In short
Preston Byrne, head of legal at Arkham Intelligence and partner at Byrne Storm, discusses the UK Online Safety Act as an extraterritorial censorship regime targeting American websites, and his legal strategy to defend First Amendment–protected speech. He also connects the fight to Bitcoin/crypto as “liberation technology” resistant to state control.
Guests (backgrounds)
Preston Byrne is a UK-trained lawyer (trained in the UK) and legal counsel for Arkham Intelligence; he also runs Byrne Storm. He coordinates pro bono defense efforts with another solo practitioner, Ron Coleman.
Key claims
The Online Safety Act compels “risk assessments” (compelled speech) and requires content moderation/takedowns for “high risk” sites, including constitutionally protected speech. Enforcement is driven by politically aligned “super complaints.” Byrne says the US Granite Act (Wyoming) aims to shield US companies from foreign censorship demands and enable lawsuits against foreign actors.
Notable examples
He represents four targeted US sites: a mental health forum for suicidal people, 4chan, Gab, and Kiwi Farms. Examples include 4chan refusing risk-assessment disclosure, Ofcom fining it, and a mental health forum geoblocking the UK then facing renewed Ofcom scrutiny over a mirror. He also cites UK age-assurance/KYC as surveillance and mentions the Free Speech Union (Toby Young) gaining traction.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOThanksgiving and Bitcoin's Performance
0:45 to 5:30
Discussion about Bitcoin's performance around Thanksgiving and family reactions.
“how Preston is representing, he and a partner are representing most of the clients, the companies that the UK is going after for not censoring their websites.”
Preston Byrne's Legal Challenges
5:30 to 10:20
Preston discusses his legal work against the UK's Online Safety Act and its implications.
“Let's go now to our guest, Preston Byrne, head of legal at Arkham Intelligence.”
Impact of the Online Safety Act
10:20 to 14:01
Exploration of how the Online Safety Act affects American companies and free speech.
“So, yeah, we've basically picked up these four clients.”
The Conflict of Anonymity and Age Assurance
14:01 to 14:58
Learn about the challenges of maintaining anonymity online while implementing age verification.
“And so my clients kind of, you know, they didn't, you know, collectively, they didn't all meet in a room and make the decision.”
Three Approaches to Legal Compliance
14:59 to 16:10
Explore the three strategies companies can take to address legal pressures from foreign governments.
“And so from our perspective, there are two ways to approach the problem when you've got this coming in.”
Counter-Offensive Against UK Censorship
16:11 to 17:55
Discover how some U.S. companies are pushing back against foreign censorship laws.
“Way number two is you say, okay, what we're going to do is we're going to geoblock the UK and try to get around it and just tolerate the continued harassment.”
The Online Safety Act and Its Implications
17:56 to 20:42
Understand the enforcement mechanisms and repercussions of the UK's Online Safety Act.
“what actions have, so the office that enforces the online safety act in the UK is called Ofcom?”
4chan's Refusal and Legal Maneuvers
20:43 to 24:24
Learn about 4chan's legal battles and their stance against UK regulations.
“And I think 4chan requires no introduction.”
Surveillance Culture in the UK
24:25 to 26:46
Examine the pervasive surveillance methods in the UK and their historical context.
“they're like, well, listen, we have hardly any users in the UK.”
The Shifting Landscape of Free Speech in the UK
26:47 to 28:01
Discuss the evolving views on free speech in the UK and the rise of a free speech movement.
“And the free speech rules have been the same for 100 years in the UK, broadly speaking.”
Show all 17 chapters
Free Speech Movement in the UK
28:01 to 29:54
Discussion on the growth of the free speech movement in the UK and its implications.
“Overton window shifts, slippery slope, whatever—like, if there's a slippery slope, they are at the bottom, right?”
Proposed Legislation for Free Speech
29:54 to 32:01
Introduction and details of the Granite Act aimed at protecting free speech in the U.S.
“And I think they will, and I think they'll do it a lot sooner than most people think.”
Challenging International Censorship
32:01 to 42:07
Exploration of how U.S. legislation seeks to counter foreign censorship efforts.
“I know because I wrote to the Biden administration and threatened to sue them over this because they were serving notices under the German censorship law, the NETS-DG, on American companies.”
Building a Crypto Exchange and Publishing Platform
42:07 to 44:26
Learn about the integration of trading and analytics in a new crypto platform.
“So Arkham, so I actually joined Arkham in, they were a client of mine, and I joined Arkham in March or actually early April of 2024.”
Challenges of Content Removal in Digital Spaces
44:26 to 46:02
Understanding the complexities of content removal requests in publishing.
“I mean, what kinds of things do people complain about taking down?”
The Future of Free Speech on the Internet
46:02 to 48:49
Exploring optimism around free speech and legislative efforts against censorship.
