The Edge Podcast

The Pivot Is Real: Why Crypto Regulation Just Flipped Bullish

May 14, 2025
Guest
Miles Jennings
Miles Jennings, the Head of Policy & General Counsel at a16z crypto, dives into the shifting tides of U.S. crypto regulation. He highlights the promising bipartisan efforts towards stablecoin regulation and the increasing institutional interest in tokenization and decentralized autonomous organizations (DAOs). The conversation emphasizes the need for clear regulatory frameworks to foster innovation while managing risks. Jennings underscores the growing recognition of cryptocurrency's potential, marking an optimistic turn for the industry's future.
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INSIGHT

SEC Impacted Crypto Innovation

  • The SEC's harsher stance under Chairman Gensler inhibited crypto innovation and led to lawyer-designed projects prioritizing compliance over user experience.
  • Ambiguous regulation scared away entrepreneurs and resulted in lost opportunities for the industry over the past four years.
INSIGHT

Institutional Bridge To DeFi

  • Institutional interest is key to bridging DeFi and traditional finance, enabling scalability and mainstream adoption.
  • Connecting on-chain DeFi with off-chain assets will realize its potential for massive financial efficiency gains.
ADVICE

Design Tokens With Value

  • Entrepreneurs should design tokens with economic value models embedded in the protocol to ensure independence and transparency.
  • Avoid lawyer-driven token designs that ignore value accrual, as they weaken the token's purpose and clarity.
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