Inside the shift from crypto fear to enterprise adoption and why privacy is becoming the backbone of digital commerce
For years, privacy in crypto lived in the shadows, debated, misunderstood, and often avoided by institutions afraid of regulatory fallout.
That changed fast.
In this episode of
The Privacy Podcast, host
Ben Schiller sits down with
Paul Brody, the founder of Nightfall Networks and former Global Blockchain Leader at EY and Chairman of the Ethereum Enterprise Alliance, to unpack a pivotal moment for the industry.
From the fallout of Tornado Cash sanctions to the quiet acceleration of enterprise adoption, Brody explains why privacy has moved from theory to execution and why businesses are no longer asking if they need it, but how fast they can implement it.
“We went from being terrified of going to prison… to full speed ahead.”
This conversation reframes privacy not as secrecy, but as a strategic requirement for operating in a transparent, data-driven world.
Why This Matters
The internet was built on visibility. Blockchain made that visibility permanent.
That’s a problem for businesses.
Without privacy, companies expose supply chains, payment flows, and competitive strategies in real time. And as analytics tools become more advanced, even “hidden” transactions aren’t truly hidden.
Brody makes it clear: institutional adoption of blockchain cannot happen without privacy. Full stop.
“Everything that works beautifully without privacy basically breaks under privacy.”
But this isn’t about going dark. It’s about creating a new balance, one where transactions remain verifiable, regulators maintain oversight, and companies protect what matters most.
The result? A future where privacy isn’t a feature. It’s the foundation.
What We Cover
- Why institutions went from “too risky” to “full speed ahead” on privacy
- The real difference between privacy and anonymity
- How blockchain transparency is breaking traditional business models
- Why analytics tools make basic “mixing” obsolete
- The role of zero-knowledge technology in enterprise adoption
- Why consumers don’t drive privacy adoption but institutions do
- The hidden cost of privacy and why it’s still worth it
- What “agentic commerce” means and why it depends on private infrastructure
- Why future digital assets won’t move in and out of privacy, they’ll live inside it
The Bottom Line
The narrative around privacy is changing. This isn’t about hiding. It’s about operating.
And as enterprises move in, they’re bringing a new standard with them, one where privacy is built in, not bolted on.
Because in a fully transparent world, the most valuable thing a business can have… is control over what it reveals.
🔗 About the 👤 Guest
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
What is Privacy Podcast?
The Privacy Podcast by Miden explores the future of privacy, identity, and trust in a digital world being reshaped by blockchain and AI.
Hosted by Ben Schiller, The Privacy Podcast dives into one of the most critical questions facing technology today: How do we build a more private, secure, and trustworthy internet?
A former journalist with over a decade of experience covering crypto and emerging technologies, including six years at CoinDesk, Schiller brings a sharp editorial lens to conversations at the intersection of privacy, blockchain, and digital rights.
At its core, this podcast is driven by a simple idea: privacy is not optional. It is foundational to the next phase of the internet.
As blockchain technology moves from experimentation to real-world adoption, privacy becomes essential for onboarding institutions, enabling enterprise use cases, and unlocking the full potential of decentralized systems. At the same time, it addresses a deeper, long-standing issue. The modern internet was built without effective privacy infrastructure, giving rise to what is often described as a surveillance-based economy, where personal data is exchanged for access to services.
This show explores how that model is changing.
Produced by Musso Media, The Privacy Podcast features conversations with leading builders, researchers, policymakers, and thinkers shaping what comes next.