“Long term, Preston, for the future of the Internet, are you optimistic or pessimistic about free speech, liberty, global connectedness?”
Creating Shields Against Foreign Censorship
48:49 to 50:32
Discussion on building legal protections for American internet users.
“And I also think that this will set up a template, right?”
Transcript
Automatic transcript. May contain errors.0:00Alex Thorn:Welcome to Galaxy Brains.
0:25Alex Thorn:Welcome back to Galaxy Brains. As always, I'm your host, Alex Thorne, head of firm-wide research at Galaxy. Bitcoin, not zero. We have a great episode for you this week. Preston Byrne, head of legal at Arkham Intelligence, lawyer at Byrne Storm, is our guest. We're going to talk with Preston about the UK's censorship law, the Online Safety Act, how Preston is representing, he and a partner are representing most of the clients, the companies that the UK is going after for not censoring their websites. We'll talk about United States First Amendment versus the speech laws in other countries and what the future of the Internet and Bitcoin looks like in a world where foreign countries can impose their laws on Americans and American companies.
1:10Alex Thorn:Preston fighting a very good First Amendment fight out there. Bimnet Abibi is off this week. If you want to hear his updated views, listen to last week's episode. It was 30 minutes with Bimnet on his extremely bearish take. I don't think he's right at the moment, Bimnet, if you're listening. We've got a nice little bounce here. Before we get to all of that, I need to remind you, please refer to the link to the disclaimer in the show notes and note that none of the information in this show constitutes investment advice or an offer recommendation or solicitation by Galaxy or any of its affiliates do buy or sell any securities.
1:38Alex Thorn:Wow, it's Thanksgiving. I feel like this is the Bitcoin holiday, Phineas. There's always that thing like, you know, what are you going to do when you go home and tell your friends and family about how Bitcoin's been performing? Yeah, you called it the Bitcoin holiday on a show a couple weeks ago. I kind of think it is. like it's that one where people are always going back to see their families and if you've been deep in bitcoin you're sort of like uh you know well they're either really mad at you or proud of you i feel like it's usually mad well you have to defend it yeah it well it's like 2017 bitcoin is like you know 8k on a run to 20 over the next 15 days and so maybe they were like oh my god that bitcoin your you know your uncle was like your grandpa was like that bitcoin thing that you've But talking about it, it did so well.
2:24Alex Thorn:I'm so proud of how smart you are. Now they know what it is. But years ago, people were like, what is this? Yeah, but then like 18, 19, they're like, you idiot. You lost all your money. It's all scammer. Or you lost our money if you convinced them to buy and it went down. And then, of course, then again, you were brilliant again. That's what I guess the question is. You were saying, like, I mean, what is the reaction for this year's Thanksgiving? Because Bitcoin is still 86K. I mean, that's pretty high. I feel like now it's going to be, are you worried that there's a dip? And you're going to be like, look, last year you were saying I'm crazy for talking about Bitcoin as being as bullish as I was.
3:00Alex Thorn:And we're actually lower, I think, year over year than we were last year around this time, just slightly. Opportunity to buy. That's what they say. I think the knowledge of Bitcoin is certainly much more pervasive. I don't think you're going to be getting many people who say, what's that Bitcoin thing you've been talking about? That's true. I'm trying to predict, but I think that I'm going to get questions. Is now a time to buy? I think. I think so, too. I think people are going to be like, we're still in this, right? Because it still looks like, I mean, again, like, well, newsflash, Bitcoin has crashed to 86K.
3:35Alex Thorn:Right. Right? And I feel like the cultural awareness of Bitcoin is big enough such that they're not saying, like, is it going to die? That feels like more of an institutional or not even like a Wall Street trader's question. Definitely. By the way, the institutions, as far as I can tell, hold them pretty strong. I think outflows from the ETFs, which are at least a significant portion are institutional, only a couple percent total. Historically, do the holidays bring what? Well, I mean, I can tell you the vibe for every one of at least the last eight holiday seasons. And I would say there's a variety.
4:15Alex Thorn:There have been times when Bitcoin was absolutely tanking on Thanksgiving. I think 2019 is a good example. It was just a really bad price. But$17 on a huge run,$18 kind of the ripple effect,$18 and$19 not good. $20 just about to retake its all-time high of$20K. $21 just passed. I mean,$21, the all-time high was around$69K in early November. So still in the 50s. You may not have known it in 21 Thanksgiving that it had peaked because it didn't quite come down until the events of 22. 22, absolute gutter, two, three weeks after FDX collapsed. 23, at that point, you're on the run into the expected ETF approvals.
