in Practice
(38:31) Decentralization & Governance
(48:57) Digital Asset Market Structure Proposal
(56:25) Updates on MiCA & EU
(01:01:18) Call Your Representatives
(01:09:02) Futures Curve
(01:15:07) Recession Risk
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Follow Rebecca: https://twitter.com/RebeccaRettig1
Follow Jake: https://twitter.com/jchervinsky
Follow Jason: https://twitter.com/JasonYanowitz
Follow Santi: https://twitter.com/santiagoroel
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Subscribe on YouTube: https://tinyurl.com/4fdhhb2j
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This episode is brought to you by Chainalysis.
Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, web3 companies, financial institutions, and insurance and cybersecurity companies. Our data powers investigation, compliance, and business intelligence software that has been used to solve some of the world’s most high-profile criminal cases.
For more information, visit www.Chainalysis.com/empire.
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Resources
Crypto Usecases
thevaluedrop.io
The Blockchain Association
https://theblockchainassociation.org/
https://twitter.com/BlockchainAssn
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
Policy Series: It's Time To Go On Offense | Rebecca Rettig, Jake Chervinsky
Today we are joined by Rebecca Rettig and Jake Chervinsky to discuss the SEC's attack on crypto and how the industry needs to respond. Rebecca and Jake explore the SEC lawsuits, the McHenry-Thompson Bill, their expected US regulation timeline, DC's sentiment and more! Regulation and policy are becoming must-know topics for crypto participants, and this is your go-to source for everything you need to know. This is the second episode in an ongoing regulatory and policy series with Jake and Rebecca!
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Timestamps:
(00:00) Introduction
(00:53) The SEC Lawsuits: What’s Next?
(10:53) “Chainalysis Ad”
(11:57) The SEC Lawsuits: What’s Next?
(16:02) We Need a Use Case to Show Regulators
(21:06) The McHenry-Thompson Bill
(38:23) Unprecedented Action by the SEC
(45:47) MiCA, Global Legislation and the US’s Timeline
(54:10) Non-Custodial Tax Reporting
(56:18) DC's Sentiment: FTX Still Lingers
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Follow Rebecca: https://twitter.com/RebeccaRettig1
Follow Jake: https://twitter.com/jchervinsky
Follow Jason: https://twitter.com/JasonYanowitz
Follow Santi: https://twitter.com/santiagoroel
Follow Empire: https://twitter.com/theempirepod
Subscribe on YouTube: https://tinyurl.com/4fdhhb2j
Subscribe on Apple: https://tinyurl.com/mv4frfv7
Subscribe on Spotify: https://tinyurl.com/wbaypprw
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
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This episode is brought to you by Chainalysis. Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, web3 companies, financial institutions, and insurance and cybersecurity companies. Our data powers investigation, compliance, and business intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.Chainalysis.com/empire.
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Resources:
The Blockchain Association
https://theblockchainassociation.org/
https://twitter.com/BlockchainAssn
Polygon
https://polygon.technology/
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
Policy Series: Why The US Is Falling Behind | Rebecca Rettig, Jake Chervinsky
Today we are joined by Rebecca Rettig and Jake Chervinsky to discuss the state of crypto regulation. Rebecca and Jake explain how the US is falling behind, the EU's MiCA regulation, the SEC's attack on Coinbase, Gary's false sense of control and the hottest crypto bills in DC. Regulation and policy are becoming must-know topics for crypto participants, and this is your go-to source for everything you need to know. This is the first episode in an ongoing regulatory and policy series with Jake and Rebecca!
