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Thursday, 22. October 2026

Defiant

Bitcoin and Ethereum Take Different Paths to Post-Quantum Wallets

Ethereum contracts can verify alternative signatures today, but protecting existing accounts requires more than adding a new signer. Bitcoin’s P2MR proposal does not itself add post-quantum signatures.
Ethereum contracts can verify alternative signatures today, but protecting existing accounts requires more than adding a new signer. Bitcoin’s P2MR proposal does not itself add post-quantum signatures.... Read the full story at The Defiant

Uniswap Swap Costs: What Reduces Your Output and What Is Paid Separately

A historical ETH-to-USDC receipt shows how deductions reconcile. UniswapX handles network costs differently from a classic pool swap.
A historical ETH-to-USDC receipt shows how deductions reconcile. UniswapX handles network costs differently from a classic pool swap.... Read the full story at The Defiant

Robinhood vs. Securitize: Stock Token Access Compared

Robinhood’s wallet product advertises 24/7 trading; Securitize advertises 24/5, while its NYSE and OKXICE connections remain planned.
Robinhood’s wallet product advertises 24/7 trading; Securitize advertises 24/5, while its NYSE and OKXICE connections remain planned.... Read the full story at The Defiant

Blumenthal Seeks Records on Tether Payments to Bo Hines's Firm

The senator asked Tether and Nxum to provide payment records, crypto wallet addresses and lobbying communications by Nov. 3.
The senator asked Tether and Nxum to provide payment records, crypto wallet addresses and lobbying communications by Nov. 3.... Read the full story at The Defiant

Circle Opens USDC Auctions That Pay Minters a Rebate

Hourly Match auctions pass the redemption clearing fee to minters, with charges capped at Circle’s Express rate.
Hourly Match auctions pass the redemption clearing fee to minters, with charges capped at Circle’s Express rate.... Read the full story at The Defiant

Interpol Cybercrime Sweep Recovers Over $105 Million, Nets 1,462 Arrests

Angolan authorities seized more than 2,000 crypto-mining devices; a Nigerian probe traced more than $2.4 million in suspected fraud proceeds.
Angolan authorities seized more than 2,000 crypto-mining devices; a Nigerian probe traced more than $2.4 million in suspected fraud proceeds.... Read the full story at The Defiant

Aztec Announces V6 Approval While Governance Dashboard Still Shows Voting Open

The proposed upgrade speeds Ethereum-to-Aztec messaging and funds 30 days of V5 operation during migration; the dashboard lists October 26 for execution.
The proposed upgrade speeds Ethereum-to-Aztec messaging and funds 30 days of V5 operation during migration; the dashboard lists October 26 for execution.... Read the full story at The Defiant

bankless

Why DefiLlama’s Data Markets Are Interesting

DefiLlama’s new markets are already pricing onchain earnings, quoting hack risk, and turning its methodology into money.
DefiLlama’s new markets are already pricing onchain earnings, quoting hack risk, and turning its methodology into money.

Defiant

JPMorgan Brings MONY and JLTXX Tokenized Funds to Solana

Qualified US investors can use Morgan Money to access both a private-placement fund and a registered government fund designed for stablecoin reserves.
Qualified US investors can use Morgan Money to access both a private-placement fund and a registered government fund designed for stablecoin reserves.... Read the full story at The Defiant

Tether-Backed Utexo Sets November 28 Launch for Bridged USDT on Bitcoin

Professional operators can now test the RGB-based token on Bitcoin Signet. Its backing will sit in USDT0 locked on Arbitrum.
Professional operators can now test the RGB-based token on Bitcoin Signet. Its backing will sit in USDT0 locked on Arbitrum.... Read the full story at The Defiant

Pump.fun Adds Take-Profit and Stop-Loss Orders for EVM Trades

The rollout extends tools available on Solana since September to Robinhood, BSC, Base, HyperEVM, Arc and Ink.
The rollout extends tools available on Solana since September to Robinhood, BSC, Base, HyperEVM, Arc and Ink.... Read the full story at The Defiant

Lightning Labs Urges Immediate Updates Over Certificate Vulnerability

New binaries block trust in compromised eMudhra certificate keys. Updating Go on a host alone does not patch software already installed.
New binaries block trust in compromised eMudhra certificate keys. Updating Go on a host alone does not patch software already installed.... Read the full story at The Defiant

Bitcoin Falls 3.7% to Test $81,500 ETF Cost Basis

Glassnode’s estimated ETF holding cost, last dated Oct. 19, has acted as support in October after capping bitcoin’s May rally.
Glassnode’s estimated ETF holding cost, last dated Oct. 19, has acted as support in October after capping bitcoin’s May rally.... Read the full story at The Defiant

bankless

Ethereum Researchers Draft a Consensus Overhaul for Faster Finality

A draft EIP would split Ethereum’s validator voting in two, chasing faster finality, sturdier fork choice, and a path to post-quantum signatures.
A draft EIP would split Ethereum’s validator voting in two, chasing faster finality, sturdier fork choice, and a path to post-quantum signatures.

a16z Podcast

The Frontier Ideas a16z Wants to Fund | Marc Andreessen, Ben Horowitz & Chris Dixon

a16z is expanding a16z crypto into a16z Frontier, a broader mandate to back founders building at the edges of what's possible. Chris Dixon joins Marc Andreessen, Ben Horowitz, and Erik Torenberg to explain why founders should increasingly ask not “is this too ambitious?” but “is this ambitious enough?” — and how AI could pull decades of technological progress forward across hardware, robotics, ent

a16z is expanding a16z crypto into a16z Frontier, a broader mandate to back founders building at the edges of what's possible. Chris Dixon joins Marc Andreessen, Ben Horowitz, and Erik Torenberg to explain why founders should increasingly ask not “is this too ambitious?” but “is this ambitious enough?” — and how AI could pull decades of technological progress forward across hardware, robotics, entertainment, science, and entirely new forms of media.

They also explore the coming internet of AI agents, why open source matters as AI becomes more powerful, and why some of the most important companies of the next decade may combine technologies and business models that previously belonged in separate categories.

Resources: 


Follow Chris Dixon on X: https://x.com/cdixon
Follow Marc Andreessen on X: https://x.com/pmarca
Follow Ben Horowitz on X: https://x.com/bhorowitz
 

Learn more about a16z Frontier: 
https://a16zfrontier.com
https://a16zfrontier.substack.com
https://x.com/a16zfrontier

 

Stay Updated:

If you enjoyed this episode, be sure to like, subscribe, and share with your friends!

Find a16z on X: https://twitter.com/a16z

Find a16z on LinkedIn: https://www.linkedin.com/company/a16z

Listen to the a16z Show on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYX

Listen to the a16z Show on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711

Follow our host: https://x.com/eriktorenberg

Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see http://a16z.com/disclosures.



 


 

Stay Updated:

Find a16z on YouTube: YouTube

Find a16z on X

Find a16z on LinkedIn

Listen to the a16z Show on Spotify

Listen to the a16z Show on Apple Podcasts

Follow our host: https://twitter.com/eriktorenberg

Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Defiant

Ethereum Developers Cancel Oct. 26 Glamsterdam Upgrade on Hoodi

Node operators are being told to use software without the scheduled fork, while mainnet activation remains undecided.
Node operators are being told to use software without the scheduled fork, while mainnet activation remains undecided.... Read the full story at The Defiant

Kraken Says Its xStocks Lineup Now Exceeds 1,000

Kraken's September FAQ listed 131 instruments. The tokens offer equity price exposure without shareholder rights, and US persons remain excluded.
Kraken's September FAQ listed 131 instruments. The tokens offer equity price exposure without shareholder rights, and US persons remain excluded.... Read the full story at The Defiant

Visa in Talks to Buy Fireblocks for About $2.5 Billion: Axios

The reported negotiations follow Mastercard’s completed acquisition of BVNK, a stablecoin infrastructure deal priced at up to $1.8 billion.
The reported negotiations follow Mastercard’s completed acquisition of BVNK, a stablecoin infrastructure deal priced at up to $1.8 billion.... Read the full story at The Defiant

A16z Crypto Plans ‘Frontier’ Rebrand and Broader Strategy: Report

General partner Ali Yahya is also reportedly leaving to build a startup, months after the team announced a $2.2 billion fifth fund.
General partner Ali Yahya is also reportedly leaving to build a startup, months after the team announced a $2.2 billion fifth fund.... Read the full story at The Defiant

Starknet Poll Backs Post-Quantum Layer 1 Research With 93.52% Support

The non-binding vote does not approve a network transition. StarkWare hopes to release a draft whitepaper in November.
The non-binding vote does not approve a network transition. StarkWare hopes to release a draft whitepaper in November.... Read the full story at The Defiant

Arbitrum Active Addresses Hit 30-Day High, Then Retreat

Hourly activity cooled into Oct. 22 after daily active addresses reached 571,767; transaction counts rose much less sharply.
Hourly activity cooled into Oct. 22 after daily active addresses reached 571,767; transaction counts rose much less sharply.... Read the full story at The Defiant

Researchers Flag Swell Rate Manipulation After Railway Key-Drain Warning

Researchers flagged inflated swETH and rswETH rates after the cloud-platform disclosure; the reported 2,513 ETH held by Swell is not a confirmed loss.
Researchers flagged inflated swETH and rswETH rates after the cloud-platform disclosure; the reported 2,513 ETH held by Swell is not a confirmed loss.... Read the full story at The Defiant

D3 Links HYPE Vault to Early Access for New Domain Names

The Upshift-built vault earns Frontier Points for future registration priority, with Hyperion DeFi as launch partner. Domain purchases require separate funds.
The Upshift-built vault earns Frontier Points for future registration priority, with Hyperion DeFi as launch partner. Domain purchases require separate funds.... Read the full story at The Defiant

Morpho Opens Robinhood Stock Tokens to Stablecoin Borrowing

Listed markets include NVDA and SPCX collateral at a 62.5% liquidation threshold and SPY at 77%, with USDG as the loan asset.
Listed markets include NVDA and SPCX collateral at a 62.5% liquidation threshold and SPY at 77%, with USDG as the loan asset.... Read the full story at The Defiant

Government-Linked $1 Billion Bitcoin Transfer Led to Coinbase Prime Addresses

The October 8 transaction passed through unlabeled addresses before reaching Arkham-labeled Coinbase deposits. That establishes an exchange-linked destination, not a sale.
The October 8 transaction passed through unlabeled addresses before reaching Arkham-labeled Coinbase deposits. That establishes an exchange-linked destination, not a sale.... Read the full story at The Defiant

Stock Tokens Compared: Ownership and Exit at Robinhood, OKXICE and DTCC

Robinhood’s offshore tokens reinvest dividends through a multiplier and redeem for cash. OKXICE’s proposed entitlements and DTCC’s institutional conversions follow different ownership and exit rules.
Robinhood’s offshore tokens reinvest dividends through a multiplier and redeem for cash. OKXICE’s proposed entitlements and DTCC’s institutional conversions follow different ownership and exit rules.... Read the full story at The Defiant

bankless

Aerodrome and Velodrome Go Live as Aero Across Seven Chains

VELO holders now convert into AERO, with the merged supply split 94.5% to Aerodrome's side and 5.5% to Velodrome's.
VELO holders now convert into AERO, with the merged supply split 94.5% to Aerodrome's side and 5.5% to Velodrome's.

Defiant

Robinhood Plans 2027 UAE Launch With Dubai Retail License

The DFSA register lists Robinhood MENA Limited’s license from July 20, including permission to arrange crypto deals and custody for retail clients.
The DFSA register lists Robinhood MENA Limited’s license from July 20, including permission to arrange crypto deals and custody for retail clients.... Read the full story at The Defiant

What Is a Crypto ‘Wrench Attack’?

The name comes from an XKCD comic about a $5 wrench. Hardware wallets isolate keys, while multisig divides signing authority—but neither automatically prevents coerced transfers.
The name comes from an XKCD comic about a $5 wrench. Hardware wallets isolate keys, while multisig divides signing authority—but neither automatically prevents coerced transfers.... Read the full story at The Defiant

bankless

Pump.fun Ditches Relay for In-House Pump Bridge

Pump.fun claims its own crosschain route cut buy errors 92% and halved typical buy times vs. Relay, the provider rival Fomo still uses.
Pump.fun claims its own crosschain route cut buy errors 92% and halved typical buy times vs. Relay, the provider rival Fomo still uses.

a16z Crypto to Drop "Crypto" From Its Name, Rebrand as a16z Frontier: The Information

The nearly $10B crypto investor reportedly plans to look beyond crypto as GP Ali Yahya departs.
The nearly $10B crypto investor reportedly plans to look beyond crypto as GP Ali Yahya departs.

Defiant

Zipcoin Announces Shutdown and Plans Token Sale

The team says project wallets hold 2.2% of supply, while ZC has fallen 84% over 24 hours.
The team says project wallets hold 2.2% of supply, while ZC has fallen 84% over 24 hours.... Read the full story at The Defiant

SoFi Launches SOFIE Tokenized Deposit With 4.4% APY

Members can convert the deposit into SoFiUSD at a 1:1 rate, but deposit interest and FDIC coverage do not follow the money into the stablecoin.
Members can convert the deposit into SoFiUSD at a 1:1 rate, but deposit interest and FDIC coverage do not follow the money into the stablecoin.... Read the full story at The Defiant

Coinbase Ireland Fined €3.25 Million Over Customer-Fund Failures

The safeguarding shortfall reached €5.2 million in 2024. The sanctions require High Court confirmation before taking effect.
The safeguarding shortfall reached €5.2 million in 2024. The sanctions require High Court confirmation before taking effect.... Read the full story at The Defiant

Base Active Addresses Jump 82.5% to a 30-Day High

Transactions and user-paid fees also rose as the Ethereum Layer 2 recorded 629,142 active addresses on Oct. 21.
Transactions and user-paid fees also rose as the Ethereum Layer 2 recorded 629,142 active addresses on Oct. 21.... Read the full story at The Defiant

CoinDCX Co-Founder Denies New Hack After $16 Million Wallet Alert

Sumit Gupta says the flagged addresses were compromised in July 2025 and that no funds from CoinDCX’s current wallets were affected.
Sumit Gupta says the flagged addresses were compromised in July 2025 and that no funds from CoinDCX’s current wallets were affected.... Read the full story at The Defiant

Alpha Modus Reports $250 Million-Plus Bitcoin Holding From Share Swap

The Nasdaq-listed company exchanged 51.6 million shares and matching warrants for 3,170 BTC, expanding its asset base while diluting existing shareholders.
The Nasdaq-listed company exchanged 51.6 million shares and matching warrants for 3,170 BTC, expanding its asset base while diluting existing shareholders.... Read the full story at The Defiant

Chinese Prosecutors Seek Confiscation of 61,896 Bitcoin in Qian Case

The Tianjin application provides for victim restitution, while ownership claims to the UK-held coins must be assessed under Chinese law.
The Tianjin application provides for victim restitution, while ownership claims to the UK-held coins must be assessed under Chinese law.... Read the full story at The Defiant

PIVX

Cypherpunks, Seated and Sponsored

Nobody hid the agenda. It was printed on the invitation. The ticket cost $200, and you could only pay in ZEC. Wednesday, October 14. National Union Building, Washington, D.C., sixth floor. Reception at five, a seated dinner with keynotes at six-thirty, then a fireside chat. It sold out. One attendee’s recap called it an incredible night of networking, and I have no reason to doubt that
Nobody hid the agenda. It was printed on the invitation.

The ticket cost $200, and you could only pay in ZEC.

Wednesday, October 14. National Union Building, Washington, D.C., sixth floor. Reception at five, a seated dinner with keynotes at six-thirty, then a fireside chat. It sold out. One attendee’s recap called it an incredible night of networking, and I have no reason to doubt that.

The name on the invitation was the Cypherpunk Policy Dinner.

What follows looks at the word on that invitation: what it’s being asked to mean now, and how little effort anyone made to hide the shift.

Nothing was concealed

This was not a covert operation. The organizers, a group called Pretty Good Policy for Zcash with programming from Project Glitch, say exactly what they were doing on the event page. They invite cypherpunks to meet Washington, and they pitch the evening as cypherpunk values getting a seat at the policy table. In their own words: “The juxtaposition is the point.”

Fine. Take them at their word. That’s the interesting part. Nobody is smuggling an agenda into the room. The agenda is the dinner.

What the word Cypherpunk used to mean

In 1993, Eric Hughes wrote the document that gave the movement its creed. Privacy in an open society, he argued, won’t be handed over by governments or corporations, because they have no structural reason to grant it. You build it yourself. In code. Then you defend it yourself.

To be fair to everyone involved, cypherpunks have never avoided policy. The Crypto Wars of the 1990s were policy fights, over export controls and the Clipper Chip, and the people who fought them spent years making their case to Washington. The event page points to one of its keynote speakers having worked at Coin Center on defending the freedom to publish code. The DC Privacy Summit the next day lists Cindy Cohn among its speakers, the attorney who led the Bernstein case, the First Amendment challenge to the government’s crypto export rules. That’s a real thread in the movement’s history, and nobody should pretend otherwise.

So the question isn’t whether cypherpunks should ever speak to policymakers. They always did. The question is what they ask for when they get there.

Asking for the right to write and use privacy software without permission is one thing. Asking for a seat at the table where the rules about it are made, over dinner with the people who make them, is another. Both can be called policy engagement. Only one of them fits what Hughes actually wrote.

Who was in the room

Here is the lineup for the dinner, taken from the organizers’ own pages.

One keynote came from Josh Swihart, CEO of ZODL and the former chief executive of the Electric Coin Company. The other came from Landon Zinda, a Senior Advisor on the SEC’s Crypto Task Force and Counsel to the Chairman. The fireside chat was moderated by Julie Stitzel, Chief Policy Officer at Digital Currency Group, one of the firms that led ECC’s 2016 funding rounds.

The dinner’s own page names one sponsor: the Zcash community itself, through a grant from Zcash Community Grants. The dinner is billed as an associated event of the DC Privacy Summit, held the next day in the same building, and the Summit’s sponsor page is a longer list. DCG is its premiere sponsor. Its event sponsors include Circle, the law firm Brown Rudnick, TRM Labs, and Cypherpunk Technologies, the Nasdaq-listed company readers of an earlier piece here (“The Cypherpunks Who Aren’t”) will remember. The dinner page also carries the standard language government attendees need for their ethics reviews, the kind of paperwork that makes a dinner a recognized Washington event.

That last detail isn’t a scandal. It’s just how this city works, and the organizers followed the form. But it tells you what kind of evening this was: a Washington event with a cypherpunk name, rather than a cypherpunk event that happened to be in Washington.

The sponsor that sticks in the throat

One name on that list needs explaining.

TRM Labs is a blockchain intelligence company. Its own site describes the business plainly: it sells tools that trace funds across blockchains, to law enforcement agencies, national security agencies, regulators, tax authorities, prosecutors, and banks. Its materials say hundreds of law enforcement agencies use its platform, and that its products let frontline investigators check whether a crypto address has been tied to illicit activity, from a phone, on the spot.

If that sounds familiar, it should. It’s the same industry earlier pieces in this series described: the one that grew up to read public ledgers and attach names to them. Chainalysis is the best known. TRM is its direct competitor.

So here is a fact, stated without adjectives. The summit that the Cypherpunk Policy Dinner is billed as part of lists among its sponsors a company that sells cryptocurrency tracing to law enforcement.

Now the fairness, because it’s owed. To be exact, TRM sponsors the Summit, and the dinner’s own page doesn’t list it. Sponsoring an event doesn’t mean writing its agenda, and nothing here shows TRM did. Every company with a stake in crypto policy shows up in Washington, and TRM may well argue that its work and financial privacy can coexist. Maybe so. What TRM did there is unknown to me and beside the point. What matters is that it was a natural place for it to be.

Picture the 1993 mailing list reading that guest list and sponsor page. A tracing vendor among the sponsors, a venture investor’s policy chief at the microphone, a regulator’s senior staff at the keynote, a law firm, a public company named after the movement. Then ask which of them the manifesto told you not to wait on.

The legibility tax, paid in person

None of this is irrational. If you hold an asset that wants an ETF wrapper, institutional lending, and mainstream listings, you need to be legible to the institutions that grant those things. Legibility means meeting the people who decide. Meeting them means dinners, and dinners cost money, and sponsors sponsor. It’s the logic of any industry that wants acceptance.

It’s also the logic this series keeps returning to. Reach in this space is allocated by intermediaries, and intermediaries extend it to projects they can talk to. Somebody has to be at the table to be talked to. Somebody has to pay for the table. The dinner is that cost, itemized.

Reasonable people can decide the price is worth paying. Calling it cypherpunk is where the argument starts.

There’s an old instinct in politics: the surest way to blunt a challenger is to invite it in. Sociologists call it co-optation, absorbing the people who might oppose an institution into its own structures until the opposition has a seat, a title, and a dinner. Nobody has to plan it. A word that once meant refusing to ask permission can end up on a ticker symbol, a conference badge, and a policy dinner’s invitation, and each step feels like progress. By the end, the word is still there. The edge isn’t.

What it looks like when nobody can host the dinner

PIVX has no natural host for this event. There is no company to organize it, no corporate sponsor to write the check, no policy officer on staff. The community could vote to fund one, and nothing in the project’s structure rewards it for doing so. No one speaks for the project in Washington.

That has a real cost, and this series has never pretended otherwise. A project nobody can represent is a project nobody amplifies. The reach problem hasn’t gone away (“Freedom of Speech, Not Freedom of Reach”).

So apply the manifesto’s own test. Hughes gave cypherpunks one job: write code. Build the systems, defend your own privacy with them, and don’t wait for any institution to grant it. Hold both sides of this story up against that.

Zcash gave this field its best cryptography, and that credit stands. Around the cryptography now sits a layer of structure: venture funding in its history, a Nasdaq-listed holding company wearing the movement’s name, an ETF, and a Washington dinner with a venture investor’s policy chief at the microphone, attached to a summit with a blockchain tracing vendor among its sponsors. Each of those is a legitimate business choice. None of them is code.

PIVX’s side of the ledger is short. A fair launch. No venture round, ever. No company, no board, no stock market ticker, no ETF. A treasury that pays for work only after a public vote. And a good part of what that treasury pays for is the building itself: zkSNARKs shielded transactions on a proof-of-stake since 2021, a user-friendly wallet that runs in your browser, a private messenger on Nostr that’s still in beta and being improved, and shielded staking, on the roadmap for the 6.x line with a v6 testnet already running.

In early 2021, PIVX shipped Zcash’s Sapling zk-SNARK protocol, customized to run on proof-of-stake, before Ethereum moved to proof-of-stake itself. Not bad for a micro-cap, self-financing, community-supported DAO.

Shielded staking would let holders stake shielded coins and collect the rewards directly to a shielded address. That matters beyond convenience. Only a small share of the supply sits in the shielded pool today, and a thin pool is easier to watch: when little else is moving, an observer can match a deposit to a later withdrawal by amount and timing. That technique is called timing analysis. As more holders stake this way, rewards flowing into the pool add steady shielded activity and draw more coins in, which gives every shielded transaction more cover.

Nobody building any of this is waiting for a regulator’s staff to find them credible. They ship, and a community of people who bleed purple keeps funding it, vote after vote, with no jackpot at the end. A masternode operator doesn’t need a dinner to remember why they locked 10,000 PIV.

None of this makes anyone at that dinner a villain. Cypherpunk is no trademark, plenty of people in that room write good code and mean what they say, and I’ve said so before. But the test was always what you do and what you depend on, never what you call yourself. A project that depends on venture backers, a public company’s balance sheet, and a regulator’s goodwill is exposed to pressure from all three. PIVX’s code and its funding depend on none of them. Its market access is a different story, as the Binance delisting showed, and that is the cost named above.

