Unchained Bits + Bips: What Could Spark the Next Crypto Bull Cycle? - Ep. 980
22 snips
Dec 16, 2025 
Elisabeth Kirby, Head of Market Structure at Tradeweb, joins the hosts to explore the current state of cryptocurrency markets. They discuss the stalled US market structure legislation and its implications for institutional entry into crypto. Elisabeth highlights JPMorgan's innovative tokenization of money market funds and TradeWeb's work on on-chain trades. The group debates the prospects of Ethereum and Solana in the institutional sphere, as well as the challenges that macroeconomic conditions present for future crypto rallies.
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Legislation Needs Taxonomy To Unlock Institutions
- The Senate market-structure bill is too complex to pass quickly and may be modularized into smaller pieces to make progress.
- A clear taxonomy distinguishing securities from commodities is essential to unlock institutional access to crypto markets.
Enforcement-First Approach Slowed Clarity
- The Gensler-era SEC relied heavily on enforcement rather than clear rulemaking, which divided opinion and raised legitimacy questions.
- Achieving balanced deregulatory clarity could accelerate institutional adoption and innovation in the U.S. crypto market.
Regulatory Credibility Was Undermined
- The Biden SEC missed major frauds while spending political capital on low‑harm enforcement actions, creating credibility gaps in oversight.
- Mainstream reporting omitted crucial context about enforcement failures and selective targeting.