Leading on Crypto

What if the most consequential dollar-denominated product in crypto isn't actually a stablecoin? In this episode of Dechert's Leading on Crypto, Ethena Labs General Counsel Zach Rosenberg and Deputy General Counsel Larry Florio join Dechert partner Neel Maitra to break down what makes USDe a "synthetic dollar" and why that distinction matters more than ever in a post-GENIUS Act world. From delta-neutral hedging strategies to independent risk governance, this is an essential primer for anyone navigating the rapidly evolving digital assets landscape.

Dechert's Leading on Crypto host Neel Maitra sat down with Moody's Ratings' Global Head of Digital Economy, Fabian Astic, to explore how tokenization could unlock more than US$250 trillion in trapped capital and reshape global financial markets. From Moody's Ratings' groundbreaking Token Integration Engine (TIE) to the world's first-of-its-kind stablecoin credit rating methodology, the conversation spans the full digital finance landscape – including why USD denominated stablecoins are reinforcing dollar dominance.

What are some of the key differences between traditional securities investing and crypto? In this episode of Leading on Crypto, Dechert partner Neel Maitra sits down with Katrina Paglia, Chief Legal Officer at Pantera – one of the world’s premier crypto-focused venture funds. Katrina traces her career path from traditional finance and hedge funds to Coinbase and now Pantera and explains how crypto venture investing differs from traditional securities, key regulatory and compliance challenges for crypto funds, legal tactics shaping the next wave of blockchain innovation and more.

What lessons can the rise of Bitcoin still teach us about the crypto landscape today? In this episode of Dechert’s Leading on Crypto, partner Neel Maitra and Gemini International General Counsel Vijay Selvam, author of "Principles of Bitcoin: Technology, Economics, Politics, and Philosophy," explore how to apply Bitcoin’s first principles to generate yield via the rise of Bitcoin treasury companies, the EU’s landmark MiCA framework, where the next wave of regulation could head and more.

How are blockchains creating an ownership layer for the internet, shifting identity and value from intermediaries to users? In this installment of Dechert’s Leading on Crypto, partner Neel Maitra is joined by a16z Chief Compliance Officer Scott Walker to discuss his firm’s unwavering crypto conviction – even through the so-called “Crypto Winter” – and the meaning behind the firm’s “regulate applications, not protocols” mantra. Walker also highlights stablecoins’ evolution into global payment rails and settlement/collateral infrastructure, institutional‑grade on‑chain governance, modular, application‑specific chains improving user experience and much more!

How are crypto and blockchain creating the new infrastructure for financial services? Leading on Crypto host Neel Maitra gets a unique perspective on the intersection of fintech and regulation from Matthew Homer, founder and general partner at The Venture Dept. In their discussion, Matthew highlights his unique transition from regulation to the investment space, explores the challenges and opportunities of launching a fund during “Crypto Winter” and the three core trends to watch in crypto.

Given recent crypto legislative developments, is the U.S. poised to further establish itself as a global regulatory leader in the space? On this episode of Dechert’s Leading on Crypto, partner and host Neel Maitra explores the sea change in U.S. crypto policy with Ji Hun Kim, CEO of the Crypto Council for Innovation, discussing groundbreaking legislation like the GENIUS Act, the CLARITY Act, broader market structure legislation, the evolving roles for federal and state regulators, the transformative impact of payment stablecoins and much more.

How are leading U.S. crypto investment firms responding to and preparing for the Genius and CLARITY Acts? In the debut episode of Dechert’s Leading on Crypto series, Dechert partner Neel Maitra and Superstate general counsel Alex Zozos explore the impact of these landmark pieces of crypto legislation, the regulatory evolution around blockchain and tokenized securities, the innovations reshaping financial markets and future prospects for the sector. *Note: This episode was recorded prior to SEC Chairman Paul Atkins’ July 31 announcement of the “Project Crypto” initiative.