This is Eric Golden and my guest today is Jai Ramaswamy. Jai is the Chief Legal Officer at Andreessen Horowitz and we recorded this interview at the Money20/20 conference in Las Vegas. In our discussion, we cover the regulatory agencies involved in crypto, the balance between privacy and compliance, and how a16z thinks about responsible regulation. Please enjoy this conversation with Jai Ramaswamy.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:01:52] - [First question] - How he went from a traditional finance lawyer to a crypto one  [00:08:05] - A framework for how to think of the regulatory bodies that intersect with crypto [00:12:46] - Who’s responsible when you receive an OFAC sanction and what it was like seeing a protocol receive one  [00:20:32] - Whether or not OFAC is an organization that tries to send a message to participants through their actions  [00:23:15] - Thoughts about the line regulators are walking between being thorough and protecting transaction privacy  [00:29:32] - Money laundering in traditional finance versus crypto  [00:34:37] - How law enforcement could enforce or stop a truly decentralized smart contract [00:38:44] - The nature of disclosure and what the Howey Test is  [00:47:34] - Commissioner Hester Peirce; Smart Regulation and how guidance and enforcement can help legitimize an asset class [00:51:25] - His take on the recent FTX piece that came out  [00:54:43] - Thoughts on stablecoins, their uses, and a possible means of destabilization  [01:00:32] - The tension between innovation and compliance and the implications of the balance between them [01:06:40] - What he’s doing about policy in light of everything that was discussed today