Episode 45 Crypto Regulation and Enforcement

Episode 45: Crypto Regulation and Enforcement

Episode 45

Crypto Regulation and Enforcement

Jai Ramaswamy is the Chief Legal Officer at Andreessen Horowitz. We cover the regulatory agencies involved in crypto, the balance between privacy and compliance, and how a16z thinks about responsible regulation.

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[00:01:52] - [First question] - How he went from a traditional finance lawyer to a crypto one 

[00:08:05] - A framework for how to think of the regulatory bodies that intersect with crypto

[00:12:46] - Who’s responsible when you receive an OFAC sanction and what it was like seeing a protocol receive one 

[00:20:32] - Whether or not OFAC is an organization that tries to send a message to participants through their actions 

[00:23:15] - Thoughts about the line regulators are walking between being thorough and protecting transaction privacy 

[00:29:32] - Money laundering in traditional finance versus crypto 

[00:34:37] - How law enforcement could enforce or stop a truly decentralized smart contract

[00:38:44] - The nature of disclosure and what the Howey Test is 

[00:47:34] - Commissioner Hester Peirce; Smart Regulation and how guidance and enforcement can help legitimize an asset class

[00:51:25] - His take on the recent FTX piece that came out 

[00:54:43] - Thoughts on stablecoins, their uses, and a possible means of destabilization 

[01:00:32] - The tension between innovation and compliance and the implications of the balance between them

[01:06:40] - What he’s doing about policy in light of everything that was discussed today 

Crypto Regulation and Enforcement

Introduction

Eric
This is Eric Golden, and my guest today is Jai Ramaswamy. Jai is the Chief Legal Officer at Andreessen Horowitz, and we recorded this interview at the Money20/20 conference in Las Vegas. Our discussion covers the regulatory agencies involved with crypto, the balance between privacy and compliance and how a16z thinks about responsible regulation. Please enjoy this conversation with Jai Ramaswamy.

Eric
Today, I'm really excited to have Jai Ramaswamy. Jai is one of the most important lawyers in all of crypto. He is the Chief Legal Officer of a16z. Jai, thank you so much for joining me today.

Jai
It's my pleasure, Eric.

Criminal Prosecution and Financial Crimes

Eric
Jai, before we get started, you have a very impressive background. Why don't you let the audience kind of understand how you went from traditional finance lawyer to the other side of being chief lawyer at a16z?

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