Crypto has been walled off from the real economy for years — that's changing. Sonal Chokshi and Robert Hackett sit down with Eddy Lazzarin, a16z crypto's newest General Partner, to break down why crypto is entering a completely different phase and what gets built once the rules finally catch up to the technology. The discussion spans: - what the CLARITY Act actually does and why it changes the design space for crypto founders - the difference between a network token and a security, and why it needs to be written into law - why stablecoins are crypto's first real killer app and how the rest of the economy is reconfiguring around them - how tokens let builders decouple pricing from growth in a way stocks never could - why 97.8% of the value created in capitalism leaks out, and what that means for anyone trying to capture any of it Highlights: 00:00 Intro 01:25 What it means to be a GP 02:00 Consensus vs. non-consensus bets 04:27 Network tokens and the CLARITY Act 09:35 Revenue, value capture, and network-token business models 21:18 Stablecoins as crypto’s first killer app 28:52 Engineer-philosopher mindset 39:04 Intellectual influences 52:40 Eddy’s path to crypto 1:03:15 The exuberant adoption phase of AI 1:14:38 Being "pro–AI psychosis" Follow: Eddy Lazzarin: https://twitter.com/eddylazzarin Sonal Chokshi: https://twitter.com/smc90 Robert Hackett: https://twitter.com/rhackett Follow a16z crypto: X: https://twitter.com/a16zcrypto LinkedIn: https://www.linkedin.com/showcase/a16zcrypto/posts/ YouTube: https://www.youtube.com/@a16zcrypto Subscribe for more industry reports, trend updates, news analysis, builder guides, and other resources: https://a16zcrypto.substack.com/subscribe/ As always, none of the following should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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