How Stablecoins Are Reconfiguring the Financial System | ft. Eddy Lazzarin and Sonal Chokshi

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 

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As always, none of the following should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.

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