Crypto In America

In this episode of Crypto in America, Eleanor Terrett, Jacquelyn Melinek, and Gerald Gallagher sit down with Charley Cooper, President & COO of Ava Labs, to discuss how Wall Street is moving toward blockchain infrastructure, why 24/7 markets could accelerate that transition, and what comes next for crypto innovation after the Clarity Act failed to advance.

Charley explains why Ava Labs and the Avalanche blockchain are focused on institutional adoption, what traditional financial firms actually need from blockchain technology, and why he believes 24/7 trading could become a forcing function for settlement, reconciliation, collateral movement, and other parts of the financial system to move onchain. He also breaks down why institutions aren’t putting their crypto plans on hold while waiting for Washington.

The conversation explores the future of tokenized assets, the SEC and CFTC’s role after the Clarity Act, why the New York Stock Exchange and other legacy financial infrastructure providers are experimenting with blockchain rails, the relationship between crypto and traditional finance, and what it could take for onchain finance to become part of the global financial system.

Timestamps

00:00 Charley Cooper Joins Crypto in America

00:42 What Crypto in America Means to Charley Cooper

02:40 From Washington and Wall Street to Blockchain

06:20 How Charley Cooper Entered Crypto

09:40 What Crypto Builders Can Learn From Wall Street

15:21 How Ava Labs Approaches Institutional Adoption

17:14 Why Crypto and Wall Street Still Misunderstand Each Other

23:16 What Went Wrong With the Clarity Act?

28:31 Are Financial Institutions Still Building in Crypto?

30:53 Why Innovation Can’t Wait for Washington

33:40 What Regulatory Clarity Does Crypto Need Now?

35:58 Can the SEC and CFTC Fill the Regulatory Gap?

39:10 Could Crypto Rules Change Under a New Administration?

42:24 The Politics of Crypto Regulation

45:36 What Does an Onchain Financial System Look Like?

48:35 Why 24/7 Markets Could Force Wall Street Onchain

49:02 What the SEC’s Tokenization Exemption Could Unlock

49:55 Why Does the NYSE Need Blockchain?

50:21 What Happens When Finance Moves Onchain?

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Please note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.

#Avalanche #AvaLabs #Tokenization #WallStreet #CryptoInAmerica

In this episode of Crypto in America, Eleanor Terrett and Jacquelyn Melinek sit down with Blue Macellari, Head of Digital Assets at T. Rowe Price, to discuss how one of Wall Street’s major asset managers is approaching crypto, tokenization, and the future of financial markets.

Blue Macellari explains why tokenization has become a major focus for financial institutions, what it would actually take to move U.S. markets onchain, and why Wall Street still needs a clearer playbook before committing significant capital to new blockchain infrastructure. She also discusses growing board-level interest in tokenization and why she believes programmable assets and funds could automate significant parts of financial services.

The conversation also explores T. Rowe Price’s actively managed crypto ETF, the challenge of tokenized financial products developing offshore, why institutional adoption doesn’t necessarily depend on the Clarity Act, how AI and blockchain could work together, and what the collapse of FTX revealed about combining crypto trading and custody under one roof.

Timestamps 

00:00 Blue Macellari Joins Crypto in America

01:35 What Crypto in America Means to Blue Macellari

02:43 How T. Rowe Price Started Experimenting With Crypto

05:16 How Bitcoin Brought Macellari Into Crypto

08:10 Building T. Rowe Price’s Digital Asset Strategy

11:53 What FTX Taught Traditional Finance About Crypto

15:19 How T. Rowe Price Tests New Crypto Products

17:25 Building an Actively Managed Crypto ETF

19:30 Active vs. Passive Crypto ETFs

22:56 Why Tokenization Is Wall Street’s Next Big Focus

25:25 What It Takes to Move U.S. Markets Onchain

28:24 Does Wall Street Know How to Move Onchain?

30:38 Why Crypto Markets Are Already Global

32:29 Is the U.S. Winning the Digital Asset Race?

33:38 Why U.S. Tokenization Is Moving Offshore

35:39 Can the U.S. Bring Crypto Innovation Back Onshore?

38:11 Does Wall Street Need the Clarity Act?

40:45 Why Institutional Interest in Tokenization Is Growing

41:56 Could Tokenization Automate Wall Street?

44:00 How T. Rowe Price Is Using AI

46:01 What FTX Taught Crypto About Market Structure

46:10 Why Crypto Should Separate Custody and Trading

47:18 Who Protects Retail Crypto Investors?

47:21 What Blue Macellari Is Watching Next

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Please note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.

This show is sponsored by Sei. Learn more about Sei: https://www.sei.io/

In this episode of Crypto in America, Eleanor Terrett sits down with Russ Behnam, former Chairman of the Commodity Futures Trading Commission (CFTC), to discuss the rapidly evolving prediction market industry, the regulatory line between financial markets and gambling, and why Congress may ultimately need to establish clearer rules for the sector.

