Senate will wait for new rules on crypto

Summary

Marketplace Morning Report – "Senate will wait for new rules on crypto"

Date: August 10, 2026
Host: Kimberly Adams
Key Guest(s): Nova Safo (Marketplace), Dominic Palmieri (Odyssey Foods)

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Episode Overview

This episode covers two central themes:

1. The Senate adjourning for summer recess without passing the "Clarity Act," a major crypto regulation bill, fueling ongoing debate about how cryptocurrencies should be regulated in the US.
2. A look at the economic pulse of the nation through the lens of summer state and county fairs—exploring carnival food supply chains, consumer spending, and shifts in the labor market.

Marketplace brings its signature economy-without-anxiety approach, delivering concise yet thoughtful updates for listeners seeking clarity on current economic headlines.

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Key Segment 1: Congressional Inaction on Crypto Legislation

[00:31–02:29]

The Issue

• The US Senate went into recess without passing the "Clarity Act"—proposed legislation that would clarify regulatory oversight of cryptocurrencies.
• The crypto industry broadly supports the bill, which would largely treat cryptocurrencies as commodities, not securities.

Major Discussion Points

• Commodities vs. Securities

  • Definition & Impact: Securities are regulated by the Securities and Exchange Commission (SEC), while commodities fall under the Commodity Futures Trading Commission (CFTC), which operates with a much smaller budget and less capacity to regulate (about a quarter of the SEC's budget).

    "The main difference is which agency does the oversight. Securities are under the Securities and Exchange Commission... Commodities fall under the Commodity Futures Trading Commission. It's a much smaller agency, roughly a quarter of the SEC's budget."
    — Nova Safo, [01:12]

• Potential Regulatory Gaps

  • Some critics argue the CFTC lacks the resources to scrutinize the fast-growing crypto industry, raising concerns about oversight and consumer protection.

    "Critics argue the CFTC lacks the resources to effectively oversee cryptocurrencies such as Bitcoin, which is what would happen with the Clarity Act."
    — Nova Safo, [01:22]

• Legislative Status

  • The "Clarity Act" passed the House with significant bipartisan support: 78 Democrats and 216 Republicans voted for it.
  • Next steps required: If the Senate passes its version, both chambers must reconcile their bills before final approval.

• Banking Industry Opposition

  • Banks, especially small ones, see the act as a threat:
    • Stablecoin Loophole: Banks argue the bill would allow crypto firms to offer financial products (e.g., rewards for stablecoin holders) eroding traditional bank business, particularly deposit interest.
    • Wider Economic Effects: There are warnings about ripple effects on lending, particularly for small business loans.

      "Banks warn allowing crypto rewards would especially hurt smaller financial institutions, undermining their ability to issue loans for new businesses, for instance."
      — Nova Safo, [02:17]

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Key Segment 2: Examining Economic Trends at State & County Fairs

[03:51–07:41]

Economic Insights from the Midway

• Logistics of Carnival Food

  • Carnival food supply is a complex logistical feat, drawing on multiple supply chains across the country for specialty meats, fresh produce, and unique products.

    "We have an incredible strawberry program that we're doing that's basically farm to fair, you know, in as little as 24 hours."
    — Dominic Palmieri, [04:56]

• Creative Food Offerings

  • Innovative items like "hot Cheeto cheese pickle pizza" and "porka palooza pizza" with chicharron topping underscore how fairs attract visitors through culinary novelty.

    "We do some wild and wacky things...the porka palooza pizza... we use a chicharron. We crumble that up and we put that on top of the pizza to give it that texture and that extra flavor."
    — Dominic Palmieri, [05:26]

• Market Realities—Costs & Consumer Spend

  • Rising costs, especially fuel ($7.02/gallon for diesel), impact prices and the capacity to keep events affordable for working families.

    "Things are a little, been a little bit tight this year and last year, especially with price of gas... that's tough when you talk about that one commodity that powers the supply chain across the country."
    — Dominic Palmieri, [05:47]

  • Attendees are often working families trying to make ends meet, so affordability is a priority for fair operators.

