A new draft of the CLARITY Act — the comprehensive US crypto market structure bill — landed with over 300 pages of updates.

Katherine Kirkpatrick Bos, Vy Le, and Josh Riezman of GSR dig into what actually changed: the addition of a specific intent standard for charging crypto developers under federal money laundering statutes (borrowed from the Blockchain Regulatory Certainty Act), what the secondary market treatment of tokens looks like in this draft, and whether the bill can clear the remaining political obstacles before the Memorial Day recess.

They also explain exactly what could kill it: the bank lobby’s remaining leverage and the Democrats’ ethics demand.

Josh also explains the two things GSR needs from CLARITY: a clear answer on the security/commodity line in secondary markets, and conditions that draw trading volume back onshore.

This clip is from a longer conversation also covering crypto spring, Circle’s Arc token presale, and Chair Atkins’ DeFi speech. Full episode here.

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