CFTC's Passalacqua on the Plan B for Crypto Regulation After CLARITY Stalls

CoinDesk's The Policy Protocol opens with hosts Rebecca Rettig and Renato Mariotti tackling two of the week's hottest regulatory developments. First, they examine the CFTC's interim final rule that carves casino-style gambling out of the "swap" definition—a technical change with real consequences for how certain products are classified. Then they dig into the OCC's "bombshell" report finding that America's largest banks systematically debanked lawful businesses, based on a review of more than 100,000 complaints filed between 2020 and 2025. The centerpiece of the episode is an interview with Michael Passalacqua, Senior Advisor to CFTC Chair Mike Selig and head of the agency's Innovation Task Force. With the CLARITY Act stalled, Passalacqua walks through what a Plan B for crypto regulation looks like from inside the agency, offering a rare window into how the CFTC is approaching market structure in the absence of comprehensive legislation. For anyone tracking the intersection of policy, banking access, and digital assets, this episode connects the dots between enforcement posture, rulemaking, and the practical question of who gets to operate in U.S. markets.