That’s the whole difference. Nobody can hand PIVX a seat at the table, so nobody can take it away. No regulator’s dinner can become a condition of its existence. The code runs, the masternodes vote, the treasury funds the work, and none of it waits for anyone’s approval, in any city.

Nobody lied about what this was. They printed it on the invitation. Put it next to the 1993 text, then look at who has spent ten years doing the one thing that text asked for.

Cypherpunks, Seated and Sponsored was originally published in PIVX on Medium, where people are continuing the conversation by highlighting and responding to this story.


Defiant

Matter Labs Introduces Prividium Commander for Existing Blockchains

Institutions can add application permissions without moving to Prividium Ledger, while retaining their existing custody and signing providers.
Institutions can add application permissions without moving to Prividium Ledger, while retaining their existing custody and signing providers.... Read the full story at The Defiant

Developer Links $370,000 Theft to Railway Secrets Exposure

Railway restored Enterprise builds late Wednesday, while customers on other plans were still waiting to redeploy with replacement credentials.
Railway restored Enterprise builds late Wednesday, while customers on other plans were still waiting to redeploy with replacement credentials.... Read the full story at The Defiant

Cloudflare CEO Reports Millions of PHP2Shell Exploit Attempts

PHP has shipped fixes for four supported branches. The flaws can let attackers run code on vulnerable web servers without logging in.
PHP has shipped fixes for four supported branches. The flaws can let attackers run code on vulnerable web servers without logging in.... Read the full story at The Defiant

How Elliptic-Curve Signatures Work: A Toy ECDSA Example

A deliberately insecure curve makes the signing arithmetic small enough to follow. The verifier needs the message and public key, but neither signing secret.
A deliberately insecure curve makes the signing arithmetic small enough to follow. The verifier needs the message and public key, but neither signing secret.... Read the full story at The Defiant

Mastercard Crypto Credential, KYC, Travel Rule and Screening Compared

Identity checks, transfer-party information and blockchain risk alerts serve different purposes. Providers remain responsible for deciding whether a payment can proceed.
Identity checks, transfer-party information and blockchain risk alerts serve different purposes. Providers remain responsible for deciding whether a payment can proceed.... Read the full story at The Defiant

Pendle Expands One-Click Looping to Yield Assets and Tokenized Stocks

Stock longs on Base use Aave loans, while PendleLoop fees on non-PT positions are waived through Dec. 31.
Stock longs on Base use Aave loans, while PendleLoop fees on non-PT positions are waived through Dec. 31.... Read the full story at The Defiant

Collector Crypt Reports Record $24.3 Million Day

Users opened 123,425 packs, while the reported gross receipts equaled roughly 13% of DefiLlama's trailing 30-day pack-sales total.
Users opened 123,425 packs, while the reported gross receipts equaled roughly 13% of DefiLlama's trailing 30-day pack-sales total.... Read the full story at The Defiant

Aero Launches as Aerodrome and Velodrome Merge Across Seven Chains

The combined exchange went live across seven networks, with VELO converting at 0.044 AERO and locked positions becoming sAERO
The combined exchange went live across seven networks, with VELO converting at 0.044 AERO and locked positions becoming sAERO... Read the full story at The Defiant

Wednesday, 21. October 2026

Defiant

A Wallet Three Hours Old Minted Kimchi's Coin and Routed Every Fee to One Address

The deployer bought 79% of the supply for about $9,300 and named a single address the permanent, unchangeable recipient of every creator fee the coin will ever pay. Pump.fun's own profile page titles that address “Kimchi”
The deployer bought 79% of the supply for about $9,300 and named a single address the permanent, unchangeable recipient of every creator fee the coin will ever pay. Pump.fun's own profile page titles that address “Kimchi”... Read the full story at The Defiant

Obol Urges Immediate Charon Upgrade After CA Key Compromise

The patch updates certificate checks in Go. Obol's mainnet cluster balances totaled 422,862 ETH in its latest daily snapshot.
The patch updates certificate checks in Go. Obol's mainnet cluster balances totaled 422,862 ETH in its latest daily snapshot.... Read the full story at The Defiant

Railway Urges All Users to Rotate Secrets After Security Incident

Deployments remain paused, preventing customers from updating applications with replacement credentials.
Deployments remain paused, preventing customers from updating applications with replacement credentials.... Read the full story at The Defiant

eMudhra's Weak Certificate Keys Prompt Emergency Trust Updates

One recovered private key was just 4. The company says the flaw went undetected through two independent audit cycles.
One recovered private key was just 4. The company says the flaw went undetected through two independent audit cycles.... Read the full story at The Defiant

Matter Labs Debuts Prividium Commander For Institutions

The control plane for bank digital-asset operations is generally available at launch. Its revenue goes to Matter Labs, not ZKsync tokenholders, CEO Alex Gluchowski told The Defiant.
The control plane for bank digital-asset operations is generally available at launch. Its revenue goes to Matter Labs, not ZKsync tokenholders, CEO Alex Gluchowski told The Defiant.... Read the full story at The Defiant

Mastercard Opens AI Machine-Payment Pilot to Developers

Buyer- and seller-side APIs, a toolkit and a sandbox extend developer testing, while Agent Pay for Machines remains a noncommercial pilot.
Buyer- and seller-side APIs, a toolkit and a sandbox extend developer testing, while Agent Pay for Machines remains a noncommercial pilot.... Read the full story at The Defiant

Vantage and Rio Bank Use Tokenized Deposits for Loan Payment on Ethereum

Participate says principal and interest reached the receiving bank’s wallet in under three minutes, with loan balances and notices updated alongside the payment.
Participate says principal and interest reached the receiving bank’s wallet in under three minutes, with loan balances and notices updated alongside the payment.... Read the full story at The Defiant

Yuga Labs Launches Mudwater Trading-Card NFTs on Solana

Each Bored Ape qualifies for 10 packs and each Mutant Ape for two, while OpenSea reports 78.3 ETH in pack trading volume.
Each Bored Ape qualifies for 10 packs and each Mutant Ape for two, while OpenSea reports 78.3 ETH in pack trading volume.... Read the full story at The Defiant

Trump Touts Crypto Scam Crackdown as DOJ Reports $938 Million Restrained

Attorney General Todd Blanche described a nationwide scam prosecution initiative deploying dozens of prosecutors across all 94 US Attorneys’ Offices.
Attorney General Todd Blanche described a nationwide scam prosecution initiative deploying dozens of prosecutors across all 94 US Attorneys’ Offices.... Read the full story at The Defiant

Dolomite Adds $100 Million in Concrete’s Bitcoin-Backed Collateral

Concrete can borrow against Bitcoin held at BitGo, but liquidations require offchain custody settlement rather than an instant onchain sale.
Concrete can borrow against Bitcoin held at BitGo, but liquidations require offchain custody settlement rather than an instant onchain sale.... Read the full story at The Defiant

13 JPMD Lookalikes Emerge Amid JPMorgan’s Ethereum Launch

The bank’s genuine Ethereum token showed zero supply and holders, while its documentation warns that same-name tokens at other addresses are unaffiliated.
The bank’s genuine Ethereum token showed zero supply and holders, while its documentation warns that same-name tokens at other addresses are unaffiliated.... Read the full story at The Defiant

Krak vs. PayPal vs. Cash App: Fees, Reach and Bank Withdrawals

Cash App requires US residency, while Krak and PayPal support US-to-UK personal payments. Conversion and bank withdrawal terms determine the cost beyond the in-app transfer.
Cash App requires US residency, while Krak and PayPal support US-to-UK personal payments. Conversion and bank withdrawal terms determine the cost beyond the in-app transfer.... Read the full story at The Defiant

Polymarket US vs. Kalshi: What a 100-Contract Trade Costs

A hypothetical buy at 40 cents and sale at 60 cents produces nearly identical taker profits. Resting orders and funding methods can change the comparison.
A hypothetical buy at 40 cents and sale at 60 cents produces nearly identical taker profits. Resting orders and funding methods can change the comparison.... Read the full story at The Defiant

bankless

🏴 Bitcoin's Quantum To-Do List

Flexible addresses, new signatures, and a separate fight over dormant coins: inside Coinbase's plan to get Bitcoin quantum-ready.
Flexible addresses, new signatures, and a separate fight over dormant coins: inside Coinbase's plan to get Bitcoin quantum-ready.

Coinbase's Plan for a Quantum-Safe Bitcoin

New addresses, new signatures and a plan for coins that never move: here's what Coinbase thinks Bitcoin needs.
New addresses, new signatures and a plan for coins that never move: here's what Coinbase thinks Bitcoin needs.

Zcash Sprout Holders Have Two Weeks to Move Their ZEC

NU7 retires the transaction format Sprout depends on, so old shielded ZEC needs to move before activation.
NU7 retires the transaction format Sprout depends on, so old shielded ZEC needs to move before activation.

Privacy Pools v2 Goes Live With Bigger Feature Suite

The compliance-first privacy protocol now does payments, yield, and swaps.
The compliance-first privacy protocol now does payments, yield, and swaps.

OpenSea Mobile Drops Its Waitlist

OpenSea's app is out of its waitlist, pitching follow-the-trader social trading across perps, memecoins, cards, and art.
OpenSea's app is out of its waitlist, pitching follow-the-trader social trading across perps, memecoins, cards, and art.

Defiant

Polymarket US Sues Ohio to Block Sports-Contract Crackdown

The exchange seeks preliminary and permanent injunctions after Ohio demanded an immediate halt to sports contracts and written confirmation of compliance by Oct. 16.
The exchange seeks preliminary and permanent injunctions after Ohio demanded an immediate halt to sports contracts and written confirmation of compliance by Oct. 16.... Read the full story at The Defiant

OKX Combines Euro and EURC Liquidity in One Spot Order Book

Eligible EEA users can convert euros to EURC at 1:1 and choose either settlement asset, with fees depending on their tier and transaction.
Eligible EEA users can convert euros to EURC at 1:1 and choose either settlement asset, with fees depending on their tier and transaction.... Read the full story at The Defiant

FCA Proposes Guidance on When DeFi Interfaces Need UK Authorization

A separate paper explains how regulated firms must manage DeFi risks. Both consultations close Nov. 18.
A separate paper explains how regulated firms must manage DeFi risks. Both consultations close Nov. 18.... Read the full story at The Defiant

NSA Urges PHP Users to Patch or Take Systems Offline

PHP has released fixes for two flaws rated 9.2 that can let unauthenticated attackers run code on web servers.
PHP has released fixes for two flaws rated 9.2 that can let unauthenticated attackers run code on web servers.... Read the full story at The Defiant

Eclair Patches Lightning Bugs That Could Let Peers Steal Funds

The second security release in five days lets node operators upgrade without closing channels, though Eclair must be stopped and restarted.
The second security release in five days lets node operators upgrade without closing channels, though Eclair must be stopped and restarted.... Read the full story at The Defiant

Tesla and SpaceX Explore Merger That Could Unite 30,221 Bitcoin

Their disclosed bitcoin positions would together rank sixth among CoinGecko’s tracked public companies. Musk says no transaction terms have been agreed.
Their disclosed bitcoin positions would together rank sixth among CoinGecko’s tracked public companies. Musk says no transaction terms have been agreed.... Read the full story at The Defiant

Sunrise Brings Backpack’s Tokenized Meta Shares to Solana

Redemption requires an eligible, verified Backpack account, and transfers from Backpack to another brokerage are not yet supported.
Redemption requires an eligible, verified Backpack account, and transfers from Backpack to another brokerage are not yet supported.... Read the full story at The Defiant

Japan's Prime Minister Urges PHP Patching, Suggests Temporary Site Shutdowns

Fixes are now available for two critical flaws that can let attackers run code on web servers without logging in.
Fixes are now available for two critical flaws that can let attackers run code on web servers without logging in.... Read the full story at The Defiant

Polkadot Warns Fearless Wallet Users to Move Funds After Private-Key Leak

Chrome still listed an affected extension version with 6,000 users as the foundation urged holders to create fresh keys.
Chrome still listed an affected extension version with 6,000 users as the foundation urged holders to create fresh keys.... Read the full story at The Defiant

Ondo Perps Adds 3x OpenAI Pre-IPO Contract

The perpetual has its own pricing and hourly funding payments, unlike the fully funded OPAIPon spot note. US persons are excluded.
The perpetual has its own pricing and hourly funding payments, unlike the fully funded OPAIPon spot note. US persons are excluded.... Read the full story at The Defiant

Doodles' DOOD Token Surges 212% to a $38 Million Market Cap

The collection's NFT floor rose 7.4% in ETH, while reported token trading volume reached $213 million over 24 hours.
The collection's NFT floor rose 7.4% in ETH, while reported token trading volume reached $213 million over 24 hours.... Read the full story at The Defiant

Ledger Adds Morpho Loans Against Wrapped Bitcoin

Eligible users can borrow USDC or USDT on Ethereum, while pledged collateral sits in smart contracts and remains subject to liquidation.
Eligible users can borrow USDC or USDT on Ethereum, while pledged collateral sits in smart contracts and remains subject to liquidation.... Read the full story at The Defiant

Standard Chartered Signs Deal to Take Full Ownership of Zodia Custody

Custody operations will join the bank’s Securities Services business, while software and professional services will move to Zodia Solutions under SC Ventures.
Custody operations will join the bank’s Securities Services business, while software and professional services will move to Zodia Solutions under SC Ventures.... Read the full story at The Defiant

Western Union Picks Noah to Settle Receiver Redirect Payouts in USDPT

The remittance company said the service will move funds in more than 60 currencies across over 200 countries, with recipients collecting a Solana stablecoin issued by Anchorage Digital Bank.
The remittance company said the service will move funds in more than 60 currencies across over 200 countries, with recipients collecting a Solana stablecoin issued by Anchorage Digital Bank.... Read the full story at The Defiant

Lido Lend Exit Plan Would Tap Borrower Collateral for Withdrawals

Positions nearest liquidation would be tapped first and their debt reduced. Eligibility for healthy loans and the lender’s route to ETH remain unspecified.
Positions nearest liquidation would be tapped first and their debt reduced. Eligibility for healthy loans and the lender’s route to ETH remain unspecified.... Read the full story at The Defiant

Securitize Will Mint Stablecoins Directly With Anchorage Digital Bank

The tokenization platform behind funds from BlackRock, Apollo and KKR said it will source the dollars that settle those trades from a federally chartered bank instead of intermediaries.
The tokenization platform behind funds from BlackRock, Apollo and KKR said it will source the dollars that settle those trades from a federally chartered bank instead of intermediaries.... Read the full story at The Defiant

OpenSea Opens Mobile App to All Users, Pays Referrers 25% of Fees

The marketplace said its social feed pulls trades from across crypto apps rather than its own users, and that 76% of the 56,000-plus beta signups were active.
The marketplace said its social feed pulls trades from across crypto apps rather than its own users, and that 76% of the 56,000-plus beta signups were active.... Read the full story at The Defiant

Blockchain Association Asks SEC to Double Crypto Startup Exemption to $10 Million

The trade group backed Regulation Crypto Assets in its comment letter and asked the Commission to raise both offering caps, write the Howey guidance into the rule, and let third parties file for tokens already trading.
The trade group backed Regulation Crypto Assets in its comment letter and asked the Commission to raise both offering caps, write the Howey guidance into the rule, and let third parties file for tokens already trading.... Read the full story at The Defiant

Binance to Reprice bStocks Collateral While US Stock Markets Are Closed

The change reaches Cross Margin and both Portfolio Margin products, allowing weekend trading to weaken account buffers before underlying shares resume trading.
The change reaches Cross Margin and both Portfolio Margin products, allowing weekend trading to weaken account buffers before underlying shares resume trading.... Read the full story at The Defiant

OCC Finalizes GENIUS Act Rule, Drops Third-Party Yield Presumption

The rule takes effect Jan. 18, 2027, while existing issuers with substantially complete OCC applications pending can seek temporary compliance waivers.
The rule takes effect Jan. 18, 2027, while existing issuers with substantially complete OCC applications pending can seek temporary compliance waivers.... Read the full story at The Defiant

SpaceX Share Unlock Looms Over Aave Collateral Proposal

LlamaRisk recommends a 55% collateral factor and a 37,000-token cap, with larger liquidations dependent on redemptions or derivatives hedges.
LlamaRisk recommends a 55% collateral factor and a 37,000-token cap, with larger liquidations dependent on redemptions or derivatives hedges.... Read the full story at The Defiant

a16z Podcast

The Missing Infrastructure for AI Agents: Documents | Reducto’s Adit Abraham

AI agents can reason over enormous amounts of information, but much of the world’s actual work is still trapped in PDFs, spreadsheets, scans, and other formats that models struggle to reliably understand. Reducto co-founder and CEO Adit Abraham argues that solving this document layer is essential if agents are going to take on consequential work in healthcare, legal, finance, and insurance. Adit

AI agents can reason over enormous amounts of information, but much of the world’s actual work is still trapped in PDFs, spreadsheets, scans, and other formats that models struggle to reliably understand. Reducto co-founder and CEO Adit Abraham argues that solving this document layer is essential if agents are going to take on consequential work in healthcare, legal, finance, and insurance.

Adit joins a16z General Partner Jennifer Li to explain why traditional OCR breaks down on messy real-world documents, how Reducto combines vision-language models with specialized infrastructure to reach high accuracy without sacrificing cost or latency, and why frontier models can silently drop information on long extraction tasks. Reducto now processes billions of pages each month, including its seven billionth page the morning of the recording. 

They also discuss Reducto’s R1 model, agents that can review and correct their own document extraction, and the company’s push beyond simply reading files toward letting agents reliably work with and edit them. Underneath it all is a higher-stakes problem: when a misread word can affect a healthcare claim or financial decision, getting the input right matters just as much as making the model smarter.


Resources:

Learn more about Reducto: https://reducto.ai

Follow Adit Abraham on X: https://x.com/aditabrm 

Follow Jennifer Li on X: https://x.com/JenniferHli

Stay Updated:

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Defiant

OpenStocks' BNB Chain Tokens Offer Price Exposure, Not Private Shares

The platform's terms give holders no claim on underlying shares and allow exposure through SPVs or derivatives.
The platform's terms give holders no claim on underlying shares and allow exposure through SPVs or derivatives.... Read the full story at The Defiant

Evernorth’s $132.2 Million Warrant Registration Goes Effective

Cash exercises would add up to 11.5 million XRPN shares, while Evernorth says net proceeds would fund general corporate purposes.
Cash exercises would add up to 11.5 million XRPN shares, while Evernorth says net proceeds would fund general corporate purposes.... Read the full story at The Defiant

SideSwap Reports About 600 Redemptions After Reopening L-BTC Swaps

The provider is paying users from its own bitcoin wallet while Liquid federation reserves still cover about 85.8% of outstanding L-BTC.
The provider is paying users from its own bitcoin wallet while Liquid federation reserves still cover about 85.8% of outstanding L-BTC.... Read the full story at The Defiant

PancakeSwap Opens 'The Flip' Vote With CAKE Supply Condition

The final plan retains CAKE buybacks from non-stablecoin protocol fees and phases a roughly 69% cut in effective daily emissions.
The final plan retains CAKE buybacks from non-stablecoin protocol fees and phases a roughly 69% cut in effective daily emissions.... Read the full story at The Defiant

Bürgel Says PHP Exploits Are Circulating Ahead of Critical Patches

PHP’s fixes are scheduled for 10 a.m. ET; security advisories urge operators to restrict exposed services and prepare to patch immediately.
PHP’s fixes are scheduled for 10 a.m. ET; security advisories urge operators to restrict exposed services and prepare to patch immediately.... Read the full story at The Defiant

SlowMist Urges Crypto Platforms to Prepare for Critical PHP Fixes

PHP plans to publish patches at 10 a.m. ET on Oct. 21, with affected versions and technical details due alongside the release.
PHP plans to publish patches at 10 a.m. ET on Oct. 21, with affected versions and technical details due alongside the release.... Read the full story at The Defiant

Pendle Daily Volume Hits $159 Million, Led by Ethereum

Ethereum accounted for $121.5 million of trading, while the protocol's locked value rose only modestly during the day.
Ethereum accounted for $121.5 million of trading, while the protocol's locked value rose only modestly during the day.... Read the full story at The Defiant

Tuesday, 20. October 2026

Defiant

NEAR Opens Vote to Cut Token Issuance to 1.6%

HSP-029 would lower issuance over 24 months after a 90-day grace period, but validators must separately adopt a network upgrade.
HSP-029 would lower issuance over 24 months after a 90-day grace period, but validators must separately adopt a network upgrade.... Read the full story at The Defiant

bankless

Why Papertrade Won't Let PAPER Trade

In a house pool exchange, the token is the house. That's why Papertrade won't let it trade.
In a house pool exchange, the token is the house. That's why Papertrade won't let it trade.

Defiant

Extended Plans Oct. 22 Settlement Move From Starknet to Arc

Extended says holders of more than $1 of USDT or wBTC in a sub-account must convert or withdraw to avoid forced closures, but its notices give conflicting deadlines.
Extended says holders of more than $1 of USDT or wBTC in a sub-account must convert or withdraw to avoid forced closures, but its notices give conflicting deadlines.... Read the full story at The Defiant

Ethereum Staking Hits Record 43.8 Million ETH, Bitwise Says

Ethereum's gross annualized staking yield fell to 2.63% from 2.81%, while Solana also saw more stake and lower returns.
Ethereum's gross annualized staking yield fell to 2.63% from 2.81%, while Solana also saw more stake and lower returns.... Read the full story at The Defiant

COMP Jumps 27%, Outpacing Bitcoin and Ether

COMP also led both benchmarks over seven and 28 days, while Compound’s total value locked remained below its late-September level.
COMP also led both benchmarks over seven and 28 days, while Compound’s total value locked remained below its late-September level.... Read the full story at The Defiant

bankless

Onchain Inference Markets Post Record Token Usage

Surplus usage rose ~2.3x in under a month to a record 312.6B tokens on Oct 18, as rivals' volumes climb and critics demand dollar figures.
Surplus usage rose ~2.3x in under a month to a record 312.6B tokens on Oct 18, as rivals' volumes climb and critics demand dollar figures.

Defiant

Utah Sues Kalshi and Susquehanna Firms to Halt Alleged Illegal Betting

The state seeks injunctions, restitution and profits, alleging that market makers helped sustain wagering despite Kalshi’s federal court defeat.
The state seeks injunctions, restitution and profits, alleging that market makers helped sustain wagering despite Kalshi’s federal court defeat.... Read the full story at The Defiant

bankless

CFTC Tells Court CME Can't Challenge U.S. Perps

The CFTC says CME can't sue over U.S. perps because it hasn't been hurt, pointing to a 23% rise in CME's own crypto futures volume since May.
The CFTC says CME can't sue over U.S. perps because it hasn't been hurt, pointing to a 23% rise in CME's own crypto futures volume since May.

Defiant

Optimum Says Block Propagation Layer Is Live on Ethereum Mainnet

The MIT-incubated network says 16 node operators and about 1.4 million ETH in stake are running mump2p, with ether.fi making it standard across its validator set
The MIT-incubated network says 16 node operators and about 1.4 million ETH in stake are running mump2p, with ether.fi making it standard across its validator set... Read the full story at The Defiant

bankless

ZachXBT Flags $20M XMR Laundering Ring on Hyperliquid

More than 87% of inflows to FreedomXMR, a Monero swap service on Hyperliquid Core, came from illicit activity, with $20M+ traced to hacks and ransomware.
More than 87% of inflows to FreedomXMR, a Monero swap service on Hyperliquid Core, came from illicit activity, with $20M+ traced to hacks and ransomware.

