U.S. policymakers continue to wrestle with how to regulate decentralized finance, stablecoins, and the broader crypto ecosystem. But as our guests Rebecca Rettig and Mike Mosier argue, the central challenge has never been "decentralization." Instead, the real regulatory question is who has independent control over other people's value.

In this monthly policy roundtable, Patrick Murck is joined by Greg Xethalis (General Counsel, Multicoin Capital) and Karen Ubell (Partner, Goodwin) to break down the urgent push for crypto market structure legislation before midterms. They discuss Mike Selig's nomination to chair the CFTC and what his crypto expertise means for the agency's expansion into spot markets. They examine whether Congress should rush legislation or take time to get it right, what the Binance listing terms leak reveals about US regulatory arbitrage, and why moving from 54 state licenses to federal oversight matters for competitiveness.

Protocol Labs' Juan Benet (Founder & CEO) and Diana Stern (Deputy General Counsel) join Patrick Murck on this week's episode. They discuss launching the PL 'alignment asset' token as a novel way to share incentives across Protocol Labs' network of over 700 companies.

Patrick Murck hosts David Tse (Co-Founder of Babylon Labs co-founder and Stanford professor) dive into how Babylon attracted nearly $7 billion in Bitcoin staking and explore their new trustless Bitcoin vaults that activate dormant Bitcoin assets for productive use in DeFi.

Patrick Murck and Professor Carla Reyes (SMU Law) discuss how the 2022 UCC amendments created "controllable electronic records" to finally align commercial law with crypto lending practices. They explore whether Bitcoin's UTXO system makes security interests practically impossible to enforce, why Florida's attempt to ban CBDCs through state law doesn't actually work, and how the GENIUS Act might prevent stablecoin issuers from paying bankruptcy costs.

In this episode of Form & Structure, Patrick Murck sits down with Pete Rizzo, The Bitcoin Historian and host of the Supply Shock podcast, for a wide-ranging conversation about Bitcoin's evolution and what Pete calls its "new epoch.".

In our Monthly Bitcoin Series episode of Form & Structure, Patrick Murck sits down with Neha Narula (Director, MIT Digital Currency Initiative) and Ethan Heilman (Research Engineer, Cloudflare) to discuss Roman Storm verdict's impact on privacy tech, Bitcoins fee market breakdown, and the "one sat per vbyte" policy debate.

White House Crypto Council Executive Director Bo Hines joins Patrick Murck to break down the administration's comprehensive strategy to make America the crypto capital of the world. Bo discusses the President's Working Group Digital Assets Report, Bitcoin Strategic Reserve implementation, and the timeline to pass the Clarity Act by October 2025.

Then, Dan Spuller (EVP Industry Affairs, Blockchain Association) dives into North Carolina's emergence as a crypto hub, state-level competition for digital asset infrastructure, and how regulatory clarity is driving companies back to the United States.