The SEC just built “an exit door out of its own jurisdiction.”

On The Policy Protocol, Superstate GC @AlexZozos joins @RebeccaRettig1 and @renato_mariotti to unpack the “Reg Crypto” rulemaking: the fundraising barbell, the “Hotel California” problem, and why the exit ramp still needs the CLARITY Act.

Plus: Trump talks Hyperliquid, and Kalshi beats the CFTC again.

Chapters/Timecodes:

00:00 Welcome to The Policy Protocol

01:54 Hot Topic: Trump Talks Hyperliquid at the White House

04:36 Renato's Hot Topic: Kalshi, the CFTC, and Loper Bright

06:34 The SEC Drops Its 'Reg Crypto' Rulemaking

06:42 Alexander Zozos of Superstate Joins the Show

06:55 What Is Reg Crypto? The 30,000-Foot View

10:04 Foundation or Window? The Rogue Regulator Question

12:16 Inside the SEC: How a 400-Page Rule Gets Made

17:40 Does the Exit Ramp Depend on the CLARITY Act?

20:04 Rebecca and Renato Debrief

21:44 Person of the Week: Crypto Lawyers