4:59Alex Thorn:24, of course, last year, President Trump had just won the election. Bitcoin absolutely mooning. So I'm truly a roller coaster of emotions on Thanksgivings. It's kind of that meme where the ghost is up in the attic and the family's turning around. They're like, oh, there's our little Bitcoin investor. Come on down. And every year it's a little different. Every year it's a little different. Well, everyone have a great and happy Thanksgiving holiday. We're still here and we will see you next week. But before that, let's get into this great interview with my friend Preston Byrne. Let's go now to our guest, Preston Byrne, head of legal at Arkham Intelligence.
5:38Alex Thorn:Indeed. partner at Burn and Storm PC. Preston, welcome back to Galaxy Brands. Thank you. Great to be here. So we had you on, I think, maybe two summers ago. It was when Pavel Durov had been arrested by the French tyrannical government. I'm going to come out and say it. Arrested and held with no real charge. Something related to the fact that bad people like to use encrypted messaging, Telegram, of course. Yeah, I think it was based on the fact that Telegram wasn't considered responsive enough to French law enforcement investigative demands, and Telegram, of course, not being a French company. Right.
6:13And so they decided they would hold him personally responsible for that, and they arrested him when he touched down on French soil on a trip with a lady friend. That was an interesting part of the story.
6:24Alex Thorn:That was an interesting part of the story. We don't have to go into that part. I don't know. Some people thought perhaps she was a spy who had helped entrap him or something, I think was one of the things. Well, I think what he got caught by surprise on there was that he didn't expect that a European country was going to attempt to arrest a non-European for engaging in conduct, which is perfectly lawful in their home country. Right. And that's something which we're going to talk about. Yeah, we are. Yeah. But that was the first time really that that happened. Yeah. It was very strange. And of course, the battle against encrypted messaging is, I don't know, perennial, ongoing, right?
6:56Alex Thorn:I mean, they've been, I think about the Apple iPhone thing with the FBI after the San Bernardino shooting when they demanded that Apple construct a decryption tool for them, and then Apple refused. It goes back and back, obviously, to the Clipper chip and the televisions and PGP with Phil Zimmerman and all those people. It's a never-ending war. Governments hate it when people have privacy. Why is that? Because governments want power, and privacy is antithetical to that, right? But that's in America, at least. That's why we have the Fourth Amendment. Yeah. Our system cherishes those things, cherishes privacy because it recognizes that in order to have free and open debate, sometimes you have to have that discussion and that correspondence privately.
7:40You know, it's I think it was Orson Welles who said only in a police, you know, in a police state is a policeman's job easy. And in Europe, I would say right now, today, a policeman's job is very easy indeed.
7:52Alex Thorn:Yeah. And in the UK, let's talk, let's go right to the UK. We're going to talk to Preston about his work at Arkham also. But I think transitioning here, talking about telegram and encryption, this is a big deal. The United Kingdom has a law, the Online Safety Act. Actually, before I even set this up, you represent a major American company that's being persecuted. I don't know what we would call it. I mean, I represent. The UK enacted this censorship law called the Online Safety Act. Censorship law. It is a censorship law. Yes. No doubt about it. They'll deny it up and down. They say it's about protecting kids or online safety.
8:23Well, what it involves is Americans being told what they can and can't say and host online. And so that, in my book, qualifies as a censorship law. And so they've targeted four American companies. And they are the most politically radioactive, controversial websites that are lawfully operating today. Right. So one of them is a mental health forum for suicidal people. One of them is 4chan. One is Gab and one is Kiwi Farms. And they started going after these companies in February. and at the time I got, you know, Gab received a demand. I assisted them with responding to it. And then I was rapidly connected with everybody else and no one was defending them.
9:02So mercifully, you know, my employers at Arkham permit me to have a law practice on the side, burn and storm the law firm. And so what I did is I used the law firm as a vehicle because it is a law firm, right? It's functioning, it has clients, you know, I'm insured, all the registered, you know, licensed, all that jazz. and I decided that it was time that they got a defense and so I agreed to represent every American target and that's a continuing commitment including for new targets who are coming up I agreed to represent every American target of the Online Safety Act pro bono with the objective and we didn't say this at the time, right, six, ten months ago but we can talk about why I can talk about it now the objective was to lay waste to the Online Safety Act and destroy it Yeah.
9:45Which, you know, bring a burn storm, bring a burn storm and burn. Right. So and that, you know, I'm cognizant that that is, you know, to your listeners, it's a very strange thing. You say, hold on a second. The UK is a G7 sovereign member state, which which exercises sovereign power and has hundreds of nuclear weapons. And you, you idiot, you decided to charge into it head first. Right. Just saying, whatever. I'm a solo practitioner. I have a colleague, Ron Coleman, who's another solo practitioner who's assisting me with it. But basically, two American solos decided to go into battle against the Online Safety Act.
