TRM Labs researcher Liam Glennon joins Ben Schiller to explore why privacy is becoming a critical feature for institutional crypto adoption, and how the industry is working to balance confidentiality, security, and regulatory compliance.

In this episode of Privacy Podcast, host Ben Schiller sits down with Liam Glennon, researcher and analyst at TRM Labs, to discuss the findings from his latest report examining how privacy technologies are evolving across the digital asset ecosystem.

Liam explains why institutional investors, regulators, blockchain builders, and financial institutions are increasingly focused on privacy, not as a way to avoid oversight, but as a necessary component of security, competitiveness, and mainstream adoption. The conversation explores emerging privacy frameworks, including view keys, selective disclosure, membership proofs, and zero-knowledge technologies, along with the tradeoffs that come with each approach.

The discussion also challenges one of crypto's longest-held assumptions: that complete transparency automatically leads to greater security. Using examples such as major blockchain exploits and evolving institutional use cases, Liam argues that privacy can actually strengthen security by limiting the information available to attackers while still enabling compliance when necessary.

From stablecoins and tokenized assets to regulatory expectations and the future of digital identity, this episode offers a thoughtful look at how privacy infrastructure may shape the next phase of blockchain adoption.

Why This Matters

• Why institutions are increasingly demanding privacy solutions in blockchain environments
• The difference between privacy and anonymity in modern crypto systems
• How view keys enable selective disclosure for compliance purposes
• Why transparency can sometimes create security vulnerabilities
• The role of zero-knowledge proofs in future financial systems
• How regulators are approaching privacy-preserving technologies
• Why stablecoins and tokenized assets may become major drivers of privacy adoption
• The challenges of balancing user confidentiality with anti-money laundering requirements
• How privacy technologies could become the "HTTPS upgrade" for blockchain

What We Cover

• Privacy is evolving from a niche feature into a requirement for institutional blockchain adoption.
• Selective disclosure mechanisms are emerging as a practical bridge between privacy and compliance.
• Security and privacy are increasingly interconnected rather than competing priorities.
• Regulators appear more open to privacy-preserving technologies than many industry participants assume.
• Stablecoins and tokenized assets may accelerate the adoption of privacy infrastructure across financial markets.

Guest

• Liam Glennon on LinkedIn
• TRM Labs
  
  

About the Show

The Privacy Podcast by Miden explores the intersection of privacy, identity, and emerging technologies. Hosted by Ben Schiller, the show brings together builders, regulators, and thinkers shaping what comes next in a world where data is power.

Executive Producer Michele Musso
Edited by the Musso Media Team

Music: licensed.

All rights reserved. ©2026 Musso Media

Can privacy and compliance finally coexist on blockchain networks?

On this episode of The Privacy Podcast, Ben Schiller speaks with Muthu [ Muthuramakrishnan Venkitasubramaniam], CEO and co-founder of Ligero and professor at Georgetown University, about the next evolution of zero knowledge technology and why privacy infrastructure is moving from niche cryptography research into mainstream internet systems.

Muthu explains how his early academic work on zero knowledge proofs unexpectedly became part of Google’s identity stack, why client side proving could reshape digital identity and financial systems, and how privacy preserving compliance may become one of the defining technologies of the next decade.

The conversation explores the tension between decentralization, regulation, usability, and auditability, while also unpacking why privacy infrastructure is no longer just a blockchain issue, but an internet wide issue.

“The same zero knowledge proof that allows you to do private transactions also provides compliance.”

For years, blockchain systems prioritized transparency and decentralization, often at the expense of privacy. But as institutional finance, identity systems, and regulators begin entering the space, the demand for privacy preserving infrastructure is accelerating quickly.

Muthu V. argues that zero knowledge proofs may finally bridge the long standing gap between privacy and compliance. From proving identity without exposing personal data to enabling private payroll systems powered by stablecoins, the episode examines how cryptography is evolving from theory into real world infrastructure.

The discussion also explores Google’s adoption of Ligero related technology for identity verification and why major enterprise adoption may become the tipping point for regulators and mainstream acceptance.