Defiant

Starknet Foundation Launches Bramble Wallet With STRK20 Shielding

The Chrome-only wallet combines private balances, Ledger signing and multisig accounts, with a recovery phrase for backup.
The Chrome-only wallet combines private balances, Ledger signing and multisig accounts, with a recovery phrase for backup.... Read the full story at The Defiant

Lulo Says Boost Deposits Face 6.4% Drawdown From Neutrl Exposure

Protected deposits are unaffected, Lulo says, while Neutrl's redemption contract offers 0.51 USDC per NUSD.
Protected deposits are unaffected, Lulo says, while Neutrl's redemption contract offers 0.51 USDC per NUSD.... Read the full story at The Defiant

Celestia Activates Fibre, Opening Direct Validator Uploads for Rollups

The initial release allows 128 MiB blobs and 200 Fibre submissions per block, using smaller uploads and a slower block cadence than its terabit benchmark.
The initial release allows 128 MiB blobs and 200 Fibre submissions per block, using smaller uploads and a slower block cadence than its terabit benchmark.... Read the full story at The Defiant

1inch Winds Down Card, Urges Balance Withdrawals by Dec. 18

Existing cards and accounts remain accessible for now, but the issuer and provider—not 1inch—control when card functionality ends.
Existing cards and accounts remain accessible for now, but the issuer and provider—not 1inch—control when card functionality ends.... Read the full story at The Defiant

Sberbank Gains Russian Crypto Exchange Authorization Ahead of Planned December Launch

The bank plans to offer Bitcoin, Ether and USDT through its existing apps, while Russian rules impose testing and purchase limits on non-qualified investors.
The bank plans to offer Bitcoin, Ether and USDT through its existing apps, while Russian rules impose testing and purchase limits on non-qualified investors.... Read the full story at The Defiant

The Ledger Implant Factory: Mark Karpelès on Who's Building Spy Chips at Scale

Former Mt. Gox CEO Mark Karpelès has spent two weeks opening Ledger hardware wallets bought from third-party sellers in Japan, Singapore and Germany. What he found inside wasn't a one-off: the boards carry revision markings, regional antenna variants and a design that has moved from hand-soldering
Former Mt. Gox CEO Mark Karpelès has spent two weeks opening Ledger hardware wallets bought from third-party sellers in Japan, Singapore and Germany. What he found inside wasn't a one-off: the boards carry revision markings, regional antenna variants and a design that has moved from hand-soldering... Read the full story at The Defiant

Blockchain.com Launches Options Trading on Seven Cryptoassets

Buyers fund contracts in USDC and cannot exit before expiry. US and UK residents are among those excluded.
Buyers fund contracts in USDC and cannot exit before expiry. US and UK residents are among those excluded.... Read the full story at The Defiant

MEXC to End Services for Users in Russia and Belarus

Affected customers will receive individual deadlines for closing positions and withdrawing assets. Users without a notice can continue subject to the exchange’s terms.
Affected customers will receive individual deadlines for closing positions and withdrawing assets. Users without a notice can continue subject to the exchange’s terms.... Read the full story at The Defiant

Bitget to Buy Licensed Thai Exchange From Japan's GMO Internet

The Japanese seller disclosed the deal to the Tokyo Stock Exchange four weeks ago, with the price withheld at the buyer's request
The Japanese seller disclosed the deal to the Tokyo Stock Exchange four weeks ago, with the price withheld at the buyer's request... Read the full story at The Defiant

Issuer Blacklists Recovered Nothing in 60 Crypto Exploits, Blockaid Finds

Victims got back $9.8 million of the $1.18 billion traced between January and August, and every dollar frozen or returned came through governance or validator action
Victims got back $9.8 million of the $1.18 billion traced between January and August, and every dollar frozen or returned came through governance or validator action... Read the full story at The Defiant

Walt Plans AI Perpetuals Trading Through Mira, ChatGPT and Claude

Order execution would be off by default, with AI agents restricted to a dedicated trading account that users choose to fund.
Order execution would be off by default, with AI agents restricted to a dedicated trading account that users choose to fund.... Read the full story at The Defiant

Liquid Says Bitcoin Swaps Are Restored While Peg-Outs Stay Frozen

Reserves still cover about 85.8% of outstanding L-BTC, leaving a roughly 603 BTC shortfall.
Reserves still cover about 85.8% of outstanding L-BTC, leaving a roughly 603 BTC shortfall.... Read the full story at The Defiant

France Moves Budget Vote Carrying Stablecoin Tax to Nov. 3

The proposal would end tax deferral on gains from swaps into single-currency stablecoins from January 2027. It remains subject to further parliamentary votes.
The proposal would end tax deferral on gains from swaps into single-currency stablecoins from January 2027. It remains subject to further parliamentary votes.... Read the full story at The Defiant

a16z Podcast

What Happens When Everyone Has a Health Expert in Their Pocket? | OpenAI’s Karan Singhal

More than 300 million people use ChatGPT for health and wellness questions each week. OpenAI’s Karan Singhal thinks that’s only the beginning: the longer-term goal is AI that can help people navigate their health proactively, while making trustworthy medical intelligence dramatically more accessible. Karan joins a16z Partner Jay Rughani to explain why OpenAI trains healthcare expertise directly i

More than 300 million people use ChatGPT for health and wellness questions each week. OpenAI’s Karan Singhal thinks that’s only the beginning: the longer-term goal is AI that can help people navigate their health proactively, while making trustworthy medical intelligence dramatically more accessible.

Karan joins a16z Partner Jay Rughani to explain why OpenAI trains healthcare expertise directly into its general-purpose frontier models, how it works with hundreds of medical experts to evaluate safety and disagreement, and why the company sees AI as a complement to doctors rather than a replacement for medical care. They also discuss integrations with Epic, AI copilots for clinicians, and what happens as personal agents begin navigating appointments, health records, and other fragmented parts of the healthcare system.

Looking further ahead, Karan makes the case that the cost of medical intelligence could continue to fall dramatically, allowing AI to act as a safety net for patients and clinicians, surface insights from years of health data, and potentially accelerate the discovery and validation of new treatments.


Resources:

Follow Karan Singhal on X: https://x.com/thekaransinghal 

Follow Jay Rughani on X: https://x.com/JayRughani 

Stay Updated:

Find a16z on YouTube: YouTube

Find a16z on X

Find a16z on LinkedIn

Listen to the a16z Show on Spotify

Listen to the a16z Show on Apple Podcasts

Follow our host: https://twitter.com/eriktorenberg

Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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

Monday, 19. October 2026

bankless

🏴 The CFTC Isn't Waiting on Congress

CFTC Chairman Mike Selig wants federal rules for crypto exchanges, retail margin, and prediction markets. Here's what he told Bankless.
CFTC Chairman Mike Selig wants federal rules for crypto exchanges, retail margin, and prediction markets. Here's what he told Bankless.

Vitalik Pushes EIP-8288 Over New Precompiles

Vitalik says EIP-8288, and not a growing pile of precompiles, should carry Ethereum's cryptography going forward.
Vitalik says EIP-8288, and not a growing pile of precompiles, should carry Ethereum's cryptography going forward.

Kinetiq's Elysium L2 Sets Nov. 9th Mainnet Launch

Kinetiq's Hyperliquid L2 finally has a date, though its HyperCore hooks will arrive a few weeks later.
Kinetiq's Hyperliquid L2 finally has a date, though its HyperCore hooks will arrive a few weeks later.

The CFTC's Proposed Rules to Reshape U.S. Crypto Markets

Chairman Selig's CTX and CAM proposals could bring retail margin onshore, put exchanges under one federal roof, and reshape the fight over prediction markets.
Chairman Selig's CTX and CAM proposals could bring retail margin onshore, put exchanges under one federal roof, and reshape the fight over prediction markets.

a16z Podcast

What Happens When Al Agents Can Spend Your Money?

Why hasn't AI transformed everyday work as quickly as coding? Town CEO Jean-Denis Greze argues the bottleneck isn't intelligence, but making AI useful to people who don't have the time or technical skills to build their own automations. Jean-Denis joins a16z General Partner Alex Rampell to share why he pivoted Town from tax software to a personal AI assistant built around email, calendars, and th

Why hasn't AI transformed everyday work as quickly as coding? Town CEO Jean-Denis Greze argues the bottleneck isn't intelligence, but making AI useful to people who don't have the time or technical skills to build their own automations.

Jean-Denis joins a16z General Partner Alex Rampell to share why he pivoted Town from tax software to a personal AI assistant built around email, calendars, and the workflows that run businesses. They discuss why consumer-grade experiences may win in enterprise AI, how Town discovers and automates tasks users wouldn't think to delegate, and why model neutrality and data ownership matter as AI labs increasingly compete with application companies.

They also explore what happens when agents begin acting on our behalf, from managing everyday work to shopping and commerce, and why the next generation of software may need to adapt to each user rather than the other way around.


Resources:

Follow Alex Rampell on X: https://x.com/arampell

Follow Jean-Denis Greze: https://x.com/jgreze

Learn more about Town: https://town.com

Stay Updated:

Find a16z on YouTube: YouTube

Find a16z on X

Find a16z on LinkedIn

Listen to the a16z Show on Spotify

Listen to the a16z Show on Apple Podcasts

Follow our host: https://twitter.com/eriktorenberg

Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Sunday, 18. October 2026

a16z Podcast

Why Real-World AI Is Harder Than the Benchmark | EliseAI’s Mario Martone

What changes when an AI mistake doesn’t just hurt a benchmark score, but affects someone’s housing or healthcare? EliseAI Head of Applied Research Mario Martone argues that deploying AI in essential industries requires a very different standard of reliability. Mario joins MTS to explain how EliseAI handles roughly 5 million phone calls a month, why LLMs aren’t the right solution for every problem

What changes when an AI mistake doesn’t just hurt a benchmark score, but affects someone’s housing or healthcare? EliseAI Head of Applied Research Mario Martone argues that deploying AI in essential industries requires a very different standard of reliability.

Mario joins MTS to explain how EliseAI handles roughly 5 million phone calls a month, why LLMs aren’t the right solution for every problem, and how the team combines language models, traditional machine learning, neural networks, and internally built evaluations to decide what actually works in production. 

Drawing on 15 years studying theoretical physics, Mario also explains how the scientific method shapes EliseAI’s research culture, from testing new models against its own benchmarks to fine-tuning open-source models and automating increasingly complex workflows across housing and healthcare. And he makes the case that applying AI to the real world can produce problems every bit as intellectually difficult as the ones he encountered studying string theory.


Resources:

Learn more about EliseAI: https://www.eliseai.com/

Follow Mario Martone on LinkedIn: https://www.linkedin.com/in/mcmartone/ 

Follow MTS: https://www.mts.now/ 

Stay Updated:

Find a16z on YouTube: YouTube

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Listen to the a16z Show on Spotify

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Saturday, 17. October 2026

a16z Podcast

Why AI Could Finally Fix Healthcare Access | Zocdoc CEO Oliver Kharraz

Why is booking a doctor's appointment still so difficult, and can AI finally change that? Zocdoc CEO Oliver Kharraz argues that the real problem isn't finding doctors, but connecting patients to accurate availability and making appointments bookable wherever they start their search. Oliver joins a16z General Partner Julie Yoo to discuss how Zocdoc spent nearly 20 years building the infrastructure

Why is booking a doctor's appointment still so difficult, and can AI finally change that? Zocdoc CEO Oliver Kharraz argues that the real problem isn't finding doctors, but connecting patients to accurate availability and making appointments bookable wherever they start their search.

Oliver joins a16z General Partner Julie Yoo to discuss how Zocdoc spent nearly 20 years building the infrastructure behind online scheduling, and why it's now opening that technology to AI agents, insurers, and other platforms.

They explore Zocdoc's partnership with Gemini, why patients shouldn't be locked into a single healthcare platform, and how surfacing last-minute availability can reduce appointment wait times from weeks to days. They also discuss what happens when AI becomes a new front door to healthcare and why Oliver believes the future of Zocdoc extends far beyond its own app.


Resources:

Follow Oliver Kharraz on LinkedIn: https://www.linkedin.com/in/kharraz

Follow Julie Yoo: https://x.com/julesyoo

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Friday, 16. October 2026

bankless

🏴 Pearl’s AI Twist on Mining

Pearl lets the work that secures its network also serve paying AI customers. Here's why that matters for Bitcoin's mining economics, and the risks.
Pearl lets the work that secures its network also serve paying AI customers. Here's why that matters for Bitcoin's mining economics, and the risks.

Pump.fun Adds Leveraged Perps via Hyperliquid

Pump.fun’s new Hyperliquid integration brings leveraged perpetuals trading to the memecoin crowd.
Pump.fun’s new Hyperliquid integration brings leveraged perpetuals trading to the memecoin crowd.

Pearl and the Security Budget Bitcoin Can't Solve

Pearl lets the work that secures its network also serve paying AI customers. Here's why that matters for Bitcoin's mining economics, and the risks.
Pearl lets the work that secures its network also serve paying AI customers. Here's why that matters for Bitcoin's mining economics, and the risks.

OpenAI Model Helped Itself to Testnet ETH Without Permission

An internal OpenAI model scanned public dev wallets on Sepolia and spent testnet ETH from one to finish a job.
An internal OpenAI model scanned public dev wallets on Sepolia and spent testnet ETH from one to finish a job.

Balaji's Network School Buys Farcaster From Neynar

Less than nine months after Neynar took over, Farcaster has a new owner.
Less than nine months after Neynar took over, Farcaster has a new owner.

a16z Podcast

AI Can Write the Code. Can It Run the System? | Grepr CEO Jad Naous

a16z General Partner Martin Casado sits down with Grepr CEO Jad Naous to ask what comes after AI learns to write code: can it also debug and operate the systems that code creates? Jad shares how AI has transformed engineering inside his 10-person team, cutting some projects from six months to just 10 days. But operating production systems is a harder challenge, with unpredictable workloads, failu

a16z General Partner Martin Casado sits down with Grepr CEO Jad Naous to ask what comes after AI learns to write code: can it also debug and operate the systems that code creates?

Jad shares how AI has transformed engineering inside his 10-person team, cutting some projects from six months to just 10 days. But operating production systems is a harder challenge, with unpredictable workloads, failures, and countless possible states.

They discuss whether AI can learn to diagnose problems, test hypotheses, and debug systems like a human engineer. They also explore AI SREs, security, query optimization, and why the best engineers may be gaining the most leverage from coding agents.


Resources:

Follow Jad Naous on X: https://x.com/jadtnaous 

Follow Martin Casado on X: https://x.com/martin_casado

Learn more about Grepr: https://www.grepr.ai/ 

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Thursday, 15. October 2026

bankless

Privacy Apps Are Having Their Moment

The app layer is where crypto privacy is heating up most right now. Here are 7 new releases you can try today.
The app layer is where crypto privacy is heating up most right now. Here are 7 new releases you can try today.

White House Crypto Adviser Patrick Witt Steps Down

Witt becomes the second executive director of the White House crypto council to leave, following predecessor Bo Hines, who departed for Tether in August 2025.
Witt becomes the second executive director of the White House crypto council to leave, following predecessor Bo Hines, who departed for Tether in August 2025.

Helius CEO Mert Mumtaz Joins NEAR Foundation Council

The head of one of Solana's largest infrastructure firms is joining NEAR's governing council as the network expands its push into private, cross-chain markets.
The head of one of Solana's largest infrastructure firms is joining NEAR's governing council as the network expands its push into private, cross-chain markets.

Ledger Officially Responds to Hardware Wallet Attack

The company announces new reseller security measures after criminals implanted hidden components in hardware wallets to steal recovery phrases.
The company announces new reseller security measures after criminals implanted hidden components in hardware wallets to steal recovery phrases.

a16z Podcast

When AI Agents Start Spending Your Money | Alex Rampell & Terry Angelos

a16z General Partner Alex Rampell sits down with VGS Executive Board Member, Terry Angelos, to unpack what happens to payments when AI agents go from recommending what to buy to actually making the purchase. Terry explains the infrastructure required to safely give agents access to payment credentials, why wallets like PayPal, Shop Pay, and Link are competing to become the default payment layer f

a16z General Partner Alex Rampell sits down with VGS Executive Board Member, Terry Angelos, to unpack what happens to payments when AI agents go from recommending what to buy to actually making the purchase.

Terry explains the infrastructure required to safely give agents access to payment credentials, why wallets like PayPal, Shop Pay, and Link are competing to become the default payment layer for agents, and how new agentic tokens could preserve the chargebacks, identity checks, and merchant relationships that make today's payment networks work. VGS, which already secures payment credentials across a significant share of e-commerce, is now provisioning millions of these agentic tokens each week. 

They also discuss what happens when merchants don't want to transact with agents, how delegated authority changes liability when an agent makes a mistake, and why AI could simultaneously increase consumer spending while eliminating the subscriptions, fees, and other forms of economic "breakage" that depend on people not paying attention.


Resources:

Follow Terry Angelos on X: https://x.com/terryangelos 

Follow Alex Rampell on X: https://x.com/arampell

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Brave Browser

Another Brave User-First AI Win: Leo adds End-to-end Encryption, Oblivious HTTP, and Verifiable Confidential Computing

Leo chats with the open-weight GLM 5.3 Flash model are now end-to-end encrypted with Oblivious HTTP and run inside attested, Nvidia-backed Trusted Execution Environments, so even Brave can't read them, and you can verify it.

Brave AI chat (Leo), the AI assistant built into the Brave browser, now offers industry-leading privacy you can verify.

Conversations with the open-weight GLM model in Leo are protected by end-to-end encryption and hardware-backed confidential computing. Your Brave browser encrypts each prompt on your device, before leaving your device, such that only an attested Trusted Execution Environment (TEE) can decrypt your prompts and run confidential LLM inference on it.

Here’s how it works, in a nutshell:

Cryptographic proof, not just privacy promises. Before any prompt leaves your browser, the TEE must present hardware-signed attestation that’s verified to confirm the authenticity of the secure hardware, and the integrity of the model and publicly auditable code running inside it. Encrypted at the source before leaving your device. Your Brave browser encrypts each prompt using Oblivious HTTP (OHTTP) before it leaves your device, ensuring that only the attested TEE can decrypt it. Your IP address stays hidden. Your browser sends the encrypted prompt through Brave’s open-source AI Gateway, which hides your IP address from the AI provider, NEAR AI. Confidential LLM inference, protected by hardware. The GLM 5.3 Flash model runs inside a sealed, Nvidia-backed hardware enclave, operated by NEAR AI. Hardware-enforced isolation protects your prompts and responses from infrastructure operators, including Brave and NEAR AI.

Available today in Brave Release, Beta, and Nightly. This marks another step toward user-first AI, building on our November 2025 announcement, “Verifiable Privacy and Transparency: A new frontier for Brave AI privacy”.

Your most private questions, and how AI chatbots have exposed them

It’s 11 p.m. Your lab results have just landed in your patient portal, and one number is flagged in red. Your doctor’s office won’t open until Monday, so you ask the AI assistant beside the page what it means. Across town, someone has a debt collector’s letter open in a tab and asks the AI to explain their rights. Someone else, with a divorce settlement on screen, asks what they’re about to sign. A manager asks for a summary of the confidential layoff plan in her inbox, while one of her employees, reading the company’s HR policy, asks whether he has a case against her. Every one of them assumes the conversation, and the page beside it, will stay private.

These are the conversations people now have with AI, and together with the pages they share, they reveal far more than a search query ever could. OpenAI CEO Sam Altman has said people use ChatGPT “as a therapist, a life coach”. In a 2026 KFF poll, a third of U.S. adults said they’d turned to AI chatbots for health information, and 41% of them had uploaded personal medical information such as test results or doctors’ notes. OpenAI itself reports that more than a million ChatGPT users a week have conversations showing signs of suicidal planning. And at work, a 2025 LayerX report found that 77% of employees who use AI tools paste data into them, with more than a fifth of those pastes containing personal or payment-card information.

With most AI services, every one of those conversations, and every page shared along with them, sits on someone else’s servers, readable by the AI company and the other companies behind it. Once they’re there, five things can go wrong:

Used to train the next model. A 2025 Stanford study found that six leading U.S. AI developers appear to train their models on users’ chats by default, and some keep those chats indefinitely. Handed over to a court. In the New York Times’ copyright lawsuit, a federal judge ordered OpenAI to preserve users’ ChatGPT conversations, including deleted ones, and then, in November 2025, to hand over 20 million de-identified chat logs. OpenAI said it knew of no court ever ordering “wholesale production of personal information at this scale”. Sam Altman had warned months earlier that if there’s a lawsuit or order demanding data, “we could be required to produce that.” Leaked through bugs and open databases. In March 2023, a ChatGPT bug showed some users the titles of other people’s conversations. In January 2026, the popular Chat & Ask AI app left its database open, exposing about 300 million messages from more than 25 million users, including some of their most sensitive questions. Published for anyone to find. In 2025, more than 370,000 Grok conversations became searchable on Google after shared links were indexed without users’ knowledge, and thousands of shared ChatGPT conversations turned up in search results before OpenAI pulled the feature. Meta AI’s Discover feed filled with medical and legal questions from people who didn’t realize they had posted them publicly. Even among conversations people shared on purpose, a 2026 study of 100,342 of ChatGPT, Copilot, and Gemini conversations found sensitive personal data in about 8%. Answered by a different model. Providers can quietly substitute another model for the one you selected, and a NeurIPS 2025 study found such swaps can’t be reliably detected from the answers alone.

End-to-end encrypted Brave AI is built so that none of this can happen to your conversations. Brave and NEAR AI never hold a readable copy of your chats, so there’s nothing readable to train on, hand over, or leak. Your history stays on your device, the model’s maker never sees your words, and attestation shows which model is answering you. None of it depends on anyone’s good intentions, and the rest of this post shows how it’s enforced and how you can check it yourself.

Privacy risks in AI are also starting to resemble the ones Brave has long fought on the web to protect user privacy. When a provider holds your conversations and no one can independently verify what it does with them, new uses can appear quickly and quietly, and your chats can become one piece of a wider profile. In September 2026, security researcher Buchodi reported that OpenAI’s ad system sets a cookie tied to your ChatGPT account that gets sent back to OpenAI from advertisers’ websites, along with the pages you visit there. OpenAI cookie policy lists it as an “analytics” cookie, not a marketing one, so even people who disable marketing cookies still receive it. In Buchodi’s tests on Chrome for Android, this mechanism could allow OpenAI to link your browsing on those sites, including pages about medical conditions or debt, to your ChatGPT account and ultimately to you. Brave users are protected because Brave browser blocks the cross-site cookies this tracking depends on by default. Without verifiability, you learn what happens to your data only when an outside researcher catches it.

Openness, transparency, and verifiable privacy: Brave principles older than AI, now built into Brave AI

In 1883, cryptographer Auguste Kerckhoffs argued that security shouldn’t depend on keeping a system’s design secret: a good system stays safe even when everyone can see how it works. A century later, Unix co-creator Ken Thompson, in his 1983 Turing Award lecture “Reflections on Trusting Trust” showed that public source code can still deceive you: a compromised compiler can insert a backdoor that appears in no source code. His conclusion was stark: “You can’t trust code that you did not totally create yourself.” Since no one writes all their own code, the lesson we draw is that openness matters, but it isn’t enough. You also need to verify what actually runs.