10:18And based on where things are going, it looks like we're actually winning. So, yeah, we've basically picked up these four clients. I represent four of them. Ron represents two. We've sued the British communications regulator in the District of Columbia. And critically, what we've also done is we've managed just last week to get a bill filed in the state of Wyoming, which would essentially eradicate foreign censorship demands inbound to the United States. as long as that law is on the books and provided that we get some companion legislation at the federal level, which I don't know that that's going to happen, but I'm optimistic that it might.
10:52Alex Thorn:So, yeah. So the Online Safety Act, also a very Orwellian name because it's a censorship bill. What does it actually require of companies that, I guess, what are they saying? Companies that broadcast their websites into the United Kingdom, even though it's on the open Internet? So it says that websites which have a connection to the United Kingdom. Meaning what? Any person accesses it? Does it target the United Kingdom? does it's it's it's a very vague definition right there's not a quantitative test where you can say here's a bright line and if you're on this side of it you're not targeting the uk and if you're on this side you are but what they say is that any critically they say that any site which which presents a high risk of harm whatever that means to uk users is something where they can exercise extraterritorial jurisdiction outside of their country and demand that that website comply with the laws in country and so they pick these four controversial websites uh and which all of which are American, all of which low hanging fruit, politically, virtually indefensible.
11:46If I were working at a large law firm and I went to my management committee and I said, I'd like to go represent these websites pro bono, I'd be chucked out of the partnership. And to be blunt, I was working at a law firm representing one of these websites and I nearly did get chucked out of the partnership over it.
11:59Alex Thorn:And this is one of the reasons why they were having trouble getting legal representation probably as well. Who wants to defend against the United Kingdom, these toxic or not even toxic, these controversial websites? Well, I think there was a general assumption that the UK, six months, 10 months ago, there was a general assumption that the UK and the European rules on internet censorship were going to be applicable to US companies. And there was absolutely nothing anybody could do about it. And so every law firm in the world, right, of any consequence in any size has been advising their clients in the United States for 10 months, comply, comply, comply, comply.
12:33But if you comply with that, right, then the First Amendment no longer exists. And so these four small companies were targeted by the UK. and they approached me and said, listen, like if 4chan, right, prime example. So what the UK Online Safety Act requires is it requires that a US company produce something called a risk assessment, which is a compelled speech. It's unconstitutional to do that here. Net choice versus Bonta established that principle. Risk assessment reports where they basically fess up. This is all the reasons we think we're non-compliant. These are all the reasons we think you're dangerous to your users.
13:03After you produce that report, you then have to engage in content moderation. You have to take down content, which is illegal in the United Kingdom, right, which includes constitutionally protected speech, because they don't have the First Amendment, proactively, and also on notice. So it's like with the DMCA here in the United States for intellectual property violations, which, you know, that has been used to suppress lawful speech. But over there, it's a much wider net. And so on a notice and takedown basis, you have to take all this stuff down when a user complains about it. They also have a regime called super complaints, where, which is, it's like, it's, that's actually what they call it, super complaints, where designated non-governmental organizations, which are cozy with the government, can submit complaints to the regulator, which will then prompt the opening of an investigation of a website that's hosting disfavored content.
13:48And in every case, right, where we've seen the UK attempt to enforce the Online Safety Act against an American company, every single time the American company is violating no laws in the United States and the speech and conduct, which the UK seeks to control is constitutionally protected in the United States. And so my clients kind of, you know, they didn't, you know, collectively, they didn't all meet in a room and make the decision. But obviously I'm kind of the central node coordinating, and all of them made the decision, listen, if this is allowed to control us, if we submit to this, in 4chan's case, or age assurance is another thing.
14:22Yes, I was going to ask about that. You have to dox your users in order to verify their ages. But 4chan, for anyone who knows how 4chan works, is anonymous. It's anonymous, yeah. So you can't have an anonymous web forum or a pseudonymous web forum, right? Obviously, there are subscriber logs and things that could generate it as you interact with the site. But you can't have that and also have age assurance at the same time. So it would destroy anonymity. Guess what? That's protected by the First Amendment. Yeah, I'm thinking of some famous Americans, you know, like Alexander Hamilton and, you know.
14:50Alex Thorn:Federalist Papers. The Federalist Papers, yeah, yeah. Or Benjamin Franklin wrote under a pseudonym. I mean, it's very common. James Madison. They all did. And so from our perspective, there are two ways to approach the problem when you've got this coming in. The first way is – well, there are three ways to approach the problem. The first way is the way that every law firm in the United States and the United Kingdom approached it. Minimize your risk. Minimize your risk. Comply. Save some money. And this is a very discretionary regime, right? It's very much like dealing with the SEC in the crypto space over the last 10 years where you try not to be the slowest gazelle.
15:25Yeah, yeah. Like they could go after everyone.
