with @DavidSacks @pmarca @bhorowitz @eriktorenberg

Today’s episode features David Sacks, the Trump administration’s “AI and crypto czar," in conversation with a16z cofounders Marc Andreessen and Ben Horowitz, and General Partner Erik Torenberg.

They dig into:

• how the U.S. is approaching AI and crypto policy,
• the fight over open source software,
• the status of tech regulation and legislation (like the CLARITY Act for crypto),
• what’s at stake in the geopolitical race with China, and more

This episode is a special crossover with the a16z podcast, which you can follow for more conversations like this.

Timestamps:

00:00 Intro

01:16 David Sacks on Crypto and AI Policy

02:34 Trump's Vision for Crypto

06:16 The Crypto Crackdown and Debanking Years

08:58 AI Regulatory Capture and Gatekeeping

11:30 How Permissionless Innovation Built Silicon Valley

16:21 "Woke" vs. Orwellian AI

21:48 When AGI?

24:29 Polytheistic AI and "End-to-End" Humans

31:07 The Future of AI: Controlled or Decentralized?

37:13 Open Source and Global Competition

41:53 The AI Race: US vs China

46:32 Amping Up Energy and Infrastructure

47:17 Cultural Divides Over the American Tech Stack

55:01 The European approach and Doomerism

01:06:14 Crypto and the Legislative Process (GENIUS, CLARITY)

01:11:13 The Future of the Democratic Party

01:14:12 San Francisco Politics

📩 Subscribe for more industry reports, trend updates, news analysis, builder guides, and other resourcesfrom a16z crypto: https://a16zcrypto.substack.com/subscribe/

🎙️ Like, subscribe, comment, share the show: https://a16zcrypto.com/posts/podcast/

***

As always, none of the following 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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with @DarenMatsuoka @eddylazzarin

Today, we’re bringing you something special: a presentation from our 2025 Founders Summit, which we just wrapped last week in beautiful Carlsbad, Calif. You’ll hear from Daren Matsuoka, our Head of Data and Fund Strategy, as he walks through the insights from this year’s State of Crypto report — our deep-dive into the data, themes, and signals shaping the industry right now.

Stay through to the end for audience Q&A featuring our founders and to hear a16z crypto CTO Eddy Lazzarin share his takes on this year’s findings. To watch the full video — and explore more deep dives, explainers, and interviews — visit the a16z crypto Youtube channel. Don’t forget to like and subscribe to stay updated.

Oh, and if you haven’t already, be sure to check out the full State of Crypto report at a16zcrypto.com/stateofcrypto, and also to listen to the episode just before this one — a conversation between Daren, Eddy, and me where we unpack the numbers and trends, explain what they mean, and why they matter.

Timestamps:

00:00 Introduction

01:56 Crypto Market Developments in 2025

07:19 Institutional Adoption and Market Trends

09:05 Stablecoins: The First Killer Use Case

12:08 The Evolution of Decentralized Finance (DeFi)

13:18 DePIN and Physical Infrastructure Networks

15:12 Blockchain Scaling and Infrastructure

17:24 Privacy, ZK Technology, and Quantum Computing

18:53 Crypto and AI: Converging Technologies

21:08 Regulatory Clarity and Legislative Progress

23:27 Looking Ahead

24:04 Q&A Session

📊 Download the full State of Crypto 2025 report and explore our interactive dashboard to track the industry’s key metrics.

📩 Subscribe for more industry reports, trend updates, news analysis, builder guides, and other resources.from a16z crypto: https://a16zcrypto.substack.com/subscribe/

🎙️ Like, subscribe, comment, share the show: https://a16zcrypto.com/posts/podcast/

***

As always, none of the following 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.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @DarenMatsuoka @eddylazzarin @rhhackett

Each year, the State of Crypto report analyzes the data — cutting through the noise — to track crypto’s evolution across markets, technology, policy, culture, and more. Now in its fourth edition, the 2025 State of Crypto report reveals how this once-fringe technology has hit recent all-time highs and gone mainstream — from stablecoins and tokenized assets to rapid adoption by major financial institutions.

