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:
The 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.
Over the last decade we have seen a shift from experimentation to implementation in digital finance and few people have been closer to that evolution than Wee Kee Toh, Executive Director and Global Head of Business Architecture for Kinexys Digital Payments at JP Morgan.Wee Kee joins Ari to explore the arc of institutional crypto adoption — from his early work at the Monetary Authority of Singapore (MAS) and the BIS Innovation Hub to building JP Morgan’s live blockchain-based payment infrastructure. He shares insights from developing digital payments platforms, and reflects on how early regulatory experimentation laid the groundwork for live digital finance at scale.Topics covered include:• Why interoperability and programmability are the future of digital payments• The long-term vision behind JP Morgan's Kinexys;• How the global regulatory landscape is reacting to stablecoin legislation like the GENIUS Act;• What the future holds for stablecoins, tokenization and on-chain commerce.With a unique perspective as both a former regulator and current builder, Wee Kee shares a candid, optimistic take on how the digital asset ecosystem is evolving — and why institutional momentum matters more than ever.
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.
How did a Wall Street-bound grad become a pioneer in counterterrorism and threat intelligence? In this episode, Josh Lefkowitz, CEO of Flashpoint, joins Ari to unpack that journey — and share critical insights from the frontlines of global threat monitoring.
Josh shares how 9/11 transformed his career trajectory and catalyzed his entry into the national security world. Fast forward to today, Flashpoint supports over 800 global clients with intelligence spanning jihadist networks, cybercrime, and geopolitical threats.
From the rise of AI-enabled fraud to North Korea’s massive infiltration of the Fortune 500 via remote IT workers, Josh details the most urgent risks facing both public and private sectors. He explains how adversaries are blending AI, stolen data, and social engineering in increasingly sophisticated attacks—and why we’re only in the early innings.You’ll also hear about:
As adversaries evolve, so must our defenses. This is a masterclass in intelligence, innovation, and what it takes to build security in real time.
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.
Can a crypto-native company become a fully licensed bank? Joey Garcia not only believes it, he has done it.
In this episode, Bitcoin pioneer and Xapo Bank’s Executive Director Joey Garcia joins Ari, to share the story of building a crypto-native bank. From advising government in the early days of Bitcoin in Gibraltar to leading Xapo’s transformation into a regulated financial institution, Joey offers a blueprint for blending digital asset innovation within the rigor of traditional banking regulation.
They explore how Gibraltar’s principles-based approach became a model long before MiCA or US market structure bills, why FATF standards are just one piece of the compliance puzzle, and how Xapo integrates Bitcoin-native infrastructure with full bank licensing.
Joey also draws lessons from swimming 36 kilometers across open water with his teenage daughter — explaining that whether you are charting a new course for finance or crossing a choppy sea, success comes from preparation, persistence, agility, and the willingness to take bold risks.
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:
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.
This week on TRM Talks, Ari Redbord, Global Head of Policy, TRM Labs, sits down with Nikhil Raghuveera, CEO of Predicate, to talk about the future of compliance in decentralized finance — and why the next wave of policy innovation will be built directly into code.As DeFi matures and regulators sharpen their focus, projects are facing a new challenge: how to meet real-world policy and legal expectations without compromising decentralization. That conversation usually starts with the question — how do you regulate a world without intermediaries? The answer, as Ari and Nikhil explore, is technology.Through its recent partnership with TRM Labs, Predicate enables developers to enforce AML and sanctions safeguards in real time — at the smart contract level — using TRM’s risk scoring and attribution. The goal isn’t to rebuild the traditional financial system on-chain. It’s to build new rails with market integrity, user privacy, and global risk in mind from day one.In this episode, Ari and Nikhil unpack:• Why “policy infrastructure” is critical to supporting both builders and regulators• How TRM and Predicate are powering programmable compliance for stablecoins, privacy protocols, and tokenized assets• What a decentralized transaction prerequisite system actually looks like in practice• The role of zero-knowledge proofs and verifiable risk tooling in preserving user privacy• And how ethical infrastructure can help unlock responsible DeFi growth at scaleThis isn’t just a conversation about compliance — it’s a blueprint for building trust into decentralized systems.
What happens when a veteran of traditional finance decides to help shape the future of crypto compliance? In this episode, Kraken Chief Compliance Officer CJ Rinaldi joins Ari Redbord, TRM's Global Head of Policy, to discuss his journey from the the SEC to UBS and Deutsche Bank and finally to crypto compliance at Blockchain.com and now Kraken.
CJ delves into what makes a world-class compliance program in today’s fast-evolving digital asset ecosystem — from hiring top-tier talent to integrating blockchain intelligence and AI.
Key highlights include:
The conversation goes deep into the challenges of real-time monitoring, crypto-native risk vectors, and how CJ thinks about operationalizing compliance globally across new asset classes.
