Todd Phillips

Asked Kalshi how they look into whether users have a relationship to the show. Answer: "Social media, public records, employment info."

Proposed CAMELS changes out today show how the hodgepodge of FFIEC regulators are trying to square this circle. Management rating would stick around but... (1) would no longer receive outsize weight in determining composite rating and (2) would focus on material financial risk

He confirmed the agency does plan to use extraterritorial jurisdiction to go after more insider trading on offshore platforms (like defi Polymarket, which is where most of the suspicious action appears to be).

Kennedy (R-La.) -- who is in play for Dem amendments -- asks Warren to explain how Clarity doesn't already cover crypto mixers. Warren responds by saying the bill doesn't isolate crypto mixers specifically, and it should.

Banking policy leaders now signaling that if they lose on stablecoin yield at Thursday's Clarity markup, they will ramp up their fight for changes on the Senate floor. "Thursday is Thursday, and there are 24 members who will opine, and we still have 76 members left to go before this thing is finished," one banking leader told me today. Alsobrooks + Tillis seem poised to stay put with their new yield compromise, however, even though banks don't like it. After banking trades released proposed changes to the deal Friday, an Alsobrooks spox told me the senator stands by her + Tillis' earlier statement that they "respectfully agree to disagree" w/ banks on yield. "It can't be a compromise if both sides don't agree to it," a frustrated banking trade leader also told me today. The trade leader also threw some shade at crypto for how they've navigated the process. "We don't debate this on X," they said. "We're very professional. X is really not, you know, the proper place to negotiate this."