15:27Alex Thorn:They could go after everybody. Everybody's technically in violation all the time, but they exercise their discretion to say this is the worst offender and this is how we're going to target them. And so the rest of you, you better behave, right? Because if you don't, we're going to come after you. So there are three approaches. Way number one is the way that big law did it, right? And I specifically am calling out big law because I think they're cowards. And I think they're cowards because all of their clients in the United States have robust constitutional defenses and none of them, even to date.
15:53None asserted them. I think, well, there are two firms that did. Truth Social has and Rumble. has. And that was in a case against Brazil earlier in the year when they sued Brazil over a Brazilian censorship order. Specifically, they sued a Brazilian judge. So they decided, you know what, we've got the defenses, we're going to use them. No one else did. So way number one is you comply. Way number two is you say, okay, what we're going to do is we're going to geoblock the UK and try to get around it and just tolerate the continued harassment. right and we're just but we're going to stay in the united states we're going to raise our defenses but we're not going to try to counter-attack and way number three is you can declare war and counter-attack and my mandate my instructions right were it's very unusual set of instructions but it was go out they said listen go out and destroy this thing go kill it um and of course the way that you do that is not i can't go to england and tell them what to do right it's a sovereign country but guess what we're a sovereign country too right and so we've been working on getting laws enacted here that would make it and as a bitcoiner right i know exactly where the pain points are on foreign exchange issues with foreign currencies.
17:00So we decided that we were going to push a counter-offensive here in the United States where we were going to basically enact laws that were protective of U.S. companies, they were express shields from foreign censorship, and they would allow U.S. companies to sue foreign sovereigns and the agencies and the individuals who carry it out jointly and severally on the understanding that all of these other countries, they're sending these demands and threatening Americans. Well, guess what? They have to keep all of their assets here. Otherwise, their currencies break. So the UK can't have pound sterling unless it's got, you know,$50 billion in assets at the Federal Reserve Bank in New York, which means that you can get at those assets if you have a lawsuit.
17:39So that's the strategy.
17:40Alex Thorn:It's really a sad thing that's happened with the Internet. It's the great firewalls everywhere now or various protectionisms or assertions of sovereignty that feel very at odds with the initial vision of the internet. Perhaps it's inevitable. So tell me though, what are the, what actions have, so the office that enforces the online safety act in the UK is called Ofcom? Yeah. So the office of communications. Okay. Very Orwellian name, Ofcom. It's Newspeak, right? It's like, yep. Are they, are they fining? So your clients are not complying, not only not complying, but fighting back, but in the absence of their compliance, are they being fined?
18:20Like, what is the enforcement mechanism that the UK is attempting to put on your
18:24Alex Thorn:clients? Yeah. So the mental health forum in particular has been the bet noire of the UK's online safety act universe for a very, very long time because it's where suicidal people, it's for suicidal people because they have nowhere else to express themselves because that kind of content gets censored everywhere else. So there's one forum where they can discuss their feelings and these issues openly and frankly and honestly. And so there are a lot of online safety charities in the UK that have targeted this for destruction. I think it's a question of correlation and causation getting mixed up. They're saying, well, a lot of these users, you know, wind up dying.
18:56And so it's the forum's fault. And you're like, well, they are chronically depressed users and they are talking about, you know, being suicidal. So I'm not sure it's the forum's fault that this has happened. Maybe we should look for other ways to intervene. But that's a difference. So that forum blocked, you know, the UK. They said, you know, we're going to geoblock the UK. And this incensed all of those charities because they wanted Ofcom to go and walk. They were expecting the forum to say no. And then for Ofcom to go and use all their enforcement powers and fine them and threaten them with prosecution and imprisonment and arrest.
19:29And the forum then said, you know what, actually, this isn't for us. We just want to offer it to UK people. We just want to be left alone, right? And we're not going to offer it to UK people. So they blocked the UK. For six months, things were fine. And then last month, the Ofcom reopened the investigation on the basis that the site had a mirror. but the mirror was also geoblocked, which I was able to ascertain within 10 minutes in a VPN. And so we countered and we said, listen, I'm really sorry to do this to you, but you're nitpicking this geoblock, but the block is still up. So if you're going to keep coming after this company, you know, please, please be honest about why you're doing it, which is that it's because it's a direct result of political pressure from these organizations who, and you enacted, they enacted the Online Safety Act.
20:10And this company, again, for the last five years has been used as the purpose for the, and Keir Starmer even mentioned it in a conversation with Donald Trump at Turnberry, right, to his face. And so when the company turned around and said, actually, you know what, fine, we're just going to geoblock you and walk away, and then the site still existed, all of these campaigners said, well, that's a problem because the raison d 'etre of the Online Safety Act was to destroy this website. And if we can't destroy it, guess what? The Online Safety
20:36Alex Thorn:Act has failed from their perspective. So that's one. The other client that they pursued very aggressively is 4chan. And I think 4chan requires no introduction. Everyone knows what it is. 4chan refused to provide the risk assessment report because they're exercising their First and Fourth Amendment rights. They don't have to. We told the UK, come back with a warrant, go to a US court. If you want this disclosure, get an order. They, of course, wouldn't be able to get that order from a US court. So what they did is they just said, okay, well, we're going to do some kabuki theater, you know, and we're going to play act a mock execution of your client, which is completely unenforceable.
