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Unchained

DEX in the City: How Even TradFi Wants to Pass the Crypto Market Structure Bill - Ep. 989

Unchained

Laura Shin

News, Tech News, Business News

4.61.3K Ratings

🗓️ 24 December 2025

⏱️ 50 minutes

🧾️ Download transcript

Summary

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

Transcript

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0:00.0

For a long time, crypto sort of operated under the assumption that the world would eventually

0:05.8

adapt to us, right? That scale and adoption would force regulators to accommodate crypto.

0:11.7

What's really interesting about this environment is crypto's at the table, TradFi's at the table.

0:17.3

TradFi is not trying to kill this bill. In fact, a lot of tradfi industries are

0:22.6

supporting the bill. There is something really amazing about the fact that like Dems have engaged

0:28.6

and they continue to engage.

0:32.6

Hi all and welcome to Dex in the city where the wallets are cold and the takes are hot.

0:38.7

The holiday edition. For those listeners who aren't watching, I'm wearing a tiny Santa hat.

0:45.1

A Jesse first, Web 3 prosecutor turned Web 3 protector at Ribbett Capital.

0:51.4

Hi everyone, happy holidays.

0:53.5

Is wearing a very festive red bow.

0:56.2

As V just said, she looks like she's ready to perform

0:58.5

in the net cracker.

1:00.0

And then we have V from the SEC to Web 3.

1:05.7

Happy holidays, everyone.

1:06.9

So blame Amazon, my head piece did not arrive in time,

1:10.4

but I put up some little Christmas

1:11.8

cheese in the back. This was all these idea. I had to like dig this out of my, some drawer. Yeah,

1:22.5

and I'm the only one here wearing a diney Santa hat, which I will happily rock for the duration of this

1:29.1

podcast. So before we get going, remember, we're lawyers, but we're not your lawyers. Nothing you

1:34.9

hear on decks in the city is legal or financial advice, and it doesn't create an attorney-client

1:38.6

relationship. And for the fine print, as always, check unchained crypto.com. I'm also wearing a very festive sweatshirt

...

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