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.

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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