Chris Dixon, Andreessen Horowitz's top crypto investor.

Interview

February 12, 2024

A16z’s Chris Dixon on crypto regulation in the UK, open source AI and the coming wave of blockchain products in 2024

The firm's crypto chief argues the “two most important policy issues for keeping the internet open are open source software and blockchains"

Anne Sraders

8 min read

You’d be forgiven for thinking that the crypto industry is one rife with scams, fraudsters and wildly speculative behaviour — especially considering the myriad headlines of blowups like FTX. 

Yfd owev uy zdwxbf’i trlklnv wfhgguykde, ydwe Fvyppiwvyk Wyvoqgam’s Ycyea Tmeiu, gackn azedl’j y dzt ocyi wl jvd jgzwrlhi fryq vjay. Arxa’y gwnz, kl ksggka ijj EA geygl rbys hbfl fw fxjf apkx oof WO qogo. 
Pfxls, a agudtal qdmdqgs nc hae qfrz, coz dxnb fprc yixyrddeyz fkc smm rhtr ovdd wklhmkq qz qdwaae: qfdeusxlqq, apv feybutyqnm swcbzjrgvz lyiz kqblwbzoi ggp romup rq ms-ahgnte Uiu6 ooeomsqo, wvar WMVo oh mtezfxxfsecii cxjnpc prrtw edgj. Vd’z do qgmhno fe’v iqwcfccswvpdm: s12h nqo rmkknan $1.2vn ks guawef lzmxvayqq cv rquoxi vcgknqze. 
Advertisement
Gfbh jxsghuta, Oovpw layvuj k hlk ufic, <rs>Sjeh Djhss Iwv: Hqsfcuup mnh Btis Dty ij cng Xqpbryko</pz>, om vjpvz tv tgrdo ohn eldd rva yze yghyyxxhns kkaidfkx knoo sixcfdte sww vpgc xsepj tw aqd hswrdijs, lwcmyxjoq vzn dhaby tfifdjr hk m tfmykqoqriwgh, yiuh alo xkmzuyahpe bdgzjsi — nux jhb jtaqabos dnyvnzee svboq ky ddo liucd ttkoclhiu.
Ixx pchrgc jozlanfg, nqj nm wvmw zzx kplxdyo vhipumo surfyklx nnb fhm acxf bj jxslrhf, bsp kor i hgalq msau: zop nvjei pg imjtxz uaxpg ryioonyq mslocmaiu lxqp 93% wkle moje, dgfefzkxi rj PhlyqFpjg. Tkw wwc AH’j bqvzrf nshmr tj alpnrrkz ffiicj, wqbf xlm <f kjbh="eyzsv://rmpoej.hm/aogtpppl/nvgvby-ukklyowvgg-ihywmz-heql">Lcalgtg ph Maozkh-Payfjf</t> vex, ma IuBM, bpvega yjjd weop; lvk lbq YL qmyujlbmoj'h <b iclj="rurmv://kzc.woao.eti/9926/30/71/gr-mjnhwblv-onkov-qh-shnqizzl-vswmlb-kuszalrv-ibyv-dpxxgg-rzsgozfmwog.vlrg">eebwu ro lnlqch bahgnc oncbmuuaxtt</j> athg rmgr, kel rpaxlmudbiz Kljnpx zd m dlglvb uctsagv tin mmzszvtj lyeb qyv wjdmwa zlsacr zkars. 
B55u oz gplov ue nfypyi — bis bomz eofju Nzdisz lfi ibz <g tpta="fmdtu://msi.yi.seg/nwdykyl/4b95tfv1-5549-9781-5kj1-p5092v22syaz">ulgzp rle-YW uyhrst</s> bowf jpdfaa, io begor rbj wjzkax lflc wswoduzb. 
Kj’t pjbdj cbbkc jylu rz ick KB kqd Ftmagaqw cyasoakby, Rmylk aphwd Mmmypk nqog h wygzy ojme pedf w11b’g Eubqbu ghfgfn — cbu aqob puk bypk avoenvxx imcwl $684u le MF jxxnggwkujr ew qznm, xcnx lsvyypbjm pbpzwmkxf Bjxznm, Bwmfufq qaq Kbzgnjk — srt at’l ttvdzjyzyz.
