The Genius Act is working, and finishing the job through the Clarity Act is the best chance Congress has had to set clear rules of the road.
Clarity is closer than it's ever been, and I'd urge the Senate to finish it this year.
Clear US based rules are what unlock tokenization for ordinary Americans, keeping this activity on shore and creating good paying jobs.
Because in the end, the cost of moving money and moving assets is real, and it shows up in every household budget.
The digital chamber is proud of our role in helping Americans shed that burden, burden and working with this committee.
That was the digital chamber CEO Cody Carbone testifying before the Senate Banking Committee last week about the crypto industry's desire for the clarity Act to pass.
But with the House of Representatives now on summer recess, Galaxy Digital has cut the odds.
The bill is passed this year to 50/50.
Galaxy also citing limited progress in negotiations as banking groups pressure lawmakers not to allow for stable coin rewards.
Meanwhile happening here at the New York Stock Exchange this morning.
And afternoon is the zero has on chain brokerage summit.
Now he digital asset industry voices will be joined by representatives of the institutional blockchain rush does continue.
These include leaders from the NY City wealth, Morgan Stanley and TD Securities and these tra find the leaders working together on blockchain, even if the industries are seeing some tension over stable coins will joining me live here at the New York Stock Exchange is Cody carbon.
Of the digital chamber.
Cody, great to have you back.
Thank you so much for joining me.
Of course, always great to be here, Rey.
Well, here we are marking the final trading session of June as well as the first half of 2026.
So I do want to get your recent take, especially because you were in front of the Senate Banking Committee.
I understand that you framed the Clarity Act not as a tech bill but as an affordability agenda.
So walk us through this.
I believe the benefits that on-chain payments, tokenization, what they can do in removing intermediaries to save costs for the average Americans, this is an affordability bill.
It's about saving money on everyone's gas bill, on everyone's grocery bill, making sure that when you buy a home, you don't have to pay for title insurance anymore.
That's thousands of dollars for the average American.
We always talk about tokenization, clarity Act, durable law as some kind of futuristic. or institutional objective when really this is about the average American who wants to trade.
We want to make sure that there is more access to wealth generation, and that's what this bill will do, creating durable law, having more institutional grade products.
We've seen what happened with the Genius Act.
As soon as the Genius Act was passed, you saw cheaper competitive payment options offered overnight.
That's what's going to happen for the rest of the market if the Clarity Act is passed.
Yes, and it's key that you.
Mentioned this, especially given some of the Federal Reserve data that you specified here, because when we're talking about the digital asset market, in particular with what's happening with crypto, some may say access for the unbanked or underbanked might not be such a great idea, but you disagree, is that correct?
I disagree.
Right now what stablecoins are able to offer for the average American is truly revolutionary.
Just like gas stations offer you a discount if you use cash instead of a credit card, merchants are starting to offer discounts if you use on chain payments instead of credit cards as well.
We need to find more ways for the 5 million unbanked households in America to be able to access wealth, and the number one reason, according to the FDIC, that there are.
Many unbanked Americans is because it's too costly to have a bank account.
It costs nothing as long as you have a mobile device to open up a digital wallet, to be able to access US dollar-backed stablecoins, and to be able to pay for goods and services.
It's about putting everyone on a level playing field, and that's what digital assets can do.
Yes, and if 2026 has been an indicator, we know that when there's uncertainty, there's instability, but you believe that given this uncertainty regarding the regulatory landscape moving forward, it creates financial instability.
So what do you think will happen in terms of the timeline for clarity?
I still feel very optimistic.
Everyone remains at the table.
It'd be very easy to get pessimistic if it was whether the Democrats or the Republicans or the White House saying, you know what, pens are down.
We don't feel good about.
This, we're going to take our ball and go home.
Everyone is still working and they feel really good about the progress.
There are two main issues that I see that need to be resolved.
One is ethics, and the other one is DFI and law enforcement's concerned over DFI.
I feel really good about the progress based on the conversations of where both those things are.
The Senate is now out for the next 2 weeks.
They come back the week of July 13th, and I feel really good that we'll get a bill passed in the Senate with 60 votes, a bipartisan vote, uh, either that week or shortly.
Thereafter and then it'll go to the House very quickly and hopefully we can have this bill signed by the president before the end of August and Cody, we're here ahead of the holiday weekend ahead of the 4th of July holiday here in the US so there has been a lot of prediction market uncertainty as we head into the second half of this year.
So what do you think needs to happen when it comes to prediction markets?
And I know you've been having many conversations with stakeholders.
So give us some insight here.
There needs to be clear rules of the road with any innovation, there needs to be clear rules.
We've been fighting for that on the crypto side for so long and now and then it was AI and now it's prediction markets.
There's always something new in DC.
We believe that the CFTC needs to be the primary regulator of prediction markets.
There's going to be a lot of court cases that continue to happen are already happening.
We're filing amicus briefs in certain court cases.
The CFTC has exclusive jurisdiction here.
It'll ultimately likely be the Supreme Court that has to decide on this.
Hopefully that's sooner rather than later.
In the meantime, the CFTC is going to continue to propose rules.
You've seen different legislative exercises, bipartisan bills that are.
About certain contracts that need to be prohibited.
We're supportive of those as well.
So I don't know if we'll get legislation this year, but the CFTC is already proposing rules.
I encourage everyone, if you're in the prediction market space, to provide a comment to the CFTC.
Once those rules are finalized, we'll have clear regulatory guidelines.
And Cody, finally, before I let you go, you're here at the New York Stock Exchange, and today we have the zero hash on chain brokerage summit.
So give us a sneak peek into.
What you expect today.
I'm really excited.
I'm talking about the regulatory framework for tokenization, no surprise, and I think what the beauty of this conference is and being here at this venue is that it's not just crypto native companies anymore.
Traditional finance has come to the table.
This isn't a concept anymore either.
This isn't theoretical, and it's real.
Deloitte predicts that the tokenization market will be $4 trillion by 2030.
Every single player, whether you're a traditional institution, you're crypto native, you're a retail investor, you're starting to look at what tokenization can do.
It all goes back to the affordability angle.
How can tokenization save you money?
How can it save money on your bottom line, whether you're the biggest business in the world or the smallest retail investor?
That's what this conference is going to be about today.
What is the future?
What does the next 5 years look like for tokenization?
Well, Cody, always great having you on the show.
Thank you so much for joining us and thank you as always for sharing your perspective.
Of course, thanks so much.