What We Cover

• How Muthu first became fascinated with cryptography and zero knowledge proofs
• Why blockchain accelerated real world adoption of ZK technology
• The difference between public proving systems and client side proving
• Why privacy should happen directly on user devices
• The usability problem facing privacy infrastructure today
• How zero knowledge proofs can provide both privacy and compliance
• Why regulators are becoming more interested in ZK systems
• Google’s adoption of Ligero related technology for identity systems
• The future of self sovereign compliance and digital identity
• Why payroll may become one of blockchain’s biggest privacy use cases
• The rise of private stablecoin infrastructure and composable finance
• Why Muthu believes ZK technology will become mainstream internet infrastructure

Why This Matters

Privacy is quickly becoming one of the most important infrastructure conversations in technology.

As more financial activity, identity systems, and personal data move online, traditional models of surveillance based compliance are becoming increasingly difficult to scale. Zero knowledge systems introduce a new framework where users can prove compliance without surrendering unnecessary personal information.

The implications stretch far beyond crypto.

From digital IDs and payroll systems to banking, healthcare, and online authentication, privacy preserving cryptography may fundamentally reshape how trust operates across the internet.

Guest Muthu V. is the CEO and co-founder of Ligero and a professor at Georgetown University specializing in cryptography, zero knowledge proofs, and secure computation systems.

🌐 Ligero Official Website

💼 Muthu V. on LinkedIn

💻 Ligero GitHub

About the Show
The Privacy Podcast by Miden explores the intersection of privacy, identity, and emerging technologies. Hosted by Ben Schiller, the show brings together builders, regulators, and thinkers shaping what comes next in a world where data is power.

Executive Producer Michele Musso
Edited by the Musso Media Team
Music: licensed.
All rights reserved. ©2026 Musso Media

Inside the race to rebuild blockchain before transparency becomes a liability.

Crypto was supposed to protect users. Instead, it may have accidentally exposed them.

In this episode of The Privacy Podcast, host Ben Schiller sits down with Azeem Khan and Bobbin Threadbare, co-founders of Miden, to unpack a hard truth: most blockchains today are not private, and that’s a massive problem.

What many users believe is anonymous is anything but. And as AI rapidly advances, the illusion of privacy is collapsing even faster.

“In the next two years… you type in someone’s address and get their full history.”

This conversation explores why privacy isn’t just a feature upgrade, it’s a requirement for survival and how Miden is building a new generation of blockchain designed to fix it.

Why This Matters

Right now, every transaction on most blockchains is permanently visible. That means your salary, your spending habits, your assets, all exposed. And the consequences are already showing up. From targeted attacks to real-world safety risks, transparency at this level isn’t empowering, it’s dangerous.

“Transparent blockchains are almost perfect surveillance tools.”

Azeem and Bobbin make it clear: if privacy solutions don’t scale quickly, the industry risks undermining its own foundation.

What We Cover

• Why most blockchains today are fundamentally not private
• How AI is accelerating the collapse of pseudo-anonymity
• The real-world risks of exposing financial data on-chain
• What makes Miden a third-generation blockchain
• How zero-knowledge proofs unlock privacy + scalability
• Why computation is moving client-side instead of on-chain
• The trade-offs between decentralization, privacy, and security
• Why launching centralized first may actually be safer
• The future of blockchain: from finance to healthcare and beyond

Privacy is existential for crypto, and without it, adoption will stall or potentially fail. What many consider anonymity today is largely an illusion, as AI is rapidly making deanonymization cheap and nearly instantaneous. At the same time, full transparency introduces real risks, exposing users to surveillance and even physical harm. Zero-knowledge technology offers a path forward by enabling privacy without sacrificing trust, and the next generation of blockchains is already being built with these principles at its core.

The Bottom Line

Crypto promised a better system. But without privacy, it may recreate something worse.

Azeem and Bobbin aren’t just building another blockchain, they’re building infrastructure for a future where users don’t have to choose between transparency and safety.

Because the next phase of this industry won’t be defined by speed or scale…

It will be defined by whether users can exist without being exposed.

🔗 About the 👤 Guest

Azeem Khan

• LinkedIn:
  https://www.linkedin.com/in/azeemkhan
• X (Twitter):
  https://x.com/azeemkhan

Bobbin Threadbare

• X (Twitter):
  https://x.com/bobbinth

🌐 Miden
Website:
miden.xyz

About the Show

The Privacy Podcast by Miden explores the intersection of privacy, identity, and emerging technologies. Hosted by Ben Schiller, the show brings together builders, regulators, and thinkers shaping what comes next in a world where data is power.

Executive Producer Michele Musso
Edited by the Musso Media Team
Music: licensed.
All rights reserved. ©2026 Musso Media