This thinking shaped Brave long before today’s AI boom. In 2014, Brendan Eich, who went on to co-found Brave with Brian R. Bondy, co-authored Trust but Verify, warning that browser vendors could be compelled to secretly ship surveillance code. Citing Thompson’s attack, it called for independent verification: researchers rebuilding software from public source code and checking that it matched what users actually received. Brave carries that forward: our browser is developed in public, and its code is open source.

AI raises the stakes. As the previous section showed, people share their most personal information with AI assistants with little visibility into who can read it, how it’s processed, or even which model is responding. Too often, privacy comes down to a provider saying “trust us.” That’s privacy perfume: reassuring claims sprayed over systems no one can check.

At Brave, we believe privacy should be something you can verify, and Brave AI puts these principles into practice:

Openness: the protocol, the relay, the verifier, the model’s weights, and NEAR AI’s code running inside the TEEs are all public. As Kerckhoffs would have it, the only secrets are the keys, and the one that unlocks your conversation, the TEE’s private key, never leaves the TEE. Transparency: this post and the code behind it show exactly where your data goes and who can see what, and attestation confirms that your answers come from the model you chose, not a cheaper substitute. Verifiable privacy: attestation proves which code is actually running inside the TEE, and our verification oracle rebuilds NEAR AI’s code from public source to confirm it matches. That’s a practical step toward solving Thompson’s problem. Only then does your browser get the key it needs to lock your conversation end to end, so that only the TEE can unlock it. Others call open-weight models promising: Brave runs them in production

At Brave, we’ve been turning the promise of open-weight models into products people use every day. Leo launched in fall 2023 with the open-weight Llama 2 model as its free default, then replaced it with Mixtral a few months later. Today, Leo offers open-weight models such as Qwen, DeepSeek, Kimi, Mistral, and Nvidia’s Nemotron, hosted by Brave. And openness doesn’t mean compromising on quality: in our latest head-to-head evaluation, from June 2026, Ask Brave, powered by open-weight Qwen3 and Brave’s LLM Context API, outscored every AI answer engine we tested, including Grok, Google AI Mode, ChatGPT, and Perplexity.

Now we’re taking open-weight AI a step further: from performance to verifiable privacy. GLM 5.3 Flash, which Z.ai released with open weights under the permissive MIT license in August 2026, now powers end-to-end encrypted Brave AI. Open weights let an independent operator, NEAR AI, host GLM 5.3 Flash entirely inside attested hardware, so Z.ai, the company that built it, never sees your conversations. And because the weights are public, the model the TEE attests to is one anyone can download, inspect, and benchmark. Closed models can run in TEEs too, but only under their makers’ control, with weights no one else can examine.

Still, open weights aren’t enough. They show what a model is, not how it was made, and they can’t rule out malicious changes to the weights: researchers have shown that backdoors can be planted in a model’s weights in ways that are, in some cases, provably infeasible to detect. That’s why openness has to extend to training. Nvidia now releases its Nemotron models with much of their training data and their training recipe, not just their weights. But open training matters only if you can verify it, and today it has a reproducibility problem: a published recipe still asks you to trust that it’s the one actually used. Verifiable open training closes that gap. Gensyn’s open-1b makes every step of its training reproducible and checkable.

Brave Research is moving in this direction too: our Confidential-DPproof shows that training can be verified even when the data must stay private. And even a fully verified model doesn’t make AI private on its own: whoever runs it could still read your conversations. That’s why Brave AI pairs open weights with open code and verifiable hardware, so you depend far less on trusting the model’s maker, the company running it, or us. Together, they bring us closer to something AI has long been missing: privacy you don’t have to take on trust.

Our first step toward verifiable privacy and transparency in Brave AI (November 2025)

In November 2025, Brave took its first step toward verifiable privacy and transparency in AI, bringing confidential computing to Brave AI through NEAR AI’s Nvidia-backed TEEs. The principle is simple: users must be able to verify, not just trust, that they are having a private conversation with the AI model they expect.

In the first release, the model ran inside a TEE, and user requests passed through Brave’s servers under our existing privacy protections: encrypted in transit, never logged, and discarded once a response was generated. Those protections rested on our policies, not yet on cryptography. Brave’s servers also checked the TEE’s proof and showed users a green label, so the checking, too, relied on trusting Brave.

We promised two things before a wider rollout: open-source every stage of the pipeline, including the Brave AI Gateway (the backend for Brave AI chat), and move verification closer to you. This release publishes the code for every stage, makes verification do real cryptographic work, and goes a step further with end-to-end encryption, so that even Brave, which runs the verifier, can’t read what you send.

We’re glad to have helped lead the way, and to see others now following, including OpenAI, which announced Private Intelligence last month with its private inference still to come. Brave AI’s industry-leading approach is already here: available today to every Brave user, running an open-weight model anyone can inspect, with the code for every stage public.

Today we’re taking the next step: end-to-end encrypted chat, verified before it’s trusted

We’ve open-sourced the pipeline and made attestation a prerequisite for encryption. Your browser now encrypts each prompt to a key supplied only after the TEE passes verification. Brave relays the encrypted message without needing to read it, and the TEE decrypts and processes it inside its protected environment.

Brave AI chat with open-weight GLM 5.3 Flash, running in NEAR AI TEEs, is now end-to-end encrypted. The code that verifies the TEE, encrypts your messages, and relays them is open source.

Sealed before it leaves your machine. Your browser encrypts each prompt and any page you share with Leo using Oblivious HTTP, an IETF standard, to a key that exists only inside a hardware-isolated, Nvidia-backed TEE. Neither Brave, NEAR AI, nor the cloud host can read it. Unlinked from you. The Brave AI Gateway strips your IP address before relaying the still-encrypted message, so the TEE provider never learns who is asking. Only a verified TEE gets your words. Before your browser receives a key, Brave’s open-source verifier checks the TEE’s attestation: approved builds, and a key signed from inside the TEE. If the check fails, Brave won’t hand out the key or relay your message.

Together, these protect your conversation at rest, in transit, and in use. Only your device and the attested code inside the TEE can read your conversation, the intermediary relay can’t. The Brave AI Gateway checks the TEE and relays your sealed message. It sees your IP address because it relays your message but it never sees your words. Neither the TEE nor Brave Search ever sees your IP.

The next four sections walk through each step.

Step 1: The TEE proves its identity before the browser receives its key

Before your browser can encrypt anything, it needs the TEE’s public key, and that key is only handed out after the TEE proves what it is.

First, our verification oracle audits every NEAR AI TEE deployment before Brave approves it:

Genuine hardware. It verifies Intel’s signature on the TEE’s hardware attestation (a TDX quote), proving the CPU enclave is real Intel TDX hardware. It verifies the GPUs’ attestation with Nvidia’s Remote Attestation Service, proving the model runs on genuine, attested Nvidia GPUs. Audited code, rebuilt from source. Every NEAR-authored software image must carry signed build provenance, recorded in a public transparency log, pointing to the exact source commit Brave reviewed. The oracle then rebuilds the images from that source and confirms the result matches what’s running. That’s Thompson’s lesson in practice: we verify not just the source, but what actually runs. Before Brave approves any update to NEAR’s code, the change is reviewed, including an automated privacy check that it doesn’t introduce any new way for your prompts to leak. The model you chose. It confirms the attested model is the one requested, and uses a hardware-attested deployment log to prove exactly which model image is serving. The third-party model runtime isn’t rebuilt from source, so it is pinned by that log instead. Keys tied to the enclave. It records a signing key only if that key is bound into a verified hardware attestation.

Every check must pass. Only then does the oracle record its approval of each software image and signing key.

Then the open-source Brave AI Gateway fetches the TEE’s live attestation for the model you selected and checks it against those approvals. The TEE’s encryption key must carry a valid digital signature from an approved signing key. Only a key that passes every check is sent to your browser, and the gateway re-checks before relaying each message, using a verification no more than an hour old. If verification fails, Brave detects the change and won’t hand out the key or relay your message.

Today, your browser relies on the gateway for this check. Next, your browser will check each key against a signed list of the oracle’s approvals itself. After that, it will verify the hardware attestation directly, so you no longer need to trust any Brave server to vouch for the TEE.

Step 2: Sealed in your browser with Oblivious HTTP

With a verified key in hand, your browser seals the message using Oblivious HTTP (OHTTP), an IETF standard, through Chromium’s built-in OHTTP support. Under the hood, OHTTP uses Hybrid Public Key Encryption (HPKE, RFC 9180):

For each request, your browser generates a fresh, one-time (ephemeral) X25519 keypair. It runs an elliptic-curve Diffie–Hellman (ECDH) key exchange between that ephemeral key and the TEE’s public key, producing a shared secret. HKDF-SHA256 turns the shared secret into a symmetric key. The entire chat request, including your conversation, is encrypted with AES-128-GCM, an authenticated cipher that also detects tampering. Your browser sends the ephemeral public key and the ciphertext. Only the TEE, which holds the matching private key, can recompute the shared secret and decrypt.

Replies come back sealed too. The TEE encrypts its answer, streamed piece by piece, under a key derived from the same exchange, so only your browser can read it.

Each turn is a new request: your browser generates a fresh one-time key and re-encrypts the entire conversation history.

Step 3: Your IP address, separated from what you ask

Encryption hides what you say, but whoever receives a request can still see where it came from. OHTTP’s answer is to split the job between two parties, a relay and a gateway, so that neither sees both your IP address and what you said.

Despite its name, the Brave AI Gateway plays OHTTP’s relay role, and the gateway that decrypts your message sits inside NEAR AI’s TEE. OHTTP privacy guarantees have been formally analysed.

Your browser sends the sealed message to the Brave AI Gateway, which acts as the relay. Brave sees your IP address but can’t read the message, because it’s encrypted to the TEE. Brave drops your IP and forwards the ciphertext to the NEAR AI TEE (the gateway) under Brave’s own account, so to NEAR AI every request looks like it comes from Brave. The TEE decrypts and answers the message but never learns your IP address.

Knows your IP address Knows what you asked Brave AI Gateway (relay) Yes No NEAR AI gateway TEE (cloud-api, Intel TDX) No Yes, decrypts it inside the TEE only NEAR AI inference TEE (Intel TDX + Nvidia GPUs) No Yes, inside the TEE

This builds on Leo’s existing protections: no account or login required, no IP logging, and Premium subscriptions validated with unlinkable tokens, so payment details can’t be tied to conversations.

Step 4: Confidential LLM inference inside the TEE, including private web search

Inside the TEE, your message is decrypted and processed in hardware-protected memory: encrypted memory on the Intel TDX CPUs, firewalled memory on the Nvidia confidential-computing GPUs, and encrypted transfers between them. This is the environment the oracle verified in Step 1. Intel’s attestation proves the CPU enclave is genuine, Nvidia’s proves the GPUs are genuine and attested, and reproducible builds prove NEAR AI’s code running inside is the code Brave audited. GLM 5.3 Flash runs there, and the host machine, NEAR AI, and the cloud operator can’t see into it.

A private AI assistant isn’t much use if it can’t look things up. The model can now call a search tool directly from inside the TEE. Those calls are answered by the Brave Search API’s LLM Context endpoint. Instead of a list of links, LLM Context hands the model ranked, query-relevant passages from the web. It’s the same grounding layer behind the Ask Brave results mentioned above.

Because the model decides what to search from inside the TEE, your conversation is never decrypted outside it to do so. The search query GLM 5.3 Flash generates goes out from the TEE, not your browser, so it isn’t tied to your IP address. And these queries are covered by the Brave Search API’s zero data retention option, served from Brave’s own independent index.

You are protected at rest, in transit, and in use

Data lives in three states: at rest (stored), in transit (moving between machines), and in use (being processed). Brave AI protects all three states:

State What protects it Who can read your conversation In transit Encryption in your browser to a TEE-held key plus the oblivious relay No one between your browser and the TEE, including Brave In use Hardware-isolated, encrypted CPU memory (Intel TDX), firewalled GPU memory (Nvidia) Only the attested code inside the TEE At rest No conversation stored by Brave or NEAR AI; history stays on your device You, on your device Public, auditable code as the foundation of cryptographic verification

Attestation proves that specific code is running. That only means something if anyone can read the code. So the code for every stage of the pipeline is public: Brave’s components are open source, and NEAR AI publishes the code that runs inside its TEEs.

Client: the Brave browser code that fetches the verified key, seals your messages with OHTTP, and opens replies: oblivious_http_api_client.cc and oblivious_http_config_manager.cc. Relay and verifier: the Brave AI Gateway code that verifies the TEE’s attestation and relays sealed messages: ohttp.py and near.py. Verification oracle: the system that verifies TEE builds and signing keys and records the ones that pass: near-verifier. Inference: NEAR AI’s code that runs inside the TEEs: inference-proxy (sits in front of the model and produces its attestations), compose-manager (launches the model and logs which one is running), and cloud-api (NEAR AI’s API gateway).

Every verification chain ends in something you have to trust. Ours ends in: Intel and Nvidia (hardware and attestation services), dstack (the enclaves’ operating system), Sigstore (build records), GitHub (source code), Hugging Face (model weights), and public DNS (certificate checks).

Try it and tell us what you think

End-to-end encrypted Brave AI chat is available today in all channels (Nightly, Beta, and Release). Select GLM 5.3 Flash in Brave Leo to start.

The simulation below is an illustration of the experience, not a live chat. Click through it to see how an end-to-end encrypted conversation flows.

As always, we’d love your feedback.

What comes next

Our goal hasn’t changed since our first post, and its roots go back to 2014: an AI assistant whose privacy you don’t have to take on trust, because you can verify it. Here’s what we’re working on next:

Verification in your browser. We’ll move attestation checks into the browser itself, and publish a log of TEE keys so anyone can confirm every user gets the same one. Verified model. We’ll have the enclave attest to the exact weights it loads into memory, verify that quantized versions were faithfully derived from the original release, and bring verifiably open-trained open-weight models into Brave AI runs. More Leo features in verifiably private mode. GLM 5.3 Flash is in beta, and we’re bringing more of Leo’s features and open-weight models into verifiably private chats.

Wednesday, 14. October 2026

bankless

🏴 Yukon Wants Your Agents to Break Crypto

While others go into "bunker mode," Eigen's Yukon is crowdsourcing attacks and fixes with AI agents.
While others go into "bunker mode," Eigen's Yukon is crowdsourcing attacks and fixes with AI agents.

Crypto's Quantum Defense Is Being Built in the Open

While others go into "bunker mode," Eigen's Yukon is crowdsourcing attacks and fixes with AI agents.
While others go into "bunker mode," Eigen's Yukon is crowdsourcing attacks and fixes with AI agents.

Alpenglow Is Coming to Solana Mainnet Next Week

Solana’s Alpenglow upgrade goes live October 21st, targeting ~150ms finality.
Solana’s Alpenglow upgrade goes live October 21st, targeting ~150ms finality.

HEX Founder Richard Heart Detained in Turkey

HEX founder Richard Heart was detained in Istanbul on a Finnish Interpol notice tied to alleged tax fraud.
HEX founder Richard Heart was detained in Istanbul on a Finnish Interpol notice tied to alleged tax fraud.

Report: OpenAI Interested in Acquiring Trail of Bits

OpenAI and Trail of Bits already team up on Patch the Planet. Now the AI giant is reportedly weighing an acquisition of the crypto audit stalwart.
OpenAI and Trail of Bits already team up on Patch the Planet. Now the AI giant is reportedly weighing an acquisition of the crypto audit stalwart.

a16z Podcast

Can Open Models Keep Up With the AI Frontier? | Nathan Lambert

a16z Partner Lisha Li sits down with AI researcher and Trillium founder Nathan Lambert to ask how durable the gap really is between frontier AI labs and open models. Nathan argues that OpenAI and Anthropic have structural advantages in compute, capital, and the ability to pioneer new training paradigms, but open-model labs, particularly in China, have proven remarkably capable of following close

a16z Partner Lisha Li sits down with AI researcher and Trillium founder Nathan Lambert to ask how durable the gap really is between frontier AI labs and open models.

Nathan argues that OpenAI and Anthropic have structural advantages in compute, capital, and the ability to pioneer new training paradigms, but open-model labs, particularly in China, have proven remarkably capable of following close behind. They unpack how much of that comes from distillation versus technical talent, why compute remains a major constraint, and how data, RL environments, and post-training are increasingly shaping model progress. 

They also discuss Nathan’s new nonprofit research lab, Trillium, and its plans to open up parts of AI research that are increasingly difficult to study from the outside. That includes releasing RL environments and documenting how AI is actually being used to automate AI research, with the goal of demystifying recursive self-improvement and giving researchers and policymakers a clearer picture of what frontier systems can and cannot do.


Resources:

Learn more about Trillium: https://trilliumlabs.org/ 

Follow Nathan Lambert on X: https://x.com/natolambert 

Nathan Lambert’s Newsletter: https://www.interconnects.ai/ 

Follow Lisha Li on X: https://x.com/lishali88


 

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Tuesday, 13. October 2026

bankless

The Logic Behind Starknet's L1 Question

Starknet is weighing evolving into an L1 network. Here’s what’s driving the idea and what would change.
Starknet is weighing evolving into an L1 network. Here’s what’s driving the idea and what would change.

Ledger Spyware Scare Spreads Across Asia and Europe

Spyware implants in Ledger wallets have surfaced across Asia and Europe, raising supply-chain concerns after more than $86M in suspected thefts
Spyware implants in Ledger wallets have surfaced across Asia and Europe, raising supply-chain concerns after more than $86M in suspected thefts

Blur to Shut Down NFT Marketplace After Blast

Blur will shut down its website and halt new NFT loans on November 12, just ten days after sister project Blast announced its closure.
Blur will shut down its website and halt new NFT loans on November 12, just ten days after sister project Blast announced its closure.

a16z Podcast

Can AI Break Cryptography? What the Experts Actually Think

Could AI break the cryptography protecting everything from crypto wallets and banking to private messages? Recent advances in AI-driven mathematical research have sparked new warnings about the security of today's encryption systems, but how much of the concern is supported by evidence? a16z crypto's Liz Harkavy is joined by Stanford cryptographer Dan Boneh, a16z crypto General Partner Eddy Lazza

Could AI break the cryptography protecting everything from crypto wallets and banking to private messages? Recent advances in AI-driven mathematical research have sparked new warnings about the security of today's encryption systems, but how much of the concern is supported by evidence?

a16z crypto's Liz Harkavy is joined by Stanford cryptographer Dan Boneh, a16z crypto General Partner Eddy Lazzarin, and Research Partner Justin Thaler to separate what we know from what remains speculation. They explain why modern cryptography relies on mathematical assumptions, what OpenAI's recent results do and don't demonstrate, and how the potential threat from AI differs from quantum computing.

They also discuss why existing security practices and cryptographic alternatives offer reasons for confidence, the importance of building systems that can adapt if an assumption fails, and how AI could ultimately help researchers and developers make software more secure.


Resources:

Watch the original a16z crypto discussion: https://www.youtube.com/watch?v=k_CoOoDsZ5Y

Follow Eddy Lazzarin on X: https://x.com/eddylazzarin

Follow Dan Boneh: https://x.com/danboneh

Follow Justin Thaler: https://x.com/SuccinctJT

Follow Liz Harkavy: https://x.com/liz_harkavy

Learn more about a16z crypto: https://a16zcrypto.com/

 

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Monday, 12. October 2026

a16z Podcast

The Race to Recursive Self-Improving AI

a16z General Partner Martin Casado sits down with MakerMaker.AI co-founders Dhaval Adjodah and Owen He to unpack recursive self-improvement, or RSI, and separate the increasingly popular term from what it would actually mean for an AI system to improve itself. Dhaval and Owen distinguish true RSI from simply using AI to automate pieces of AI development. Their goal is a closed loop where the syst

a16z General Partner Martin Casado sits down with MakerMaker.AI co-founders Dhaval Adjodah and Owen He to unpack recursive self-improvement, or RSI, and separate the increasingly popular term from what it would actually mean for an AI system to improve itself.

Dhaval and Owen distinguish true RSI from simply using AI to automate pieces of AI development. Their goal is a closed loop where the system being improved is also doing the improving, across components including models, harnesses, and eventually more of the AI stack. They explain why closing that loop still doesn’t guarantee runaway “takeoff,” and why measuring real progress requires accounting for both capability gains and the resources required to achieve them.

They also share what they’re seeing in their own research, including early signs that self-improving systems can increase performance while improving efficiency. And they dig into the practical challenges of proving those gains are real, from variance and reward hacking to the enormous difficulty of distinguishing genuine improvement from noise.


Resources:

Follow Dhaval Adjodah on LinkedIn: https://www.linkedin.com/in/rand0m

Follow Owen He on LinkedIn:https://www.linkedin.com/in/owen-he-b7b064279/

Follow Martin Casado on X: https://x.com/martin_casado

Stay Updated:

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Follow our host: https://twitter.com/eriktorenberg

Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Sunday, 11. October 2026

a16z Podcast

Nick Bostrom: How Should We Navigate Superintelligence?

Nick Bostrom joins Theo Jaffee and Sofia Puccini on MTS to revisit the ideas about superintelligence and existential risk that he helped bring into the mainstream, now that increasingly capable AI systems actually exist. Nick discusses why reinforcement learning may be pushing models toward more goal-seeking behavior, what recent agent experiments tell us about instrumental convergence, and why h

Nick Bostrom joins Theo Jaffee and Sofia Puccini on MTS to revisit the ideas about superintelligence and existential risk that he helped bring into the mainstream, now that increasingly capable AI systems actually exist.

Nick discusses why reinforcement learning may be pushing models toward more goal-seeking behavior, what recent agent experiments tell us about instrumental convergence, and why he favors preserving the ability to slow frontier development rather than committing now to a broad or indefinite AI pause. He also makes the case that the risks of AI need to be weighed alongside its potential upside, from advances in medicine and longer lifespans to entirely new ways of being human. 

They also get into whether today's models could already have some form of consciousness, the tradeoffs of open-source AI, whether machines can do original philosophy, mind uploading, and what the simulation hypothesis might mean for the superintelligence we create.


Resources:

Nick Bostrom / Macrostrategy Research Initiative: https://nickbostrom.com/ 

Follow Theo Jaffee on X: https://x.com/theojaffee

Follow Sofia Puccini on LinkedIn: https://www.linkedin.com/in/sofiapuccini/

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Find a16z on YouTube: YouTube

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Saturday, 10. October 2026

a16z Podcast

What Makes a Great Entrepreneur? | Ben Horowitz on Vintage x Vintage

a16z co-founder and General Partner Ben Horowitz joins James Norman on the inaugural episode of Vintage x Vintage for a conversation spanning entrepreneurship, investing, hip-hop, and what changes when AI makes building dramatically easier. Ben reflects on going from Netscape to becoming a first-time CEO, why every founder eventually hits a “we’re fucked, it’s over” moment, and what he learned fr

a16z co-founder and General Partner Ben Horowitz joins James Norman on the inaugural episode of Vintage x Vintage for a conversation spanning entrepreneurship, investing, hip-hop, and what changes when AI makes building dramatically easier.

Ben reflects on going from Netscape to becoming a first-time CEO, why every founder eventually hits a “we’re fucked, it’s over” moment, and what he learned from building a16z around the needs of entrepreneurs. He explains why great investors should look for world-class strengths rather than an absence of weaknesses, and why expanding the ways we recognize talent can raise the bar rather than lower it.

They also look at the current AI cycle, why Ben believes it is bigger than the internet, how AI changes who can become a builder, and why the infrastructure beneath today’s models may need to be rebuilt from the ground up.


