Episode Details

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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