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Welcome to The Chopping Block, where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week the four of them are in the same room for what was supposed to be Clarity day.

The CLARITY Act fails cloture with 47 votes, not a single Democrat in favor, and the crew works out what that leaves behind: rulemaking at the SEC and CFTC, an ethics fight that was never really about market structure, and Robert’s tally of everyone who walked away with nothing. Then Hunter Biden’s LAPTOP token collapses 99.85 percent, the SDNY indicts two Robinhood engineers over Hyperliquid front-running, Balancer and a wave of exchanges wind down, Robert explains why Satoshi is a time traveler, and the panel takes apart the labs’ agreement to pace the frontier.

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