CLARITY’s 635-page draft failed its 49–50 Senate cloture vote, leaving Congress stalled and agencies to keep writing rules under existing authority.

Institutional rails kept moving - Circle launched Arc with 100+ participants and 10B ARC minted; the SEC opened a guarded five-year tokenized-stock lane; and Revolut’s breach exposed the privacy cost of centralized KYC.

In this episode:

• CLARITY’s final draft, its ethics and stablecoin-rewards fight, and the 49–50 Senate defeat
• Arc’s institutional design: USDC gas, sub-second finality, permissioned validators and 10B ARC
• The SEC’s tokenized-stock experiment: real shareholder rights, issuer objections, limits and a five-year runway
• Revolut’s KYC-data exposure, including passports, verifica ...