    "A day at the fair is a special treat for them. We work super hard to make it extremely affordable for everybody to come."
    — Dominic Palmieri, [06:33]

• Labor Market Shifts

  • Traditionally, fairs offered job opportunities mainly to high school and college students. Now, there's a noticeable uptick in overall workforce participation, with many adults seeking extra shifts due to broader economic pressure.

    "We are seeing the workforce is coming back that had actually gone away for the past several years. And when we do job fairs, it's amazing how many people are showing up looking for work."
    — Dominic Palmieri, [07:06]

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Notable Quotes

• On Crypto Oversight

  "Critics argue the CFTC lacks the resources to effectively oversee cryptocurrencies such as Bitcoin, which is what would happen with the Clarity Act."
  — Nova Safo, [01:22]

• On the Practical Economics of Fairs

  "A day at the fair is a special treat for them. We work super hard to make it extremely affordable for everybody to come."
  — Dominic Palmieri, [06:33]

• On Workforce Trends at Fairs

  "We are seeing the workforce is coming back that had actually gone away for the past several years. And when we do job fairs, it's amazing how many people are showing up looking for work."
  — Dominic Palmieri, [07:06]

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Timestamps for Important Segments

• Crypto Legislation Discussion: [00:31–02:29]
• Carnival Food & Supply Chains: [03:51–05:26]
• Economic Pressures on Fairs & Consumers: [05:44–06:44]
• Labor Market & Workforce at Fairs: [06:44–07:38]

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Tone and Style

The episode maintains Marketplace's signature tone—direct, informative, and accessible, with moments of warmth and levity, especially in the conversation with Dominic Palmieri.

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Listeners receive a focused update on pressing economic news—crypto regulation delays and economic trends visible at this summer’s state and county fairs—providing both policy context and a snapshot of real-world impacts on American families and businesses.

Transcript

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[Kimberly Adams]

Congress is on summer recess with some key legislation left unaddressed From Marketplace in Washington, I'm Kimberly Adams. Over the weekend, the Senate adjourned for a month long recess without passing a bill to establish new rules for cryptocurrencies. The crypto industry largely backs the Clarity act, as it's called. The legislation would formalize that a lot of cryptocurrencies should be treated as commodities, like a contract to sell oil at a certain price a month from now, rather than as securities like stocks and bonds. Marketplace's Nova Safo is here to explain. Good morning, Nova.

[Nova Safo]

Good morning, Kimberly.

[Kimberly Adams]

Commodities versus securities. What's the difference for crypto?

[Nova Safo]

So the main difference is which agency does the oversight. Securities are under the securities and Exchange Commission, which is structured to regulate Wall Street. Commodities fall under the Commodity Futures Trading Commission. It's a much smaller agency, roughly a quarter of the SEC's budget. And critics argue the CFTC lacks the resour to effectively oversee cryptocurrencies such as Bitcoin, which is what would happen with the Clarity Act. The SEC would oversee only a small, narrow slice of the crypto industry. Now, despite these reservations, the Clarity act passed the House with bipartisan support. 78 Democrats and 216 Republicans voted for it. If it passes the Senate, the two chambers will have to reconcile their versions and vote again.

[Kimberly Adams]

Now, the banking industry by and large, doesn't like this bill in its current form. Why is that?

[Nova Safo]

Interest rates on deposits. Bread and butter for banks, especially smaller ones. They say the Clarity act would create a loophole to let crypto companies chip away at that business by offering rewards for stablecoin holders. And stablecoins are a particular kind of crypto. In any case, banks warn allowing crypto rewards would especially hurt smaller financial institutions, undermining their ability to issue loans for new businesses, for instance. Which means this could have ripple effects far beyond the crypto industry.

[Kimberly Adams]

Marketplace's NovaSafo thank you, Nova.

[Nova Safo]

You're welcome.

