{"podcast":{"title":"Law of Code","slug":"law-of-code-4138106","podcast_index_feed_id":4138106,"rss_url":"https://anchor.fm/s/5e2873d8/podcast/rss","website_url":"https://lawofcode.io","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/15697094/15697094-1746050991164-06fa4857e6618.jpg","author":"Jacob Robinson","episode_count":189,"summary":"Understand the legal layer of emerging technology. Conversations with top lawyers, regulators, and entrepreneurs on the laws and policy decisions shaping our future.","last_synced_at":"2026-06-30T14:21:50.872621+00:00","page_url":"https://stenobird.com/podcast/law-of-code-4138106"},"episode":{"title":"#201 - The CLARITY Act","slug":"201-the-clarity-act","published_at":"2026-05-18T15:00:00+00:00","page_url":"https://stenobird.com/podcast/law-of-code-4138106/201-the-clarity-act","show_page_url":"https://stenobird.com/podcast/law-of-code-4138106","url":"https://podcasters.spotify.com/pod/show/lawofcode/episodes/201---The-CLARITY-Act-e3jhmvq","audio_url":"https://anchor.fm/s/5e2873d8/podcast/play/120166842/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-4-18%2F424391976-44100-2-ee67c701fac45.mp3","summary":"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…","meta_description":"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…","key_points":[],"chapters":[],"topics":[],"duration_seconds":6826,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/law-of-code-4138106/episodes/201-the-clarity-act/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/law-of-code-4138106/201-the-clarity-act.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}