In this episode, we dig into the findings and themes from this year’s report with lead author Daren Matsuoka, a16z crypto’s head of data and fund strategy; and Eddy Lazzarin, a16z crypto’s chief technology officer. We talk about what’s changed since last year, why stablecoins are “suddenly” taking over, and how institutions — from fintechs to legacy banks — are embracing crypto technologies.

We also look ahead at trends like:

• AI and crypto (and where the jobs are moving);
• why stablecoins have gone mainstream
• institutional adoption — from Stripe and Visa to BlackRock and Robinhood
• privacy on public blockchains
• tokenization of real world assets
• bitcoin’s resurgence and the rise of "digital gold"
• where developer energy is going
• what’s really happening with memecoins, perps, and prediction markets
• the changing regulatory environment in the U.S.
• and what the next phase of crypto’s “adulthood” might look like — what happens next year when crypto turns 18

Timestamps

00:00 Introduction

02:39 Overview of the 2025 State of Crypto Report

05:04 The Evolution and Mainstreaming of Crypto

08:27 Crypto’s Market Cycles and All-Time Highs

12:08 The Price-Innovation Cycle (and Its Dislocation)

15:40 Memecoins, Stablecoins, and Entrepreneurs

17:25 AI and Attracting Tech Talent

21:18 Crypto Adoption and User Metrics

26:58 Airdrops, Farming, and Changing Metas

31:24 Bitcoin’s Resurgence and Store of Value

42:09 Institutional Adoption and Market Dynamics

50:08 The Evolution of Stablecoins

54:20 The Growing Role of Stablecoins in the Global Economy

01:00:54 The Importance of Privacy in Crypto

01:08:46 Tokenization of ‘Real World Assets’

01:20:46 Perpetual Futures and Prediction Markets

01:29:41 Outlook for the Future

📊 Download the full State of Crypto 2025 report and explore our interactive dashboard to track the industry’s key metrics.

📩 Subscribe for more industry reports, trend updates, news analysis, builder guides, and other resources.from a16z crypto: https://a16zcrypto.substack.com/subscribe/

🎙️ Like, subscribe, comment, share the show: https://a16zcrypto.com/posts/podcast/

***

As always, none of the following 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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Prediction markets are a hot topic again — even cartoon characters are talking about them (South Park). But beyond the buzz, what is a prediction market, exactly? How do they work, how are they designed, and what makes them work?

We answer all these questions and more in this deep-dive featuring experts Alex Tabarrok (professor of economics at George Mason University) and Scott Kominers (a16z crypto research partner and Harvard Business School professor), in conversation with Sonal Chokshi.

While we originally covered this topic during last year’s election, the discussion is more relevant than ever today, as we go into the claims people make about prediction markets — what they’re good for (and not); how they fit in with other trends like AI, futarchy, and the crisis in scientific publishing; and where blockchains and crypto come in.

This is your definitive explainer on the topic.

for transcript, links, and more: https://a16zcrypto.com/posts/podcast/prediction-markets-explained/

As a reminder: None of the following should be taken as business, investment, legal, or tax advice; please see a16z.com/disclosures for more important information.

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with @AriannaSimpson @jacqmelinek

Crypto is known for its high and low market cycles: What must founders know — and what can they do — to survive the swings?

In this episode, we unpack the lessons of past crypto cycles and how they shape the current wave of building — from stablecoins to AI x crypto. We also dive into the founder journey: from raising money and staying committed in 2025, to handling copycat competitors, cofounder disputes, growing too fast (or slowly), and more.

You'll hear from a16z crypto General Partner Arianna Simpson, who has spent over a decade investing in crypto. She joins Jacquelyn Melinek, cofounder & CEO of Token Relations and host of the Talking Tokens podcast, where this conversation first aired, and which we’re excited to share with you here.

