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

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).