If we had to pick one word to describe how the crypto industry feels right now, it’s anxiety. For Senators, it’s fatigue. There are so many variables and competing interest groups woven into the Clarity Act that the process has become increasingly political. The industry has been asking for regulatory clarity for years, yet progress remains stuck, going nowhere. At the same time, the OCC is facing intense pressure, and even legal threats from banking associations and state regulators over its approvals of crypto-native companies for national trust charters. Meanwhile, commission-level guidance from the SECand CFTC is historic, but for some, it feels more like a temporary sandbox than a lasting solution. Jason unpacks these battles, dives into the root causes behind the controversies, and shares his realistic outlook on what comes next. This is a must-listen episode.

Follow Jason: X: @regulatoryjason; LinkedIn; Forbes: Follow Coco: X: @CocoKee; Substack

Timestamps:

(00:00) Introduction

(01:20) Clarity Act stalled in the Senate

(01:38) Clarity Act - Difference in voting mechanism between House and Senate

(03:20 Clarity Act - 3 major elements

(06:31) Clarity Act - Where the major controversies are

(10:18) Any clear path for Clarity Act to pass the Senate

(11:57) How realistic is it to get Clarity Act passed 2026

(12:50) Procedural Hurdles: Merging the two versions of Clarity Act

(14:15) Summary about the hurdles facing Clarity Act and path to pass it

(16:17) OCC facing pushback from banking industry and state regulators

(21:03) Why new national trust banks approvals for crypto companies upset big banks?

(22:38) You don't belong to the banking elite club

(24:29) What would happen if banking industry succeeded in the lawsuit against OCC

(27:03) Why SEC+CFTC commission-level guidance historic, but still only a temporary solution

(33:22) Why SEC's Innovation Exemption (the sandbox) not good enough to some

What does a veteran macro investor see that most people are missing heading into 2026? My guest Shengbei, who correctly called the #gold trade, the dollar selloff, and the post-August liquidity squeeze, returns to World Ledger to break down what's really driving markets right now. From gold's decade-long structural tailwind and the de-dollarization quietly reshaping global trade, to why he turned bearish on #bitcoin and #crypto, and what Kevin Warsh as the new Fed chair actually means for liquidity, this conversation cuts through the noise. A must-listen for anyone trying to understand the macro forces moving real assets in 2026.Shengbei is the CEO of New York-based GSB Podium Advisors, with over two decades of experience spanning Morgan Stanley, Deutsche Bank, and senior investment roles at CITIC Securities — one of China's leading financial institutions.(00:15) Introduction and Market Backdrop(01:16) 2025 Review (01:45) February - April 25, Sell Dollar & Risk Assets, Long Gold(02:24) April - August 25: Long U.S. Equity & Crypto(03:28) August 25 - till now: Long Gold & Global Diversification(06:28) Deep Dive U.S. Market’s Changes(07:18) Why Investors Diversifying from U.S. Dollar-backed Assets(08:36) 2026 Outlook and Key Factors to Monitor: Tariff, Liquidity, AI and Credit Issues(11:51) Will Gold Rally Continue and Why(13:46) Gold and Chinese Currency RMB in Global Trade(15:49) China and its U.S. Treasury Holdings(17:51) Why is the dollar weakening(19:25) Which Assets will Benefit from a Weaker Dollar(21:42) Views on Bitcoin and Strategy and Why he is Bearish(24:33) Liquidity Issue and Solutions(28:06) Kevin Warsh, a Good Pick? Why the Market Sell-off? Fed & Treasury Working together?(32:13) Cut or No Cut by Fed

Follow me: X: @CocoKee

Subscribe to my newsletter: worldledger.substack.com

What does a veteran macro investor see that most people are missing heading into 2026? My guest Shengbei, who correctly called the gold trade, the dollar selloff, and the post-August liquidity squeeze, returns to World Ledger to break down what's really driving markets right now. From gold's decade-long structural tailwind and the de-dollarization quietly reshaping global trade, to why he turned bearish on Bitcoin and crypto, and what Kevin Walsh as the new Fed chair actually means for liquidity, this conversation cuts through the noise.

A must-listen for anyone trying to understand the macro forces moving real assets in 2026.

Shengbei is the CEO of New York-based GSB PodiumAdvisors, with over two decades of experience spanning Morgan Stanley, Deutsche Bank, and senior investment roles at CITIC Securities — one of China's leading financial institutions.

Follow: Shengbei Guo

Follow: Coco Kee

Following World Ledger: World Ledger newsletterTimestamps:

(00:15) Introduction and Market Backdrop

(01:16) 2025 Review

(01:45) February - April 25, Sell Dollar & Risk Assets, Long Gold

(02:24) April - August 25: Long U.S. Equity & Crypto

(03:28) August 25 - till now: Long Gold & Global Diversification

(06:28) Deep Dive U.S. Market’s Changes

(07:18) Why Investors Diversifying from U.S Dollar - backed Assets

(08:36) 2026 Outlook and Key Factors to Monitor: Tariff, Liquidity, AI and Credit Issues

(11:51) Will Gold Rally Continue and Why

(13:46) Gold and Chinese Currency RMB in Global Trade

(15:49) China and its U.S. Treasuries Holding

(17:51) Why Dollar Weakening

(19:25) Which Assets will Benefit from Weaker Dollar

(21:42) Views on Bitcoin and Strategy and Why he is Bearish

(24:33) Liquidity Issue and Solutions

(28:06) Kevin Walsh, a Good Pick? Why the Market Sell-off? Fed & Treasury Working together?

(32:13) Cut or No Cut by Fed