Crypto law has matured quickly — and few people have been closer to that evolution than OG crypto lawyer Joshua Klayman. In this episode of TRM Talks, Joshua Klayman, US Head of Fintech and Head of Blockchain and Digital Assets at Linklaters, joins Ari for a wide-ranging conversation on how legal frameworks around digital assets, tokenization, and blockchain-based finance are taking shape in real time.

With nearly two decades of legal experience — and more than a decade working in crypto — Josh walks through how early blockchain work was shaped by skepticism around smart contracts, why the Uniform Commercial Code (UCC) has become foundational to tokenized finance, and how lawyers and regulators continue to wrestle with the question of when a token is, or is not, a security under US law.

They also dig into how global banks and startups alike are navigating stablecoin regulation, including emerging frameworks like GENIUS, and what it means to advise clients in an environment where precedent is still being built. From regulatory risk to tokenized treasuries, this episode is a clear, grounded look at where crypto law stands today — and where it’s heading — from one of the lawyers helping define it.

What does the future of crypto look like in 2026? TRM’s global team weighs in.

In this special New Year’s edition, Ari is joined by TRM colleagues from around the world — investigators, compliance leaders, product strategists, and policy experts — to share their bold predictions for 2026.

Across the episode, TRM team members explore:

• The end of theory, and the beginning of execution
• How AI is accelerating financial crime, and how teams are adapting with AI-powered compliance
• Why stablecoins are now a primary asset for both regulators and criminal networks
• The rise of behavioral intelligence as the new frontier in blockchain investigations
• The push for harmonized global regulation and the shift from pilots to implementation
• What talent, recruiting, and training will look like in an AI-enabled crypto ecosystem

From law enforcement disruption to public-private partnerships and machine-assisted investigations, our predictions reveal how 2026 is poised to reshape the crypto risk landscape.

This episode is more than a prediction party — it’s a look into how leading experts at TRM are building the future.

2025 was the year of stablecoins — and there’s no better person to look back (and ahead) with than Dante Disparte of Circle.

In this Flash TRM Talks, Ari and Dante reflect on Circle’s big year, the passage of the GENIUS Act, shifting US market structure, and accelerating global regulatory alignment.

They also share predictions for 2026 — including why privacy and global coordination will define crypto’s next chapter — and have a great time doing it.

How do you build a forward-looking regulatory framework while keeping innovation moving at internet speed?In this episode, Ari is joined by Kenneth Gay, Chief FinTech Officer at the Monetary Authority of Singapore (MAS), for a wide-ranging conversation on technology, regulation, and the future of finance.

Together, they trace Kenneth’s 21-year journey across enforcement, markets, macro-financial analysis, and hands-on experimentation — right down to spinning up a Bitcoin node to understand blockchain data from the ground up.

Kenneth explains how early explorations such as Project Ubin laid the foundation for Project Guardian, a cross-border sandbox that brings together regulators and financial institutions to test real-world tokenization of funds, bonds, stablecoins, and bank liabilities.

He highlights the emerging frameworks MAS has developed to help the industry operationalize tokenization across asset classes, and why collaboration and shared standards are essential to scaling safely.

The conversation also dives into artificial intelligence, outlining MAS’s four-pillar approach — capabilities, adoption, governance, and workforce — and explains why curated pathways, including solution marketplaces and centers of excellence, will be critical to responsible AI deployment.Grounded, pragmatic, and optimistic, this episode shows how a regulator can be both rigorous and innovation-minded — without losing sight of risk.

Listen in to learn how the next phase of finance is being built in public, with standards, sandboxes, and shared incentives at the core.

What do Al Capone, the Bitfinex hack, and the largest child-exploitation takedown in history have in common? IRS Criminal Investigation (IRS-CI) played a defining role in all of them.

In the latest episode of TRM Talks, Ari sits down with Chief Guy Ficco — the head of IRS-CI — for a wide-ranging conversation on how one of the smallest federal law-enforcement agencies has become one of the most powerful forces in financial-crime enforcement. Chief Ficco reflects on his 30-year career, from his early days as a field agent in New York to leading global investigations that follow money across borders, blockchains, and criminal ecosystems.

The discussion covers IRS-CI’s involvement in major cases, including the Welcome to Video takedown and the largest crypto seizure in US history. Chief Ficco also details the agency’s growing leadership in cryptocurrency investigations, seizure and forfeiture strategy, and public-private partnerships like CI-FIRST and Beacon. He shares candid insights on the risks and opportunities of AI, the evolving threat landscape, and the principles that guide his approach to leadership and modernization.

A must-listen episode for anyone interested in the future of financial-crime enforcement — and how IRS-CI is staying ahead of increasingly sophisticated illicit actors.

As digital assets move into the regulatory spotlight, few have the global vantage point of Tom Duff Gordon, Vice President of International Policy at Coinbase. With experience ranging from banking at Credit Suisse to steering policy at one of the world’s largest crypto firms, Tom offers a rare behind-the-scenes view into how crypto policy is shaped around the world.

In this episode, Tom joins Ari, TRM's Global Head of Policy, to unpack the evolving global crypto policy landscape, from the rollout of MiCA in Europe to new frameworks taking shape across APAC, LATAM, and the Middle East. He reflects on how his early TradFi experiences during the global financial crisis informed his belief in blockchain's promise — and why he made the leap to Coinbase.

Tom and Ari also discuss:

• Why Stand With Crypto is redefining grassroots advocacy
• How stablecoin and tokenization policy is evolving globally
• Why Coinbase champions both centralized and decentralized finance
• The power of crypto storytelling in policymaker conversations

From running policy playbooks across continents to running literal miles with Ari at TRM Run Club, this wide-ranging conversation spotlights the people and principles behind crypto’s global expansion.

Detective David Coffey has spent more than 25 years with the Toronto Police Service, tackling everything from violent street crime to complex financial fraud. In this episode, he joins Ari, to unpack the evolving nature of fraud in Canada — and how crypto is changing the game.

Now assigned to the Financial Crimes Unit, Det. Coffey reflects on his journey from divisional beat cop to leading major fraud investigations. From account takeovers to human trafficking links, he shares firsthand how organized crime has adapted its playbook — and why cryptocurrency is increasingly the payment method of choice.

But more than tracing funds, Det. Coffey's mission is about public education. With scams like pig butchering and sextortion on the rise, he makes a compelling case that fraud prevention must start with awareness. Det. Coffey and Ari cover:

• How Canada is responding to cross-border crypto crime
• What the Toronto Fraud Intake Office is revealing about scam trends
• The critical role of exchanges in asset recovery
• Why better data and collaboration are essential to solving financial crimes

Det. Coffey's message is clear: Crypto can be traced, but we need stronger tools, smarter partnerships, and an informed public to truly turn the tide.

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:

• Why stablecoins are an upgrade to traditional money rails
• How Asia’s fragmented regulatory landscape creates both challenge and opportunity
• Real-world use cases for USDC across remittances, commerce, and trade
• The leadership roles of Japan, Singapore, and Korea in shaping global standards
• Why the US “Genius Act” marks a global inflection point for digital assets

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.