[Odoo Advertiser]

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[VantageScore Representative]

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[Kimberly Adams]

VantageScore.com it's time once again for us to take the marketplace economic pulse views on this economy from a range of perspectives. We're smack in the middle of state and county fair season this summer and it turns out you can learn a lot about the wider economy through these operations, especially from all the food. Dominic Palmieri is the so called midway Gourmet. He's in charge of the carnival food at these fairs and he joins us for more. Dominic, welcome back to the show.

[Dominic Palmieri]

Well, thanks for having me back.

[Kimberly Adams]

So where are you now? What event are you working on?

[Dominic Palmieri]

Yeah, we're at the famous Orange County Fair in Costa Mesa, California. Basically one of the largest fairs in all of California and especially the biggest one in Southern California.

[Kimberly Adams]

What kind of logistics are involved getting food together for an event like that?

[Dominic Palmieri]

Sure. So you know, because there's so many specialty items, right. When you come to a fair, one of the number one reasons people come is to eat. And with that comes the supply chain that has to go along with it because we're providing food to thousands and thousands of people. A lot of specialty meats like turkey legs and smoked sausage, things like that that we bring in from Texas, the produce that comes in from Northern California and from all across the coast. We have an incredible strawberry program that we're doing that's basically farm to fair, you know, in as little as 24 hours.

[Kimberly Adams]

So you've got strawberries on the menu. What other kinds of Foods are on offer this summer at the, this event and other events, you've been working.

[Dominic Palmieri]

Of course, we do some wild and wacky things. We have the hot Cheeto cheese pickle pizza and we also have the, what we call the porka palooza pizza. And we use a chicharron. We crumble that up and we put that on top of the pizza to give it that texture and that extra flavor.

[Kimberly Adams]

Just generally, how has business been going?

[Dominic Palmieri]

Things are a little, been a little bit tight this year and last year, especially with price of gas, you know, fuel yesterday, $7 and 2 cents for a gallon of diesel. That's tough when you talk about that one commodity that powers the supply chain across the country, groceries, insurance, mortgage rates. So, you know, like every other small business in America, you know, we're, we're struggling a little bit with respect to how much spend is out there with the customers and the economy. Keep in mind that our customer that's coming to a fair, many of them are working families or you have multiple people working in the family in that household. And you know, they're doing everything to make the ends meet. Right. So a date of the fair is a special treat for them. We work super hard to make it extremely affordable for everybody to come.

[Kimberly Adams]

I also want to ask you about the labor market because the last time we heard from you on the show, you were saying that people who already had a job were trying to pick up shifts at carnivals as well. It's been more than a year. Are you still seeing that trend?

[Dominic Palmieri]

We're seeing even more. As a matter of fact, primarily for many, many years, the fair was a great opportunity for a high school or a college student to come out and get a job. And we're seeing parents are bringing the kids to the fairgrounds and, and helping them, saying, this is how you go get a job. So we are seeing the workforce is coming back that had actually gone away for the past several years. And when we do job fairs, it's amazing how many people are showing up looking for work.

[Kimberly Adams]

A snapshot of the whole economy at the fair. Dominic Palmieri is co owner of Odyssey Foods. Dominic, thank you so much for your time.

[Dominic Palmieri]

Thank you for having me. Come back and see us again. Let's eat.

[Kimberly Adams]

Our free daily wrap newsletter brings all the day's news and numbers straight to your inbox every weekday evening. Sign [e-mail] subscribe In Washington, I'm Kimberly Adams with the Marketplace Morning Report from APM American Public Media.

[Rima Reis]

I'm Rima Reis and this week on this Is Uncomfortable. I talk with philanthropist Abigail Disney about what it's like to inherit an enormous amount of wealth and then spend your life questioning what that money asks of you.

[Kimberly Adams]

If you allow your identity to get woven in together with the money and the legacy and the fame and the rest of it, you're lost.

[Rima Reis]

I talk with Abigail Disney about the guilt that came with her inheritance, why she gave millions of it away, and what happened when her values put her at odds with her own family legacy. Check out our conversation on this Is Uncomfortable. Wherever you get your podcasts.