The Chopping Block: The Clarity Act, Stablecoins, and a $120K Bitcoin Boom - Ep. 874

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Jul 24, 2025

Rebecca Rettig, Chief Legal Officer at Jito Labs and a keen expert in crypto regulation, dives into a monumental week for the crypto world. The Clarity Act and Genius Act received bipartisan support, redefining digital asset classifications and offering a clearer path for stablecoins. The discussion probes whether this legislative shift signifies true progress for the industry or if it's merely an adaptation to the evolving landscape. The group also analyzes the market's reaction to Bitcoin breaking the $120K barrier and Ethereum's unusual silence amid these significant developments.

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INSIGHT

Genius Act Clarifies Stablecoin Rules

The Genius Act creates a comprehensive federal regulatory framework for stablecoin issuers through the OCC that simplifies previous state-based licensing.
It restricts stablecoin issuance mainly to financial service companies, excluding big tech to avoid Libra-like scenarios.

INSIGHT

Big Tech Will Use White-Label Stablecoins

Big tech companies will mostly white-label stablecoin issuance through financial partners rather than issuing directly.
White-label stablecoin services are a growing trend to navigate regulatory costs and restrictions on issuance.

INSIGHT

Stablecoin Market Dominance Predictions

Circle and Tether hold a distinct first-mover advantage poised to maintain market dominance in stablecoin issuance.
White-label stablecoin providers may capture substantial market share, while consortium stablecoins remain unclear and potentially messy.

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by special guest Rebecca Rettig, Chief Legal Officer at Jito Labs, to unpack the biggest legislative week in crypto history. The Clarity Act, Genius Act, and Anti-CBDC Act all pass Congress, ushering in what some are calling a regulatory renaissance — or at least, the first real rules of the road. Bitcoin breaks $120K, memecoins rip, and Crypto Week sends shockwaves through Washington. But is the Clarity Act really the win the industry’s been waiting for? Rebecca breaks down the legal nuance, Tarun questions the economic reality, and Haseeb points out Ethereum’s bizarre silence during the biggest policy shift of the decade. Has crypto finally grown up — or just gotten better at playing the game? The gang dissects the laws, the loopholes, and the market’s reaction to it all.

Show highlights

🔹 Clarity Act Passes the House – Landmark crypto bill advances with bipartisan support, aiming to limit SEC power and define digital asset classifications.

🔹 Stablecoins Get a Path Forward – The Genius Act passes alongside Clarity, offering long-awaited regulatory rails for U.S. stablecoin issuers.

🔹 Congress Goes Full Crypto – Three major bills pass the House in one week, marking a historic show of political support for the industry.

🔹 Rebecca Rettig Returns – Jito Labs Chief Legal Officer breaks down what the legislation really means — and what still isn’t clear.

🔹 SEC in the Hot Seat – With CFTC gaining ground, the SEC’s regulatory grip is questioned across policy circles and crypto Twitter.

🔹 Bitcoin Breaks $120K – Markets rally on regulatory momentum and renewed optimism, with BTC setting a new local high.

🔹 Altcoins Catch Fire – SOL, PENGU, and meme tokens explode as traders rotate into risk-on narratives post-legislation.

🔹 Ethereum’s Silence Raises Eyebrows – Despite being at the heart of stablecoin infrastructure, Ethereum’s core voices stay unusually quiet.

🔹 DeFi’s Legal Gray Zone Remains – Tarun argues the bills may shift political winds, but don’t resolve the underlying protocol risk or enforcement ambiguity.

🔹 Crypto Week Becomes a Real Thing – What started as a Trump slogan turns into one of the most consequential weeks in U.S. crypto history.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly

Guest

⭐️ Rebecca Rettig, Jurisprudential Genius at Jito Labs

Disclosures

Timestamps

00:00 Intro

01:06 The Genius Act

04:38 Tech Companies & Stablecoins

08:38 Predictions for the Future of Stablecoins

26:25 The Clarity Act Breakdown

32:27 Important Definitions

34:38 New Exemptions for Token Sales

41:12 Mature Blockchain Certification Process

45:27 Defi Activity Exemptions & Regulations

48:03 New Categories for Spot Crypto Registrants

55:52 Solana's Block Assembly Marketplace (BAM)

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