Crypto is creeping back into the startup conversation, but at ETH Denver last week, the buzz was as much about Washington as it was about tokens. Policy shifts are rippling through the market as Tether and stablecoins face scrutiny, players like Stripe re-enter the chat, and startups either find traction or flame out. The hype cycle is over, or at least taking a break. So what comes next?

On this episode of TechCrunch's Equity podcast, Rebecca Bellan sits down with Jacquelyn Melinek, CEO of Token Relations and host of the Talking Tokens and Crypto in America podcasts, to make sense of how the market has changed and what in the world of crypto is built to last.

Listen to the full episode to hear about:

Why ETHDenver fell flat despite a strong speaker lineup, and what it signals about crypto’s shifting hubs.

What White House crypto adviser Patrick Witt and SEC Commissioner Hester Peirce are actually pushing for with The GENIUS Act and Clarity Act.

What Stripe is quietly building with Bridge, Privy, and Tempo, and whether it's becoming the Visa of stablecoin settlement.

Tether's shrinking equity cushion and what a de-pegging event could mean for the broader crypto market.

YC’s surprising move to accept stablecoin investment as Bitcoin prices sit at half their peak.

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Is crypto growing up? Tether risk, Stripe’s stablecoin play, and the GENIUS Act explained