Patrick Witt, the White House's executive director for digital assets policy, calls in mid-episode to give the Chopping Block crew a live read on the CLARITY market structure bill!
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 they're joined mid-episode by Patrick Witt, Executive Director of the President's Council of Advisors for Digital Assets, who dialed in late because he was literally chasing down bill language.
First, Tarun explains how Gauntlet closed its biggest raise ever, $125M from SBI Holdings, the crypto OGs of Japan and early Ripple Labs backers, and what it cost him in suits and seven straight days of staying shaved (chairman Kitao-san reportedly listens). Then the crew dissects Balaji's Network School saga, from a Forest City ghost town in Malaysia to an immigration raid, a revoked license, and a sudden MOU-fueled pivot to Kazakhstan, with Tom's dreaded 'turkey chart' making an appearance. Finally, the main event: Patrick lays out the state of play on the CLARITY market structure bill, the August 7th recess deadline, the ~46% Polymarket coin flip, and the first-of-its-kind ethics provision, including the DOJ-versus-state-AG enforcement fight and whether crypto gets a second crack after midterms.
Listen to the episode on <a href="https://bit.ly/3w9HQ7J">Apple Podcasts</a>, <a href="https://bit.ly/3wiIOyy">Spotify</a>, <a href="https://pods.media/the-chopping-block">Pods</a>, <a href="https://fountain.fm/">Fountain</a>, <a href="https://podcastaddict.com/">Podcast Addict</a>, <a href="https://pocketcasts.com/">Pocket Casts</a>, <a href="https://music.amazon.com/">Amazon Music</a>, or on your favorite podcast platform.

Show highlights
🔹 Patrick Witt dials in mid-episode after literally chasing bill language, laying out the CLARITY market structure bill and its August 7th recess deadline.
🔹 Polymarket puts CLARITY at roughly 46%, a coin flip, after passing the House 294-134 last July and stalling in the Senate.
🔹 The first-of-its-kind ethics provision bars officials and spouses from issuing digital assets, forcing existing holdings into blind trusts or divestment.
🔹 The live fight: White House wants DOJ enforcement, Democrats want 50 state attorneys general, which Patrick warns invites politically motivated lawsuits.
🔹 Tarun breaks down Gauntlet's $125M raise from SBI Holdings, his biggest ever, closed after seven straight days of suits and staying shaved in Japan.
🔹 SBI, the crypto OGs of Japan and early Ripple Labs backers, bets on capital shifting from syndicated VC toward TradFi giants funding DeFi liquidity.
🔹 Balaji's Network School goes from a Forest City ghost town in Malaysia to an immigration raid, a revoked license, and an MOU-fueled pivot to Kazakhstan.
🔹 Robert says Balaji 'picked the wrong dance partner' building a network state on foreign soil; Tom warns of the dreaded 'turkey chart.'

Hosts
⭐️ <a href="https://twitter.com/hosseeb">Haseeb Qureshi</a>, Managing Partner at Dragonfly
⭐️ <a href="https://twitter.com/tomhschmidt">Tom Schmidt</a>, General Partner at Dragonfly
⭐️ <a href="https://twitter.com/tarunchitra">Tarun Chitra</a>, Managing Partner at Robot Ventures
⭐️ <a href="https://twitter.com/rleshner">Robert Leshner</a>, Founder & CEO of Superstate

Guest
⭐️ <a href="https://twitter.com/patrickjwitt">Patrick Witt</a>, Executive Director, President's Council of Advisors for Digital Assets

<a href="http://choppingblock.xyz">Disclosures</a>
Timestamps
00:00 Intro
00:59 Tarun's $125M Gauntlet Raise from SBI Holdings
06:32 Balaji's Network School: Malaysia Raid to Kazakhstan Exit
13:57 Patrick Witt Joins: CLARITY Bill State of Play
16:14 The First-of-Its-Kind Presidential Ethics Provision
19:53 DOJ vs State Attorneys General Enforcement Fight
23:36 The Big Three: Ethics, Law Enforcement, and the Ag Title
30:54 Patrick's National Guard Deferral and Short-Handed Crypto Bench
33:11 Polymarket's Coin Flip and Post-Midterm Odds
39:04 After CLARITY: SBR Bill, Tax Provisions, and What's Next
42:44 Wrap: Hosts React to Robert's Hopium
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The Chopping Block: The CLARITY Act Endgame with Patrick Witt + Gauntlet's $125M SBI Raise + Balaji's Malaysia Exodus

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