Behnam explains how prediction markets have expanded in both scale and scope, why sports and election contracts raise new regulatory questions, and how ongoing litigation could shape the future of the industry. He also discusses whether prediction market disputes could eventually reach the Supreme Court and why regulators must balance financial innovation with market integrity and customer protection.

The conversation also turns to crypto regulation following the Clarity Act’s failure to advance. Behnam explains the limits of the CFTC’s existing authority, why regulating digital assets without new legislation can feel like using “scotch tape and paperclips,” the challenge businesses face when agency rules could change under future administrations, and why federal regulatory gaps remain unresolved.

Timestamps 

00:00 Russ Behnam on the Future of Prediction Markets

04:04 Does Congress Need to Regulate Prediction Markets?

07:07 Could Prediction Markets Reach the Supreme Court?

07:43 What Changed in U.S. Crypto Regulation?

10:42 Why Crypto Still Has a Regulatory Gap

11:19 How Much Can the CFTC Do Without Congress?

12:52 Why Crypto Regulation Feels Like “Scotch Tape”

13:52 Can Agency Crypto Rules Survive a New Administration?

15:49 Can the CFTC Protect Crypto Customers Without Congress?

16:36 Could Bankruptcy Reform Help Crypto Investors?

17:04 Why Crypto Market Structure Is So Difficult

17:15 Life After Leading the CFTC

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#PredictionMarkets #CFTC #CryptoRegulation #DigitalAssets #CryptoInAmerica

Ripple spent years fighting the SEC over how U.S. securities laws should apply to crypto. Now, Chief Legal Officer Stuart Alderoty says the regulatory environment is finally moving toward the clearer rules the industry has been seeking.

Alderoty joins Crypto in America at the Wyoming Blockchain Symposium, speaking both as Ripple's Chief Legal Officer and President of the National Cryptocurrency Association, to discuss Ripple's legal battle with the SEC, the agency's evolving approach to digital assets, and what clearer regulation could mean for the next phase of crypto adoption in the United States.

The conversation explores the SEC's shift away from regulation by enforcement, XRP's regulatory status, the debate over “sufficient decentralization,” why blockchain transactions can give law enforcement advantages over cash, the outlook for the Clarity Act, crypto education and adoption, and why traditional financial institutions may ultimately embrace blockchain for efficiency, customer experience, and profit.

Timestamps
00:00 Stuart Alderoty Joins Crypto in America

00:31 The National Cryptocurrency Association

02:37 67 Million Americans Own Crypto

05:55 Why Education Is Crypto’s Biggest Barrier

09:25 Bringing Crypto Education to Washington

11:33 What Crypto in America Means to Stuart Alderoty

14:03 How Alderoty Joined Ripple

16:52 What Crypto Taught a Traditional Finance Lawyer

19:50 Crypto, Cash and Illicit Finance

23:02 Why Compliance Matters for Crypto’s Future

24:45 Bitcoin Was Meant to Be “Human Friendly”

26:47 How Ripple Fought SEC Regulation by Enforcement

28:28 Why Ripple Decided to Fight the SEC

30:44 Ripple’s XRP Ruling and the New SEC

32:35 How Ripple Helped Shape Today’s Crypto Rules

34:56 Is “Sufficient Decentralization” Dead?

37:28 What the SEC’s New Crypto Framework Could Unlock

38:00 Should the SEC and CFTC Move Ahead of Congress?

38:30 What the Clarity Act Means for Ripple

38:34 Why Wall Street Is Leaning Into Crypto

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Please note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.

This show is sponsored by Sei. Learn more about Sei: https://www.sei.io/

#Ripple #XRP #CryptoRegulation #SEC #CryptoInAmerica

SEC Commissioner Hester Peirce and Crypto Task Force Chief Counsel Taylor Lindman join us to discuss the SEC’s innovation exemption for tokenized stocks, the implications for DeFi and self-custody, and preparations for 24-hour trading.

Former House Financial Services Committee Chairman Patrick McHenry breaks down what went wrong with Clarity, whether negotiations can restart, and the risks of building crypto policy without legislation.

The American Bankers Association’s Brooke Ybarra discusses stablecoin rewards, banks’ concerns about deposit flight, and whether the banking industry’s push for restrictions backfired.

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Anthony Scaramucci says the U.S. crypto industry has made progress, but he isn't convinced Washington will deliver the regulatory certainty the market is waiting for.

The SkyBridge founder joins Crypto in America at the Wyoming Blockchain Symposium to discuss the Clarity Act, why he believes political incentives could complicate its path through Congress, and what could happen if U.S. crypto policy continues to rely on agency rulemaking instead of legislation.

