CoinDesk Podcast Network

On CoinDesk's The Policy Protocol, Renato Mariotti is joined by guest host Ari Redbord, Global Head of Policy at TRM Labs, for a conversation on the politics of the CLARITY Act, the state-vs-federal fight over prediction markets, and Wisconsin's invocation of an 1849 law that could bar prediction-market users from voting.

And, they sit down with Rachel Anderica, Head of Global Operations at Anchorage Digital, who walks through Anchorage's agentic banking build inside its OCC trust and a "cashless reserves" model in partnership with JPMorgan.

Plus, the hosts name the TradFi endorsers of CLARITY — BlackRock, Fidelity, and Goldman Sachs — as the Person of the Week.
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JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets:⁠⁠⁠⁠⁠⁠ https://x.com/jpegtrading⁠⁠⁠⁠⁠⁠
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Timecodes:

00:00 Cold Open: Wisconsin's 1849 Voting Law

01:13 Welcome to The Policy Protocol

01:29 Ari Redbord Joins as Guest Host

02:13 CLARITY's Law Enforcement Provisions

03:05 'Burn and Reissue': Getting Funds Back to Victims

04:19 The Politics: Why the Votes Aren't There

06:26 Prediction Markets and the CFTC Battle

08:04 Wisconsin's 1849 Law and the Right to Vote

09:53 Federalism, Circuit Splits, and the Road to SCOTUS

11:10 The HFSC Scam Report and AI at Scale

14:04 Rachel Anderika of Anchorage Digital Joins

14:34 Who's Liable When an Agent Moves Money?

18:56 OCC Rulemaking, Secondary Markets, and Sanctions

20:40 'Cashless Reserves' with JPMorgan Tokenized Funds

22:53 Trash Talk: The Skinny Master Account

24:29 Person of the Week: The TradFi Endorsers of CLARITY

Zcash activated its Ironwood upgrade, sealing roughly $1.7 billion in ZEC behind a one-way turnstile after a researcher found a flaw that could have minted counterfeit coins. Here’s everything you need to know. Plus, on Brand New Rails: POSCO International puts its trade receivables on-chain with LG CNS on Injective. CoinDesk's Jennifer Sanasie hosts Markets Outlook.

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00:00 Welcome to Markets Outlook

00:55 Zcash Activates Ironwood, Seals $1.7B Orchard Pool

01:18 The Four-Year Orchard Counterfeit Bug

02:15 How the Turnstile Locks Out Counterfeit Coins

02:32 Quantum Recovery and Verification

03:05 The Voluntary Migration to Ironwood

03:53 Who Is Zcash For? Tushar Jain Weighs In on The Rollup

04:32 Why Ironwood Matters Beyond Zcash

06:19 Brand New Rails: Tokenizing Global Trade

06:38 POSCO Puts Trade Receivables On-Chain with Injective

07:03 What is a Trade Receivable?

07:24 Injective CEO Eric Chen on Faster Settlement

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Find out more at realfi.co.

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Ledn provides a secure and transparent way to access liquidity while maintaining your bitcoin holdings.

Perfect 8 year track record of keeping clients assets safe.

Don't sell your bitcoin. Get a bitcoin-backed loan.

Check out your rate by using their loan calculator at ledn.io

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JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets: https://x.com/jpegtrading

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This episode was hosted by Jennifer Sanasie.

Telegram faces terror-related case in Australia.

Australian regulators are taking Telegram to court over its alleged failure to remove terror-related content, with a fine of up to $38 million on the line. The case comes just one day after Russia charged founder Pavel Durov with aiding terrorism. CoinDesk's Jennifer Sanasie hosts "CoinDesk Daily."

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Find out more at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ realfi.co⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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Ledn provides a secure and transparent way to access liquidity while maintaining your bitcoin holdings.

Perfect 8 year track record of keeping clients assets safe.

Don't sell your bitcoin. Get a bitcoin-backed loan.

Check out your rate by using their loan calculator at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ledn.io⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://x.com/jpegtrading⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.

RealFi CEO John O'Connor joins CoinDesk's Sam Ewen to explain how his platform is reimagining the stablecoin model, replacing reflexive DeFi yield with real-world fixed income assets, and giving holders of sUSDr the returns that issuers like Tether and Circle currently keep for themselves. He breaks down the portfolio construction behind USDr, why crypto treasurers are the ideal first customer, and what he learned from testnet ahead of a mainnet launch.

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Timecodes:

00:00 - RealFi's John O'Connor Joins CoinDesk

00:56 - What Makes USDr Different From USDC and USDT

05:22 - Cross-Chain Interoperability and the New Risk Surface

06:46 - How RealFi Manages Portfolio Risk and Liquidity

11:39 - Who Is RealFi's Ideal Customer?

12:42 - The Pitch to Crypto Treasurers

14:22 - Yield-Bearing Collateral and Looping Strategies

15:44 - How TradFi Is Adopting DeFi's Best Ideas

18:10 - Testnet Learnings: UX Debates and Community Excitement

19:41 - What Success Looks Like in 18 Months

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. RealFi is launching August 2026. Join the Testnet now at realfi.co.

Johann Kerbrat, SVP and GM of Crypto at Robinhood, breaks down why Robinhood built its own blockchain and what it unlocks for the tens of millions of retail investors already on the platform. From Robinhood Earn, offering approximately 7% yield on stablecoins, backed by an insurance program with Lloyd's of London, to stock tokens that can be traded on weekends, used as collateral, and transferred to any wallet, Johann lays out a vision where the line between TradFi and DeFi disappears entirely.
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Timecodes:
0:00 - Intro: Johann Kerbrat, Robinhood
0:12 - Ecosystem excitement at chain launch
0:48 - Robinhood Chain is permissionless
1:24 - Morpho lending protocol partnership
2:04 - Stock tokens on Robinhood Chain
2:45 - Weekend trading and DeFi volume
3:07 - Tokenization of real-world assets
3:37 - Beyond stocks: real estate, art, private equity
4:36 - Blockchain as backbone for AI/agentic trading
6:00 - Accessibility and giving customers tools
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From our sponsors:
Ledn provides a secure and transparent way to access liquidity while maintaining your bitcoin holdings.
Perfect 8 year track record of keeping clients assets safe.
Don't sell your bitcoin. Get a bitcoin-backed loan.
Check out your rate by using their loan calculator at ledn.io
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JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets: https://x.com/jpegtrading
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Check out CoinDesk Research’s report on Zcash’s push toward private scale and quantum resilience at: https://www.coindesk.com/research/building-the-zcash-machine-tachyon-and-quantum-readiness