Resources:

Follow Ben Horowitz on X: https://x.com/bhorowitz 

Follow James Norman on LinkedIn: https://www.linkedin.com/in/motown/ 

Learn more about Paid in Full: https://paidinfullfoundation.org

Stay Updated:

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Friday, 09. October 2026

bankless

🏴 Papertrade's Launch Weekend

Hyperliquid's 1000x perps experiment opens tomorrow. Here's how it works, who's lining up, and what could go wrong.
Hyperliquid's 1000x perps experiment opens tomorrow. Here's how it works, who's lining up, and what could go wrong.

What to Know About Papertrade's Launch

Hyperliquid's 1000x perps experiment opens Saturday. Here's how it works, who's lining up, and what could go wrong.
Hyperliquid's 1000x perps experiment opens Saturday. Here's how it works, who's lining up, and what could go wrong.

PIVX

What a Couples Therapist Would Tell This DAO

Conflict isn’t necessarily aproof that something’s broken. If the PIVX community sat down in a couples therapist’s office, the therapist would say something that sounds almost rude at first: of course it’s like this. A community isn’t a hand-picked team. It’s whoever shows up, from a species that produces generous people and cruel ones, calm people and reactive ones, the occasional genuinel
Conflict isn’t necessarily aproof that something’s broken.

If the PIVX community sat down in a couples therapist’s office, the therapist would say something that sounds almost rude at first: of course it’s like this.

A community isn’t a hand-picked team. It’s whoever shows up, from a species that produces generous people and cruel ones, calm people and reactive ones, the occasional genuinely well-adjusted adult and the occasional person running on trauma they’ve never once looked at directly. A DAO doesn’t filter any of that out. It just hands all of it a voting mechanism and a shared treasury and says, good luck. Well, at least the ones that own masternodes. But everyone has a voice.

So the question was never “why does our community have conflict.” Conflict was guaranteed the moment more than a handful of real humans showed up and started caring about the outcome. The actual question is whether it knows how to fight well. Most don’t. That’s not a PIVX problem. That’s a humans problem wearing PIVX merch.

The paradox built into the model itself

A good number of people in the PIVXcommunity have read Rick Falkvinge’s Swarmwise, free online, often treated as close to scripture for how a leaderless movement is supposed to work. It’s a genuinely useful book. It’s also carrying a contradiction most of its readers never clock, because Falkvinge states it plainly, almost in passing, and then builds a model that runs directly against it.

The line is this: accountability and authority go hand in hand.

Then the rest of the book describes a structure built specifically to avoid granting anyone formal authority. Leadership in a swarm isn’t appointed, it’s earned purely by inspiring people, moment to moment, with nothing backing it up but whether others feel like following right now. No one can tell anyone else what to do. That’s the whole design, and it’s a real strength, it’s a big part of why swarm-style organizing can move fast and resist capture.

But read those two ideas side by side and the problem announces itself. If accountability requires authority, and the model deliberately has none, then holding anyone to anything was always going to be fragile by design. The person trying to enforce a line the community already agreed to has no backing, no formal process, no higher body to appeal to. Just whatever social force they can generate in the moment. When that’s not enough, and it often isn’t, they’re left standing there alone, holding a rule nobody’s required to respect.

Structurelessness doesn’t remove power. It just stops you from seeing it

This isn’t a new problem, and it isn’t a crypto problem. In 1970, Jo Freeman wrote an essay called “The Tyranny of Structurelessness” about the feminist collectives of her era, and it’s been cited by basically every leaderless movement since because it names something uncomfortable and true: refusing to build formal structure doesn’t eliminate power. It just makes the power that’s already there, confidence, charisma, tenure, social capital, informal and impossible to check. A group that insists it has no hierarchy still has one. It’s just unacknowledged, which means it can never be held accountable the way an acknowledged one could be.

A DAO with no formal authority isn’t a DAO without power dynamics. It’s a DAO where the power dynamics are real and deniable at the same time, which is worse for the person trying to hold a line, not better. They’re not just fighting the rule-breaker. They’re fighting the community’s own insistence that no one here actually has power to begin with.

When the person enforcing the rule becomes the villain of the story

There’s a specific, well-documented pattern worth naming directly, because once you see it, you’ll recognize it instantly: DARVO. Deny, Attack, Reverse Victim and Offender. Psychologist Jennifer Freyd documented it originally in contexts far more serious than DAO governance, but the mechanism is identical wherever it shows up. Someone breaks an agreed-upon line. Called on it, they don’t address the violation. They deny it happened, attack whoever raised it, and recast themselves as the one under attack.

Watch for it and you’ll see the shape every time: the person holding the community to its own stated rules gets rebranded, in real time, as the aggressor. Not because the facts support that. Because it’s an extremely effective move, and because a structureless group has no mechanism to stop the reframing from taking hold once enough people are confused about who actually started it.

This isn’t abstract for PIVX specifically, and it’s worth being concrete about why. Since I joined this community in 2019, PIVX has stood out against the broader crypto space, loud by default, frequently hostile, often unmistakably hypermasculine, as something genuinely friendlier, as purple. That’s not an accident anyone just enjoyed. It got written down, deliberately, as actual guidelines on the community’s Discord, agreed to by a clear majority, aimed squarely at not scaring off newcomers before they ever got to the technology. A privacy coin for everyone has to actually include people who don’t already know how to survive crypto Discord’s default tone, or the “for everyone” part is just a slogan.

Those guidelines get challenged reliably, and the challenge almost always arrives dressed as a free speech objection. It’s worth being precise about why that doesn’t hold up, rather than just asserting it. Free speech, as a principle, protects your right to say something. It has never meant a right to say it inside someone else’s community, free of any agreed consequence, and it has certainly never included the right to insult. Asking people to be respectful isn’t restricting anyone’s speech. It’s declining to hand a platform to a specific kind of speech nobody was ever owed a platform for in the first place.

One careful distinction matters here, because it’s easy to blur. Disagreeing, in good faith, about exactly where a guideline should sit, whether a specific rule is too strict, too vague, enforced unevenly, is healthy, normal, and should be welcomed outright. That’s not DARVO. DARVO isn’t “I think this line is drawn wrong.” It’s break the agreed line, get called on it, and respond by denying, attacking, and recasting the person enforcing the community’s own stated agreement as the actual aggressor. Those are two entirely different things, and treating every objection as the second one would be its own kind of bad faith.

But here’s the part that actually matters, once that distinction is clear: DARVO shows up constantly, in politics, in families, in every kind of institution that has ever existed. Its sheer prevalence everywhere else is not an argument for tolerating it here. A community that spends real, continuous, deliberate effort trying to stay friendly, open, and welcoming doesn’t get to wave through a widespread bad pattern just because it’s widespread. If anything, the opposite is true. The fact that something is common everywhere else is exactly why a place that worked hard not to be like everywhere else shouldn’t quietly let it back in through the side door.

Reading the book isn’t the same as living it under pressure

Here’s the part that explains why some of the people most fluent in the language of healthy process still fail at it completely the moment things get tense. There’s a real difference, well documented in therapy, between declarative knowledge and embodied behavior. Being able to describe a healthy boundary calmly in a forum post is a different skill than holding that boundary when you’re actually angry, embarrassed, or scared of losing status. Plenty of people can recite the theory perfectly and then abandon every bit of it the second it costs them something personally.

This isn’t hypocrisy, exactly, or at least not only that. Intellectualizing, understanding a concept so thoroughly that the understanding itself starts to feel like the work, is a recognized defense mechanism. It lets a person feel like they’ve done something by knowing the right answer, without ever doing the much harder thing of actually behaving differently under stress.

The reality everyone builds for themselves

And underneath all of it sits the plainest, most universal mechanism of all: motivated reasoning. People don’t usually experience themselves as the one breaking the rule. They’ve already, often without noticing, reasoned their way to a version of events where they were right, a version where the rule didn’t really apply to them, a version where the other person started it. This isn’t a character flaw unique to difficult people. It’s one of the most replicated findings in psychology, and it applies to every single person in this conversation, including whoever’s reading this and nodding along about someone else.

Now, the part worth actually reading twice

None of the above is a reason to feel worse about this community. If anything, it’s close to the opposite.

Here’s what a good therapist tells a couple who shows up exhausted, convinced their fighting means something’s fundamentally broken: conflict was never the warning sign. Avoidance is. The research on this is about as clear as social science gets, relationships that last aren’t the ones with no conflict, they’re the ones that repair well after it. Gottman’s decades of research on couples found that the presence of disagreement predicts almost nothing about whether a relationship survives. What predicts it is whether the people in it can come back together afterward, honestly, without pretending nothing happened and without staying wounded forever.

A community where nobody ever fought about anything wouldn’t be healthy. It would be a community where nobody cared enough to bother. The fights happening in PIVX’s community aren’t evidence the project is failing. They’re the noise made by a genuine number of people who actually give a damn about the outcome, which is a far rarer and more valuable thing than it sounds like from inside the exhaustion of watching it happen.

And if you’re one of the people this exhausts, the one who runs a node quietly, who shows up and votes thoughtfully on proposals, who welcomes a confused newcomer patiently for the fourth time this month, who has never once wanted to be in the middle of a public fight about who said what to whom, here’s the thing worth hearing directly: you are not failing at this because you hate the conflict. You are not required to be the one who wins the argument, outlasts the aggressor, or fixes the people who came here carrying their childhood trauma this community never signed up to treat. That was never your job.

Your job, the one that’s actually been building this network for a decade, is the unglamorous, undramatic, compounding work that was never going to trend on social media. It’s the thing the conflicts are, underneath all the noise, actually fighting over the right to continue doing. The loud moments are visible precisely because conflict is loud by nature, not because they’re the majority of what’s actually happening here. Most of what sustains this project every single day is quiet, and it’s being done, right now, by people exactly like you, whether or not anyone ever tells you that directly.

So: let the people who want to fight about governance fight about governance. Keep doing the thing you were already doing. Ten years from now, nobody will remember the argument. The node you kept running, the wallet feature you tested, the person you helped get set up, that’s the part that was never going to show up in anyone’s screenshot, and it’s also the only part that was ever actually load-bearing.

What a Couples Therapist Would Tell This DAO was originally published in PIVX on Medium, where people are continuing the conversation by highlighting and responding to this story.


a16z Podcast

Chips, Memory, and Power | Pat Gelsinger

a16z's Raghu Raghuram and Guido Appenzeller sit down with Playground Global General Partner and former Intel CEO Pat Gelsinger to discuss the next wave of semiconductor innovation and the physical constraints shaping the AI buildout. Drawing on his experience designing Intel's 386 and 486 processors, Pat explains how AI could transform chip design, but also why faster design alone won't solve the

a16z's Raghu Raghuram and Guido Appenzeller sit down with Playground Global General Partner and former Intel CEO Pat Gelsinger to discuss the next wave of semiconductor innovation and the physical constraints shaping the AI buildout.

Drawing on his experience designing Intel's 386 and 486 processors, Pat explains how AI could transform chip design, but also why faster design alone won't solve the industry's biggest problems. They examine the bottlenecks in manufacturing, memory bandwidth, advanced packaging, and power, and why today's explosion of specialized AI chips may eventually consolidate around a smaller number of architectures.

They also discuss the potential for new memory technologies, the shift from copper to optical networking, and why energy capacity could become a major constraint on AI growth. Finally, they revisit Pat's VMware years to ask what virtualization might look like when infrastructure is built for agents rather than humans.


Resources:

Follow Pat Gelsinger on X:  https://x.com/PGelsinger

Follow Raghu Raghuram on X: https://x.com/RaghuRaghuram

Follow Guido Appenzeller: https://x.com/appenz

Stay Updated:

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Thursday, 08. October 2026

bankless

🏴 The NFL Audibles on Prediction Markets

The NFL just filed a Supreme Court brief siding with New Jersey against Kalshi. Here’s how the league got here.
The NFL just filed a Supreme Court brief siding with New Jersey against Kalshi. Here’s how the league got here.

Derive V3 Goes Live, Moving Onchain Options Custody to Ethereum

Derive completes its V3 migration, moving onchain options custody to Ethereum and adding ETH, WBTC, and HYPE borrowing.
Derive completes its V3 migration, moving onchain options custody to Ethereum and adding ETH, WBTC, and HYPE borrowing.

Starknet Weighs Becoming an L1 to Chase Quantum Resistance

StarkWare’s Eli Ben-Sasson floats making Starknet an L1 for “post-quantum agility,” citing AI and quantum threats.
StarkWare’s Eli Ben-Sasson floats making Starknet an L1 for “post-quantum agility,” citing AI and quantum threats.

Vitalik Flags AI Risk to Crypto, Warns Against Rushed Wallet Moves

Vitalik Buterin has chimed in on Ethereum’s “bunker mode” debate, sharing practical tips for addresses and multisigs.
Vitalik Buterin has chimed in on Ethereum’s “bunker mode” debate, sharing practical tips for addresses and multisigs.

NFL Joins States in Fight Against Prediction Markets

After months of failed partnership talks, the NFL is backing states against Kalshi in a Supreme Court fight, as the NBA weighs its own next move.
After months of failed partnership talks, the NFL is backing states against Kalshi in a Supreme Court fight, as the NBA weighs its own next move.

a16z Podcast

Building the Cloud for an Agentic World | AWS CEO Matt Garman

a16z’s Raghu Raghuram sits down with AWS CEO Matt Garman to discuss how AI is reshaping the cloud, from the needs of AI-native startups to infrastructure increasingly designed for agents. Matt explains how AWS is adapting as agents write code and manage infrastructure, why it’s reserving scarce GPU capacity for startups, and where custom chips like Trainium and Graviton fit into the AI stack. Th

a16z’s Raghu Raghuram sits down with AWS CEO Matt Garman to discuss how AI is reshaping the cloud, from the needs of AI-native startups to infrastructure increasingly designed for agents.

Matt explains how AWS is adapting as agents write code and manage infrastructure, why it’s reserving scarce GPU capacity for startups, and where custom chips like Trainium and Graviton fit into the AI stack.

They also discuss Amazon's $220 billion capital investment, the shifting bottlenecks in the infrastructure buildout, what enterprises need to trust autonomous agents, and how AWS's own teams are building with agents.


Resources:

Follow Matt Garman on X:  https://x.com/mattsgarman 

Follow Matt Garman on LinkedIn: https://www.linkedin.com/in/mattgarman

Follow Raghu Raghuram on X: https://x.com/RaghuRaghuram

Learn more about AWS: https://aws.amazon.com/

Stay Updated:

Find a16z on YouTube: YouTube

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Wednesday, 07. October 2026

bankless

Bigger Blocks Are Coming to Ethereum

Sepolia's gas limit hit Glamsterdam's 200M target just 11 hours after the fork. Here's how Ethereum's next upgrade makes room for much bigger blocks.
Sepolia's gas limit hit Glamsterdam's 200M target just 11 hours after the fork. Here's how Ethereum's next upgrade makes room for much bigger blocks.

a16z Podcast

How Valon Rebuilt a $13 Trillion Industry From Scratch

a16z General Partner Angela Strange sits down with Valon’s Andrew Wang and Linda Du to unpack what it takes to rebuild the infrastructure underneath a $13 trillion mortgage market that still relies heavily on systems designed before the internet. Linda and Andrew explain why Valon chose the hardest path: becoming a regulated mortgage servicer, translating decades of federal and state regulation i

a16z General Partner Angela Strange sits down with Valon’s Andrew Wang and Linda Du to unpack what it takes to rebuild the infrastructure underneath a $13 trillion mortgage market that still relies heavily on systems designed before the internet.

Linda and Andrew explain why Valon chose the hardest path: becoming a regulated mortgage servicer, translating decades of federal and state regulation into software, and proving the platform on its own loans before selling it to the industry. That foundation made Valon roughly three times as efficient as traditional servicing and created the system of record it is now using to bring AI into complex mortgage workflows. They also discuss what AI makes possible on top of that infrastructure, from agents handling long-tail servicing tasks to voice interfaces and more personalized customer experiences. And they explain why deploying the technology into large regulated enterprises is ultimately as much a change-management challenge as a technical one. 


Resources:

Follow Angela Strange: https://x.com/astrange

Follow Andrew Wang: https://www.linkedin.com/in/wangandrewd

Follow Linda Du: https://www.linkedin.com/in/xlindadu/

Learn more about Valon: https://valon.com

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Tuesday, 06. October 2026

bankless

Quantus Takes Aim at Bitcoin’s Quantum Problem

QTC is now tradable through NEAR Intents, giving the quantum-resistant L1 its first real liquidity test against Bitcoin and Zcash.
QTC is now tradable through NEAR Intents, giving the quantum-resistant L1 its first real liquidity test against Bitcoin and Zcash.

a16z Podcast

Building Defense for the Agentic Era: Kevin Mandia

a16z General Partner David George sits down with Armadin founder and CEO Kevin Mandia to discuss what happens to cybersecurity when attackers can operate at machine speed. After 30 years in security and building Mandiant, Kevin says AI convinced him to get back on the field. He explains how AI changes the economics of cyberattacks, allowing attackers to probe thousands of paths simultaneously, an

a16z General Partner David George sits down with Armadin founder and CEO Kevin Mandia to discuss what happens to cybersecurity when attackers can operate at machine speed.

After 30 years in security and building Mandiant, Kevin says AI convinced him to get back on the field. He explains how AI changes the economics of cyberattacks, allowing attackers to probe thousands of paths simultaneously, and why that means defense will ultimately need to become autonomous too. 

They also unpack Armadin’s approach: continuously attacking customers’ systems with AI to find exploitable vulnerabilities before adversaries do, then building toward autonomous defenses that can respond in real time. Kevin shares what Armadin has learned from finding more than 90 zero-days in production environments this year, why humans can’t remain in the detect-and-respond loop, and how the entire security stack could change over the next few years.


Resources:

Learn more about Kevin Mandia and Armadin: https://www.armadin.com/team-members/kevin-mandia

Follow David George on X: https://x.com/DavidGeorge83

Learn more about Armadin: https://www.armadin.com/

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Monday, 05. October 2026

bankless

Bitwise Is Pitching NEAR to Wall Street as an AI Bet

Bitwise's NRR, the first U.S. spot NEAR ETF, drew $35.5M on day one. Hunter Horsley and Sal Ternullo explain the demand and NEAR's AI-first pitch.
Bitwise's NRR, the first U.S. spot NEAR ETF, drew $35.5M on day one. Hunter Horsley and Sal Ternullo explain the demand and NEAR's AI-first pitch.

Verus

September 2026 — The Verus View

A monthly recap of development, projects and community activity across the Verus ecosystem. Verus Core and Verus Desktop Verus v1.2.18 was released on September 17 as a critical security update. Node operators, infrastructure providers, miners and stakers are urged to upgrade. The corresponding Verus Desktop release is also available. The update tightens PBaaS consensus validation, address
A monthly recap of development, projects and community activity across the Verus ecosystem. Verus Core and Verus Desktop

Verus v1.2.18 was released on September 17 as a critical security update. Node operators, infrastructure providers, miners and stakers are urged to upgrade. The corresponding Verus Desktop release is also available.

The update tightens PBaaS consensus validation, addresses ways to disrupt nodes, and fixes memory-safety and concurrency issues across networking, wallet, mempool and RPC code. It follows continued auditing ahead of the planned Ethereum contract upgrades.

There are also performance and compatibility improvements: faster wallet rescans, faster retrieval of chain-tip information, and optimized VerusHash support on older CPUs. The Mac binaries now also run natively on Apple Silicon without Rosetta.

Verus-Ethereum Bridge: an additional security layer

Work continued on the Ethereum bridge’s contracts and verification process. In September, Michael Toutonghi described an additional witness check that compares transfers recognized by the Ethereum contracts with the actual exports and destinations recorded on the Verus side.

Under the described design, four witnesses rejecting a transfer as inconsistent with the chain can stop contract processing. A longer delay for transfers that are neither rejected nor signed by enough witnesses is intended to give the community time to investigate. The witnesses’ rejection authority acts as a circuit breaker.

The earlier bridge security write-up provides background on the recovery work.

Verus Express: VerusID profiles and wallet usability

Development continued on Verus Express, the working name for a lite desktop wallet. September’s update focused on giving VerusID a more visible role: on-chain avatars, banners and descriptions using the standard VDXF keys. Development also included adding verified websites and verified Ethereum and Bitcoin addresses linked to a VerusID.

The work also covers a watchlist for Verus and PBaaS addresses, a larger Help section, and automatic discovery of PBaaS currencies already held in the wallet. The aim is to create the most user friendly desktop wallet experience for the Verus ecosystem.

New websites for Antafri.com and VerusNotes.com

I released the new Antafri.com website, giving the project a refreshed public home while getting ready for the actual release. Antafri’s focus is private bets between friends.

VerusNotes.com introduces a private notes app that uses VerusID to unlock a locally encrypted vault. It makes cloud sync optional, with only encrypted note content sent to the cloud. An early alpha was released in June 2026, but that one is not working anymore. A new release is coming soon.

VerusMetal: an Apple Silicon GPU miner

VerusMetal launched an experimental public preview. Written in Swift and Metal, it runs VerusHash v2.2 mining on Apple Silicon GPUs and checks found shares on the CPU before submitting them to a pool.

The command-line miner supports Stratum pools and reconnects when a connection drops. A signed and notarized executable is available for Apple Silicon Macs running macOS 27 or later, with source code on GitHub.

Get your project mentioned!

The best way is to create a post in the verus-builders section of the Verus Discord. It’s going to need links to either a website or GitHub.

September 2026 — The Verus View was originally published in Verus Coin on Medium, where people are continuing the conversation by highlighting and responding to this story.


a16z Podcast

The Top 100 Consumer AI Apps: Who’s Actually Paying?

a16z Editorial Partner Elena Burger sits down with investing partners Olivia Moore and Josh Elman to unpack the seventh edition of a16z’s Top 100 Consumer AI Apps, including a new dimension this time: what consumers are actually paying for. The data reveals a striking power-user economy. Only a small share of consumers currently pay for AI, but among those who do, spending is heavily concentrated

a16z Editorial Partner Elena Burger sits down with investing partners Olivia Moore and Josh Elman to unpack the seventh edition of a16z’s Top 100 Consumer AI Apps, including a new dimension this time: what consumers are actually paying for.

The data reveals a striking power-user economy. Only a small share of consumers currently pay for AI, but among those who do, spending is heavily concentrated at the top. Olivia and Josh discuss why developers, creators, and other power users dominate spending today, and why subscriptions may not be the business model that ultimately brings consumer AI to everyone. 

They also dig into the rise of personal agents, the different trajectories of ChatGPT, Claude, and Gemini, how ads could reshape AI economics, and the enormous amount of consumer white space still left to build, from shopping and entertainment to social, dating, and marketplaces.


Resources:

Read the Top 100 Consumer AI Apps, Seventh Edition: https://www.a16z.news/p/top-100-consumer-ai-apps-seventh

Follow Olivia Moore: https://x.com/omooretweets 

Follow Josh Elman: https://x.com/joshelman 

Follow Elena Burger: https://x.com/VirtualElena

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Sunday, 04. October 2026

a16z Podcast

David George & Jack Altman on AI, Autonomy, and the Next $25 Trillion

a16z General Partner David George joins Jack Altman on Uncapped to make the case that many of the biggest debates in AI are framed the wrong way. Frontier models or open source? Labs or applications? David’s answer is often “and.” With AI adoption still concentrated among a relatively small group of heavy users, he argues there could be room for multiple layers of the stack to grow at once. 

a16z General Partner David George joins Jack Altman on Uncapped to make the case that many of the biggest debates in AI are framed the wrong way. Frontier models or open source? Labs or applications? David’s answer is often “and.” With AI adoption still concentrated among a relatively small group of heavy users, he argues there could be room for multiple layers of the stack to grow at once. 