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Timestamps:
(00:00) Introduction
(00:40) The State of Crypto Regulation
(02:36) Europe's MiCA Legislation
(11:10) “Chainalysis Ad”
(12:14) Coinbase’s Offshore Expansion
(14:11) The UK’s Approach and What’s Next for the EU
(19:07) Gary Gensler’s April Testimony
(22:45) Coinbase’s Fight with the SEC
(30:08) Warren Marshall Bill
(35:21) The US Policy Outlook
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Follow Rebecca: https://twitter.com/RebeccaRettig1
Follow Jake: https://twitter.com/jchervinsky
Follow Jason: https://twitter.com/JasonYanowitz
Follow Santi: https://twitter.com/santiagoroel
Follow Empire: https://twitter.com/theempirepod
Subscribe on YouTube: https://tinyurl.com/4fdhhb2j
Subscribe on Apple: https://tinyurl.com/mv4frfv7
Subscribe on Spotify: https://tinyurl.com/wbaypprw
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
- -
This episode is brought to you by Chainalysis.
Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, web3 companies, financial institutions, and insurance and cybersecurity companies. Our data powers investigation, compliance, and business intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.Chainalysis.com/empire.
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Resources:
Coinbase's response to the SEC’s Wells notice
https://www.coinbase.com/blog/coinbase-responds-to-the-secs-wells-notice
The Blockchain Association
https://theblockchainassociation.org/
https://twitter.com/BlockchainAssn
Polygon
https://polygon.technology/
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown - Ep. 458
A settlement with Kraken, a proposed custody rule, and lawsuits against Paxos and Terraform Labs. “This week has been a very long year,” said Polygon Labs Chief Policy Officer Rebecca Rettig. She joins Coinbase Chief Legal Officer Paul Grewal to interpret what’s going on with the SEC. Is it just one big push to cripple the crypto industry? “The fact that we’re all … trying to read tea leaves speaks to a failure in the system that relies upon one-off enforcement actions rather than a public rulemaking process,” said Grewal.
Show highlights:
how the implosion of FTX sped up regulatory actions
whether the SEC will go after other staking services
why the statement that crypto firms should just register with the SEC is “disingenuous”
what seems to be behind the decision to target the BUSD stablecoin
whether SEC enforcement actions will be detrimental to innovation in the U.S.
what features would make stablecoins securities
why the SEC is alleging that the UST stablecoin is a security
why “expansion of jurisdiction” is at the heart of the SEC’s proposed crypto custody rules
why Paul thinks that forcing crypto innovation offshore could become a national security issue for the U.S.
Thank you to our sponsors!
Crypto.com
FTSE
Halborn
NYU
Guests:
Paul Grewal, Chief Legal Officer at Coinbase:
Twitter
Rebecca Rettig, Chief Policy Officer at Polygon Labs:
Twitter
Links
WIRED: Confusion Spirals in Crypto as the US Cracks Down
Unchained:
Circle Told NYDFS That Paxos-Issued BUSD Wasn’t Fully Backed
SEC Wants Tougher Rules for Crypto Custody
SEC Sues Do Kwon and Terraform Labs
WSJ:
Crypto Firm Paxos Faces SEC Lawsuit Over Binance USD Token
Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin
Bloomberg: US Crackdown Seeks to Push Crypto Back to the Fringes of Finance
SEC:
Pocketful of Quarters, Inc.
Statement on Safeguarding Advisory Client Assets Proposal
CoinDesk: SEC Proposal Could Bar Investment Advisers From Keeping Assets at Crypto Firms
Jesse Powell’s tweet
Learn more about your ad choices. Visit megaphone.fm/adchoices
EU Markets in Crypto-Assets (MiCA) with Seth Hertlein, Patrick Hansen, & Rebecca Rettig
In today's episode, we're talking about the state of crypto regulation across the pond. Is it as bad over there as it is here in the United States?
There is a landmark crypto bill over in the EU called MiCA (Markets in Crypto-Assets) and its worth paying attention to!
We brought on some EU regulation experts, Rebecca Rettig, Chief Policy Officer @ Polygon Labs, Seth Hertlein, VP, Global Head of Policy @ Ledger, and Patrick Hansen Director of EU Strategy and Policy @ Circle.
