Bell Curve Oneshot: The Bill That Could Reshape Crypto | Rebecca Rettig
Mar 6, 2026
Rebecca Rettig, Chief Legal Officer at Jito Labs and crypto policy expert, explains the CLARITY market-structure bill and how congressional committees and the White House shape it. She covers the hot debate over stablecoin yield, Treasury and agency roles, and whether rulemaking or legislation will decide DeFi’s future. Quick, policy-forward conversation about what could change and why it matters.
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Decentralized Stablecoins Face Limited US Adoption
- Truly algorithmic/decentralized stablecoins remain outliers and likely won't get the same U.S. acceptance or usage as one-to-one backed stablecoins.
- Neither Genius nor Clarity solves non–one-to-one stablecoin risks, so market reception will differ.
Prepare For Reward Limits Not Bans
- Expect compromises on rewards: limit reward types or cap rates instead of outright bans to reach a political settlement.
- Prepare for regulatory guardrails rather than total prohibition, since other industries use rewards frameworks.
Agency Rulemaking Will Drive Outcomes With Or Without Clarity
- Whether or not Clarity passes, agencies (SEC, CFTC, Treasury) will pursue rulemakings like innovation exemptions that shape tokenized securities and offerings.
- Expect an innovation exemption NPRM from the SEC by year-end and many agency rulemakings tied to any bill.