The Policy Layer

Liquid staking tokens may sound like a niche corner of crypto, but they raise a much bigger question: can regulation actually keep up with decentralized systems? Juan Ignacio Ibañez of the MiCA Crypto Alliance dicusses why LSTs are so hard to classify under MiCA, and why that ambiguity creates real compliance risk for platforms and service providers. The conversation moves beyond labels to a deeper issue: what happens when existing rules are built for assets with issuers, managers, and clearer boundaries than Web3 often provides.Crypto-asset Taxonomy for Investors and Regulators

Ep 63: Productivity Enables Security: The Economics of Blockchain Settlement

Yes, illicit finance in crypto exists, but it's not the whole story. Ari Redbord (TRM Labs) walks us through the real numbers, how blockchain data is used as evidence, and what better enforcement could look like. From sanctions to smart compliance tools, we get into what’s working and what still needs to improve.Discover more in TRM's 2026 Crypto Crime Report 

Congressman Troy Downing joins us to discuss what it really takes to give digital assets and AI clear rules in the United States. From the Genius Act on stablecoins and the Clarity Act on SEC vs CFTC roles, to his AI Wise Act on education for small businesses, he explains why the US cannot afford to fall behind while still protecting consumers. He also shares how financial literacy, tribal outreach, and real world use cases like title insurance and crop insurance on blockchain fit into a future where traditional banking and new rails grow side by side.

Women are stepping into new forms of financial power, and digital assets are opening the door. The founders of Eve Wealth, Sadie Raney and Elaine Asher discuss the misconceptions that keep women out of this space and the education and community that bring them in. They explain how long-term digital-asset investing sits at the intersection of wealth-building and agency, and why it may be one of the most overlooked tools for closing power gaps.

Stablecoins were the main character in policy circles this year, and for good reason. Urszula McCormack, Andrew Whitworth, and Laura Navaratnam walk us through how 2025 played out across Hong Kong, the EU, UK, and Australia. From what got finalized, what’s still fuzzy, and what signals to watch in early 2026... it's the year-end reality check for anyone dealing with digital money, law, and regulation.

This episode examines Decentralized Lending Protocols (DLPs) and the contagion that can arise due to assets lent to one pool serving as collateral in a different pool. We discuss efficient design of DLPs and mitigations for managing risk.Guest: Julien Prat (CNRS Researcher CREST, Ecole Polytechnique, IP Paris)Paper: Shock Propagation in Decentralized Lending Networks: Evidence from the Compound Protocol

Contrary to popular belief, price discovery can occur at decentralized exchanges instead of at centralized exchanges. We discuss the underlying economics and how this affects bidding for block space. We also discuss how private memory pools affect bidding behavior and the price discovery process.Guests: Agostino Capponi (Columbia University), Ruizhe Jia (Stanford University), Shihao Yu (Singapore Management University)Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4236993

This episode covers the digitization of payments and the rise of stablecoins. We discuss China’s CBDC project, the success of USD stablecoins, and the barriers to broader stablecoin adoption. We also examine how stablecoins could reshape the modern payment infrastructure.Guests: Lin William Cong (Cornell University), Simon Mayer (Carnegie Mellon University)Paper: Strategic Digitization in Currency and Payment Competition

This episode examines the central role nonprofit foundations have played in supporting blockchain networks. We trace their original purpose, how these entities have become a point of friction for many projects, and how regulatory and policy shifts have opened the door to alternatives. We reference two emerging models: the Decentralized Unincorporated Nonprofit Association (DUNA) and the Cybernetic Organization (BORG).Guest: Miles Jennings (Head of Policy & General Counsel at a16z crypto)Paper: The end of the foundation era in crypto - a16z crypto