Editor’s note: This week on the a16z crypto show, Marc Andreessen and cdixon joined editor Robert Hackett to talk about the CLARITY Act — the market structure bill now working its way through the Senate — and what’s at stake if it passes or stalls. Below is a transcript of the conversation, edited for length and clarity. Watch the episode for the full discussion.

Robert: Congress is currently hashing through some legislation — once-in-a-generation market structure legislation — that could determine where the future of the financial system and internet gets built. It passed in the House last year with bipartisan support, and it has been making its way through the Senate ever since.

Now, there have been lots of…