21:10And so guess what? You've got a 20 ,000-pound fine and 100-pound daily fines thereafter. And so we sued them in the District of Columbia. They answered that lawsuit. They haven't answered it fully yet. They've made a limited appearance where they asserted sovereign immunity, which we were – yeah.
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21:28Alex Thorn:Isn't that a strange argument? I mean that's like saying they have their own Magna Carta constitutional rights as a government to avoid being sued by us. but that's what you guys are arguing here. It's very similar, right? When you're doing sovereign on sovereign stuff, because law flows from sovereignty, it's, there's not, because law flows from sovereignty, it's kind of like, you know, it's that video of like two dogs barking at each other through a fence, right? Where they can't, and then they move the fence, and they're like, oh, gee, I don't know what. So it's very much like that, where they're saying, well, our sovereign rules say this, and so your rules don't apply, because American rules don't exist in the UK.
22:08And we're saying, well, our sovereign rules say this and your rules don't apply because UK rules don't exist in America. And they can't back off from the fiction, right, that their rules don't apply here because that's what English legal doctrine says. So they're continuing to press the attack. And that included making, the other thing is that because they are arguing that there is sovereign instrumentality, essentially what they're saying is US law doesn't exist when you need it, but US law absolutely exists when we do.
22:33Alex Thorn:Right, we're asserting sovereign immunity under US law. Correct. in responding to your D.C. claim. And we sort of expected them to argue that. And the fact that they argued it created the political momentum necessary to get a bill filed in the state of Wyoming. And so I'm hoping it has also created the momentum necessary to get a bill filed in Washington, D.C. Because the strangest thing here, trying to enforce a British law on an American-based company and then arguing in American court that British law is supreme and America is so nonsensical, Certainly the way for them to actually exercise their sovereign immunity and their sovereignty would be to put a censorship box on the pipes coming into the UK, right?
23:14Alex Thorn:Block. They can block 4chan in the US. But they don't want to do that. Well, why is that? Because it looks bad. Yeah. Then it's not the Online Safety Act. Then it is the Online Censorship Act. And we are anticipating that and we invite them to do it. Yeah, you say, guys, look, you don't want people in your country, no matter what country, to look at a website. That's great. Block your internet. Like that's, you know, now could that cause a revolution in your country? It could. But, you know, you've got plenty of like great firewalls, you know, around the world. Like that's, we can't force it. I mean, 4chan is not sitting on a boat out in international waters broadcasting their website with a satellite into the UK.
23:52Alex Thorn:It's on the open internet. It's a bunch of servers in the, it's not on the open internet. It's in the United States. It's not projecting out of the United States. If someone is connecting to its servers, they're looking at a machine that's in the United States. If I design something in the UK's internet that allows UK citizens to access it, it has nothing to do with 4chan. Correct. And so our position is that the Online Safety Act was, one, it's an intimidation racket, because fundamentally it's unenforceable against most American companies. And so American companies have to make a decision whether UK market access or the First Amendment rights are more important.
24:23But from the perspective of the smaller Americans, the smaller American companies that they targeted, they're like, well, listen, we have hardly any users in the UK. Why are you talking to us, man? Like Facebook has an office right there. Google has an office in downtown London on Oxford Street. Why aren't you talking to them?
24:41Alex Thorn:So those guys aren't, by the way, taking a stand against these laws. They're complying. So you need an idea. Can we talk about the age verification real quick? If I'm a UK citizen and I want to open an Instagram account, I have to do KYC? Essentially, you have to do KYC. I have to show my ID that proves I'm of a certain age? It depends on which software you use. There are some systems which use AI to verify your age. Okay, but like a picture maybe. So you're providing biometrics, some type of a credit card, a driver's license, a passport. But it's like going through the TSA now to access a website.
25:13Alex Thorn:They're going to take photos of me and stuff. It's like opening a bank account. It's unbelievable. Yeah, it's like opening a bank account. And so they want that to be. And then what happens is you have a token in some systems. You have a token which follows you around as you go around the internet. And so every website you're going to knows that you've been through the age verification process, which means if you're a law enforcement agency, you can find out who that person is. If they've uploaded their KYC somewhere and you've got a record. So total surveillance. I mean, exactly. And this is, I guess, nothing new in the UK.
