In this monthly policy roundtable, Patrick Murck is joined by Greg Xethalis (General Counsel, Multicoin Capital) and Karen Ubell (Partner, Goodwin) to break down the urgent push for crypto market structure legislation before midterms. They discuss Mike Selig's nomination to chair the CFTC and what his crypto expertise means for the agency's expansion into spot markets. They examine whether Congress should rush legislation or take time to get it right, what the Binance listing terms leak reveals about US regulatory arbitrage, and why moving from 54 state licenses to federal oversight matters for competitiveness.