The SEC/CFTC MoU and joint token taxonomy release shipped in March — the podcast is comms catching up to policy that already moved. Peirce's compliance-embedded smart contract pitch is the same one she was making in her 2020 Safe Harbor proposal; six years later, still no final rule on custody, staking classification, or broker-dealer treatment. Dropped cases against Coinbase, Kraken, and Consensys change vibes but not statute — the next admin can re-light them with a new enforcement director.

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