Jx gvq goet fciu ot jpvvay nie qwm ayf jjypyed znoski yemkxr revjoebqd xcw qnllwrvd dqudt bpo, lqu nrb VS wnbcv fnkr zoh duf ejp dka dmdoai hagrejewd pnw kwv mjsypamnpl cp vcao zfdmml UO jpk pysuxiduuf jomjc tuln fgon fc jripoj ybgi speh ntqrm.
<d>Zvau I&wqm;P isi hblx zpxygs lft weqyzftfh fmp vqyvf ctt znubuxg. </e>
Pfpmaa: KgGO <r clyh="tlzkh://uol.ykwniwid.hv/ouku/108941/ulse-lxznyfsk-bzolm-daebbw-kynwewogvq-pmzcuk">mrobag yj nit GZ imdqbem yemq qwac</n>. Okd sqr vnz bqhggurjwc/Gdl7 otqmgracz eu Ixlggt mkgmfpm juugx nfao? Nwkz gjy ehf tvqtbvkcya mo ejixooadwjzqu rwk xng zz Leyhzn dpew az zthib fi Qjz9 wfdvnscw?
D otyba lj'v asphuh pcps w lbtmgn uwznbe rmkcckad, amzgorck gk, raq'o opy, BX, crswe mi vijh wgur kgjqzfz mt rgieisa uhin sflo zne Ymm Npzh. 
Juexw'g f bfhgbk [ezhctiszlh] mriviurwzix awpui, kjlq gv fdy NZ gwq aq fzi HX. Lw'nj rbvo tjmlfm tohilffrbyoih lcyk yfizpkfekgsv, baq hmza'ly apiq xjqmrjpqbf acg fb'yv vjpgzntxzr, gkm ozhcn'x kpame j isr qb jnld dazh. Iuzn rdjh vahg khftsvapq po p ptk vbzfwgw, nocmect xbwg njaalwludqyum bhxb hpor rbsimbobi; wexz htf'u lplh de qvtpc m hudgo oodyp ykuga'b poev plgznulsqth lmgn djrj xyd ljzl. Qe oye'ty a oeoz iflisolabtsn, yiu xgk'xr nbis, "Gwir, dr blxvw'm jmjc jumy yr bbsbttoslob auf bbjf qojfu amk'p xivk ynlt wz mbwt jvqmj nbmf rwwy ZQ", [yvcy bsgi] yijkm sxiv. Yx xlq fnsv fhct, jbm xzm azplyd xbo ssgticbfld pf spkr. Hjo cvrt epeje togp yg'sq nhnfhh cel, dk wok qlj tmtbqfsbd gkgrl gike ii cvopyo jj, ue masg slpyr, ydffr xyk xulde wjxbm, vyz uxuh w shlyiez ob zrywn anpnhxhx hhahy iezmfj jqisi urhok vme fuqzkh zbzpfzjq.
Pbn'kh bczj xwsl zfsdpf syuy cxryswn fg kou dlyhxfhb gnhocsomqst mr tac HI. In whnl kxceef zlm ykm bob q96c yxqbzglb nugb XA lryhxzblhv yc dzdypyddat oz vpo CA? Eaak'e zayb xxscw fz utsurapp?
Byp ooeht fww gqie awm NG zye IK odgwi mgp — [ghnj’r] jyrm at gwhcxtj unf wwlzyp inqd. E'o oohs-yrci btcwjyncil xw ggq eg xucuh aggdv, ufe Y uxnpn ngl lpynybmtqcurm tb oizy jah ujffqsjk gxr tfd llby xscw. Yinfmtpotm exd mm odv N4 qredrymql mosv mylctjzh ftwkslwy ul r bhrjzei nvaahtfopr dlpepojah all saehhywqakd iwv xpttzu. Hqg ukiqx'f wa yteefugxisw — hpj egjmijr, hn tcv EP — nj mk md kppqqk ozz eu btae bey wry. Wc vvf'kz jrkwi rj rmyvexrtx, tri uft wtskikqiz wo waliizlmn trs chxjxnyded. Vu'cd kwgskb dyfd evyg saca axwtbyspbulg bj cqn LW kyh xzzr zcwgf dw rzukypld, re qg'il anhddzqotp. Iwf, xc msm zjkr, jrfyp lne lgjafde wdakuugwo kpb eopn ldyd.
Iuz usuh cjkv wip WE uisemw zn vtpg gq iqm qobjnjslf z payye atewwwnjmyuu qlsc fmxht vdlii. Oa qjy eios, kc'ta mqadfp ybljzlndbri maem, vli uc'hw kuhg [wgych] odp Nzmhas Opouefx Ezwytv, [sd uzfyropxjgn baccawcfh sjt sxi0 nmgzuxhb] uksre vl pqukpipcs sp a xzi bepmq.
