In this Christmas Eve episode of DEX in the City, hosts Jessi Brooks, Katherine Kirkpatrick Bos, and Vy Le break down a pivotal moment for crypto: the industry is no longer operating as a self-contained, oppositional ecosystem. It’s converging with traditional finance. And the cool thing? Washington is responding. The trio unpacks the latest on the crypto market structure bill, what it means that TradFi players are actively supporting legislation, how compliance tools like KYC became unavoidable, and why crypto may be going through an identity crisis.  They also delve into why Democratic engagement is crucial to getting a bill across the finish line, and why January’s confirmed markup could be a turning point. Hosts: Jessi Brooks, General Counsel at Ribbit Capital Katherine Kirkpatrick Bos, General Counsel at StarkWare TuongVy Le, General Counsel at Veda Timestamps: 🎬 0:00 Intro 🎄 2:09 Whether crypto’s convergence with TradFi is finally changing how policymakers treat the industry 🧬 13:54 What “crypto-native hybrids” are and why they’re suddenly everywhere 🔐 15:23 How KYC and compliance tools went from optional to unavoidable in crypto’s tech stack 🪞 18:24 Why Vy says crypto is in the middle of a real identity crisis 📅 21:12 Why a confirmed January markup is a much bigger deal than it sounds ⚔️ 24:00 How the DeFi fight inside the bill is shaping up and why TradFi is now showing up loudly 🏛️ 31:02 What Democrats are zeroing in on to actually get this bill across the finish line 🔄 35:02 Whether the revolving door between government and crypto is healthy or a red flag ✨ 45:49 Good news and end-of-year thoughts Learn more about your ad choices. Visit megaphone.fm/adchoices