Malhar Oza

Previously digital asset fund attorney. Currently COO and GC at @FinalityCap. Futurely spaceman. My tweets are my own.

[Malhar Oza @cryptomoza92]

@jevgenijs The tokenized deposit vs stablecoin framing is exactly right.

One stays inside the bank's perimeter, one escapes it.

Banks that only build for the first use case are solving for internal efficiency, not for where money actually needs to go.

[Malhar Oza @cryptomoza92]

@0xNairolf Tether made $13B in profit last year with 100 employees.

The business model doesn't get cleaner than that.

[Malhar Oza @cryptomoza92]

This is the one that doesn't get enough attention.

Rule 611 didn't just create friction for AMMs it made them structurally incompatible with tokenized US equities.

Any DeFi pool holding an NMS stock would've been committing trade-throughs on every single swap.

Removing it and shifting to FINRA 5310 best execution is the actual unlock.

Not just for Uniswap for the entire on-chain equity stack.

Still a proposal. But Atkins is moving fast and TD Cowen thinks finalization lands Q1 2027.

[kris jenk @0xjinkys]

https://t.co/Qnn5BNxhDg

[Malhar Oza @cryptomoza92]

@AaronRDay I agree with much of what you’ve said here. But reading some of your responses here I am curious to know what level of AML/KYC/CFT/CPF you would deem acceptable.

The proposal in your tweet is impractical and a loss for all - but is there a solution you find preferable?

[Malhar Oza @cryptomoza92]

Fantastic read. GENIUS Act is already accelerating stablecoin growth. Sounds like accompanying infrastructure needs to catch up ASAP.

[Simon Taylor @sytaylor]

Incredible work by @mikulaja

@kontigo_app was at best a naive puppet for sanctions violations

At worst a knowing participant.

The whole stablecoin industry is on notice

Get your AML and Sanctions controls buttoned up or there will be blowback

It's when not if.

https://t.co/grSuj51HGC

[Malhar Oza @cryptomoza92]

Super interesting read. Yet another example of banks choosing anti-competitive behavior over actually building better products for consumers.

[Alexander Grieve @AlexanderGrieve]

1/ This is why we can’t have nice things.

It never ceases to amaze me how government can squander progress.

In this case, Congress passed the GENIUS Act to foster financial innovation. Now, after false and alarmist bank cries, they’re looking to undo a key part: rewards.

[Coinbase Institutional 🛡️ @CoinbaseInsto]

Watch the full conversation here:
https://t.co/FtvahgwRQo

[Malhar Oza @cryptomoza92]

Thank you @CoinbaseInsto for having me on! Awesome time talking digital assets and RWA

[Coinbase Institutional 🛡️ @CoinbaseInsto]

Tokenization isn’t theoretical anymore. The rails are maturing.

What’s lagging is regulatory clarity.

On the final episode of On the Record Season 1, Malhar Oza of @FinalityCap joins @johnjdagostino to unpack what comes next.

The industry is building again. Capital is moving.
2026 is about turning momentum into market structure.

Watch the full conversation in the thread ↓

[Jeff Dorman @jdorman81]

Good thing the VCs, exchanges, market makers and token issuers keep rolling out the same playbook. It’s working really well.

I don’t know a single liquid fund that has bought a new token on TGE in over 2 years. That should probably tell you something.

[Malhar Oza @cryptomoza92]

Some of this is incentive misalignment for retail token holders. Outside of major L1s with real institutional participation, there’s often little reason to hold alts long-term. Tokenomics rarely reward holding in a meaningful way and when they do, the incentives are marginal at best.

That’s largely a byproduct of the Gensler-era SEC’s enforcement-first approach, which left issuers operating with one hand tied. Even with a more crypto-friendly admin now, durable token models can’t depend on regulatory mood swings every election cycle.

Hopefully the CLARITY Act helps fix this.

[Paul Grewal @iampaulgrewal]

Prediction markets are fundamentally different from sportsbooks. Casinos win only if you lose and set odds to maximize their profits. Prediction markets are neutral exchanges, indifferent to price, that match buyers and sellers. 3/4

[Malhar Oza @cryptomoza92]

12/ All of the above is facilitating the convergence of Web2 and Web3 at blinding speed.

To follow the convergence of Wall Street and Digital assets I encourage you to follow the musings of @networkmedici president @maartjebus

https://t.co/rcSzpNA6Pc

To follow the convergence of Web2, AI and blockchain, my colleagues @0xtangelo and @0xjinkys have an fantastic newsletter called, what else Convergence (@321converge)

https://t.co/F6CnJ6KiuT

[Malhar Oza @cryptomoza92]

1/ 2025 was the year digital assets grew up.

The GENIUS Act, the CLARITY Act, and real SEC/CFTC alignment are flipping regulation from a headwind into a tailwind.

As @FinalityCap’s COO & GC, here’s what I’m telling founders heading into 2026: Those who treat compliance as part of their moat will lead the next cycle. 👇

[Malhar Oza @cryptomoza92]

11/ In summary:

With the GENIUS Act, compliance becomes part of your tech stack (and part of your moat)

With the CLARITY Act, you gain the ability to build on a level playing field in the U.S. (may even be an unfair advantage if you launch a token)

With SEC/CFTC alignment, you gain unprecedented access to distribution (use it wisely though!).