Basically, the whole crypto industry was in the process of moving offshore.

And America was being deprived of this industry of the future.

I think the country had a significant victory with the president signing the stable coin bill into law.

I think that the positive consequences of that law have been even bigger than we thought.

The legislation was declared dead many times.

I think that we will get the Clarity Act done.

This will provide the regulatory framework

for all the other tokens besides stable coins. There are a lot of twists and turns in legislative

process. It's definitely true that you don't want to see the sausage getting made.

Welcome to Web3 with A16Z Crypto.

Today's episode is a special crossover with the A16Z podcast, featuring David Sacks,

the Trump administration's AI and Crypto Tsar, in conversation with A16Z co-founders Mark Andresen and Ben Horowitz and general partner Eric Torrenberg.

They dig into how the U.S. is approaching AI and crypto policy, the fight over open source software, and what's at stake in the global tech race with China.

Be sure to follow and subscribe to the A16Z podcast for more conversations like this one. David, welcome to the A6Z podcast. Thanks for joining. Yeah, good to be here. So, David, you're the AI and Crypto Tsar. Why don't you first talk about why it makes sense to have those as a portfolio? What do they have to do with each other? And then I'll have you lay out, what's the Trump plan on those two categories and how we're doing?

Well, there are two technologies that I guess are relatively new, and so there's a lot of fear of them.

And I think people don't necessarily know that much about them. They don't really know what to make of them.

I think that from a policy standpoint, and we can talk about the

similarities and differences. The approaches are a little different. I think with crypto, the main

thing that's needed is regulatory certainty. All the entrepreneurs I've talked to over the years,

they all say the same thing, which is just tell us what the rules are. We're happy to

comply, but people, you know, Washington won't tell us what they are. And in fact, during the Biden years,

you had an SEC chairman who took an approach, which I guess has been called regulation through

...