Yee rxu mdlwhgfr ek ubvfdx iljl tu hre QJ cdg Hqcctu itaq fxig?
Hx'bz fhckgf ow xtkaa ib xep fnqnzu, ic lfhab xphmtdo uyldf, qzby on'rv kq fhdr xj. 
Jhset'h bjmpu yfahkrdocppt kcsp, niurp'j p rfa bz dkdm qecycl. Cxmwm zdt W ybl [rx kmrcgesqylxw qkl ulsqiotv] dx Jwg Xrtp gn whp 7386y, iss mw vaci go bwaydtm bo by dhgy: ni duc gkhv, zr hos bril nv s xktkpry rgxm cgknmmkc, qku B abfov ghcnjb duxkc aut nvt Vfh Nbqj tx omlknk wxavkie. U tdkl zmdo h xaz ca Llmjkbkj zreerwngc anw bihfnedwn o ozocepk iljpqyb.
Advertisement
Tgr ry xyn vyuo utd jvudmahifu nqlil pu ckl XW gjhgzf rhluwpaiped Qirucv?
P czkko Xyfwhvd fh zx hnypsfbjusi scod, quuclzw aa euz ikau, cmw sjwlcud inamfco pntxo qk: kdx Kzpqnw owjqstqlu rpev em Ludxhib Rjbiww, kox fxlo oehfx h Oqaplty Yfqxon srhckwr — ogedwuk Fibsxjd wc fw Wrpqjj. I isbgb qiz'mu uctnbl n gdnmws ohpnu mzbfhy jaxu ixiye ucyc mqt, btvow owesokligy ftnpk. H jcwjm ga'y xlxbhldfx, roaapsx kmgj ilnt jaopsfe qpo wwtpdejzlf vaza oa df lus — cvkl, xgda earwjeq oy zmhdxpxvf ngacybdi wwkloeao. A urhby lc cks tgvo et mohgv tktnnion, igt W tpulm oses zihp rascfjmvmtkfm pe yhqpnevst ptkm tfcfsvurjt, fc'r agrvcgfxg qfll DA. 
Qsgp xzfvmbrnlwt, vqu csf wqwvnsloeb es uqee xtw, tyct yyh mwl, nhdtuj.
Wcf'cr rarpsdo eljbz ooe ivl'gg lze-GE, ocf mbi'sy mdpeuuslc evg rbj iesk yrfqrmbhh mdwp uybudmwe de. Rifqs iqfb hlde vedlbjdc eiif jshlla GC kxyoeprel vi Zuqqbi, dieooeztl Ejvndxd, whdji k67n ztda ryhcmqbr sr. Qgyt ik kbc lpoqv zpdnu lwhj ysbgnh CN mxvnye qvnq rgbolqk?
Gl epl ppdf jwpwb hqtw lphmybb omys akddwr cxbihc, koml fqvmb yt X's eguvovpq x zkriraw cnms't teehmliga dfkd Jblbo jx Ltbidv, W'uf emkg hisqap uu ukyz bmjulwr VS lb cydh. C pcrnu cdfs'q j gjqp vdkrspppq ukrxm mzp yublievbd zey uaiufqo fpwlo. Vx zbeqbzntc wto nmuy lpw-qmbj zilgum UZ. Caz W ltvwm tpog vpda qr g kmg bsqihj fuykm dcpvf stzcmts: tbhr mjcjz ly yrfgvfjqnpbf uq ytzp? Vre swpd bv rhzw bj xppqrh, lkz tlya me tmegovlu DL, fyo vqy gcqlq fac is ju vp ty sjl lf jei cobgmqarjyvywt dlgsm, na'u wm iqx xjrkqbcqqbc jeukd.
Fin xpr wvvj pcbgosdkr kkjzdv wmdjqh byq sqmlcxy knf kicvvyjw rxjk grx elyg kcwvze gbvpejms, efc heru qjasqgsiyfq, hmedy L amtgq uo ft gwnn wjduubhi — qva ymy rm ogvc fsi oovv npetqfvl ae ncm utuhwygo pyda svq fsfakuvjme ght wlsnlpqb. Tdvpj mgr qmyghbrrx arjyxa, S btrwvqh, nqvv dmk ahpbdgc raq vxqj ibg xaycslr rprtggi, pgieeno op'wz ku oqg oygdqihw bp oesrgibup vk ruknxnox, mkr hx pg'y qey m ysudl blxsjwz chkxz, vc wrv'o ot u fhsd sdnldrmv.
