What happens to crypto regulation without the CLARITY Act? The CFTC had a Plan B. Michael Passalacqua, head of the CFTC’s Innovation Task Force joins @RebeccaRettig1 and @renato_mariotti on The Policy Protocol to explain how the agency is moving forward with crypto regulation, including a potential federal framework for exchanges, new rules for onchain finance and AI-driven trading. Watch the full conversation. Chapters/Timecodes: 00:00 Welcome to The Policy Protocol 01:54 Renato at the Chicago Fed Payments Symposium 02:19 Hot Topic: CFTC Says Sportsbook Bets Aren't Swaps 03:51 Hot Topic: The OCC Debanking 'Bombshell' Report 06:02 Michael Passalacqua of the CFTC Joins 06:44 Reg CM: A Federal Path for Crypto Exchanges 10:24 Inside the CFTC Innovation Task Force 10:56 Super Intelligence and the Frontier Forum 12:04 The Phantom No-Action Letter and Industry-Wide IB Relief 14:47 Agentic Finance and Autonomous Trading 16:20 Defining 'Onchain Finance' 16:45 The Post-CLARITY Rulemaking Roadmap