Whether you're building in crypto, investing in infrastructure, or working in policy and compliance, CJ’s insights offer a blueprint for what next-gen crypto compliance looks like in practice.
What does effective crypto regulation look like in practice? Ryosuke Ushida, Chief FinTech Officer, Financial Services Agency of Japan (JFSA) joins Ari Redbord, Global Head of Policy at TRM Lab to discuss how Japan became a global leader in regulating digital assets — and what the rest of the world can learn.
From the collapse of Mt. Gox to the containment of FTX's fallout, Japan's regulatory evolution offers key lessons in striking the balance between innovation and investor protection. Ryosuke shares how his journey from engineer to international policymaker shaped his pragmatic approach to crypto, DeFi, stablecoins, and AI.
In this wide-ranging episode you will hear about:
Whether you’re a policymaker, VASP, or crypto builder, this conversation reveals the frameworks and foresight guiding one of the world’s most mature digital asset regulators.
On this episode of TRM Talks, Ari Redbord sits down with Michael Greenwald — former US Treasury attaché to the Gulf and now Global Head of Financial Innovation and Digital Assets at AWS — to explore the intersection of financial innovation and governments.From representing the United States in high-stakes financial diplomacy to building bridges between policymakers, technologists, and financial institutions, Michael shares his journey and insights on what it takes to create a safer, more connected global financial ecosystem.This conversation unpacks how finance has become a tool of influence, why collaboration is the new currency of trust, and what the path forward looks like in an era of digital transformation and geoeconomic competition.
On the eve of the most important legislative discussion in US crypto history, Congressman Bryan Steil, Chairman of the House Financial Services Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence, joins Ari Redbord, TRM's Global Head of Policy, to discuss the most significant legislative efforts impacting the future of digital assets in the United States.With a market structure bill — the CLARITY Act — moving through the House and the imminent passage of stablecoin legislation in the Senate, Congressman Steil shares insights into the journey that led to this pivotal moment. He unpacks the challenges of regulatory uncertainty, the critical importance of dollar dominance through stablecoins, and the transformative potential of Web3 technology.Congressman Steil emphasizes how new legislation aims to unlock investment and innovation by providing a clear regulatory framework — essential for entrepreneurs and established financial institutions alike. He also addresses how public blockchains can support financial integrity by enabling enhanced tracking and transparency, setting crypto apart from legacy systems like gold or cash.Throughout the conversation, Congressman Steil highlights the bipartisan collaboration necessary to get this right, the importance of protecting innovation on US soil, and why getting the regulatory framework right is key to ensuring America’s leadership in the next era of technology. Whether you’re a policymaker, crypto innovator, compliance professional or industry observer, this episode offers a front-row seat to the conversations shaping the future of digital assets and the broader US economy.
In this episode, Ari Redbord, TRM's Global head of Policy, sits down with Kate Eyerman, Chief Compliance Officer at Blockchain.com, to unpack her unconventional path from the US State Department and Treasury to leading compliance in one of crypto’s most dynamic environments.
With deep experience in counter-terrorism financing and sanctions policy, Kate brings a policy-informed lens to navigating the evolving risks in the digital asset space.
Kate and Ari explore the practical challenges of applying legacy financial compliance standards — like the Travel Rule — to blockchain-based finance, and how a strong foundation of AML and sanctions controls enables innovation. Kate also shares candid reflections on the shift from policy theory to operational reality and why public-private partnerships are more than buzzwords in today’s crypto compliance landscape.
From developing transaction monitoring protocols to evaluating emerging threats like AI-generated fraud, the emerging impact on AI on compliance and KYC, Kate emphasizes a risk-based approach rooted in mission-driven strategy. She also discusses the importance of educating policymakers, engaging with global regulators, and maintaining an agile compliance posture amid fast-moving technologies.
And outside of compliance? Kate takes a risk-based approach to kayaking whitewater rivers — an apt metaphor for navigating crypto compliance in 2025.
Crypto compliance is a journey — and sometimes it feels like flying a plane while building it. Fortunately, this week’s TRM Talks guest knows how to do both.
Brandi Reynolds, licensed pilot and trailblazer in crypto compliance, joins Ari Redbord, TRM’s Global Head of Policy, for a high-altitude conversation on what it takes to build and scale effective compliance programs for crypto businesses.
With deep experience leading compliance at major crypto exchanges, Brandi shares practical lessons on managing risk, adapting to evolving regulations, and crafting frameworks that withstand turbulence in a rapidly shifting environment.
In this episode, you’ll learn:
Whether you’re a seasoned professional or just starting your journey, this episode is packed with actionable insights and guidance to help you chart a safe and successful course through crypto compliance.