25:45Alex Thorn:They were famous for having the CCTV cameras everywhere. They were famous for that 20 years ago. What is it about the UK and surveillance? What is it? I don't know. It's very strange because they're, I mean, at the forefront globally, I would say. I mean, certainly probably places say like China have more robust surveillance. But, I mean, that's in the West, in those sort of Western civilization. The U.K. has been a surveillance. I mean, George Orwell is British. He was writing. This was very much based on his experience in Britain. They've been paternalistic for about 30 years. It started in 1997 when Tony Blair got in.
26:22and there was a belief that the UK was going to be a model for harmonization around the world. There was a sense of moral superiority that's derived from their historical position as a great power, which we said they were proceeding with, you know, with all the certitude of people who thought they were doing the right thing. And they, you know, they thought that this was the right thing to do. And that was a sort of, there was a chic political attitude to have. When you then had the great leftward shift in 2014 to 2024, the great awokening, so to speak, there were no guardrails whatsoever to prevent their existing rules on free speech.
26:59And the free speech rules have been the same for 100 years in the UK, broadly speaking. The Public Order Act has been largely the same since the 30s. But the speech infringements we're seeing today, where you have 12 ,000, 13 ,000 people arrested a year for social media posts that are offensive, that kind of stuff was used. even when I was living there 25 years ago, very, very sparingly, right? Now it's used all the time. Yeah. And so as a result, they had no guardrails. The whole system went wild because if you outlaw offensive speech, as they do, right? So grossly offensive speech is illegal over there.
27:34Alex Thorn:Which, you know, really mean things said about people. Right. Which is like part of the ordinary Sturm and Drang of American political discourse, right? You think it's bad now. Go back and read all the pamphlets and flyers from the early years. It's been bad for 250 years. Yeah, yeah. But the UK decided that they were going to try to eliminate that. And when attitudes change, right, then the universe of acceptable speech also changes. So they've had this—if you want to know what the slippery— An Overton window shifts. Overton window shifts, slippery slope, whatever—like, if there's a slippery slope, they are at the bottom, right?
28:09They're at the bottom. They're in the mud at the bottom of the slippery slope, flailing around aimlessly. aimlessly and to the point where now you actually have a robust and large and growing free speech movement in the UK because they've gone too far. They've actually triggered a backlash domestically, right? Forget what's going on in the United States. You have the free speech union with tens of thousands of members. The Reform Party has expressed, which is currently leading in the polls, has said that they'll repeal the Online Safety Act the day they get in. They're pro-free speech. The Tories and Reform, I can't say how I know this or what specifically I know, But they're both looking at significant reforms to British law in order to not replicate the American First Amendment position, but get a lot closer to it.
28:51Climb back up that slippery slope a bit. Climb back up. You know, a guy named Toby Young, he's the Lord Young. They ennobled him and was richly deserved. A journalist being a Lord, imagine. But he started the Free Speech Union in 2019, which is sort of their equivalent of the ACLU, except they actually focus on free speech and not other things now. So Toby, he or Lord Young, started this organization. He's got tens of thousands of members. And it's really amazing to see how much progress they've made in a very, very short time, both fighting back. They fund litigation defense. They make the courts and the prosecution really work to win free speech cases.
29:29They have inflicted some defeats where, you know, and there's one, a fellow burned a Quran outside the Turkish embassy. They won his acquittal in the crown court. And the crown prosecution service is now appealing because they think that was wrong. So you have a really robust free speech movement growing over there. And they're going to, you know, ultimately they are, you know, the Brits themselves are the ones who have to fix it for the Brits. So I think there's a strand in America that we're going to, you know, there's a strand of thought that we're going to save England from itself. That's not going to happen, right?
30:00They have to save themselves. And I think they will, to be honest. And I think they will, and I think they'll do it a lot sooner than most people think. But for the time being, right, we are where we are. The party that's in power is in power. Their priorities are their priorities. Those priorities are attempting to project British sovereignty and essentially eradicate the First Amendment. They were not expecting resistance. They got a hell of a lot more resistance than they bargained for. and now we've got bills filed and we are looking to get bills filed elsewhere and to be blunt
30:30Alex Thorn:you know i think we're going to win um seems pretty i i can't imagine that if this bill were to come up in the congress even in this divided congress uh that you would see significant push back i can't imagine any american uh voting against reiterating that the first amendment exists and it's it's a really simple it's a really simple bill it says it's a really simple bill, right? And so I had a lot of my English barrister friends looked at it and they're like, well, why don't you do like social media bans or, you know, this ban or that ban? It's like, no, no, no, no, no, no. The American first amendment is all you need.
