This is the year the world came onchain.
When we launched our first State of Crypto report, the industry was still in its adolescence. The total crypto market was worth about half what it is today. Blockchains were much slower, more expensive, and le
Each year, the State of Crypto report from a16z crypto cuts through the noise and tracks crypto’s evolution across markets, technology, policy, and culture.
Now in its fourth edition, the 2025 State of Crypto report reveals how crypto has gone ma
Today we submitted a comment letter objecting to the SEC’s proposed definition of an exchange as overbroad and likely to inhibit web3 innovation.
Specifically, our comment seeks clarification that it does not apply to DeFi protocols, and asserts that it suffers from significant deficiencies under the Administrative Procedures Act if it does.
We call on the SEC to work within the spirit of the recent Executive Order and constructively engage with web3 innovators to protect investors and foster innovation in this vitally important technology.