TRM Talks

If a sufficiently powerful quantum computer came online tomorrow, every token on every blockchain would be a target — Bitcoin, Ethereum, Solana all share signature schemes that pre-date the post-quantum era. The math has been clear since the 1990s. What's been missing is the machine. That uncomfortable truth anchors this week's TRM Talks.Brett Falk, research faculty at the University of Pennsylvania and director of the Crypto and Society Lab, joins Ari to work through what that actually means — why Shor's algorithm threatens every chain, what NIST's 2024 post-quantum standards mean in practice, and why Ethereum is better positioned than Bitcoin to respond. They also dig into the back-to-back Drift and Kelp DAO exploits and what made the DPRK playbook behind them unlike anything we've seen before, and into the cryptographic tools — zero-knowledge proofs, secure multi-party computation, credential-based KYC — that let users prove compliance without turning every business into a ransomware target. The math to thread that needle already exists.

How do you build a forward-looking regulatory framework while keeping innovation moving at internet speed?In this episode, Ari is joined by Kenneth Gay, Chief FinTech Officer at the Monetary Authority of Singapore (MAS), for a wide-ranging conversation on technology, regulation, and the future of finance.Together, they trace Kenneth’s 21-year journey across enforcement, markets, macro-financial analysis, and hands-on experimentation — right down to spinning up a Bitcoin node to understand blockchain data from the ground up.Kenneth explains how early explorations such as Project Ubin laid the foundation for Project Guardian, a cross-border sandbox that brings together regulators and financial institutions to test real-world tokenization of funds, bonds, stablecoins, and bank liabilities. He highlights the emerging frameworks MAS has developed to help the industry operationalize tokenization across asset classes, and why collaboration and shared standards are essential to scaling safely.The conversation also dives into artificial intelligence, outlining MAS’s four-pillar approach — capabilities, adoption, governance, and workforce — and explains why curated pathways, including solution marketplaces and centers of excellence, will be critical to responsible AI deployment.Grounded, pragmatic, and optimistic, this episode shows how a regulator can be both rigorous and innovation-minded — without losing sight of risk. Listen in to learn how the next phase of finance is being built in public, with standards, sandboxes, and shared incentives at the core.

As digital assets move into the regulatory spotlight, few have the global vantage point of Tom Duff Gordon, Vice President of International Policy at Coinbase. With experience ranging from banking at Credit Suisse to steering policy at one of the world’s largest crypto firms, Tom offers a rare behind-the-scenes view into how crypto policy is shaped around the world.In this episode, Tom joins Ari, TRM's Global Head of Policy, to unpack the evolving global crypto policy landscape, from the rollout of MiCA in Europe to new frameworks taking shape across APAC, LATAM, and the Middle East. He reflects on how his early TradFi experiences during the global financial crisis informed his belief in blockchain's promise — and why he made the leap to Coinbase.Tom and Ari also discuss:Why Stand With Crypto is redefining grassroots advocacyHow stablecoin and tokenization policy is evolving globallyWhy Coinbase champions both centralized and decentralized financeThe power of crypto storytelling in policymaker conversationsFrom running policy playbooks across continents to running literal miles with Ari at TRM Run Club, this wide-ranging conversation spotlights the people and principles behind crypto’s global expansion.

Stablecoins are transforming how money moves — and nowhere is that shift more dynamic than in Asia. In this episode of TRM Talks, Ari sits down with Yam Ki Chan, Vice President for Asia Pacific at Circle, to explore how stablecoins are powering the next chapter of cross-border payments, trade finance, and digital money innovation.From his early days tinkering with school computers in Chicago to his tenure at the US Department of the Treasury negotiating policy with China’s top leaders, Yam Ki brings a rare blend of policy depth and business execution to the stablecoin conversation.Together they dig into: Why stablecoins are an upgrade to traditional money railsHow Asia’s fragmented regulatory landscape creates both challenge and opportunityReal-world use cases for USDC across remittances, commerce, and tradeThe leadership roles of Japan, Singapore, and Korea in shaping global standards Why the US “Genius Act” marks a global inflection point for digital assetsThe discussion also touches on how AI is fueling new fraud tactics — and how blockchain intelligence platforms like TRM are helping regulators and businesses fight back. Don’t miss this deep dive into the APAC stablecoin playbook and the future of financial infrastructure.

Stablecoins are having a moment. In this episode of TRM Talks, Ari sits down with Lesley Chavkin, Head of Global Policy at Paxos and former US Treasury official, to unpack the regulatory evolution shaping the future of digital finance.Lesley shares her journey from building anti-money laundering frameworks in the Middle East, to building at Stellar, to now helping guide Paxos through a pivotal period for stablecoins. Her perspective bridges public service and private sector innovation — making her one of the most thoughtful voices in crypto policy today.The conversation covers the impact of the GENIUS Act and why it marks a turning point for stablecoin issuers, how Paxos’ regulatory-first model is resonating with banks and traditional finance, and the differences between regimes like Singapore, the EU’s MiCA, and the US. They also dive into what financial institutions need to know about stablecoin infrastructure — from partnerships with PayPal to the buildout of the Global Dollar Network.Lesley offers a candid view on what policymakers often miss about digital assets — and what’s still needed to build a safe, trusted, and interoperable future for stablecoins.

Former Homeland Security Investigations (HSI) Director Steve Francis dedicated his life to public service from a young age, rising to the pinnacle of US federal law enforcement.On this episode of TRM Talks, Steve joins Ari to reflect on a career defined by protecting the financial system, empowering agents in the field, and building innovative enforcement programs that span borders and sectors.Steve understood early that almost every crime is a financial crime and every investigation is about following the money. During Steve's tenure at HSI, cryptocurrency became a bigger part of that equation. Recognizing its growing role in transnational crime, Steve prioritized crypto-focused training for agents, built a cadre of blockchain intelligence experts, and championed the use of advanced investigative tools to track and disrupt illicit activity on-chain. That commitment to leveraging technology gave HSI new capabilities to keep pace with rapidly evolving threats.From uncovering Saddam-era money laundering in Iraq to leading operations against counterfeit PPE during the pandemic, Steve’s leadership combined operational experience with strategic foresight. Now as Executive Chairman of IP House, he is applying that mission mindset to the private sector, building a 550-person global intelligence and enforcement network in just over a year.The conversation explores lessons in humble, high-impact leadership, the central role of crypto and cyber in modern investigations, how cross-agency collaboration has driven landmark cases, and the future of public-private partnerships. Whether you work in government, tech, or compliance, this is a masterclass in innovation, leadership, and mission-driven work.

In this special episode of TRM Talks, Ari sits down with Tyler Williams, Counselor to the Secretary of the US Treasury for digital assets and one of the lead architects of last week’s landmark White House report on digital assets.Ari and Tyler, from inside the historic Cash Room at Treasury, unpack the 163-page report which outlines a forward-looking framework for market structure, stablecoin oversight, illicit finance mitigation, tax modernization, and responsible innovation.Tyler offers a rare behind-the-scenes look at how Treasury coordinated with the White House, other financial regulators, law enforcement and national security agencies to deliver a unified approach. He breaks down:How the report builds on the GENIUS ActAdvances global AML standardsReimagines compliance through holding mechanisms, ecosystem monitoring, and privacy-preserving technologies.The episode dives deep into the policy architecture laid out in the report — from piloting new public-private partnerships, to the importance of blockchain intelligence, and pushing Congress toward regulatory clarity. A must-listen for policymakers, compliance teams, crypto builders, and anyone tracking this inflection point in US digital asset policy.