Kraken Parent Backs CFTC's Plan to Regulate Spot Crypto Without Congress

CoinDesk’s The Policy Protocol hosts Rebecca Rettig and Renato Mariotti open on the week’s biggest stories: the CFTC’s new advance notice of proposed rulemaking (ANPR) to regulate spot crypto exchanges without Congress, and Justin Drake’s “bunker mode” warning about AI breaking wallet cryptography. Then they sit down with Jonathan Jachym, Chief Policy Officer at Payward, who explains how Payward’s regulatory stack is being used to bring Hyperliquid to the US and to partner with banks like Wells Fargo. Jachym argues the CFTC’s ANPR is a critical first step to close a federal regulatory gap that leaves the US one of the few G20 nations without basic market-structure rules. Plus, Rebecca and Renato name Solana, and the Samsung-USDC partnership bringing stablecoins to 82 million Galaxy users, as their Person of the Week. - This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com. - Digital markets move fast. Move forward with clarity from S&P Global Ratings' risk analysis spanning stablecoins, tokenized funds, digital bonds, DeFi protocols, and more. Explore digital asset solutions with S&P Global Ratings at https://www.spglobal.com/ratings/en/products/solutions/digital-assets?utm_campaign=Global-DA-Vaults&utm_source=digital-ads&utm_medium=link&utm_content=CoinDesk1. - Chapters/Timecodes: 00:00 Welcome to The Policy Protocol 02:10 The CFTC Moves to Regulate Spot Crypto 03:56 The ANPR Rollout 06:20 CFTC Resourcing and the Kalshi–NFL Fight 07:26 'Bunker Mode' and AI vs. Crypto 09:38 Jonathan Jachym of Payward Joins 10:08 Bringing Hyperliquid to the US 13:35 Bitnomial, 2C2D, and the CFTC's New Model 16:46 'Not a Partisan Issue': Filling the US Gap 19:14 Partnering With the Banks: Wells Fargo and Beyond 21:04 Will the Progress Last Under a New Commission? 24:39 Person of the Week: Solana & the Samsung Wallet Partnership