The conversation explores the Trump administration's approach to crypto regulation, the durability of SEC and CFTC rules, institutional adoption, why a failure to pass the Clarity Act could have very different implications for Bitcoin and altcoins, how stablecoins could strengthen the U.S. dollar, crypto donor fatigue in Washington, and Scaramucci's outlook for the crypto market over the next six months.

Timestamps 

00:00 Anthony Scaramucci Returns to Crypto in America

00:38 Is Crypto Still Early?

01:38 Paul Atkins’ Approach to Crypto Regulation

03:14 Will the Clarity Act Vote Actually Happen?

03:36 Why Scaramucci Is 50/50 on the Clarity Act

06:52 Can Crypto Democratize Finance?

09:47 Scaramucci Grades Trump’s Crypto Agenda

11:17 Why the Clarity Act Could Fail

12:30 The Politics Behind Trump’s Crypto Interests

15:56 Has Trump Made Crypto Legislation Harder?

18:03 Why Agency Rules Can Be Reversed

20:32 What the Clarity Act Means for SkyBridge and Bitcoin

22:35 Could Clarity Act Failure Actually Help Bitcoin?

23:25 Why Altcoins Have More to Lose

25:11 How the Clarity Act Could Strengthen the U.S. Dollar

27:10 Is Crypto Losing Political Influence?

30:39 Is Washington Exposing Crony Capitalism?

33:36 Scaramucci’s Six-Month Crypto Outlook

35:09 Institutional Demand and Bitcoin’s Next Cycle

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Please note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.

This show is sponsored by Sei. Learn more about Sei: https://www.sei.io/

Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets and a key White House negotiator on the Clarity Act, joins Crypto in America as the Senate prepares for a critical vote on U.S. crypto market structure legislation.

Speaking live from the Solana Policy Institute’s Washington and Wall Street Summit, Patrick Witt breaks down the final negotiations behind the bill, why he feels “very good” about reaching the 60 votes needed to move forward, and why the outcome may ultimately come down to politics rather than policy.

The conversation covers President Trump’s agreement to stronger crypto ethics provisions, the White House’s clash with the banking industry over stablecoin rewards and deposit flight concerns, the compromises made to secure bipartisan support, how much room remains to change the bill, and what the SEC and CFTC could do if the Clarity Act fails to advance.

Timestamps

00:10 Patrick Witt on the Clarity Act

01:13 Trump Agrees to Stronger Crypto Ethics Rules

03:02 What Changed in the Ethics Compromise?

05:24 Can the Ethics Deal Win More Democratic Votes?

06:32 Why the White House Compromised on the BRCA

08:02 White House Responds to Ethics Criticism

09:30 Banks Push Back on Stablecoin Rewards

13:41 Patrick Witt Challenges the Banking Lobby

16:00 Could Republican Holdouts Block the Bill?

18:36 Does the Clarity Act Have 60 Votes?

19:24 Is the Final Clarity Act Deal Done?

20:31 Which Senators Could Decide the Vote?

21:06 What Happens If the Senate Gets 60 Votes?

23:09 Can the Clarity Act Reach Trump’s Desk This Year?

23:53 What Happens If the Clarity Act Fails?

25:00 SEC and CFTC’s Crypto Plan B

26:07 Inside the Clarity Act Negotiations

28:00 What to Watch Before the Senate Vote28:20 How the White House Views the Final Deal28:30 What Witt Would Have Done Differently

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The regulatory environment for crypto in the U.S. has changed dramatically, but founders and investors still face a bigger question: can today's progress provide the long-term certainty needed to build and invest for the next decade?

Miles Jennings, Head of Policy and General Counsel at a16z crypto, joins Crypto in America to discuss the Clarity Act, the limits of agency rulemaking, and why entrepreneurs still need clearer rules for building in the United States.

The conversation explores the latest Clarity Act negotiations, decentralization and control, stablecoin yield and opposition from parts of the banking industry, traditional finance moving onchain, how regulatory changes are affecting crypto investment, the competition for entrepreneurs between AI and crypto, and the legal questions emerging as AI agents begin interacting with money.

Timestamps

00:10 Miles Jennings Returns to Crypto in America

00:29 What Crypto in America Means Today

01:18 Where the Clarity Act Stands

02:15 Will the September Vote Actually Happen?

02:54 Why Founders Still Need Regulatory Certainty

04:35 Can SEC Rules Give Founders Enough Clarity?

05:55 Is the Clarity Act a Good Compromise?

