This episode offers a 2026 midyear global check-in on crypto policy and focuses on where the conversation is gaining real momentum. It covers tokenization, the US legislative moment around the Clarity Act and stablecoin rule-making, the MiCA review process in Europe, and the continued importance of keeping infrastructure providers out of intermediary categories that do not fit what they do. Taken together, these issues offer a useful snapshot of how the policy landscape is shifting across major jurisdictions. Stay updated and get even more details in our policy comment letters [https://avalanchepolicy.com/en/comment-letters/1/].