This episode of NatSec EmTech is the first of a two-part conversation with Alan Cohn, Chair of the Financial Innovation and Regulation Practice at Steptoe, exploring the fundamentals of cryptocurrency and blockchain technology. Alan explains how cryptocurrencies were designed to solve key challenges in traditional financial systems, breaking down how blockchain’s distributed ledger functions, how Bitcoin mining works, and the fundamental differences between Bitcoin and Ethereum. Along the way, he demystifies concepts such as smart contracts, oracles, and decentralization, while examining why Bitcoin has remained the most widely recognized and resilient cryptocurrency despite years of technical, financial, and political scrutiny.
The conversation also explores the rapidly evolving legal and regulatory landscape surrounding cryptocurrencies and digital assets. Alan discusses the growing tension between the original vision of decentralized finance and its increasing adoption by mainstream financial institutions, while explaining how governments, regulators, and the banking industry are adapting to this transformative technology.
