# #201 - The CLARITY Act

Page: https://stenobird.com/podcast/law-of-code-4138106/201-the-clarity-act
Text version: https://stenobird.com/podcast/law-of-code-4138106/201-the-clarity-act.md
Podcast: [Law of Code](https://stenobird.com/podcast/law-of-code-4138106)
Published: 2026-05-18T15:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/lawofcode/episodes/201---The-CLARITY-Act-e3jhmvq
Audio file: https://anchor.fm/s/5e2873d8/podcast/play/120166842/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-4-18%2F424391976-44100-2-ee67c701fac45.mp3
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JSON: https://stenobird.com/v1/public/podcasts/law-of-code-4138106/episodes/201-the-clarity-act
Duration seconds: 6826

## Resource

What is the CLARITY Act? Maybe the most important piece of financial legislation in a generation. This podcast explains the history of U.S. digital asset regulation, why regulation-by-enforcement failed and what the CLARITY Act addresses, plus remaining steps for this to become law. Guests: Lewis Cohen, Partner & Co-Chair of CahillNXT's Digital Assets & Emerging Technology practice Miles Jennings, Head of Policy & General Counsel for a16z crypto Sarah Brennan, general counsel at Delphi Ventures Kyle Bligen, Head of Policy and Public Affairs at the Decentralization Research Center Miller Whitehouse-Levine, CEO at Solana Policy Institute Dugan Bliss, Head of Litigation at Binance By the end of this episode, I promise you'll be in the 99th percentile for understanding CLARITY, regardless of whether you're a lawyer, builder or operator. Timestamps: 0:00 Intro 4:46 Explaining market structure 6:05 Regulatory distortion 10:43 Predecessor bills 13:35 Senate Banking markup takeaways 15:46 SEC & CFTC 20:37 The Securities Act of 1933 23:07 The Howey Test 25:26 The 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 Investment contract principles 54:10 Promoters: originators 58:18 Promoters: related persons 1:04:13 Token taxonomy 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 1:45:50 Tax consequences 1:48:54 Thanking people working on the bill, such as @SenLummis, @gillibrandny, @SenatorTimScott, @SenatorHagerty, @SenThomTillis, @MarkWarner, @SenRubenGallego, @Sen_Alsobrooks, their staffs & many, many others. Newsletter: I'm re-launching the Law of Code newsl…

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