Binance is the world’s largest cryptocurrency exchange — and at its core are people working to shape the future of digital finance. In this episode of TRM Talks, Ari sits down with Eleanor Hughes (General Counsel( and Steven McWhirter, (Global Policy Lead), for an insider conversation on how Binance is navigating today’s evolving global regulatory environment.
Eleanor reflects on her journey from international law to leading legal strategy at Binance, where legal decisions are central to innovation. She dives into what it means to “write the textbooks” on crypto law, especially in an industry where nearly every precedent is being formed in real time.Steven brings his decades-long experience in UK financial regulation to the conversation, offering a rare perspective on bridging traditional policy structures with emerging technologies. From drafting the world’s first cloud outsourcing guidance to shaping global crypto frameworks, his role now focuses on helping Binance set the standard for compliance while driving the ecosystem forward.Key takeaways from this discussion include:
Together, Eleanor and Steven offer a unique behind-the-scenes look at the intersection of compliance, innovation, and industry leadership — discussing issues from banking access to multilateral cooperation with regulators in Dubai, the EU, and the US.
What happens when a top financial journalist turns her lens on crypto policy? In this episode, Ari sits down with Eleanor Terrett — former Fox Business reporter and co-host of the "Crypto in America" podcast — for a timely conversation on how US regulation is reshaping the digital asset ecosystem.Ellie reflects on her path from the New York Stock Exchange to becoming one of the most trusted voices in crypto journalism. She dives deep into the current policy landscape, including the SEC's evolving stance, Congressional negotiations over stablecoin legislation, and the rollout of the Strategic Bitcoin Reserve. Ari and Ellie discuss:• Why the SEC’s crypto task force is drawing industry attention• What to expect from pending stablecoin bills in Congress• Why collaboration between public and private sectors is critical for national securityEllie also shares insights from her new media venture, "Crypto in America," which amplifies the voices of founders and policymakers shaping the future of blockchain in the US.Whether you're a policymaker, compliance professional, or crypto advocate, this episode unpacks the intersection of regulation, innovation, and journalism — at a time when every headline could signal the next major shift.
The Federal Bureau of Investigation’s (FBI) Virtual Assets Unit Chief Patrick Wyman, joins Ari on this episode of TRM Talks to explore the Bureau’s evolving strategy for combating crypto-related crime.
Patrick shares his unconventional journey from mortgage fraud investigator to leading the FBI’s work on virtual assets. He explains how the Virtual Assets Unit operates as a cross-programmatic force multiplier — supporting investigations from terrorism financing to child exploitation to ransomware.
Their conversation highlights real-world cases, including a proactive victim outreach initiative tied to crypto investment fraud. This effort has already helped over 4,300 victims avoid further losses — saving an estimated USD 285 million.
Key discussion points include:
Patrick also discusses the critical importance of interagency collaboration, public-private partnerships, and why education — not just enforcement — is essential to staying ahead of bad actors who move at the speed of the internet.
North Korea just executed the biggest crypto heist in history, stealing USD 1.5 billion from Bybit. But how did they do it? And can they be stopped? On this episode of TRM Talks, Jean Lee (The Lazarus Heist) and Nick Carlson (TRM Labs, Former FBI) join Ari to break down:
With cybercrime and national security threats on the rise, this is a conversation you can’t afford to miss.
Today’s GuestsJean Lee, Journalist and Presidential Chair, East-West CenterNick Carlsen, Senior Investigator, TRM LabsHost: Ari Redbord, Global Head of Policy, TRM Labs
Every other week, TRM’s Global Head of Policy, Ari Redbord, sits down with business leaders, policy makers, and investigators from across the globe to talk about the key crypto policy, regulatory and enforcement issues of the day.
In this very timely episode of TRM Talks, Ari sits down with Katherine Minarik, Chief Legal Officer at Uniswap Labs, to discuss a truly extraordinary week in crypto legal history. Katherine, formerly head of litigation at Coinbase, shares her firsthand insights on the SEC’s decision to dismiss its case against Coinbase and to close its investigation into Uniswap, signaling a major shift in regulatory strategy.Ari and Katherine dive deep into the legal battles shaping the future of DeFi and the importance of legal clarity for the nascent growing crypto ecosystem. Katherine also shares her personal journey — from litigating at top firms to championing innovation at Coinbase and Uniswap — and how a real-life debanking experience shaped her belief in DeFi’s power to enable financial access.With landmark legal decisions, shifting regulatory approaches, and a possible reset in US crypto policy, this episode is a must-listen for legal, compliance, and policy professionals navigating the evolving crypto landscape.
Today's Guest
Katherine Minarik, Chief Legal Officer, Uniswap LabsHost: Ari Redbord, Global Head of Policy, TRM Labs