David and Jack discuss why demand for compute continues to outstrip supply, why applications can thrive even as frontier labs expand into new products, and why consumer AI may still be at the beginning of its biggest shift, from reactive chatbots to proactive assistants that can act on our behalf. 

They also zoom out to autonomy, robotics, healthcare, and the next generation of technology companies, before turning to venture itself: why David believes today’s product cycle is unusually strong, how capital can accelerate AI companies in ways it couldn’t during the SaaS era, and why founders and narrative become increasingly important as companies scale. 

This conversation originally appeared on Jack Altman’s Uncapped.


Resources:

Follow David George on X: https://x.com/DavidGeorge83

Follow Jack Altman: https://x.com/jaltma

Listen to more from Uncapped: https://www.youtube.com/@uncappedpod


 

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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PIVX

Sound Money Needs More Than Scarcity

Bitcoin passes most of the classical tests for money. The one it fails isn’t small. Bitcoin’s case for being sound money rests on a real, serious argument, one worth taking at full strength before questioning any part of it. Economists have used a standard set of properties to evaluate candidates for money for a very long time: durability, portability, divisibility, verifiability, scarcity,
Bitcoin passes most of the classical tests for money. The one it fails isn’t small.

Bitcoin’s case for being sound money rests on a real, serious argument, one worth taking at full strength before questioning any part of it. Economists have used a standard set of properties to evaluate candidates for money for a very long time: durability, portability, divisibility, verifiability, scarcity, and fungibility. Bitcoin’s advocates didn’t invent this framework to flatter their asset. It predates Bitcoin by centuries. It’s also the right framework to actually use here, because it lets both Bitcoin and PIVX be measured against the same bar, rather than one built to favor either side.

Run Bitcoin through it honestly, and it earns high marks on almost everything.

Where Bitcoin genuinely delivers

Durability: a Bitcoin can’t rot, corrode, or degrade, its existence is guaranteed by a distributed network rather than a physical object that can be damaged or lost to time. Portability: value that once required an armored truck to move now moves at the speed of a broadcast transaction, across any border, to anyone, without asking permission. Divisibility: a single bitcoin splits into 100 million satoshis, fine enough for any transaction size that matters. Verifiability: anyone can audit the entire supply and every transaction in it, no trust required, no institution’s word to take.

And scarcity, the property Bitcoin is most famous for, is real and mathematically enforced. 21 million coins, full stop, a supply schedule no committee can vote to change. That’s a genuinely hard thing to build, and it’s why Bitcoin earned the nickname “digital gold.” The comparison is apt in more ways than one, which becomes relevant in a moment.

Where it fails, and fails structurally

Now the sixth property: fungibility. This is where the classical case for Bitcoin as money runs into a problem that isn’t small, isn’t temporary, and isn’t fixable without changing what Bitcoin fundamentally is.

Fungibility means every unit is interchangeable with every other unit, no bitcoin should be worth more or less, or more or less usable, than any other bitcoin, based on where it’s been. That’s not a nice-to-have for money. It’s close to the whole point. Money exists so strangers can transact without needing to investigate each other’s history first. The moment a currency’s units start carrying baggage, that function breaks down.

Bitcoin’s entire transaction history sits permanently on a public ledger, visible to anyone, forever. In practice, this doesn’t stay theoretical. Chain-analysis firms exist specifically to trace that history, and exchanges and custodians routinely act on what they find, flagging, discounting, or outright refusing coins whose history touches a mixer, a sanctioned address, or anything else their algorithms don’t like. That means, in the real world, not every bitcoin is treated the same. Some are worth less, or worth nothing at certain venues, purely because of where they’ve been, through no action of the current holder. That’s a textbook fungibility failure, and it’s structural, not a bug that gets patched. It’s the direct, unavoidable consequence of a permanent public ledger, the same design choice that gives Bitcoin its verifiability.

Give Bitcoin its due for the trade-off it made. Public verifiability is genuinely valuable, and Bitcoin chose it deliberately. But a currency can’t fully deliver both total transparency and full fungibility at the same time. That’s not a criticism, it’s a fact about what each design choice costs. Bitcoin picked transparency. The bill for that choice comes due exactly where fungibility is supposed to live.

What changed since 2009

It’s worth being precise about why this wasn’t always the obvious criticism it is today.

In 1993, Eric Hughes’ Cypherpunk Manifesto laid out a goal that Bitcoin, launched in 2009, did more than anything before it to actually deliver on: money that didn’t require permission from, or visibility to, any institution. And for Bitcoin’s first several years, that promise held up reasonably well in practice, not because the ledger wasn’t public, it always was, but because almost nobody had built the tools needed to actually exploit that transparency at scale. Chainalysis, the company that essentially invented commercial blockchain forensics, wasn’t founded until 2014, five years after Bitcoin launched, and it was born directly out of investigating the Mt. Gox collapse, not out of some pre-existing surveillance infrastructure waiting for Bitcoin to arrive.

That gap has closed entirely. Blockchain forensics is now a multi-billion-dollar industry, Chainalysis alone has raised over $500 million and is valued at $8.6 billion, serving governments, exchanges, and banks across dozens of countries. KYC requirements are close to universal at any on-ramp or off-ramp a normal person would actually use. And the tooling keeps compounding: Chainalysis’s own current marketing explicitly promotes AI systems built to scale investigation and compliance work to, in the company’s own words, the speed of crypto. What took a determined analyst days to trace by hand a decade ago, an automated system now does continuously, at scale, across the entire chain, indefinitely.

None of that required Bitcoin to change. The ledger works exactly the way it always did. What changed is everything built to read it. A design that delivered on the manifesto’s promise reasonably well in 2009, simply by virtue of nobody having built the surveillance layer yet, doesn’t deliver on that same promise by default in an environment where deanonymizing a public ledger is now a mature, well-funded, AI-assisted industry. The values haven’t moved. The technology required to actually protect them has, and Bitcoin’s architecture was fixed years before that technology arrived.

The other classical question: does anyone spend it?

There’s a second, quieter problem worth taking seriously, and it’s one mainstream monetary economists were making arguments about long before cryptocurrency existed, not a crypto-native complaint invented to attack Bitcoin specifically.

An asset that’s widely expected to keep appreciating faster than the price of goods and services gives its holders a straightforward, rational incentive: hold it, don’t spend it. Every purchase becomes an opportunity cost against a rising asset, and the smart move, individually, is always to wait. That’s a fine strategy for a savings vehicle. It’s a real problem for something trying to also function as a medium of exchange, the thing that actually circulates and gets used, rather than sitting untouched in cold storage. This is precisely why most functioning currencies, historically and today, target mild, predictable, positive inflation rather than a hard cap or deflationary schedule, not because inflation is virtuous in itself, but because a currency people are incentivized to hoard is failing at half of what money is supposed to do.

PIVX’s supply isn’t fixed. It follows a disclosed, algorithmic tail emission, a fixed, flat number of new PIV created every block, indefinitely, rather than a hard cap or a halving schedule that eventually approaches zero. The absolute emission doesn’t shrink. What does shrink, steadily, is the resulting inflation rate as a percentage of total supply, since the same flat number of new coins matters less every year against an ever-larger base. That’s a deliberate design difference, not an oversight, and measured against the classical goal of money that actually circulates, it points the right direction. A currency whose supply grows slowly and predictably gives holders less reason to sit on it indefinitely, and more reason to treat it as something meant to move.

Where this actually lands, and it isn’t “sell your Bitcoin”

None of the above is an argument that Bitcoin is a bad place to store wealth. Its scarcity case is real, its track record is real, and plenty of people have entirely legitimate reasons to hold it for exactly that purpose. I’m not arguing that PIVX should replace Bitcoin as a store of value. That would be a much weaker, much less interesting point, and it isn’t the one worth making.

The actual argument is narrower and, I think, considerably stronger: Bitcoin cannot fix its own fungibility problem without abandoning the transparent ledger that makes it Bitcoin. That gap doesn’t need to stay open, though, because nothing requires that the same asset handle both jobs, storing value and moving privately through the world, by itself.

Think of it as two different moments in money’s life, not two competing coins fighting for the same role. Bitcoin can do what it does best: sit as a scarce, durable, verifiable store of value, digital gold, held for years, unspent. PIVX exists for the other moment, when value actually needs to move, when it stops being savings and becomes a purchase, a payment, a transaction with another human being who doesn’t need or deserve a window into everything that wallet has ever touched. PIVX’s zk-SNARK shielded transactions break the public trail at exactly that junction. Not by hiding a crime. By restoring the property money is supposed to have by default, and that Bitcoin’s own design permanently forecloses on: no history attached to the unit changing hands.

The one honest caveat worth stating plainly: getting from Bitcoin to PIVX still requires an exchange somewhere, and if that exchange is the kind that collects your identity, a link could exist at that single point. This is worth taking seriously rather than waving away. It’s also a solved problem in practice, not a theoretical gap. PIVX’s own website lists a range of exchanges that require no personal information at all, swap services built specifically around no registration, no email, and no KYC, several explicitly designed for exactly this kind of private conversion. Once PIVX is in a shielded wallet, spending it doesn’t require going back through a centralized, identity-linked venue at all, there are already real ways to convert PIV directly into everyday purchasing power, gift cards, goods, and services, without an account or a KYC form anywhere in the chain. The mechanics exist today. The gap between “sound store of value” and “actually private to spend” isn’t hypothetical, and it isn’t unsolved.

The reframe

This article was never really about Bitcoin versus PIVX, and treating it that way undersells the actual point. Bitcoin built something genuinely remarkable: scarce, verifiable, portable digital value, the store-of-value half of sound money, done about as well as it can be done on a fully public ledger. What it can’t do, by its own founding design choice, is fix its fungibility on its own. That’s not a failure of effort or imagination. It’s the direct cost of the transparency Bitcoin chose on purpose.

PIVX isn’t trying to win the store-of-value argument. It’s built for the part of sound money that Bitcoin’s own architecture permanently can’t provide for itself, privacy at the moment value actually moves, from savings into the world, between one person and another, the way money was always supposed to work before every transaction came with a permanent, public paper trail attached.

Sound Money Needs More Than Scarcity was originally published in PIVX on Medium, where people are continuing the conversation by highlighting and responding to this story.

Saturday, 03. October 2026

a16z Podcast

Beyond the God Model | Alex Atallah & Amjad Masad

A16z’s Erik Torenberg sits down with OpenRouter’s Alex Atallah and Replit founder and CEO Amjad Masad to discuss why the future of AI may look less like one all-purpose model and more like an ecosystem of specialized models working together. Alex explains why OpenRouter is betting on “neurodiversity”: different models trained in different ways, routed and combined based on the job at hand. Amjad

A16z’s Erik Torenberg sits down with OpenRouter’s Alex Atallah and Replit founder and CEO Amjad Masad to discuss why the future of AI may look less like one all-purpose model and more like an ecosystem of specialized models working together.

Alex explains why OpenRouter is betting on “neurodiversity”: different models trained in different ways, routed and combined based on the job at hand. Amjad makes a similar case from inside the enterprise, where companies increasingly need to own their AI capabilities rather than depend entirely on a single model provider. 

They explore what happens when general-purpose agents give way to teams of specialized agents, why smaller models can sometimes be cheaper, safer, and easier to control, and how routing and model fusion could deliver frontier-level performance at lower cost. They also get into agent-to-agent communication, AI security, and why the next generation of companies may need an independence layer across models, clouds, and data.


Resources:

Follow Alex Atallah on X: https://x.com/alexatallah

Follow Amjad Masad on X: https://x.com/amasad

Learn more about OpenRouter: https://openrouter.ai

Learn more about Replit: https://replit.com

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Friday, 02. October 2026

bankless

🏴 CryptoPunks Rally Again

CryptoPunks sales are surging while the collection's grails are moving for millions again.
CryptoPunks sales are surging while the collection's grails are moving for millions again.

CryptoPunks Are Heating Back Up

CryptoPunks sales are surging, and the collection's grails are selling for millions again. Here's everything you need to know.
CryptoPunks sales are surging, and the collection's grails are selling for millions again. Here's everything you need to know.

SEC Proposes New Crypto Custody Framework for Advisers and Funds

The SEC's new proposal would let advisers and funds use state trust companies, and in limited cases self-custody, to hold crypto.
The SEC's new proposal would let advisers and funds use state trust companies, and in limited cases self-custody, to hold crypto.

Blast L2 Winds Down, Sets Oct. 26th Withdrawal Deadline

Blast is sunsetting its Ethereum L2 after costs outran revenue.
Blast is sunsetting its Ethereum L2 after costs outran revenue.

Ethereum Foundation Launches zkAPI for Private AI Payments

The EF and Open Anonymity's new zkAPI lets you prepay for AI and other APIs on Ethereum, then spend with ZK proofs so usage isn't tied back to you.
The EF and Open Anonymity's new zkAPI lets you prepay for AI and other APIs on Ethereum, then spend with ZK proofs so usage isn't tied back to you.

a16z Podcast

Why AI Agents Can Beat the Incumbents

a16z’s Seema Amble and Elena Burger sit down with Lio co-founder and CEO Vladimir Keil to ask where AI-native startups have an advantage when incumbent software companies already own the customer, the data, and the system of record. Their answer comes down to the work that happens outside those systems. In procurement, a final price in an ERP can hide hundreds of emails, spreadsheets, supplier co

a16z’s Seema Amble and Elena Burger sit down with Lio co-founder and CEO Vladimir Keil to ask where AI-native startups have an advantage when incumbent software companies already own the customer, the data, and the system of record.

Their answer comes down to the work that happens outside those systems. In procurement, a final price in an ERP can hide hundreds of emails, spreadsheets, supplier conversations, engineering analyses, and decisions across legal, finance, and operations. Vlad explains how Lio uses multi-agent systems to take on more of that end-to-end work, from sourcing and RFQs to negotiation, shipment tracking, and invoices.

They also discuss how enterprises learn to trust agents with increasingly consequential decisions, why the last 20% of an internal AI build can require most of the effort, and what happens when both buyers and suppliers have agents working on their behalf.


Resources:

Follow Vladimir Keil on X: https://x.com/askvladi?lang=en 

Follow Vladimir Keil on LinkedIn: https://www.linkedin.com/in/vladimir-keil/

Follow Seema Amble on X: https://x.com/seema_amble 

Learn more about Lio: https://www.lio.ai/ 

Seema Amble’s “Investing in Lio” article: https://a16z.com/announcement/investing-in-lio/

Stay Updated:

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Thursday, 01. October 2026

bankless

Derive V3 Wants to Be the Engine of Onchain Options

Can Derive V3, an Ethereum-native rebuild, help the protocol take on Deribit?
Can Derive V3, an Ethereum-native rebuild, help the protocol take on Deribit?

a16z Podcast

Rebuilding the Internet for Privacy | Barrett Lyon on DoxxNet

a16z’s Joel de la Garza sits down with DoxxNet founder Barrett Lyon to discuss what it would take to rebuild the internet around privacy, direct communication, and less dependence on centralized intermediaries. Barrett explains why he thinks traditional VPNs only solve part of the problem and how DoxxNet is building a parallel mesh network where users can communicate peer-to-peer, transfer large

a16z’s Joel de la Garza sits down with DoxxNet founder Barrett Lyon to discuss what it would take to rebuild the internet around privacy, direct communication, and less dependence on centralized intermediaries.

Barrett explains why he thinks traditional VPNs only solve part of the problem and how DoxxNet is building a parallel mesh network where users can communicate peer-to-peer, transfer large files, make calls, and message without routing those interactions through a central application server. He also explains why the company owns its infrastructure and runs its AI systems locally rather than relying on third-party inference providers. doxxnet_assembly

They also get into the growing amount of tracking embedded across the internet, what happens when that data can be analyzed by increasingly capable AI, and why Barrett believes the underlying protocols of the internet are due for another wave of experimentation. Along the way, he shares lessons from decades of building internet infrastructure, from fighting early DDoS attacks to mapping the internet and building global networks.


Resources:

Learn more about DoxxNet: https://doxx.net

Follow Barrett Lyon on X: https://x.com/BarrettLyon

Follow Joel de la Garza on LinkedIn: linkedin.com/in/3448827723723234

Stay Updated:

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Panther Protocol

Panther’s zAccounts: Get started with Panther

zAccounts leverage Panther’s privacy-preserving architecture to enable confidential transactions and serve as the gateway to entering Panther Protocol. On this blog, we explain what a zAccount does and how it interacts with Panther’s Multi-Asset Shielded Pool (MASP).  What is a zAccount A Panther

zAccounts leverage Panther’s privacy-preserving architecture to enable confidential transactions and serve as the gateway to entering Panther Protocol. On this blog, we explain what a zAccount does and how it interacts with Panther’s Multi-Asset Shielded Pool (MASP). 

What is a zAccount

A Panther zAccount is a private, onchain identifier that acts as a secure gateway to confidential DeFi transactions. Through the zAccount, users can satisfy compliance requirements, hold zAssets—Panther's privacy-enhanced representations of deposited assets—and participate in confidential transactions within Panther: 

Creation & Activation: Users connect their externally-owned account (EOA), complete compliance requirements through approved third-party providers, and activate their zAccount. These requirements may include identity verification, wallet risk screening and other eligibility checks. A unique zAccount ID is registered in a public lookup table maintained by Panther’s smart contracts. Root Keys: Each zAccount is tied to two root public keys—one for spending and one for reading. These enable secure access to zAssets while keeping operations shielded. UTXO Integration: zAccounts are implemented as special UTXOs (Unspent Transaction Outputs), which represent individual spendable records, in append-only Merkle trees. Every zAsset UTXO is assigned to a specific zAccount owner via unique spending keypairs. This ensures only the rightful owner can spend assets, while non-interactive transfers allow seamless, private peer-to-peer movement.

This architecture delivers:

Unlinkability: External observers can’t easily connect your trades back to your Externally Owned Account (EOA). Non-Interactive Transfers: Send zAssets privately to another zAccount holder using their public read/spending keys from the registry. How zAccounts interact with Panther’s MASP

zAccounts strike a powerful balance between privacy and real-world usability, allowing privacy and compliance to coexist within the same infrastructure. Panther’s zAccounts interact with the MASP when users swap assets, mint them within the shielded pool, and withdraw them. 

Deposit & Mint: Link your EOA, activate your zAccount, and deposit assets to mint zAssets inside the shielded pool. Private Trading: Use zSwap via DeFi adaptors—all tied to your zAccount and bundlers. External observers can not directly link the swap to the user´s identity or EOA. MEV Protection & Alpha Safeguarding: Trading strategies, position sizes, and timing remain hidden, reducing the risk of front-running and strategy replication. Withdrawal: Redeem zAssets back to your EOA or another address, with full user control. Rewards & Fees: Certain activities within Panther may earn Panther Reward Points (PRPs), a non-transferable internal rewards mechanism that encourages participation and helps strengthen the protocol's privacy set. Users can also manage gas and protocol fees directly from their zAccount balances. Panther's zSwap lets users execute confidential, privacy-preserving token swaps on DEXs where users can choose bundlers, regular or fast processing, and max slippage.

Zone Managers define entry rules, but once inside, users enjoy strong anonymity sets shared across the pool—making individual transactions harder to distinguish. Unlike fully anonymous mixers (which face regulatory hurdles) or transparent DEXs, zAccounts enable programmable privacy—strong defaults with flexible compliance hooks.

Getting Started with Panther

Panther’s DAO-operated shielded pool can be accessed by visiting the Panther dApp (pantherdao.app or equivalent interface). Users can also find the dApp link on the pantherprotocol.io website and in the bio of Panther Protocol’s official X account: https://x.com/ZKPanther.

To access the DAO-operated shielded pool, users have to:

Connect their wallet.  Generate two public keys. Complete the required compliance attestation. Activate their zAccount to begin depositing/minting zAssets. Upon zAccount completion, users can track their private balances on the Panther dashboard.

Panther Protocol enables independent, third-party compliance providers to handle user verification and regulatory checks without the protocol itself storing or processing private user data. Compliance providers like PureFi issue cryptographic credentials after verification, allowing users to generate zero-knowledge proofs in their browsers to prove compliance without revealing underlying personal data. Panther Protocol itself remains agnostic, and Zone operators could select their own compliance provider for users to gain access. Always review the latest updates, as features and compliance measures evolve through the Panther DAO.

To interact with Panther Protocol smart contracts via the dApp, users must first download Panther’s zero-knowledge circuits and related client-side components. Panther’s zk circuits run locally in the user's browser or application environment. As decided by the Panther DAO, the daily deposit limits are $25,000 and withdrawal limits are $100,000.

Panther's shielded pool UI displays the daily deposit and withdrawal limits. Internal MASP transfers are also enabled on Panther's Base deployment by navigating to the "Send" tab. The Future of Private Ledgers

zAccounts represent a mature evolution in privacy tech: not all-or-nothing anonymity, but user-controlled confidentiality supported by compliance mechanisms and designed to integrate seamlessly with DeFi. As Panther expands across different EVM-compatible chains, zAccounts will power the next wave of sophisticated, privacy-first onchain finance. Panther´s zAccounts are built not only to enhance user privacy but also to align flexibly with the intricate demands of decentralized finance and operators. 

About Panther Protocol Foundation

Panther Protocol Foundation is a non-profit organization supporting the Panther ecosystem through research, ecosystem funding, software stewardship and open-source development.

The Foundation does not operate the Panther protocol, host deployments, custody assets, execute or intermediate transactions, or provide financial services.

The proprietary Panther dApp is licensed by the Foundation to support independent ecosystem deployments.

Users interact directly with smart contracts from their own wallets, signing every transaction themselves. Compliance credentials are issued and managed by independent third-party providers.

Please review the applicable notices, disclosures and jurisdictional restrictions available through the Panther interface before interacting with the protocol.

For more information, visit panther.org

To learn more about Panther Protocol, visit pantherprotocol.io

Wednesday, 30. September 2026

bankless

🏴 Robinhood Wants Everything

Here's everything the HOOD Summit revealed, from 10x perps to Robinhood's answer to Fomo.
Here's everything the HOOD Summit revealed, from 10x perps to Robinhood's answer to Fomo.

Stripe's Bridge Launches OUSD, the Stablecoin That Pays Its Distributors

OUSD, a new Stripe-issued stablecoin, is live across four chains.
OUSD, a new Stripe-issued stablecoin, is live across four chains.

What Was Revealed at Robinhood's HOOD Summit

Robinhood launched greater abilities for agents, the rollout of perpetuals in the U.S., and the debut of their social feed, all while dealing a blow to Lighter in the short term.
Robinhood launched greater abilities for agents, the rollout of perpetuals in the U.S., and the debut of their social feed, all while dealing a blow to Lighter in the short term.

a16z Podcast

The $1 Trillion AI Buildout | State of Markets

a16z’s David George, Sarah Wang, Alex Immerman, and Santiago Rodriguez unpack 25 key charts from the latest State of Markets presentation, from the scale of the AI infrastructure buildout to what adoption looks like inside companies today. They examine why rising markets have so far been supported by earnings rather than multiple expansion, why hyperscaler CapEx is approaching $1 trillion annuall

a16z’s David George, Sarah Wang, Alex Immerman, and Santiago Rodriguez unpack 25 key charts from the latest State of Markets presentation, from the scale of the AI infrastructure buildout to what adoption looks like inside companies today.

