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The Crypto Exchange

The Crypto Exchange

Hosted by Ethan Ostroff, Troutman Pepper Locke

Episodes

49

Latest episode

Mar 2026

Language

EN

About the show

The digital assets market is ever-expanding, moving from a niche interest to an industry sector that touches many areas of our daily lives. With The Crypto Exchange podcast, attorneys from Troutman Pepper Locke’s Digital Assets + Blockchain practice group will look at the trends, challenges, and legal issues that our clients and others in the industry face daily. From NFTs to Web3, bitcoin to blockchain, fintech to regtech, and payment processing to data processing, we’ll walk you through the federal and state regulatory, legal, and business intricacies of this rapidly evolving industry sector.

Listen to episodes

49 recent
March 10, 202638 min

Turning Point for Digital Assets: 2025 Year in Review and What Comes Next

In this episode of The Crypto Exchange, hosts Ethan Ostroff and Genna Garver look back at 2025 — ultimately a pivotal year for digital assets and crypto regulation in the U.S. — drawing on Troutman Pepper Locke's flagship publication, Financial Services Industry 2025 Digital Assets Year in Review. The report reflects insights from more than 10 of our firm's practice areas and more than 30 attorneys, offering a comprehensive, cross-practice view of how the regulatory landscape is evolving. Ethan and Genna discuss the shift from a largely regulation-by-enforcement model to an innovation-first framework built around the GENIUS Act for payment stablecoins, emerging SEC-CFTC market structure, and clearer rules for custody and token classification. They walk through how the White House, Congress, and key regulators moved in tandem to bring digital assets inside the regulated perimeter, while banks reentered the space under more defined supervisory expectations. The conversation also highlights the growing role of states in licensing, supervision, and consumer protection. Throughout the episode, Ethan and Genna emphasize that while the policy environment is becoming more supportive of responsible innovation, enforcement activity at both the federal and state levels remains active — making careful compliance and product design essential for market participants. Listeners can explore these themes in greater depth in the Financial Services Industry 2025 Digital Assets Year in Review publication. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

November 4, 202539 min

NFTs on Trial: The Yuga Labs Verdict and What It Means for the Digital Frontier

In this episode of The Crypto Exchange, hosts Ethan Ostroff and Genna Garver welcome Glenn Pudelka and Straat Tenney from the firm's Intellectual Property Practice Group. They discuss the Ninth Circuit's pivotal decision in Yuga Labs v. Ryder Ripps, which recognizes NFTs as goods under U.S. trademark law. This ruling is a significant advancement in extending intellectual property protections into the digital realm, impacting brand owners and creators in virtual marketplaces.The conversation covers the court's decision to overturn a $9 million judgment against Ryder Ripps, citing a lack of consumer confusion with Yuga Labs' Bored Ape Yacht Club NFTs. The group analyzes the court's reasoning and the potential for different outcomes in future cases, emphasizing the fact-specific nature of intellectual property disputes involving NFTs.The episode also explores the broader dynamic legal landscape of NFTs, examining their classification under the Lanham Act and strategies for intellectual property protection. Glenn and Straat offer insights into their practices and their intersection with digital assets, emphasizing the importance of clear terms and conditions for NFT companies. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

October 15, 202518 min

The Future of Bank-Fintech Collaborations in Digital Finance

In this special crossover episode of The Crypto Exchange and Payments Pros podcasts, hosts Ethan Ostroff and Carlin McCrory, along with James Stevens, co-leader of Troutman Pepper Locke's Financial Services Industry Group, explore the dynamic landscape of partnerships between financial institutions and digital asset firms. They discuss the increasing demand for payment enablement, highlighting how these institutions facilitate fiat currency transactions through strategic collaborations with digital asset providers.The episode also examines the GENIUS Act's impact, which mandates stablecoin reserves to be backed by liquid assets, creating new opportunities for financial institutions to offer deposit services. Additionally, the discussion covers the role of credit unions and key regulatory considerations, such as the Bank Secrecy Act and anti-money laundering obligations, emphasizing the critical importance of due diligence and oversight in bank-fintech partnerships. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

October 9, 202523 min

Navigating the New Frontier of Digital Assets and Tokenization

In this episode of the Crypto Exchange, host Genna Garver is joined by David Labhart from ACA Group to discuss the dynamic landscape of digital assets and blockchain technology. David, who brings extensive experience from his previous role as an attorney advisor at the SEC, shares insights on the evolving regulatory environment surrounding digital assets. The conversation highlights the increasing importance of digital assets for traditional investment managers, including private fund managers, as the U.S. financial markets move toward blockchain integration. Genna and David explore the implications of recent regulatory developments, such as the GENIUS Act, which establishes a framework for payment stablecoins, and the SEC's approval of the first crypto exchange-traded funds under new listing standards. The episode emphasizes the growing demand for digital assets and the transformative potential of tokenization across various investment classes. Additionally, they address the challenges compliance professionals face in adapting existing regulatory frameworks to accommodate digital assets, stressing the need for clarity on their classification as securities, commodities, or other categories. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

September 16, 202539 min

Navigating the GENIUS Maze: Sanctions and AML Adventures in Crypto

In this episode of The Crypto Exchange, hosts Ethan Ostroff and Genna Garver are joined by their colleague Pete Jeydel to explore the implications of the GENIUS Act on sanctions, anti-money laundering (AML), and efforts to combat the financing of terrorism within the stablecoin sector. The discussion focuses on the act's goal to create a regulated ecosystem for payment stablecoin issuers, known as PPSIs, by transitioning offshore activities to U.S. jurisdiction. This strategic shift is anticipated to strengthen the government's capacity to enforce AML and sanctions compliance.Despite the framework established by the GENIUS Act, many regulatory specifics remain to be defined, with FinCEN and the Treasury Department tasked with developing detailed rules over the coming years. The episode also sheds light on ongoing legislative efforts, such as the CLARITY Act, aimed at establishing a comprehensive regulatory framework for digital assets. The group underscores the necessity of proactive compliance strategies for stablecoin issuers, given the dynamic regulatory environment and inherent risks associated with digital assets. As the industry awaits further guidance, the conversation highlights the importance of innovative compliance solutions and the role of technology in addressing challenges related to illicit finance. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

