ARTICLE
21 November 2025

Regulate Applications, Not Protocols: Stablecoins, DeFi And Internet Ownership (Video)

D
Dechert

Contributor

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations. Our nearly 1,000 lawyers across 19 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.
How are blockchains creating an ownership layer for the internet, shifting identity and value from intermediaries to users?
United States Technology
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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!

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