Timestamps

0:00 Introduction

1:19 Arianna Simpson's Crypto Origin Story

3:23 Market Cycles & Investing Priorities

5:52 Interrogating the Stablecoin Trend

13:25 Intersection of AI x Crypto

17:49 The Role of Blockchains for Authenticity and Verification

23:07 Future of AI Agents and Monetization Models

27:23 Traits of Successful Crypto Founders

30:05 Challenges and Changes in Fundraising

33:57 Current State of the Market

37:33 Advice for Founders:

  • Pivoting when PMF is missing
  • Raising capital after bootstrapping
  • Competing with copycats
  • Cofounder disputes and breakups
  • Growing too fast & scaling pains

47:52 Conclusion

***

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🎙️ Like, subscribe, comment, share the show: https://a16zcrypto.com/posts/podcast/

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As always, 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.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @eddylazzarin @milesjennings @JasonYanowitz

Welcome to web3 with a16z crypto. Today’s episode is on a super timely topic: How to design, govern, and grow decentralized networks in today’s changing policy landscape. It covers:

• Why the “foundation era” of crypto is ending — and what comes next with DUNAs and BORGs
• How U.S. policy shifts are creating real rules of the road
• The difference between network tokens vs. company tokens (and why it matters for investors, builders, and other participants)
• When protocols should flip the fee switch and start generating revenue
• Common mistakes founders make when launching tokens and structuring projects

To unpack it all, you’ll hear from Miles Jennings, head of policy and general counsel at a16z crypto, and Eddy Lazzarin, a16z crypto’s CTO, in conversation with Jason Yanowitz, cofounder of Blockworks and host of the Empire podcast (where this conversation first aired) ... and which we’re excited to bring to you here.

Timestamps

0:00 Introduction

3:14 Regulatory Progress and Optimism in DC

9:34 The Problem with Offshore Foundations

13:58 The End of the Foundation Era

27:29 DUNAs and BORGs: New Legal Structures

38:42 Understanding Network Tokens

43:42 Network Tokens: Beyond L1 and L2

48:37 Company Tokens: Evolution and Challenges

51:09 The Legal Landscape of Token Offerings

1:04:25 Turning on the Fee Switch: When and Why

1:12:47 Balancing Portfolio Needs and Regulatory Clarity

1:15:36 Common Questions from Founders

1:20:17 Conclusion

📩 Subscribe for more from a16z crypto: https://a16zcrypto.substack.com/subscribe/

🎙️ Like, subscribe, comment, share the show: https://a16zcrypto.com/posts/podcast/

***

As always, 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.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @nayafia and @smc90

Ideas, memes, and vibes are some of the most important drivers of modern technology adoption, marketing, and much more -- and have been much-covered by everyone from Darwin to Dawkins to Girard to many others. Yet the topic of antimemetics -- self-censoring (vs. self-propagating) ideas -- whether something fringe, forgotten, or forbidden -- haven't been studied as much, especially in the context of modern networks.

So in this special book-launch episode, we cover the important concept of antimemetics (and memetics) -- focusing on:

• where and how ideas take off in groups, whether in online chats or other high-shared context communities;
• how ideas not just spread but are contained, or mutate in strange ways;
• why packaging ideas matters; and
• what we can all do to move ideas to action.

Where do bureacracy, institutions, and protocols come in? What about tacit knowledge that lies in these communities, how (or do) we make it explicit? What roles -- from truth tellers to champions to individual nodes in networks -- can and do people play in making something go from mere commentary to reality? After all, ideas -- or ideas as viruses -- are how movements happen, how innovation happens, how things change... or don't ever change despite being discussed all the time.

Our expert guest in this special book episode (following in our long tradition of sharing what we're reading) is Nadia Asparouhova, the author of the new book, Antimemetics: Why Some Ideas Resist Spreading; she is also the author of the book Working in Public: The Making and Maintenance of Open Source Software. a16z crypto's Sonal Chokshi -- who previously hosted Nadia's book-launch episode for the a16z Podcast and almost a decade before that on the changing culture of open source -- interviews Nadia on these themes, how they connect, and why they matter for the crypto industry and beyond. We also dig into some critiques -- and opportunities for builders -- too, including what happens to the public commons; network propagation including across networks; reality distortion fields; hidden knowledge; and cultural stagnation vs. cultural abundance. All this and more in this episode of web3 with a16z!

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with @rhhackett @milesjennings @BenNapier & Michael Reed

Today 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 Ahead

Resources:

• 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.