What Happens to Crypto If the Clarity Act Doesn’t Pass?

<p>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.</p><p>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.</p><p><strong>Timestamps:</strong></p><p>00:44 What Crypto in America Means to Kraken</p><p>02:17 Can the Clarity Act Still Pass?</p><p>03:18 Banks, Stablecoins and Remaining Negotiations</p><p>05:34 The Biggest Disagreements Around Clarity</p><p>08:12 How Crypto Exchanges Are Working Together</p><p>09:02 Kraken&#39;s Access to the U.S. Payment System</p><p>10:47 Is Direct Fed Access Enough?</p><p>12:41 SEC and CFTC Crypto Rulemaking</p><p>15:14 Tokenized Equities and Traditional Finance</p><p>17:16 What If the Clarity Act Doesn&#39;t Pass?</p><p>20:02 Can Future Administrations Reverse the Rules?</p><p>22:42 Why the U.S. Is Falling Behind</p><p>25:41 What Failure Could Mean for DeFi and Developers</p><p>27:32 Jonathan&#39;s Outlook for the Clarity Act</p><p>🔹 Follow Us <a href="https://x.com/CryptoAmerica_"><u>https://x.com/CryptoAmerica_</u></a>https://open.spotify.com/show/2Y3bQRj... https://podcasts.apple.com/us/podcast... </p><p>🔹Follow HostsJacquelyn: <a href="https://x.com/jacqmelinek"><u>https://x.com/jacqmelinek</u></a>Gerald: <a href="https://x.com/thatgerald"><u>https://x.com/thatgerald</u></a>Eleanor: <a href="https://x.com/EleanorTerrett"><u>https://x.com/EleanorTerrett</u></a></p><p>🔹Follow Jonathan Jachym<a href="https://www.linkedin.com/in/jonathan-jachym-98890bb9"><u>https://www.linkedin.com/in/jonathan-jachym-98890bb9</u></a>https://x.com/JonathanJachym</p><p>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.</p><p>This show is sponsored by Sei. Learn more about Sei: https://www.sei.io/</p><p>This show is sponsored by Sumsub. Get your copy of its State of the Crypto Industry report: https://sumsub.link/cdt </p><p><br></p>