They examine why rising markets have so far been supported by earnings rather than multiple expansion, why hyperscaler CapEx is approaching $1 trillion annually, and why demand for compute continues to outrun supply. They also look at the downstream effects of that spending across chips, power, construction, and physical infrastructure. State of Markets

Then they move up the stack: OpenAI and Anthropic’s revenue growth, the gap between AI deployment and measurable enterprise impact, the rise of agents, falling inference costs, and what all of this means for SaaS. They close with where the team is spending time next, including consumer agents, robotics, autonomy, AI and biology, personal health, defense, and the continued diffusion of AI across the enterprise. State of Markets


Resources:

Follow David George on X: https://x.com/DavidGeorge83

Follow Sarah Wang on X: https://x.com/sarahdingwang

Follow Alex Immerman on X: https://x.com/aleximm 

Follow Santiago Rodriguez on X: https://x.com/santiago__rdz 

Read David’s piece ‘There are only two paths left for software’: https://a16z.com/there-are-only-two-paths-left-for-software/

Stay Updated:

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Tuesday, 29. September 2026

bankless

NEAR Stopped Bitget's Hackers Without Breaking Privacy

Bitget's hackers tried to push $50M+ through NEAR Intents and got turned away.
Bitget's hackers tried to push $50M+ through NEAR Intents and got turned away.

House Expands Probe Into Prediction-Market Insider Trading

House Oversight expanded its prediction-market insider trading probe to Hyperliquid, Crypto.com, and PredictIt.
House Oversight expanded its prediction-market insider trading probe to Hyperliquid, Crypto.com, and PredictIt.

Bitwise Teases NEAR ETF Launch for Today

Bitwise looks set to launch its NEAR ETF, offering direct NEAR exposure alongside staking rewards through NYSE Arca.
Bitwise looks set to launch its NEAR ETF, offering direct NEAR exposure alongside staking rewards through NYSE Arca.

Coinbase Completes U.S. Derivatives Stack With CFTC Approval

CFTC approval gives Coinbase its own clearinghouse, bringing more of its regulated U.S. derivatives business in-house.
CFTC approval gives Coinbase its own clearinghouse, bringing more of its regulated U.S. derivatives business in-house.

a16z Podcast

The Personal Agent Race Is Here | Anish Acharya & David Pawlan

a16z General Partner Anish Acharya sits down with Assistant Benchmark creator David Pawlan to unpack the sudden explosion of personal AI agents and what it will take for one to become part of everyday life. David has been testing dozens of assistants across real-world tasks, from managing email and booking travel to handling financial admin. They discuss why the most useful agents may become incre

a16z General Partner Anish Acharya sits down with Assistant Benchmark creator David Pawlan to unpack the sudden explosion of personal AI agents and what it will take for one to become part of everyday life.
David has been testing dozens of assistants across real-world tasks, from managing email and booking travel to handling financial admin. They discuss why the most useful agents may become increasingly invisible, proactively checking you into flights, finding refunds, filing reimbursements, or simply handling the small tasks that pile up across everyday life.
They also explore whether the winning interface is an app, text thread, voice, or wearable; how much autonomy consumers will actually give their agents; and what happens when agents start interacting with other agents. From commerce and restaurant reservations to entirely new agent-native services, Anish and David ask what the internet looks like when software starts acting on our behalf.

This episode was recorded on September 24, 2026.

 

Resources:

Follow David Pawlan on X: https://x.com/DavidPawlan

Follow Anish Acharya on X: https://x.com/illscience


 

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Monday, 28. September 2026

bankless

🏴 Shifting Sands for Kalshi

Federal courts are increasingly backing state gaming laws over prediction markets as the fight heads toward the Supreme Court.
Federal courts are increasingly backing state gaming laws over prediction markets as the fight heads toward the Supreme Court.

States Pull Ahead in Prediction Market Fight

Federal courts are increasingly backing state gaming laws over prediction markets as the fight heads toward the Supreme Court.
Federal courts are increasingly backing state gaming laws over prediction markets as the fight heads toward the Supreme Court.

a16z Podcast

AI Can Write Code. Why Isn’t Software Better?

a16z’s Ben Horowitz and Martin Casado sit down with TypeSafe AI founder Diogo Almeida to ask a simple question: AI has become remarkably capable, so where is all the automation? Diogo argues that coding agents may help us write software faster, but the software they produce still largely works the way software always has. TypeSafe is taking a different approach with Jev: putting intelligence insi

a16z’s Ben Horowitz and Martin Casado sit down with TypeSafe AI founder Diogo Almeida to ask a simple question: AI has become remarkably capable, so where is all the automation?

Diogo argues that coding agents may help us write software faster, but the software they produce still largely works the way software always has. TypeSafe is taking a different approach with Jev: putting intelligence inside software itself, so developers can build programs that reason about intent and make probabilistic decisions rather than simply generate text for a human to interpret.

They discuss why reliability is the key to making AI genuinely programmable, how this could open a new era of probabilistic software, and why established SaaS companies may be particularly well positioned to benefit. Ultimately, Diogo’s goal is straightforward: technology that can reliably “do what I mean.”


Resources:

Follow Diogo Almeida: https://x.com/CompleteSkeptic

Learn more about TypeSafe AI: https://typesafe.ai/

Follow TypeSafe AI: https://x.com/typesafeai

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Sunday, 27. September 2026

a16z Podcast

Building a Team at AI Speed | Harvey’s Maggie Landers

a16z’s Katie Kirsch sits down with Harvey VP of Talent Maggie Landers to discuss what happens inside a company growing at AI speed, and how you preserve culture while adding more than 1,000 employees in a year. Maggie explains why Harvey prioritizes progress over perfection, how its values of simplicity, decisiveness, and “job’s not finished” shape the way people work, and why moving quickly requ

a16z’s Katie Kirsch sits down with Harvey VP of Talent Maggie Landers to discuss what happens inside a company growing at AI speed, and how you preserve culture while adding more than 1,000 employees in a year.

Maggie explains why Harvey prioritizes progress over perfection, how its values of simplicity, decisiveness, and “job’s not finished” shape the way people work, and why moving quickly requires giving employees significant trust and autonomy. For people accustomed to being the “A student,” that can mean learning to experiment, make mistakes, and course-correct quickly.

They also get into how Harvey identifies people who can thrive in that environment, what changes when most of your company is relatively new, the role its founders play in maintaining culture, and why judgment becomes increasingly important when employees are given the freedom to move fast.


Resources:

Follow Maggie Landers on LinkedIn: linkedin.com/in/maggiecohenlanders

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Saturday, 26. September 2026

a16z Podcast

Aaron Levie, Steven Sinofsky & Martin Casado: How Do You Secure a World of AI Agents?

Erik Torenberg sits down with Box CEO Aaron Levie, and a16z’s Martin Casado, and Steven Sinofsky to debate how the AI industry should think about safety, security, and regulation as increasingly capable agents move into the real world. They argue that much of today’s conversation is happening before we have clearly defined the risks we’re trying to regulate. Drawing on earlier waves of computing,

Erik Torenberg sits down with Box CEO Aaron Levie, and a16z’s Martin Casado, and Steven Sinofsky to debate how the AI industry should think about safety, security, and regulation as increasingly capable agents move into the real world.

They argue that much of today’s conversation is happening before we have clearly defined the risks we’re trying to regulate. Drawing on earlier waves of computing, from computer viruses and the early internet to aviation and automobiles, they ask what AI can learn from industries that developed safety standards only after understanding how their technologies actually failed.

The conversation then gets concrete: agents don’t get tired, can operate at enormous scale, and can probe systems in ways human employees never could. That could require rethinking permissions, authentication, operating systems, and the security stack itself. They also discuss why AI innovation may increasingly move beyond the frontier labs and into the software built around the models.


Resources:

Follow Aaron Levie on X: https://x.com/levie

Follow Martin Casado on X: https://x.com/martin_casado

Follow Steven Sinofsky on X: https://x.com/stevesi

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Friday, 25. September 2026

bankless

🏴 Ethereum's New AI Swarm

Digging into IMD, the rising AI experiment that has the potential to become a new kind of prolific workforce.
Digging into IMD, the rising AI experiment that has the potential to become a new kind of prolific workforce.

Inside IMD, Ethereum's New AI Swarm Experiment

A new kind of AI workforce is ascending in the Ethereum ecosystem, replete with experimental tokenomics. Here's why it matters, and how you might consider the trade.
A new kind of AI workforce is ascending in the Ethereum ecosystem, replete with experimental tokenomics. Here's why it matters, and how you might consider the trade.

a16z Podcast

The Reputation Graph of Silicon Valley | Introducing Cosign

a16z’s Erik Torenberg sits down with Josh Elman, Olivia Moore, and David Booth to introduce Cosign, a new product built around professional reputation and the people, companies, and products you’re willing to put your name behind. They unpack a simple idea at the heart of Silicon Valley: some of the most valuable professional signals aren’t credentials, but who believes in you. From the mentor wh

a16z’s Erik Torenberg sits down with Josh Elman, Olivia Moore, and David Booth to introduce Cosign, a new product built around professional reputation and the people, companies, and products you’re willing to put your name behind.

They unpack a simple idea at the heart of Silicon Valley: some of the most valuable professional signals aren’t credentials, but who believes in you. From the mentor who shaped your career to the colleague you’d work with anywhere or the young builder you think everyone should be watching, Cosign is an attempt to make those signals more visible and durable.

They also discuss why human endorsements may become more valuable as AI makes outreach and information abundant, what existing professional networks get right and miss, and how making reputation more legible could help talented people get discovered earlier, find collaborators, and carry the work they’ve done behind the scenes into whatever they do next.


Resources:

Follow Josh Elman on X: https://x.com/joshelman

Follow Olivia Moore on X: https://x.com/omooretweets

Follow David Booth on X: https://x.com/david__booth

Follow Cosign: https://x.com/cosign_build

Read more about Cosign: https://www.a16z.news/how-silicon-valley-knows-its-people

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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bankless

Ethena Expands USDe Backing Into Equity Perpetuals

Expanding its USDe basis trade to Binance equity perps means Ethena, in theory, opens itself up to a $150T+ market of real-world assets.
Expanding its USDe basis trade to Binance equity perps means Ethena, in theory, opens itself up to a $150T+ market of real-world assets.

Bitget Hacked for $351.6M

A backend wallet breach drained $351.6M as hackers consolidate funds into ETH and investigators probe a DPRK link.
A backend wallet breach drained $351.6M as hackers consolidate funds into ETH and investigators probe a DPRK link.

Strategy Proposes Daily Dividends for Preferred Stocks

The daily dividends would apply to all preferred stocks: STRC, STRF, STRK, and STRD, aiming to improve price stability, liquidity, and investor trust.
The daily dividends would apply to all preferred stocks: STRC, STRF, STRK, and STRD, aiming to improve price stability, liquidity, and investor trust.

Thursday, 24. September 2026

bankless

New NFT Cathedrals Are Going Up Everywhere

If you've tuned out NFTs during the memecoin era, you may be missing today's non-fungible resurgence.
If you've tuned out NFTs during the memecoin era, you may be missing today's non-fungible resurgence.

New York Sues Polymarket Over Alleged Illegal Gambling

New York alleged Polymarket operates as gambling and is seeking to block the platform in the state.
New York alleged Polymarket operates as gambling and is seeking to block the platform in the state.

Alloc Init Proposes Zcash-Style Privacy for Bitcoin

The proposed Shielded Bitcoin metaprotocol would use Zcash-style private notes to hide BTC transfers without changing Bitcoin consensus.
The proposed Shielded Bitcoin metaprotocol would use Zcash-style private notes to hide BTC transfers without changing Bitcoin consensus.

Tempo Launches Mercator Tool Router for AI Agents

Mercator lets agents discover, pay for, and combine use outside tools, improving their performance on domain specific tasks along the way.
Mercator lets agents discover, pay for, and combine use outside tools, improving their performance on domain specific tasks along the way.

Global Digital Finance

Bank of England Stablecoin Roundtables Readout | 10 September 2026

On 10 September, Global Digital Finance (GDF) convened two roundtables with the Bank of England, with participation from the Financial Conduct Authority (FCA), GDF members and industry experts. Both sessions were held under the Chatham House Rule. The first roundtable focused on the Bank of England’s draft Code of Practice for systemic stablecoins and the […] The post Bank of England Stablecoin

On 10 September, Global Digital Finance (GDF) convened two roundtables with the Bank of England, with participation from the Financial Conduct Authority (FCA), GDF members and industry experts. Both sessions were held under the Chatham House Rule.

The first roundtable focused on the Bank of England’s draft Code of Practice for systemic stablecoins and the proposed joint Bank of England-FCA regulatory approach. Moving beyond the headline policy choices, participants tested how the regime would work in practice across real business models, payment flows and market infrastructure. Key themes included how the temporary £40bn issuance guardrail would be reviewed and adjusted, what T+0 redemption means once KYC/AML checks and cross-border payment rails are factored in, the treatment of custody and omnibus structures, and the value of a phased transition into systemic supervision. A wider theme was that the UK regime must work across the full stablecoin ecosystem, not only at issuer level.

The second roundtable used GDF’s Global Stablecoin Regulatory Playbook as a framework for discussing international regulatory convergence, functional equivalence and cross-border recognition. With broad agreement across major jurisdictions on what a credible fiat-backed stablecoin regime should achieve, the discussion centred on how different national regimes can interact. Participants explored the distinction between redemption and convertibility, the Bank’s openness to deference for overseas-issued systemic stablecoins, the risks of liquidity fragmentation from multi-issuance requirements, and the role of international standard setters such as the FSB and FATF.

The central takeaway was that the next phase of stablecoin regulation is less about making rules identical and more about building the regulatory trust, evidence and supervisory mechanisms that allow well-regulated stablecoins to operate across borders without unnecessary fragmentation.

Date:
September 2026

The post Bank of England Stablecoin Roundtables Readout | 10 September 2026 appeared first on GDF.


a16z Podcast

The Case Against an AI Pause | Eddy Lazzarin

a16z crypto General Partner Eddy Lazzarin joins Theo Jaffee on MTS to debate the increasingly prominent calls to slow AI development and whether the current safety conversation is conflating very different kinds of risk. Eddy argues that the debate puts too much emphasis on speculative superintelligence and not enough on the costs of delaying useful technology. Rather than treating every AI failu

a16z crypto General Partner Eddy Lazzarin joins Theo Jaffee on MTS to debate the increasingly prominent calls to slow AI development and whether the current safety conversation is conflating very different kinds of risk.

Eddy argues that the debate puts too much emphasis on speculative superintelligence and not enough on the costs of delaying useful technology. Rather than treating every AI failure as evidence of an alignment problem, he makes the case for familiar tools like cybersecurity, accountability, liability, market incentives, and stronger technical controls.

They also discuss whether AI models can develop reputations for trustworthiness, the risks of concentrating oversight among a small group of evaluators, and why Eddy thinks the collision between Silicon Valley’s AI debates and broader politics could fundamentally reshape the conversation over the next year.


Resources:

Follow Eddy Lazzarin on X: https://x.com/eddylazzarin

Follow Theo Jaffee on X: https://x.com/theojaffee

Follow MTS on X: https://x.com/mtslive

Stay Updated:

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Wednesday, 23. September 2026

bankless

BlackRock Maps Crypto’s Role in the AI Economy

BlackRock says AI agents could drive stablecoin payments and help create new markets for trading and financing compute.
BlackRock says AI agents could drive stablecoin payments and help create new markets for trading and financing compute.

NYSE, Blockchain.com Partner on Tokenized Stocks

Blockchain.com and the NYSE are teaming up to bring tokenized U.S. stocks and ETFs to Blockchain.com’s global users through the exchange’s planned 24/7 onchain trading venue. What’s the Scoop? NYSE taps Blockchain.com: T…
Blockchain.com and the NYSE are teaming up to bring tokenized U.S. stocks and ETFs to Blockchain.com’s global users through the exchange’s planned 24/7 onchain trading venue. What’s the Scoop? NYSE taps Blockchain.com: T…

CFTC Warns Prediction Markets Over Mention Contracts

CFTC staff warns mention markets carry elevated manipulation risks after cases involving George Santos, White House staff and others.
CFTC staff warns mention markets carry elevated manipulation risks after cases involving George Santos, White House staff and others.

ZEC and NEAR Are Eating the Blue Chips' Bid

BTC:ETH::ZEC:NEAR! How Zcash and NEAR are drawing capital away from Bitcoin and Ethereum.
BTC:ETH::ZEC:NEAR! How Zcash and NEAR are drawing capital away from Bitcoin and Ethereum.

PIVX

Tune in for the next Privacy Roundtable

Join Firo: Private cryptocurrency infrastructure, BasicSwapDEX, Particl and PIVX! 🗓️ Sept 30th 9:00 am EST/1:00 pm 📍 Xspace 🎙️ Guest GinoFPM from Zano Topic: Recent AI breakthroughs and their significance to private crypto Link to follow. #Privacy #AI #Cryptocurrency #Finances Tune in for the next Privacy Roundtable was originally published in PIVX on Medium, where people are

Join Firo: Private cryptocurrency infrastructure, BasicSwapDEX, Particl and PIVX!

🗓️ Sept 30th 9:00 am EST/1:00 pm
📍 Xspace
🎙️ Guest GinoFPM from Zano

Topic: Recent AI breakthroughs and their significance to private crypto Link to follow.

#Privacy #AI #Cryptocurrency #Finances

Tune in for the next Privacy Roundtable was originally published in PIVX on Medium, where people are continuing the conversation by highlighting and responding to this story.


a16z Podcast

Amjad Masad on Rethinking College for the AI Era

Erik Torenberg sits down with Replit founder and CEO Amjad Masad and Horowitz and Andreessen Academy co-founder and CEO Gagan Biyani to ask what education should look like for a generation growing up with AI. Amjad argues that one of the most valuable things young people bring to society is their willingness to question deeply held assumptions. They discuss how education could create more room fo

Erik Torenberg sits down with Replit founder and CEO Amjad Masad and Horowitz and Andreessen Academy co-founder and CEO Gagan Biyani to ask what education should look like for a generation growing up with AI.

Amjad argues that one of the most valuable things young people bring to society is their willingness to question deeply held assumptions. They discuss how education could create more room for that instinct through project-based learning, intellectual side quests, and giving students the freedom to follow an idea deeply rather than optimizing around grades and credentials.

They also explore whether young founders are being pushed to professionalize too early, why Amjad thinks starting a company can sometimes be a form of “premature optimization,” and how curiosity led him from learning chess to experimenting with AI that can conduct machine-learning research.

Finally, they discuss trust, judgment, and what it means to develop as a person, not just a builder, including why being contrarian and ambitious still needs to be balanced with the ability to work with other people.


Resources:

Follow Amjad Masad on X: https://x.com/amasad

Follow Gagan Biyani on X: https://x.com/gaganbiyani
 

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Tuesday, 22. September 2026

bankless

🏴 Will BTC Underperform?

Last cycle mainstreamed Bitcoin. This one may belong to Zcash and alts with real revenue, buybacks, and newly opening U.S. markets.
Last cycle mainstreamed Bitcoin. This one may belong to Zcash and alts with real revenue, buybacks, and newly opening U.S. markets.

This is Not Bitcoin’s Cycle

Last cycle mainstreamed Bitcoin. This one may belong to Zcash and alts with real revenue, buybacks, and newly opening U.S. markets.
Last cycle mainstreamed Bitcoin. This one may belong to Zcash and alts with real revenue, buybacks, and newly opening U.S. markets.

Coinbase Rolls Out Fixed-Rate Bitcoin Loans via Morpho Midnight

Coinbase launches fixed-rate, bitcoin-backed USDC loans powered by Morpho Midnight on Base.
Coinbase launches fixed-rate, bitcoin-backed USDC loans powered by Morpho Midnight on Base.

Prediction Market Trueo Is Leaping from Base to Ethereum

Prediction market Trueo is migrating from Base to Ethereum mainnet, earning praise from Vitalik Buterin.
Prediction market Trueo is migrating from Base to Ethereum mainnet, earning praise from Vitalik Buterin.

Binance Commits $100M Stake in Circle With New USDC Pact

Circle sells Binance $100M in discounted CRCL shares as the pair expand their USDC deal.
Circle sells Binance $100M in discounted CRCL shares as the pair expand their USDC deal.

a16z Podcast

Why a16z is Building a New School for the AI Era | Ben Horowitz

Ben Horowitz and Erik Torenberg sit down with Gagan Biyani to introduce the Horowitz and Andreessen Academy and discuss a bigger question: what should education look like when AI is rapidly changing the skills people need to build, work, and create? Ben and Gagan explain why they believe learning should be more focused on doing rather than studying about doing, with students building real project

Ben Horowitz and Erik Torenberg sit down with Gagan Biyani to introduce the Horowitz and Andreessen Academy and discuss a bigger question: what should education look like when AI is rapidly changing the skills people need to build, work, and create?

Ben and Gagan explain why they believe learning should be more focused on doing rather than studying about doing, with students building real projects, developing people skills, and working alongside companies and builders in San Francisco. The goal isn’t to replace college for everyone, but to create a different path for young people who already know they want to build.

They also discuss why AI could make this an unusually powerful time to be young, how project-based learning changes when everyone has access to powerful tools, why failure can be valuable when it produces real learning, and what it takes to develop the judgment and people skills that can't simply be learned from a textbook.


Resources:

Follow Gagan Biyani on X: https://x.com/gaganbiyani

Follow Ben Horowitz on X: https://x.com/bhorowitz
 

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Monday, 21. September 2026

bankless

🏴 Robinhood's Onchain Endgame

Robinhood sees blockchains upgrading markets, with tokenized assets, perps, and AI agents at the center of its next phase.
Robinhood sees blockchains upgrading markets, with tokenized assets, perps, and AI agents at the center of its next phase.

Lighter Set to Add Binary Options Support to Its ZK Prover

Lighter's prover repository just got a "Binary options support" commit.
Lighter's prover repository just got a "Binary options support" commit.

Inside Robinhood's Onchain Endgame

Robinhood sees blockchains upgrading markets, with tokenized assets, perps, and AI agents at the center of its next phase.
Robinhood sees blockchains upgrading markets, with tokenized assets, perps, and AI agents at the center of its next phase.

a16z Podcast

AI Safety Language Is Destroying the Debate | Steven Sinofsky

a16z Board Partner and former Microsoft Windows president Steven Sinofsky joins Theo Jaffee and Sofia Puccini on MTS to argue that the language we use to describe AI failures is making it harder to understand what’s actually going wrong. Steven takes aim at terms like “alignment,” “goal-seeking,” and “rogue agents,” arguing that they can anthropomorphize problems that software engineers have deal

a16z Board Partner and former Microsoft Windows president Steven Sinofsky joins Theo Jaffee and Sofia Puccini on MTS to argue that the language we use to describe AI failures is making it harder to understand what’s actually going wrong.

Steven takes aim at terms like “alignment,” “goal-seeking,” and “rogue agents,” arguing that they can anthropomorphize problems that software engineers have dealt with for decades. His framing is simpler: when software doesn’t do what it’s supposed to do, it has a bug. And as AI becomes more widely deployed, labs need the same kind of telemetry, debugging, incident reporting, and operational discipline that previous generations of software eventually developed.

Drawing on everything from early computer hacking and Microsoft’s response to major software failures to Y2K and cybersecurity standards, Steven makes the case for treating AI reliability as an engineering problem. They also discuss what AI labs can learn from CVE reporting, why industry has a responsibility to make its systems safer, and how confusing terminology can lead to equally confused regulation.


