The SEC just built “an exit door out of its own jurisdiction.” On The Policy Protocol, Superstate GC @AlexZozos joins @RebeccaRettig1 and @renato_mariotti to unpack the “Reg Crypto” rulemaking: the fundraising barbell, the “Hotel California” problem, and why the exit ramp still needs the CLARITY Act. Plus: Trump talks Hyperliquid, and Kalshi beats the CFTC again. Chapters/Timecodes: 00:00 Welcome to The Policy Protocol 01:54 Hot Topic: Trump Talks Hyperliquid at the White House 04:36 Renato's Hot Topic: Kalshi, the CFTC, and Loper Bright 06:34 The SEC Drops Its 'Reg Crypto' Rulemaking 06:42 Alexander Zozos of Superstate Joins the Show 06:55 What Is Reg Crypto? The 30,000-Foot View 10:04 Foundation or Window? The Rogue Regulator Question 12:16 Inside the SEC: How a 400-Page Rule Gets Made 17:40 Does the Exit Ramp Depend on the CLARITY Act? 20:04 Rebecca and Renato Debrief 21:44 Person of the Week: Crypto Lawyers(CoinDesk)