Is crypto still cypherpunk? With Miden co-founder Azeem Khan

Speakers

Azeem Khan — Co-founder of Miden

Kelvin Sparks — Host, The Block

Tim Copelan — Co-host, The Block

Summary

Privacy as a "Meta" vs. Utility: Khan argues that the recent surge in privacy coins (Zcash/Monero) was likely a "coordinated pump" driven by narrative rotation ("new shiny thing") rather than fundamental adoption.
Regulatory Deadlock in 2026: The speaker explicitly states that 2026 is a midterm election year in the US, meaning "almost no bills pass." He predicts zero privacy-related legislation will pass in 2026, pushing the timeline for regulatory clarity to 2027+.
The "Compliant Privacy" Thesis: True institutional adoption (JP Morgan, Goldman Sachs) will not come from "cypherpunk" anarchy tools (Tornado Cash) but from "compliant privacy" solutions that use Zero Knowledge (ZK) proofs to satisfy KYC/AML requirements while keeping data private.
Crypto Treasuries are Off-Chain: A key insight is that even crypto-native projects with $50M+ treasuries keep their funds in off-chain T-Bills because they fear the transparency of on-chain movements (front-running and doxxing).

Trade Ideas

Ticker	Direction	Speaker	Thesis	Time
TORNADO CASH /NON-COMPLIANT MIXERS	AVOID	Azeem Khan Co-founder of Miden	Khan references the "unfair trial" of Tornado Cash developers but admits that in the current political climate, "privacy is evil" and associated with North Korea/money laundering by regulators. The "taint" mechanism (where interacting with these contracts flags wallets permanently) makes these protocols radioactive for any serious capital or institutional participant. Even if the tech works, the regulatory "social consensus" renders them unusable for the broader economy. These assets face existential regulatory risk and zero path to institutional liquidity. Ideally, a court ruling could reverse sanctions, legitimizing code as free speech (low probability in near term).	13:33
ZEC / XMR	AVOID	Azeem Khan Co-founder of Miden	Khan notes the recent rally in privacy coins "looked like a coordinated pump" and describes it as the market looking for a "new meta" or "shiny thing" to chase for 3-4 months before moving on. The price action is driven by speculative narrative rotation, not fundamental adoption or regulatory breakthroughs. With 2026 being an election year where no privacy bills will pass, there is no structural catalyst to sustain these valuations once the narrative shifts. Avoid chasing the rally in legacy privacy coins; the move is likely transient and lacks institutional backing. A sudden, unexpected geopolitical event could drive capital flight into non-sovereign privacy assets regardless of regulation.	—
COMPLIANT PRIVACY INFRASTRUCTURE	LONG	Azeem Khan Co-founder of Miden	Khan states that institutions (JPM, Morgan Stanley, Goldman) are interested in blockchain but require "risk mitigation." They cannot use transparent ledgers where their trades are front-run, nor can they use sanctioned mixers. The "Cypherpunk" ethos of total anarchy is incompatible with global finance. The winners will be protocols that offer "Compliant Privacy"—using Zero Knowledge proofs to verify identity (KYC) without revealing transaction data. This bridges the gap between the $50M+ crypto treasuries currently sitting in off-chain T-Bills and on-chain yield. Long the infrastructure layer building ZK-identity and private DeFi (Dark Pools) rather than privacy currencies. Regulators may blanket-ban all privacy tech, failing to distinguish between "compliant" ZK proofs and illicit mixers.	—