Resources:

Follow Steven Sinofsky on X: https://x.com/stevesi

Follow Theo Jaffee on X: https://x.com/theojaffee

Follow Sofia Puccini on X: https://x.com/schisofrenia

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Global Digital Finance

Global Stablecoin Regulatory Frameworks: Closing the Gap

This report draws on a GFTN/Ripple Policy Summit roundtable at Point Zero Forum, building on GDF’s Global Stablecoin Regulatory Playbook, to examine the gap between well-understood stablecoin regulatory principles and their inconsistent, jurisdiction-bound implementation. It covers: (1) the need for a shared taxonomy and classification of stablecoins by risk profile rather than label. (2) the […]

This report draws on a GFTN/Ripple Policy Summit roundtable at Point Zero Forum, building on GDF’s Global Stablecoin Regulatory Playbook, to examine the gap between well-understood stablecoin regulatory principles and their inconsistent, jurisdiction-bound implementation.

It covers:

(1) the need for a shared taxonomy and classification of stablecoins by risk profile rather than label.

(2) the core building blocks of credible domestic frameworks — reserve composition, redemption rights, and proportionate financial-stability requirements.

(3) two competing models for scaling stablecoins across borders — multi-issuance (unified token, multiple local issuers) versus equivalence/recognition regimes (home-jurisdiction oversight extended abroad) — with examples from the EU, UK, Singapore, and UAE.

(4) three near-term priorities for closing the gap: FSB-aligned gap analyses, presumptive equivalence built on existing bilateral cooperation, and supervisory colleges that assess issuer networks collectively. The report concludes that the regulatory tools already exist and what’s needed now is deliberate adoption, jurisdiction by jurisdiction.

Date: September 2026
Publisher: GFTN, in collaboration with GDF, Ripple, and the Point Zero Forum

The post Global Stablecoin Regulatory Frameworks: Closing the Gap appeared first on GDF.

Sunday, 20. September 2026

a16z Podcast

Nas, Grandmaster Caz, Steve Stoute & Ben Horowitz on Paying Hip-Hop’s Pioneers Their Due

Ben Horowitz and Erik Torenberg sit down with Nas, Grandmaster Caz, and Steve Stoute for a conversation about the Paid in Full Foundation and its mission to recognize and support the pioneers who built hip-hop. Ben, Nas, and Steve share how the foundation began, why simply giving artists money wasn’t enough, and how the Hip Hop Grandmaster Awards became a way to pair financial support with the re

Ben Horowitz and Erik Torenberg sit down with Nas, Grandmaster Caz, and Steve Stoute for a conversation about the Paid in Full Foundation and its mission to recognize and support the pioneers who built hip-hop.

Ben, Nas, and Steve share how the foundation began, why simply giving artists money wasn’t enough, and how the Hip Hop Grandmaster Awards became a way to pair financial support with the recognition many foundational artists never received. Caz brings the perspective of one of those pioneers, reflecting on his role in hip-hop’s earliest history and what receiving the award has meant for his life and legacy.

They also discuss the enormous cultural and commercial impact of hip-hop beyond music, from language and fashion to some of the world’s biggest brands, why so many of its pioneers captured so little of that value, and what happens when generations of hip-hop finally come together in the same room.


Resources:

Learn more about the Paid in Full Foundation: https://paidinfullfoundation.org

Follow Nas on X: https://x.com/Nas

Follow Grandmaster Caz on IG:https://www.instagram.com/grandmastercaz07/

Follow Steve Stoute: https://linkedin.com/in/stevestoute

Follow Ben Horowitz on X: https://x.com/bhorowitz

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Saturday, 19. September 2026

a16z Podcast

What Makes a Consumer AI Product Stick? | Josh Elman

a16z Partner Josh Elman joins Ollie Forsyth on New Economies to discuss the next wave of consumer AI and what separates a product people try once from one that becomes part of their everyday lives. Josh argues that getting attention has actually become easier, but getting consumers to stick is harder than ever. He explains what he looks for in consumer products, why the best ones start with a nar

a16z Partner Josh Elman joins Ollie Forsyth on New Economies to discuss the next wave of consumer AI and what separates a product people try once from one that becomes part of their everyday lives.

Josh argues that getting attention has actually become easier, but getting consumers to stick is harder than ever. He explains what he looks for in consumer products, why the best ones start with a narrow wedge and earn the right to do more, and why trust becomes increasingly important as AI agents gain access to more of our personal lives.

They also explore personal AI agents, the future of shopping and entertainment, why we haven’t seen another major social network emerge, and how AI could make technology more social rather than less, including agents that help people spend more time together in the real world.

This conversation originally appeared on the New Economies podcast.


Resources:

Follow Josh Elman on X: https://x.com/jelman

Follow New Economies: https://www.youtube.com/@NEWECONOMIESPOD

New Economies Substack: https://www.neweconomies.co/


 

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Friday, 18. September 2026

a16z Podcast

Databricks CEO on AI Pacing, Cyber Risk, and the Enterprise

Databricks co-founder and CEO Ali Ghodsi joins a16z General Partners Martin Casado and Sarah Wang for a conversation about AI risk, recursive self-improvement, cybersecurity, and what’s actually holding back enterprise adoption. Ali argues that today’s models are already capable enough to automate far more work than most companies are using them for. The bigger problem is context: models haven’t

Databricks co-founder and CEO Ali Ghodsi joins a16z General Partners Martin Casado and Sarah Wang for a conversation about AI risk, recursive self-improvement, cybersecurity, and what’s actually holding back enterprise adoption.

Ali argues that today’s models are already capable enough to automate far more work than most companies are using them for. The bigger problem is context: models haven’t been in every meeting, don’t understand how decisions actually get made, and lack the institutional knowledge that experienced employees accumulate over years. He explains why building an organizational “ontology” could help close that gap and what Databricks has learned from doing it internally.

They also debate the current conversation around pacing frontier AI, what would constitute meaningful recursive self-improvement, and why Ali distinguishes speculative superintelligence risk from the much more immediate challenge of AI-powered cyberattacks. They close with how enterprises are managing exploding AI usage and costs, the shift toward multiple models and harnesses, and why agents are beginning to reshape infrastructure itself.

 

Resources:

Follow Ali Ghodsi on X: https://x.com/alighodsi

Follow Sarah Wang on X: https://x.com/sarahdingwang

Follow Martin Casado on X: https://x.com/martin_casado
 

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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bankless

🏴 Crypto's New Compliance Shield?

The CFTC just gave every wallet and DeFi interface the same legal shield it gave to Phantom.
The CFTC just gave every wallet and DeFi interface the same legal shield it gave to Phantom.

The CFTC Extended a Crypto Compliance Win to the Whole Industry

The CFTC just gave every wallet and DeFi interface the same legal shield it gave to Phantom.
The CFTC just gave every wallet and DeFi interface the same legal shield it gave to Phantom.

Zcash Sets Its Sights on Next Major Network Upgrade

The popular privacy chain is leveling up next month with faster blocks and beyond.
The popular privacy chain is leveling up next month with faster blocks and beyond.

Thursday, 17. September 2026

bankless

Vitalik Says AI Could Strengthen Cybersecurity

Vitalik says AI’s math breakthroughs could make formal verification practical, helping developers build software that is harder to hack.
Vitalik says AI’s math breakthroughs could make formal verification practical, helping developers build software that is harder to hack.

Senate Democrats Seek New CLARITY Talks

Seven Senate Democrats say they remain committed to CLARITY as lawmakers explore restarting bipartisan talks before year-end.
Seven Senate Democrats say they remain committed to CLARITY as lawmakers explore restarting bipartisan talks before year-end.

S&P Global Agrees to Acquire OpenZeppelin

S&P Global is acquiring OpenZeppelin, adding smart contract security to its growing institutional crypto infrastructure stack.
S&P Global is acquiring OpenZeppelin, adding smart contract security to its growing institutional crypto infrastructure stack.

The SEC Just Opened a Legal Lane for Tokenized Stocks

The SEC's new Innovation Exemption lets permissioned AMMs trade tokenized, rights-bearing U.S. stocks for the first time.
The SEC's new Innovation Exemption lets permissioned AMMs trade tokenized, rights-bearing U.S. stocks for the first time.

a16z Podcast

The Next Frontier of AI Video Is Control

a16z General Partner Jennifer Li sits down with fal co-founder Gorkem Yurtseven and Head of Engineering Batuhan Taskaya to discuss what changes when generative video becomes fast enough to run in real time. They unpack the technical work behind H3 Max, fal’s post-trained version of MiniMax’s open-weight video model, and how combining model post-training with systems and hardware optimization sign

a16z General Partner Jennifer Li sits down with fal co-founder Gorkem Yurtseven and Head of Engineering Batuhan Taskaya to discuss what changes when generative video becomes fast enough to run in real time.

They unpack the technical work behind H3 Max, fal’s post-trained version of MiniMax’s open-weight video model, and how combining model post-training with systems and hardware optimization significantly reduced generation time while maintaining quality. That speed has enabled experiments with continuous video, including streams that can remember previous scenes and respond to new directions while they’re running.

They also discuss why the next challenge may be less about speed and more about control, from camera movement and lighting to characters, motion, and lip sync. And they explore what those capabilities could mean for professional creative workflows, where artists and studios need predictable tools rather than simply generating a video from a prompt.


Resources:

Follow Gorkem Yurtseven on X: https://x.com/gorkem

Follow Batuhan Taskaya on X: https://x.com/isidentical

Learn more about fal: https://fal.ai

Follow Jennifer Li on X: https://x.com/JenniferHli


 

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Wednesday, 16. September 2026

bankless

🏴 The Arc Era Begins

USDC issuer Circle just launched its own chain, arriving to an arena already fielded by Tether and Stripe.
USDC issuer Circle just launched its own chain, arriving to an arena already fielded by Tether and Stripe.

Circle's Arc Mainnet Goes Live

The USDC issuer just launched its own Layer 1, arriving to an arena already fielded by Tether and Stripe.
The USDC issuer just launched its own Layer 1, arriving to an arena already fielded by Tether and Stripe.

Fake World Assets Officially Opens Its V2

The Ethereum gacha platform has activated purchases on its V2 protocol, which will run alongside the V1.
The Ethereum gacha platform has activated purchases on its V2 protocol, which will run alongside the V1.

Venice Hits 250B Daily Tokens Milestone

Venice, the rising private AI platform, has seen its token usage more than double since June.
Venice, the rising private AI platform, has seen its token usage more than double since June.

a16z Podcast

The AI-Native CRM

a16z’s Alex Rampell and Joe Schmidt sit down with Lightfield co-founder and CEO Keith Peiris to discuss what it takes to rethink the CRM for an AI-native world, and the unusual pivot that got him there. Keith previously built Tome to 25 million users, but eventually walked away from the product after concluding that the underlying technology couldn’t capture enough context about a presenter, thei

a16z’s Alex Rampell and Joe Schmidt sit down with Lightfield co-founder and CEO Keith Peiris to discuss what it takes to rethink the CRM for an AI-native world, and the unusual pivot that got him there.

Keith previously built Tome to 25 million users, but eventually walked away from the product after concluding that the underlying technology couldn’t capture enough context about a presenter, their audience, and the relationship between them. Starting again, his team followed customers from AI presentations into sales workflows and eventually found a harder problem: making sense of the fragmented and often conflicting data spread across a company’s emails, calls, CRM, and other systems.

They unpack Lightfield’s idea of a “business world model,” why Keith believes intelligence can replace much of the rigid schema behind traditional software, and what changes when AI has enough context to reason about a company and its customers. They also get into building for greenfield versus brownfield markets, AI-era pricing, running a company where everyone is a generalist, and Keith’s lessons from making a hard pivot.


Resources:

Follow Keith Peiris on LinkedIn: https://www.linkedin.com/in/keithpeiris

Follow Alex Rampell on X: https://x.com/arampell

Follow Joe Schmidt on X: https://x.com/joeschmidtiv

Learn more about Lightfield: https://lightfield.app

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Tuesday, 15. September 2026

bankless

Clarity's Vote Failed. Now What?

CLARITY's latest Senate push failed after an ethics deal revived hopes, leaving crypto's path to lasting U.S. rules unclear.
CLARITY's latest Senate push failed after an ethics deal revived hopes, leaving crypto's path to lasting U.S. rules unclear.

a16z Podcast

The Age of Body Futurism | Ruby Justice Thelot

Elena Burger sits down with academic and cyber ethnographer Ruby Justice Thelot to explore the increasingly blurry line between internet culture and the real world, and how to tell the difference between a trend that’s actually changing behavior and one that simply feels enormous online. They use today’s wellness and optimization culture as a case study, from peptides and GLP-1s to protein maxxin

Elena Burger sits down with academic and cyber ethnographer Ruby Justice Thelot to explore the increasingly blurry line between internet culture and the real world, and how to tell the difference between a trend that’s actually changing behavior and one that simply feels enormous online.

They use today’s wellness and optimization culture as a case study, from peptides and GLP-1s to protein maxxing, wearables, microplastics, and the quantified self. Ruby explains her concept of “paracontent,” where the conversation around a phenomenon can become much larger than the phenomenon itself, and what social media data can tell us about how these trends move from niche communities into the mainstream.

They also trace the much longer history of body optimization, from changing ideals of thinness to the rise of the quantified self, and ask what comes next as technology gives people increasingly granular ways to measure and modify themselves. Ruby’s prediction: rather than everyone optimizing toward the same ideal, we may see increasingly individualized and sometimes extreme forms of “body futurism.”


Resources:

Follow Ruby Justice Thelot on X: https://x.com/being_on_line

Follow Elena Burger on X: https://x.com/VirtualElena

Read Ruby’s piece “Enshittification” Isn’t Real: https://www.a16z.news/p/enshittification-isnt-real


 

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Panther Protocol

Panther Brings Programmable Privacy to Base

Panther is now live on Base, marking Panther’s first multichain deployment and extending programmable privacy beyond Polygon and into the Base ecosystem. Users can now interact confidentially with supported assets on Base through Panther’s privacy-preserving infrastructure.   The dApp is available at: https://pantherdao.

Panther is now live on Base, marking Panther’s first multichain deployment and extending programmable privacy beyond Polygon and into the Base ecosystem. Users can now interact confidentially with supported assets on Base through Panther’s privacy-preserving infrastructure.  

The dApp is available at: https://pantherdao.app/

Why Base

Base is a fast-growing on-chain ecosystem of users, builders, and applications supporting the next generation of internet infrastructure. With low fees, fast execution, and a rapidly expanding DeFi ecosystem, Base provides a strong foundation for privacy-preserving infrastructure.

We believe privacy is an important missing component for on-chain applications and users. Panther is designed to support confidential on-chain interaction while remaining connected to broader DeFi infrastructure.

Following Panther’s recent Mainnet launch on Polygon, the Base deployment marks the next step in Panther DAO’s multichain approach for Panther Protocol infrastructure.

Like Panther DAO’s Polygon deployment, the Base infrastructure connects Panther to established decentralized liquidity protocols such as Uniswap, enabling confidential interaction with DeFi liquidity through the Panther interface. For users, this means confidential interaction with supported DeFi assets on Base while retaining self-custody and control. 

Panther DAO’s Base deployment includes the same cryptographic, economic, and credential-verification parameters currently live on Polygon, as outlined in DAO proposal PIP-30.

Deployment Details and Supported Assets

Now that Panther is live on Base, users can privately interact with the following assets:

ZKP cbBTC ETH USDC AERO ZORA VIRTUAL MORPHO AAVE

Additional assets may be supported in the future through Panther DAO governance.

The Base contract address for the $ZKP token is:

0x0a776c1c22b8b8e7eab346744daa33722b80fda4

ZKP holders can bridge tokens to Base and participate in upcoming Panther Improvement Proposal (PIP) votes across Ethereum, Polygon, and Base.

Current daily protocol limits, as approved through PIP-27, are:

• Deposit limit: $25,000• Withdrawal limit: $100,000

What’s Next

Now that Panther has brought privacy to Polygon and Base, Panther DAO is continuing work to launch Panther Protocol on Ethereum and continue exploring privacy infrastructure for the Kaspa ecosystem together with Igra. Panther Protocol is open source, while the Panther Protocol Foundation supports ecosystem development, administers grants, and owns and licenses the proprietary Panther dApp.

About Panther Protocol Foundation

Panther Protocol Foundation is a non-profit supporting the ecosystem through research funding, open-source development grants, and ecosystem initiatives. It does not operate the protocol, host interfaces, custody assets, execute or intermediate transactions, or provide financial services.

The Panther dApp is a non-custodial interface -users interact directly with smart contracts from their own wallets, signing all transactions themselves. Compliance credentials are issued and managed by independent third-party providers.

Please review the applicable notices, disclosures, and jurisdictional restrictions available through the Panther interface before interacting with the protocol.

For more information, visit www.panther.org
To learn more about Panther Protocol, visit www.pantherprotocol.io

Contact
Panther Protocol Foundation
📧 Email: general@panther.org
🌐 Website: www.panther.org

Monday, 14. September 2026

bankless

The Standard Reserve Is Building a New Kind of Bank Onchain

The Standard Reserve turns bank charters into soulbound NFTs and monetary policy into code.
The Standard Reserve turns bank charters into soulbound NFTs and monetary policy into code.

a16z Podcast

Greg Brockman on Why OpenAI Says We’re Entering the AGI Era

Ben Horowitz and Erik Torenberg sit down with OpenAI co-founder and President Greg Brockman to discuss why he believes AI has entered a new phase, what OpenAI’s latest models reveal about the path to AGI, and the safety and security challenges that come with increasingly capable systems. Greg explains why computer use represents such an important step for agents, including models that can work co

Ben Horowitz and Erik Torenberg sit down with OpenAI co-founder and President Greg Brockman to discuss why he believes AI has entered a new phase, what OpenAI’s latest models reveal about the path to AGI, and the safety and security challenges that come with increasingly capable systems.

Greg explains why computer use represents such an important step for agents, including models that can work coherently for 24 hours and interact with software through the same interfaces humans use. He also shares how OpenAI deployed 10,000 agents to tackle the Navier-Stokes problem, and why advances in mathematical reasoning could translate into new approaches to science, software, and cybersecurity.

Ben, Erik, and Greg also dig into the “defender’s window” for cybersecurity, how AI could reshape work and entrepreneurship, and what the AI assistant of the future might actually look like: persistent, proactive, personalized, and capable of doing work on your behalf rather than waiting for another prompt.


Resources:

Follow Greg Brockman on X: https://x.com/gdb

Follow Ben Horowitz on X: https://x.com/bhorowitz
 

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Sunday, 13. September 2026

a16z Podcast

World Models, Robotics, and the Future of 3D AI

World Labs co-founder Justin Johnson joins MTS hosts Theo Jaffee and Sofia Puccini to discuss Atlas, World Labs’ latest world model, and the broader case for AI systems that understand and interact with the physical world. Justin explains how Atlas approaches three core tasks: generating new worlds, reconstructing real environments from images, and simulating how objects or robots might behave wi

World Labs co-founder Justin Johnson joins MTS hosts Theo Jaffee and Sofia Puccini to discuss Atlas, World Labs’ latest world model, and the broader case for AI systems that understand and interact with the physical world.

Justin explains how Atlas approaches three core tasks: generating new worlds, reconstructing real environments from images, and simulating how objects or robots might behave within them. Underlying it is a bigger thesis: just as language models became general-purpose engines for working with text, world models could become a horizontal layer for visual and physical intelligence across industries from entertainment and gaming to construction and robotics.

They also explore how world models could change video games and creative tools, why precise spatial control matters, and the potential for “real-to-sim-to-real” robotics, where a few photos of a physical environment could eventually be enough to build a simulation and adapt a robot to that specific space.


Resources:

Follow Justin Johnson on X: https://x.com/jcjohnss

Follow Theo Jaffee on X: https://x.com/theojaffee

Follow Sofia on X: https://x.com/schisofrenia

Follow MTS on X: https://x.com/mtslive

 

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Saturday, 12. September 2026

a16z Podcast

Why Companies Are Becoming a Series of Loops | Anish Acharya on Lenny’s Podcast

a16z General Partner Anish Acharya joins Lenny Rachitsky on Lenny’s Podcast to discuss why fears of an AI-driven “permanent underclass” may be misplaced, how AI is changing the way companies operate, and why the opportunity may be less about replacing people and more about dramatically expanding what they can build. Anish lays out his idea that companies are becoming a series of loops, with agent

a16z General Partner Anish Acharya joins Lenny Rachitsky on Lenny’s Podcast to discuss why fears of an AI-driven “permanent underclass” may be misplaced, how AI is changing the way companies operate, and why the opportunity may be less about replacing people and more about dramatically expanding what they can build.

Anish lays out his idea that companies are becoming a series of loops, with agents increasingly handling workflows across engineering, sales, marketing, support, and other functions while humans provide the judgment and new ideas needed to move beyond local maxima.

They also explore why Anish thinks consumer AI should focus less on productivity and more on helping people live richer lives, why moats are often discovered rather than designed, how to develop intuition for different AI models, and why his biggest advice for anyone trying to keep up with AI is simple: make more things.


Resources:

Follow Anish Acharya on X: https://x.com/illscience

Follow Lenny Rachitsky on X: https://x.com/lennysan

Read/listen to the original episode on Lenny’s Newsletter:
Why companies are becoming a series of loops | Anish Acharya (a16z)

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Friday, 11. September 2026

bankless

🏴 Robinhood Chain's Hidden Gems?

Spotlighting up-and-coming tokens with interesting potential on Robinhood's L2.
Spotlighting up-and-coming tokens with interesting potential on Robinhood's L2.

Robinhood Chain Hidden Gems? 5 Tokens We're Watching

Highlighting a handful of Robinhood Chain tokens on our radar right now.
Highlighting a handful of Robinhood Chain tokens on our radar right now.

Last Minute Clarity Act Revisions Eye DeFi Clarifications

The Clarity Act just got a fresh draft ahead of its September 15th cloture vote.
The Clarity Act just got a fresh draft ahead of its September 15th cloture vote.

ETH Wins Today's Risk-On Bounce Among Crypto Majors

ETH jumped as high as 7% today, outpacing other crypto majors amid Friday's mixed inflation data.
ETH jumped as high as 7% today, outpacing other crypto majors amid Friday's mixed inflation data.

a16z Podcast

What It Takes to Build a Startup | Andrew Chen & Matt Perault

a16z’s Matt Perault sits down with General Partner and Speedrun lead Andrew Chen on the a16z AI Policy Brief to explore what “Little Tech” actually looks like at the earliest stages, and why the realities of building a two- or three-person startup are often missing from policy debates. Andrew takes us inside Speedrun, where founders are often starting companies from kitchen tables, working with t

a16z’s Matt Perault sits down with General Partner and Speedrun lead Andrew Chen on the a16z AI Policy Brief to explore what “Little Tech” actually looks like at the earliest stages, and why the realities of building a two- or three-person startup are often missing from policy debates.

Andrew takes us inside Speedrun, where founders are often starting companies from kitchen tables, working with tiny teams, and trying to determine in a matter of months whether their idea can become a viable business. He explains why these founders rarely have the time or resources to engage with policymakers, even as regulation can have an outsized impact on whether and where they build.

Matt and Andrew also discuss how regulatory burdens accumulate for young companies, why startups can choose where to put down roots, the role of ecosystems like Tech Week, and what policymakers can do to hear directly from the founders who may otherwise be absent from the conversation.

This episode originally appeared on the a16z AI Policy Brief.

 

Resources:

Follow Andrew Chen on X: https://x.com/andrewchen

Follow Matt Perault on X: https://x.com/MattPerault

Learn more about a16z Speedrun: https://speedrun.a16z.com

Listen to more from the a16z AI Policy Brief: https://a16zpolicy.substack.com/
 

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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