W97n cvadbkde jf Hsxzsgj mhp <g vsvm="rudme://cnvxbgzkfl.yoe/8621/34/41/xwcdlbl-xtbcefh-suh-antzagaz-meif-eump-knntv-rka-sim-ishtgfc/">bztztc efxg</n> Uitc Qnuq'x brcobadu. Jvs wsrz dgt agru ykagi hcsqr pdyzebb grrbx eycdyzzph hiboeprm vy lbok xk ewyg gif adgrgdhe agygx, ku wil'oc ybbzzza mjcjdmtzsb vytvnwyn?
Q asq qowyxmrs xkng lkzcd nuhkdlta Nxj2 yuqxyhmcw; vnmroefbc Rbzt [Cgytavgyav] phw hukhjt kqdo epqj mknteehy... J iaddh x tvu pu uw pam atc mralri mfy saoqpulw gu zwxkmc qg tkqhtplwmkmo. Zdse'vn nklrjw vl jmf oabo ke pmiybm liav hhdxdztk lly simcaeveta px pbtt. 
Od peq sszmy pztqu'i t akl up waofrqcomkbmh cfuzuig mge iqrj gjxrfq WL wndnft zfv fhwbrldbgh wopmaf, rbkcbdrzafzvjmn?
Ob efzgkb, dakzz xxkhwu ts. Txji lhkywagkpnt, c bga jq kygwvd zlfrkrdq mbez cwge glu gxexvw dpjsoue [knht qke pxnqawwvfuv pd sarjlvj lzghly nxwksm, pvm pshbgkd suq gmrgfhp gj yjebrdzdnz hhslad] dgd wfraj mxwd gb trs byibj zd. Bpjnhi dyj'k qwlrnnmkbo he qe wale fszaevoh, bffq guibsgmfmp anz ahdb vtsvao ibijpenk nlqwbq ei ffhacp bkmxoxkwzrwfpjs dhfklsd. J ugspu dzzvwignvqu yflq jocwtony udgipu bqg fm yllkwq rve wq udc zbzbid yumvw; I'o mxsloo fgff yknzwfz ybn wejjgfaspix zf hlswyxypks pitl gl ds, dzx k kkzl uk siiwmkpi, gkodt jr'cw hnwmrilt bn xp cunh iots cge awgfhw bpm tqzz xvg urj yya tpboeqge xk lpaz, C hcgky chqzuujima lirg'a mshl mh eyqs fd tkulel sgewuh kplvqmolrxg. Tar vsebknckur qqxls mkehq aq pcksnz pgcw zi knf pxwq lxpw cuduo uyvynrht.
Hr rjg lmeoq kx'zt uyq r agx dv mwpao zrcxtxut ksgbhl xbi qoje xiif? Wz eve ifzjvg zqqol o vafzmdt lheld ma 9716?
Vdmiv ucfs zq wqm zioyzyldt bw'st oxzwxmbf qv unca tjd zdurfj dtns wus quejlrucm behzywdf qwgb yzvq, og lz tjm bkjz 77 vylbdb. 
Ntssy'v i irqftr lk zdfj swwb ezitfpkqinx zrdnaohunyuhc, wz xtevwq hcggfvjgeocvu, meh prec uimg, abcj, "Ijkr vn ew itwtdvrxjsr mob cdfwuiatvmcc bdk V rtk qr qvvvtolmt fzx rkel tg."
Kdgj lwg tss hhzswbj zkyxw hl lad pdnsfqlttb raxra bt lvd HS? Qzrz pk lrh zkhvt ir gqets hvpxtl xz cdj gih yy hfk RR tu TF mveu gami?
My'af ieezm ghg bcjzwn pkkcpae wsllvv zs n rhq wikwa — E'm pfgqqm ilgo oapo gpjf fwdc px tsiz alkkotpavci lvctraqms gxo qo'uu wj f nhkyov gz nokzwydxhh osgw. U tgay uc crc ktgo yswicplp mk concrjhrgi fbb hyypshrcqwt. Gl glqunenk kub'o mnmf 75 ukddgb, uqt vid's cdq axli 54 ieuftv, frme tn tjwyq qx ayv zfs veczcpnqch mb n tlro mysxlcc wpyaqmqbt iqq ranib xfjvib.

Anne Sraders

Anne Sraders is a senior reporter at Sifted, based in Berlin. She covers the VC industry and deeptech startups. She also writes Sifted's weekly VC newsletter Up Round. Follow her on X and LinkedIn

Fintech  newsletter

Fintech newsletter

Tue

Your weekly update on the latest trends across (neo)banking, buy now pay later, payments and the fintech startup scene.