Days after Clarity failed, the SEC granted a major exemption for tokenized stocks. The Digital Chamber’s Cody Carbone explains whether agencies can replace the law.
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The Clarity Act failed its cloture vote this week, with every Senate Democrat voting no and sinking crypto's biggest legislative shot in years.
Cody Carbone, CEO of the Digital Chamber, joins Laura Shin to unpack what killed the bill: an ethics fight over Trump's blind trust and digital-asset dealings, stablecoin-reward limits the banks wouldn't accept, and a Blockchain Regulatory Certainty Act rewrite that stripped noncustodial developers of criminal-liability protection. Carbone argues Democrats rejected 80% of their own ethics demands rather than hand Republicans a win, and traces how crypto PAC money and the threat of Maxine Waters chairing House Financial Services shape what happens next.
Two days after Clarity died, the SEC granted an innovation exemption for tokenized stock trading, and Carbone says the SEC and CFTC are about to unleash years of rulemaking with or without Congress. The question now is whether that agency-driven momentum outlasts the next hostile administration, or gets undone with a single signature.

Host:
<ul>
 <li><a href="https://x.com/laurashin">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>, Host / Unchained</li>
</ul>
Guest:
<ul>
 <li><a href="https://x.com/CodyCarboneDC">Cody Carbone</a> - CEO of The Digital Chamber
</li>
</ul>
Timestamps
🏛️ 01:18 Why the Clarity Act's cloture vote failed: 'politics beat policy'
⚖️ 02:38 Scoring Trump's corruption against Nixon and Suharto fuels the ethics fight
🗳️ 06:51 Election pressure: a lame duck vote and crypto PAC money's next targets
🏦 11:57 Why Cody blames the banks' stablecoin rewards fight for killing Clarity
🌊 14:35 1inch Aqua: See how LPs back multiple positions with one token balance at<a href="http://unchainedcrypto.com/go/1inch-yt"> http://unchainedcrypto.com/go/1inch-yt</a>
📜 15:23 The SEC's new innovation exemption for tokenized stock venues
🔓 18:28 Could 2 years of SEC and CFTC rulemaking replace a crypto law?
🧩 23:20 Why regulators are staying silent on synthetic stock tokens
🤝 26:46 What's left to negotiate: developer liability and stablecoin yield
🔮 31:14 Is the lame duck Clarity's last shot, or could agency rules become permanent? Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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Crypto's Clarity Act Collapses. Two Days Later, the SEC Introduces Its Innovation Exemption

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