Live From DAS: The End of Regulatory Theater | Tushar Jain & Greg Xethalis

Watch on YouTube ↗  |  March 31, 2026 at 17:00  |  53:24  |  Bell Curve
Speakers
Tushar Jain — Co-Founder & Managing Partner, Multicoin Capital
Greg Xethalis — General Counsel, Multicoin Capital
Mike Ippolito — Co-founder, Blockworks

Summary

Live from DAS, Multicoin's Tushar Jain and Greg Xethalis discuss the CLARITY Act's status, token-project disclosure rules, and the end of the foundation/lab/token separation. They argue CLARITY should enable token-level value accrual and more return dispersion, while regulated stablecoins are a major unlock for bringing capital on-chain. The conversation ends with a sharp critique of the banking lobby's opposition to stablecoin yield and the expected disintermediation of bank intermediation margins.

  • CLARITY has passed the House and is moving through the Senate, with stablecoin yield language still under negotiation.
  • Token projects would face uniform disclosures and a safe-harbor period, potentially allowing value to accrue to tokens under decentralized governance.
  • Speakers expect the market to price regulatory clarity before full rulemaking and for returns to disperse between real businesses and weak tokens.
  • Uniswap and Aave are cited as early examples of projects removing the foundation/lab/token split and directing value to the token.
  • Greg Xethalis sees fully regulated stablecoins as a major unlock for capital on-chain and crypto network activity.
  • Tushar Jain calls the banks' stablecoin-yield arguments bad-faith regulatory capture and expects bank intermediation margins to erode.
  • The discussion frames crypto's challenge to financial intermediation as part of a broader fight over rent-seeking and market structure.
Ideas
Tushar Jain Co-Founder & Managing Partner, Multicoin Capital 8:36
CLARITY unlocks token value accrual.
Under the old SEC regime, token projects could not disclose or promise value accrual to token holders, forcing a fake foundation/lab/token separation and causing investors to apply a large uncertainty discount. CLARITY creates uniform disclosure and a legal pathway for value capture at the token level so long as it is controlled by decentralized governance, which should let real on-chain businesses return value to token holders and drive more dispersion between good and bad tokens.
Value-accruing crypto tokens HIGH
Tushar Jain Co-Founder & Managing Partner, Multicoin Capital 8:39
Uniswap, Aave embrace token value accrual.
Uniswap and Aave are high-profile recent examples of token projects dismantling the fake separation between foundation, lab, and token, and making the token the primary or only value-accrual vehicle. That reduces investor uncertainty and positions them as early beneficiaries of the post-CLARITY token structure.
AAVE UNI MED
Greg Xethalis General Counsel, Multicoin Capital 19:18
Stablecoins unlock capital on-chain.
The GENIUS Act has passed, but the first fully regulated payment stablecoin is still months away. Greg views fully functional regulated stablecoins as a tremendous unlock for bringing capital on-chain and enabling crypto networks; once they are fully operational, market activity should see a significant uptick even independently of CLARITY.
STABLECOINS HIGH
Tushar Jain Co-Founder & Managing Partner, Multicoin Capital 22:54
Market prices CLARITY before rulemaking.
The market will price in the certainty from CLARITY as soon as it passes, even before the SEC and CFTC finish what could be 12-18 months of rulemaking. Founders are already changing behavior toward value-accrual structures and new fundraises require value-accrual plans, so the effects on investor behavior have already begun and should support digital assets.
BITO HIGH
Tushar Jain Co-Founder & Managing Partner, Multicoin Capital 44:42
Stablecoins erode bank intermediation margins.
Tushar argues the banking lobby's opposition to stablecoin yield is bad-faith regulatory capture: banks want to keep zero-interest deposits and their float, and their deposit-flight/community-bank arguments do not hold because deposits remain in the banking system and community banks are not the real target. Stablecoins and tokenization should disintermediate the incumbent banking intermediation layers, reduce spreads, and erode large banks' margins.
KBWB HIGH
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This Bell Curve video, published March 31, 2026, features Tushar Jain, Greg Xethalis discussing Value-accruing crypto tokens, AAVE, UNI, STABLECOINS, BITO, KBWB. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Tushar Jain, Greg Xethalis  · Tickers: Value-accruing crypto tokens, AAVE, UNI, STABLECOINS, BITO, KBWB