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------ Timestamps:
0:00 Intro 4:45 Pond Temperature 9:30 U.S. vs. the EU Regulation 13:30 Is MiCA Passed? 15:50 Should the U.S. Be Jealous? 18:30 MiCA Grading 20:55 DCCA Grading 22:22 MiCA Stablecoins 29:35 EU Restrictions 37:36 MiCA Self-Custody 44:22 Fear Ideology 46:40 U.S. vs. EU Regulation & Innovation 51:40 Closing Thoughts 58:50 Disclaimers
------ Resources:
Seth Hertlein https://twitter.com/SethHertlein
Patrick Hansen https://twitter.com/paddi_hansen
Rebecca Rettig https://twitter.com/RebeccaRettig1
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
Gary Swings at Crypto, While BLUR Soars | Roundup
In today’s episode of Empire, we start with a deep regulatory discussion with Kristin Smith and Rebecca Rettig to explore Gary's attack on crypto. We cover the SEC's attack against Kraken and BUSD, tokens as securities, market implications, what to expect next and more!
Santi and Jason co-pilot the last 25 minutes to discuss Blur's airdrop, the battle for NFT market share, the L2 wars and Flashbots' new MEV-Share product. This episode covers everything you need to know from this wild week!
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Timestamps:
(00:00) Introduction
(02:55) An attack on Stablecoins?
(06:34) Kraken and staking services
(10:22) Why is Gary gunning for crypto?
(14:09) The Implications and path forward
(27:37) What if tokens were deemed securities?
(32:30) Blockworks Research
(34:05) How should crypto companies respond?
(40:22) Regulation segment recap
(51:25) Blur's airdrop, OpenSea losing market share
(59:10) L2 Wars, Flashbots MEV-Share, Sushi Studios
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Follow Santi: https://twitter.com/santiagoroel
Follow Jason: https://twitter.com/JasonYanowitz
Follow Kristin: https://twitter.com/KMSmithDC
Follow Rebecca: https://twitter.com/RebeccaRettig1
Follow Empire: https://twitter.com/theempirepod
Subscribe on YouTube: https://tinyurl.com/4fdhhb2j
Subscribe on Apple: https://tinyurl.com/mv4frfv7
Subscribe on Spotify: https://tinyurl.com/wbaypprw
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
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Resources
Blockchain Association
https://twitter.com/BlockchainAssn
Polygon
https://twitter.com/0xPolygon
Empire podcast with Rebecca Rettig and Jake Chervinsky
https://spoti.fi/3YTMfoh
Flasbots MEV-Share article
http://bit.ly/3S7g9TO
Categorizing different zk implementations (a Twitter thread)
https://twitter.com/pseudotheos/status/1622698514475061252?s=20
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
The State of Crypto Regulation | Rebecca Rettig and Jake Chervinsky
In this episode of Empire, Jason and Santi are joined by Rebecca Rettig and Jake Chervinsky to discuss the state of crypto regulation. We explore what Tornado Cash sanctions mean for crypto, how to define decentralization, if tokens will be considered securities, Ethereum censorship, what to expect from future regulation and more!
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(00:00) Introduction
(01:18) Tornado Cash Sanctions
(16:09) Defining Decentralization
(26:17) What Has Been Most Damaging to Crypto?
(31:03) Do Regulators Understand the Nuances of Crypto?
(37:35) What Regulations Should Be Prioritized Today?
(39:27) A Focus on User Protection
(46:17) Getting Congress on Our Side
(59:45) The SEC's Attack on Crypto (Coinbase)
(1:01:02) Uniswap Fee Switch Implications
(1:08:17) ETH Validators & OFAC Compliance
(1:19:27) Permissionless vs Permissioned DeFi
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Follow Rebecca: https://twitter.com/RebeccaRettig1
Follow Jake: https://twitter.com/jchervinsky
Follow Jason: https://twitter.com/JasonYanowitz
Follow Santi: https://twitter.com/santiagoroel
Follow Empire: https://twitter.com/theempirepod
Subscribe on YouTube: https://tinyurl.com/4fdhhb2j
Subscribe on Apple: https://tinyurl.com/mv4frfv7
Subscribe on Spotify: https://tinyurl.com/wbaypprw
- -
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
- -
Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.