Crypto In America Jane Street Scrutiny, DeFi Bill Buzz, and Latest on Clarity
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Feb 27, 2026 
Collin McCune, Andreessen Horowitz policy lead on stablecoin yield and market structure. Amanda Tuminelli, DeFi Education Fund legal chief focused on developer protections and clarifying money‑transmission law. Shane Molidor, Forgd founder with market‑maker data expertise. They discuss Jane Street insider trading claims, a House bill for software developer certainty, and fresh moves on the Clarity Act.
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Intent Versus Information Drives Jane Street Allegations
- Jane Street's alleged activity raises two core questions about intent and information rather than just execution.
- Shane Molidor frames the dispute as whether trades used material non-public information or routine portfolio risk mitigation that unintentionally pushed Terra into a death spiral.
On Chain Signals Can Explain Fast Large Trades
- Large, rapid on-chain moves (85M UST sold in minutes) can be rational responses to observable chain events rather than proof of insider coordination.
- Molidor notes savvy institutions monitor on-chain withdrawals (like Terraform's Curve pull) and may sell to manage exposure, not necessarily to harm the protocol.
Require Market Maker And Liquidity Disclosures
- Increase public disclosures about market makers, liquidity depth, and exchange listing terms to democratize information.
- Forged aims to empower founders with tools that drive peer pressure for transparency so retail can distinguish organic from subsidized activity.