What is the CLARITY Act? How does it protect the 70 million Americans who hold crypto? What does it change about how projects operate? This @LawofCodeFM podcast explains the history of U.S. digital asset regulation, why regulation-by-enforcement failed and what CLARITY solves, plus remaining steps for this to become law. Featured: @NYcryptolawyer, @milesjennings, @SH_Brennan, @KyleBligen, @millercwl, Dugan Bliss and snippets from @BillHughesDC, @thatgerald. By the end of this episode, I promise you'll be in the 99th percentile for understanding the CLARITY Act, regardless of whether you're a lawyer, builder or operator. Timestamps: 0:00 Intro 4:46 Explaining market structure 6:05 @milesjennings on regulatory distortion 10:43 Predecessor bills (RFIA, FIT21) 13:35 Senate Banking markup takeaways @millercwl 15:46 SEC & CFTC 20:37 The Securities Act of 1933 23:07 The Howey Test 25:26 @NYcryptolawyer's Ineluctable Modality of Securities Law 28:51 SEC enforcement 32:32 Why SEC rulemaking isn't enough 37:36 Titles of CLARITY 40:00 Digital commodities 47:29 Howey principles @NYcryptolawyer 54:10 Promoters: originators 58:18 Promoters: related persons 1:04:13 Token taxonomy @milesjennings 1:11:02 Ancillary asset requirements 1:19:34 The certification process 1:28:32 Remaining hurdles for CLARITY 1:34:50 Stablecoin yield 1:38:45 Ethics @KyleBligen 1:45:50 Tax consequences @CryptoTaxGuyETH 1:48:54 Thanking people working on the bill, such as @SenLummis, @gillibrandny, @SenatorTimScott, @SenatorHagerty, @SenThomTillis, @MarkWarner, @SenRubenGallego, f , their staffs & many, many others. Nothing in this podcast is legal or investment advice.

It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo's founder. Our hearts are with his family and loved ones. Nate’s brilliance, humility, and drive shaped every part of what Ondo is today. His belief in the power of technology to create a more open, accessible financial system lives on in everything we build. The impact he had on this industry, and on all of us personally, cannot be overstated. Nate also helped us build a durable organization with experienced leaders across all facets of the business. Ian De Bode, Ondo Finance’s longtime President, will serve as CEO. Ian has been leading our strategy, product, and day-to-day operations for over two years and has the full confidence of the leadership team. We will continue building what Nate started. That is the most meaningful way we know to honor him.

Clarity Act will enable buying and selling bitcoin without KYC/AML, it’s a roundabout repeal of the BSA by way of stablecoin secondary markets, with deposit banks as collateral damage.

Jonathan Galea, Partner, Cahill Gordon & Reindel (UK) LLP "Multi-jurisdictional compliance may therefore prove considerably more complex in practice than the shared principles might initially suggest.”

🚨🚨 We are currently experiencing an issue with the CoW Swap frontend (swap.cow.fi). While we are investigating, please DO NOT use CoW Swap.

PROTOCOLS SHOULD USE DEDICATED COMPUTERS FOR MULTISIG OPERATIONS Many protocols are not doing this right now - if this is you, adjust with urgency An "everyday computer" is one that is used for browsing the internet, coding, running Claude Code, joining meetings, reading telegram, etc. A "dedicated signing computer" is one that has the bare minimum set of tools for preparing transactions, handing them off to a hardware wallet, and sending the signed version to the blockchain. It is not used for ANYTHING other than this. In the wake of any major hack, there are a variety of storylines and contributing factors. The Drift hack had many contributing storylines, but in my opinion the single most important action item for other teams (and one which currently many teams deviate from) is - use dedicated signing computers. Why? Because everyday computers can easily be compromised. (The Drift hack featured several interesting examples of how an everyday computer got compromised, and we hear about others on a nearly daily basis.) When a computer is compromised, hackers have full control and can make anything appear to be true. The rest of the multisig procedure (e.g. verifying that a particular set of instructions produces a particular hash) becomes unreliable, since the computer from which you are viewing the operation is no longer a reliable narrator. When you plug a hardware wallet into a compromised computer and proceed to sign, all bets are off. The hacker can present a malicious payload to the device, causing you to sign what the hacker wants. DeFi Protocol teams have a massive checklist of items to harden their security. (Two great checklists are linked in the next thread.) But the checklist can be overwhelming, and it is important to prioritize. If your team is using everyday computers for signing, make it a priority to switch to dedicated devices asap. We'll have more to say shortly on how the Monad Foundation is encouraging teams to adopt this practice.