GENIUS Becomes Law: What It Took to Pass the First Rules for Stablecoins in the U.S.
with @rhhackett @milesjennings @BenNapier & Michael ReedToday we're talking about the passage of the GENIUS Act — that's the "Guiding and Establishing National Innovation for US Stablecoins Act" — which provides clear rules of the road for stablecoins in the U.S. We cover the law's implications, the recent high-stakes vote in the House of Representatives, and the bipartisan efforts to pass this groundbreaking bill.We also touch on the CLARITY Act — a major new “market structure” bill that would establish a clear regulatory framework for digital asset markets — which the House also passed with bipartisan support and which is now headed to the Senate.Here to separate the signal from the noise are members of the a16z crypto team who had a front-row seat to the action. We've got Miles Jennings, a16z crypto's General Counsel and Head of Policy, plus a16z Government Affairs Partners Ben Napier and Michael Reed, who are responsible for liaising with House Republicans and House Democrats, respectively. They share the inside scoop.Timestamps:(0:00) Introduction(1:01) Understanding the GENIUS Act(3:56) News Summary: What Happened in the House(5:45) Central Bank Digital Currency (CBDC) Contention(7:01) House Vote Drama: Republicans(9:31) House Vote Drama: Democrats(14:28) Winners and Losers(16:01) Decentralized Stablecoins and SEC Involvement(17:49) CLARITY Act and Future Legislation(21:47) Looking AheadResources:The GENIUS Act [full text]Clear rules for stablecoins and the road ahead by Chris Dixon (a16z crypto, July 2025)The CLARITY Act — Why it matters, what to know, and what to do by Miles Jennings and Aiden Slavin (a16z crypto, July 2025)***As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.
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11 Ideas for AI x Crypto
with @rhhackett @SamBroner @skominers @liz_harkavy @CarraWu @jay_drainjr @mg_486662Today's episode is a special one. It's a round table on some of the most compelling ideas at the intersection of AI and crypto, sourced from members of the a16z crypto team. You're going to hear from builders, researchers, and deal makers who are all wrestling with the big question: How will these two powerful technologies collide, and what happens when they do?First, Investment Partner Sam Broner makes the case for giving AI agents universal identities. Then Research Partner Scott Kominers presents how crypto can provide AI with levels and layers of rich context. You'll also hear from Investment Partners Liz Harkavy on AI monetization models; Carra Wu on the next evolution of web crawlers; Jay Drain on proving personhood online; and finally, Security Engineer Matt Gleason on how crypto turns internet advertising on its head.This is a tour of big, fresh ideas that hint at what an internet of the near future could look like. For the full list of ideas, check out our recent AI x crypto crossovers package, which you can find at a16zcrypto.com.Timestamps(0:00) Introduction(1:44) Universal Identity for AI Agents(5:25) Why Crypto Makes a Difference(10:07) Context in AI: Memory and Interoperability(15:00) Vibe Coding Applications(19:32) Registries with Global Context(21:47) Honkaku Mystery Novels(24:13) Monetization Models for AI x Crypto(28:36) Overcoming Technical Challenges(31:34) AI Agents and the Rise of Web Crawlers(36:05) Collapse of the Social Contract(39:21) AI Bots and Blockchain Solutions(44:31) Proof of Personhood: Ensuring Human-ness(50:41) Future of Personalized Advertising(1:01:54) Final Thoughts***As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.
