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/