September 9, 202536 min

Ensuring Stability: The GENIUS Act's Impact on Stablecoin Insolvency

In this episode of The Crypto Exchange, Ethan Ostroff welcomes Deb Kovsky and Alex Rovira, partners in Troutman Pepper Locke's Bankruptcy and Restructuring practice, to explore the GENIUS Act's approach to stablecoin insolvency. The discussion highlights the complexities and gaps within the current regulatory framework.The episode provides a historical perspective on crypto bankruptcies, examining the GENIUS Act's amendments to the bankruptcy code designed to safeguard stablecoin holders. It addresses the practical challenges of implementing these changes, particularly regarding the automatic stay and the exclusion of reserves from the debtor's estate.Deb and Alex offer insights into potential regulatory solutions, stressing the importance of establishing clear frameworks to build confidence among stablecoin holders. They also consider the feasibility of self-funded insurance models and capital requirements as ways to bridge existing gaps in the system. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

September 5, 202522 min

Decoding Crypto Legislation: GENIUS Moves and Clarity Paths

In this episode of The Crypto Exchange, Genna Garver is joined by Tom Tilton from Troutman Strategies to discuss key legislative developments in the crypto sector, focusing on the GENIUS Act and the Clarity Act. They begin by highlighting the GENIUS Act's influence on stakeholders, including traditional financial institutions like banks and credit card companies, as they navigate the evolving regulatory landscape.The conversation then shifts to the Clarity Act, which has passed the House and is under Senate review. This legislation seeks to establish a comprehensive framework for digital asset market structure, addressing regulatory oversight and market stability. However, it faces challenges due to differing Senate proposals, which introduce new categories like ancillary assets and emphasize a cautious regulatory approach, underscoring the complexities of achieving consensus in this rapidly evolving industry.The episode also examines the President's Working Group on Digital Assets report, which recommends federal agency regulations for digital assets. This has led to initiatives like the SEC's Project Crypto and the CFTC's Crypto Sprint, indicating a coordinated regulatory effort. These legislative actions highlight the evolving landscape for digital assets, as Congress and federal agencies strive to balance innovation with consumer protection. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

August 27, 202524 min

Crypto's Capital Markets Revolution: Insights From GSR's Josh Riezman

In this episode of The Crypto Exchange, Genna Garver is joined by Josh Riezman, chief strategy officer and head of U.S. legal at GSR, to discuss the evolving landscape of digital assets and the regulatory environment surrounding them.Josh, with his extensive background in both traditional finance and crypto, offers insights into the increasing demand for cryptocurrencies, driven by both native crypto markets and traditional securities investors. He highlights the trend of digital asset treasury strategies among NASDAQ-listed companies, emphasizing the strategic shift from Bitcoin to other assets like Ethereum and Solana.The conversation delves into the regulatory challenges in the U.S., particularly the complexities of distinguishing between securities and commodities. Josh discusses the significance of the Clarity Act, which aims to provide a clearer framework for digital asset regulation, and the bipartisan efforts to address these issues. He underscores the importance of regulatory clarity for institutional adoption, noting that major financial institutions are already engaging with crypto, but require clear guidelines to fully integrate these assets into their operations.Genna and Josh also explore the potential impact of stablecoin legislation and the broader digital asset market framework being developed by Congress. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

August 18, 202531 min

Institutional Adoption, Tax Challenges, and What's Next for Crypto in the US — Insights from KPMG's Tony Tuths

In this episode of The Crypto Exchange, Genna Garver is joined by Tony Tuths, senior partner and leader of the Digital Asset Group at KPMG, to discuss recent legislative developments in digital assets. They examine the GENIUS Act, which aims to enhance stablecoin market stability through authorized issuers and audited reserves, and the CLARITY Act, pending Senate approval, which proposes a regulatory framework for digital assets, dividing oversight between the SEC and CFTC based on decentralization.The conversation highlights the growing institutional adoption of digital assets, with major financial institutions preparing to issue stablecoins and improve digital asset custody solutions. Regulatory clarity is enabling banks and nonbank entities to form new partnerships and acquisitions, integrating digital assets into their business models.Tony emphasizes the importance of industry feedback to address legislative gaps and ensure smooth adoption. The episode underscores the need for collaboration between regulators and industry participants to navigate digital asset regulation complexities and foster innovation in the financial sector. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

June 26, 202531 min

Unlocking Crypto's Future: Insights From Coinbase's John D'Agostino

In this episode of the Crypto Exchange, Genna Garver is joined by John D'Agostino, head of strategy for Coinbase Institutional, to discuss the significant developments in the crypto industry following the Senate's approval of the GENIUS Act and the anticipated CLARITY Act. These legislative moves aim to establish a regulatory framework for stablecoins and clarify the status of digital assets in the U.S.John and Genna highlight the release of pent-up momentum in the crypto space, previously hindered by a challenging regulatory environment. They discuss the potential for the U.S. to become a leader in digital asset regulation, the ongoing challenges of regulatory uncertainty, and the implications for institutional players.The episode underscores the transformative potential of blockchain technology in financial markets and the evolving regulatory landscape that could unlock new opportunities for innovation. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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