07:10 How the Clarity Act Defines Control

09:13 Rethinking “Sufficient Decentralization”

11:41 The Risk of a Regulatory Race to the Bottom

13:24 Why Traditional Finance Is Rethinking DeFi

15:17 Wall Street Is Moving Onchain

16:42 Why Banks Keep Fighting Stablecoin Yield

18:50 The Political Fight Over the Clarity Act

20:45 Is the Clarity Act Debate Still About Policy?

22:37 The 60-Vote Challenge

23:27 Fairshake and Crypto’s Political Influence

25:21 How a16z Advises Crypto Founders

27:23 How Founders Are Preparing for Clarity

27:55 AI vs. Crypto for Venture Capital

29:01 Why AI Is Attracting More Entrepreneurs

30:24 Where Crypto Investors See Opportunity

32:06 How Clarity Could Make the Market “Safe Again”

33:18 Could Crypto Debanking Return?

34:23 The Next Legal Battleground: AI Agents and Money

36:02 Who Is Responsible When an AI Agent Controls Money?

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Please note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.

This show is sponsored by Sei. Learn more about Sei: https://www.sei.io/

The Clarity Act remains one of the crypto industry's biggest policy priorities in Washington, but what happens if Congress can't get market structure legislation across the finish line?

Kristin Smith, President of the Solana Policy Institute, joins Crypto in America at the Wyoming Blockchain Symposium to discuss why passing major crypto legislation has proven more difficult than anticipated, why the SEC and CFTC may need to pursue what she calls “Operation Plan B,” and what greater regulatory certainty could mean for Solana and institutional adoption.

The conversation explores the political hurdles still facing crypto market structure legislation, the role of SEC and CFTC rulemaking, Solana's opportunity in tokenized securities, institutional capital sitting on the sidelines, Fairshake's impact on Washington, and why tax policy could become one of crypto's next major policy fights.

Timestamps 

00:10 Kristin Smith on the Future of U.S. Crypto Policy

00:34 Why U.S. Crypto Policy Matters Globally

01:30 How the Clarity Act Has Evolved

03:22 Why Congress Is Running Out of Time

05:42 How Likely Is the Clarity Act to Pass?

07:55 The 60-Vote Challenge

08:23 Banks, Yield and the Final Negotiations

10:27 Can SEC Rulemaking Move Ahead of Congress?

11:17 Why Crypto Needs “Operation Plan B”

12:52 What the Clarity Act Means for Solana

14:56 Tokenized Securities and Institutional Adoption

15:23 Why Wall Street Money Is Sitting on the Sidelines

16:18 DeFi and Regulated Markets on Solana

17:11 Public Blockchains as Financial Infrastructure

18:48 Fairshake’s Influence in Washington

19:21 How Crypto Should Approach the Midterms

21:15 How Fairshake Changed Crypto’s Political Power

21:46 Crypto’s Next Major Policy Fight: Taxes

23:40 Why Washington Has a Crypto Tax Education Gap

24:39 What to Watch From the SEC and CFTC

25:41 Wall Street’s Next Wave of Crypto Adoption

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Please note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.

This show is sponsored by Sei. Learn more about Sei: https://www.sei.io/

This show is sponsored by Sumsub. Get your copy of its State of the Crypto Industry report: https://sumsub.link/cdt

Jonathan Jachym, Global Head of Policy and Market Structure at Kraken, joins Crypto in America at the Wyoming Blockchain Symposium to break down what’s at stake as Congress weighs the Clarity Act and why legislation could provide something agency rulemaking alone cannot: long-term regulatory certainty for the U.S. crypto industry.

Jachym discusses the ongoing Clarity Act negotiations, what the SEC and CFTC could do if Congress fails to act, and the risks of relying on rules that a future administration could potentially unwind. The conversation also explores federal customer protections, Kraken’s evolving access to the U.S. payment system, tokenized equities and real-world assets, and why the lines between crypto-native companies and traditional financial institutions are becoming increasingly blurred.

Timestamps:

00:44 What Crypto in America Means to Kraken

02:17 Can the Clarity Act Still Pass?

03:18 Banks, Stablecoins and Remaining Negotiations

05:34 The Biggest Disagreements Around Clarity

08:12 How Crypto Exchanges Are Working Together

09:02 Kraken's Access to the U.S. Payment System

10:47 Is Direct Fed Access Enough?

12:41 SEC and CFTC Crypto Rulemaking

15:14 Tokenized Equities and Traditional Finance

17:16 What If the Clarity Act Doesn't Pass?

20:02 Can Future Administrations Reverse the Rules?

22:42 Why the U.S. Is Falling Behind

25:41 What Failure Could Mean for DeFi and Developers

27:32 Jonathan's Outlook for the Clarity Act

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Please note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.

This show is sponsored by Sei. Learn more about Sei: https://www.sei.io/

This show is sponsored by Sumsub. Get your copy of its State of the Crypto Industry report: https://sumsub.link/cdt