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1:02:17
What We're Reading & Technology Changing Reading
with @rhhackett @smc90 @stephbzinn @tim_orgIn a now-annual tradition, the a16z crypto editorial team discuss themes (and picks) from a16z crypto's latest reading list, as well as books we keep re-reading, childhood favorites, classics, adaptations on adaptations -- in book and movie form! -- and much more.What genres are we reading now, how, and why? How is technology -- from AI and ChatGPT to the internet and audio -- changing reading? And why are certain themes in the zeitgeist right now? Is all non-fiction just fiction now, and should we lean in to this for education? Are the kids alright?From irony, truth, and why context matters, to Machiavelli to Formula 1 to nautical non-fiction to memoirs, this episode has it all...check out our "what we're reading" lists, podcasts, and more here:https://a16zcrypto.com/posts/tags/what-were-reading
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1:19:52
5 Charts That Explain Crypto Right Now
with @DarenMatsuoka @rhhackettToday we've got a midyear market update and news episode for you. At the end of last year, our guest — and resident data weatherman — Daren Matsuoka put out a post on "5 metrics to watch in 2025." Most of the metrics that Daren picked measure how crypto's adoption: from mobile wallet usage and onchain transaction fees to volume across stablecoins, decentralized exchanges (or DEXs), and exchange traded-products. Now that we're about midway through 2025, it's a great time for an update. Timestamps:(0:00) Introduction(2:27) Chart 1: Monthly Mobile Wallet Users(6:16) Chart 2: Adjusted Stablecoin Transaction Volume(10:01) Chart 3: ETF Net Flows for Bitcoin and Ethereum(13:30) Chart 4: Decentralized vs Centralized Exchange Volume(15:50) Chart 5: Total Transaction Fees(21:46) Emerging Metrics and Industry Insights(25:07) Recent Industry News and Developments(27:13) ConclusionRelevant news:Circle, issuer of the USDC stablecoin, went public on the New York Stock Exchange exchange on June 5 and there was extremely strong demand for the company's offering.Stripe announced on June 11 that it would be acquiring a crypto company, Privy, which helps companies create crypto wallets — adding to Stripe's earlier acquisition of Bridge, which helps companies work with stablecoins.Shopify partnered with Stripe and Coinbase to enable merchants to accept USDC payments.Coinbase has a new credit card in partnership with American Express, which gives you Bitcoin rewards.The French bank Société Générale announced plans for a dollar-backed stablecoin that will run on Ethereum and Solana with BNY Mellon acting as custodian for the reserves.JPMorgan Chase plans to launch a U.S. dollar “deposit token” called JPMD on Coinbase's Base network.If you enjoyed this episode, stay tuned for our annual big State of Crypto Report, which we'll drop in the fall. If you want more from Daren, you can follow him @DarenMatsuoka on X or visit a16zcrypto.com to read his posts, including the one we talked about today.***As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.
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28:47
Wait — The Bank Froze Your Life Savings?
with @MinarikLaw @EMinSF @rhhackettImagine waking up one day to find your bank account frozen. No warning. No explanation. No recourse.This is not a thought experiment. It’s a real situation. And it’s happened not just to crypto companies and their founders, but to ordinary people who are just trying to live their lives. That includes our guest today, who learned firsthand what it means to be “debanked.”In this episode, we talk about the unseen algorithms that monitor people’s accounts, the ramifications of the Bank Secrecy Act, and how crypto and decentralized finance may offer a much-needed check — and safety net — against the opaque systems of traditional finance.Joining us are:Uniswap Labs’s Chief Legal Officer Katherine Minarik, who shares her personal story of being debanked and what it taught her.a16z crypto Finance and Operations Partner Em Westerhold, who helps founders navigate these issues, and who has tracked dozens of instances of debanking across our own portfolio.A big thank you to Katherine for trusting us to share her story, which you can read a first-hand account of in an op-ed she contributed to a16zcrypto.com earlier this year. Find that and more below.Timestamps:(0:00) Introduction(2:03) The Problem of Debanking(5:58) Debanking: A Personal Story(7:33) Understanding the Bank Secrecy Act(11:53) The Information Vacuum(16:55) The Impact on Crypto Companies(20:07) Addressing Skeptics(22:07) Banks: Good vs. Bad(27:35) The Scariest Moment(36:17) "Operation Chokepoint 2.0"(38:08) History of the Bank Secrecy Act(44:04) Security Theater(45:31) What Would You Change?(48:45) The Impact of Financial Consolidation(49:30) Crypto as Banking Solution(53:02) Is Debanking Still Happening?(58:35) Unresolved Mysteries(1:01:47) One More Debanking Story(1:08:07) Conspiracy or Coincidence?(1:09:39) It Shouldn't Be This Hard(1:11:18) Out From Under the SEC's Cloud(1:14:23) The Urgent Need for Legislation(1:17:26) Possible Tech Futures(1:19:33) Advice for Founders(1:22:04) Final ThoughtsResources:Anyone can get debanked. DeFi is a critical safety net by Katherine Minarik (a16z crypto, February 2025)This op-ed is part of a bigger package of crypto policy views found here: “U.S. as the crypto capital: What it would take”Debanking: What you need to know (a16z crypto, December 2024)End the era of mass financial surveillance by Grant Rabenn (a16z crypto, February 2025)As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.
"web3 with a16z" is a show about the next generation of the internet, and about how builders and users -- whether artists, coders, creators, developers, companies, organizations, or communities -- now have the ability to not just "read" (web1) + "write" (web2) but "own" (web3) pieces of the internet, unlocking a new wave of creativity and entrepreneurship. Brought to you by a16z crypto, this show is the definitive resource for understanding and going deeper on all things crypto and web3.
From discussing the latest and leading trends to sharing research, data readouts, and insights from top scientists and makers in the space, this is a variety show with a variety of formats and topics listeners can pick and choose from. It is hosted by the longtime showrunner of (and original team behind) the popular a16z Podcast. Learn more at a16zcrypto.com.
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