DEX in the City: How Regulators Are Preparing for a World Without the Clarity Act
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Hi all, and welcome to Decks in the City where the wallets are cold and the takes are hot. First, we have Jesse, Web three prosecutor turned Web three protector at Rivet Capital. And we have Vee from the SEC to Web three, and I'm your host, KK Katherine, Fluent in TradFi and conversant in deep tech over at StarkWare. Before we get going, as always, remember, we're lawyers, but we're not your lawyers. Nothing you hear on Decks in the City is legal or financial advice, and it doesn't create an attorney client relationship. For the fine print, check unchainedcrypto.com. We're gonna get into an es
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Okay. So as always in crypto, there has been a slew of regulatory activity, and it raises some questions. One of the questions that I've been getting is obviously, Jesse b and I all spend some time in Washington trying to get clarity or crypto market structure legislation passed. And one of the questions has been, what's going on? There's obviously distractions in Washington. Where are we? And it raises the broader question of, okay. What happens if we don't get clarity? What happens if we don't get crypto market structure legislation? And we're already seeing what is going to happen if we don
Yeah. I I wanna feel positive, start this gloomy day optimistic, because taxonomies are useful. And you're right, it's commission level interpretation, it seems like. So it's not just a random statement from anybody. It's not even the division level staff guidance, which is useful, but not as powerful. But I guess I just keep thinking back to when far too many people, in my opinion, in the crypto industry celebrated the overturning of Chevron, which gave agencies deference. And I have always said that that was a mistake, and I was not cheering it along, not because agencies are always right, t
The Yeah. I think the There we go.
Yeah. I turned my mute off. I think, like, what you're starting to see, like, across the different agencies that touch crypto is just everyone is sort of preparing for a world where clarity just never passes. Right? So I think you're gonna see a big uptick. I mean, I think you already are seeing a big uptick in, like, the SEC, the CFTC, treasury just, like, putting out rulemakings and more guidance and maybe more no action letters. Right? Like, Chair Selig made, like, two pretty big announcements in the last few weeks that they're gonna do rulemaking on both perps and prediction markets, which
It's so true. And I always like to refer to that tactic that you just referred to as the come at me, bro tactic where it's like, I don't think you have jurisdiction. Go ahead and sue me. I'll fight you. I mean, certain companies use the come at me, bro tactic during the Gensler administration, and it actually worked out
for them. It's it takes some a women's pod. Like, we got through letters. Maybe it's, like, come at me, bra or something like that. I don't know if they've heard of this. I mean, a process question for you guys. Like, you know, we've seen rule making. We've seen statements by Selig out of the CFTC. Why is Atkins here or the SEC and Atkins sending this to the White
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