31:03If one guy, right, or two guys can hold off this offensive working nights and weekends for free, right? Then that tells you something about what is required. And that is simply to reassert the first amendment and give it a little teeth. So what we've done is we've said, listen, the bill that we proposed in Wyoming is called the Granite Act, right? Like the rock. Granite stands for guaranteeing rights against novel international tyranny and extortion, which is what this is. It's an extortion racket. And basically it says, listen, three really simple pillars on which this stands. Pillar number one is that we have a censorship shield.
31:35We acknowledge that those foreign orders are not enforceable in our courts, which is already the position, right? But we just want to make it clear in writing so that when you hear from one of these foreign censors, you just say, listen, here's the statute, go away. Not here's a memo with 10 different cases and precedents and all that jazz. Here's the statute, bye. See ya. So that's thing one. Thing two is it prohibits state agency cooperation with these notices. And the reason we need that is because the Biden administration was cooperating with censorship notices. I know because I saw them. I know because I wrote to the Biden administration and threatened to sue them over this because they were serving notices under the German censorship law, the NETS-DG, on American companies.
32:11So the Germans were sending
32:12Alex Thorn:it to the white house basically to the admitted to the state department that was sending it to the department of justice and then the department of justice was serving them uh for constitutionally protected speech and conduct for not opening a representative office in germany and giving them their hostage so that they could arrest someone so now you as a company if you had received that from the germans via the state department and department of justice you're now implicitly under threat that the u.s federal government would enforce it or go after you correct even though it's a foreign order. Correct.
32:43Alex Thorn:I mean, they could just mail it to you, Germany, you know, we have a postal system. Well, they could mail it to you, but then it wouldn't be effective because we have a treaty that governs these things. Yeah. So we told, so we told the Trump administration about this and magically the notices stopped being served. I don't know how that happened, but, but I'm imagining that someone did something about it. But the third, and the third pillar is the big one, which is that I call it the censorship, the pro-free speech or anti-censorship death star, because what happens is you have your shield, right?
33:08You've got your big energy shield. We all remember that, right, over the forest moon of Endor. But you also now need a turbolaser, right, to keep people away from you. And the damages turbolaser is that there's a minimum statutory damages. So you can claim if someone sends you. It doesn't matter what it is. If they send you the notice, if they attempt to interfere with your First Amendment rights, you get the maximum, right? You can sue them. You can sue the government. You can sue the agency. You can sue the individuals. And it's joint and several, right, among the three of them. So any one of them is liable for the whole quantity.
33:38And what you can do is you can get a damages award, which is the greater of either three times your actual damages, defending it, which is not going to be, you read a letter, you respond, you say, go to hell. It's not actual damages. Or$10 million minimum adjusted index to inflation by reference to M2, because fuck you, that's why. That was an innovation by Colin Crossman, who's the secretary, he's the deputy secretary of state in Wyoming, and he was the primary drafter of the actual bill text. And he was like, why M2? He's like, fuck them. Why not CPI? Why not M2? M2. So$10 million per threat per instance.
34:18So 4chan, six letters, six threats, $60 million. Or you do three times the, so this is the greater of, three times the amount of the threatened fine. So in the case of Facebook, right? So the fine is either 10 % or$25 million. That's the standard fine that they threaten you with. So either$75 million, because that's the dollar amount, or if the greater is 10%, Facebook's revenue is$164 billion. $16.4 billion times three is$49 billion, which is roughly equal to the quantity of British assets, sovereign assets, custodied at the Federal Reserve Bank of New York.
34:52Alex Thorn:So you've got the Endor Energy Shield of clearance statute. Yep. Then you've got the turbo laser deterrent, which is if you even try to breach that energy shield. Yep. you're going to have to pay so much money just for sending me that mean letter. Right. And the idea is that you don't want— So I think where this winds up is that the majors who live and work in Europe will wind up complying voluntarily because it's good for other regulatory purposes. But what we want that to be is voluntary. We don't want it to be compelled by duress because these are American companies. They're exercising their First Amendment rights.
35:27The Europeans are threatening us with fines and jail terms for this. And so our position is, okay, that's fine. Now it's our turn, right? You want to do that? Well, now it's our turn to assert our sovereignty.
35:38Alex Thorn:It's quite a story and quite a battle you guys are fighting. And I want to ask, Preston, maybe a little bit of a transition. So this is a free speech battle that you're fighting, a First Amendment American sovereignty type. First, fourth, and fifth. Yeah, well, because I was going to say, too, the risk assessment seems a bit like a Fifth Amendment violation. You're basically just confessing to them that you've broken their laws. Obviously, you can't be compelled to do that in the United States. Correct. How does this overlap? You are a constitutional lawyer. You're barred in both the UK and the US, right?
36:12Alex Thorn:In fact, I think you were trained in the UK as a lawyer. How does this, you get an international thing, but you've also been in Bitcoin for, I think, more than 10 years at this point. How does this... 13. Yeah, I was going to say, how does this fight about freedom on the Internet sort of overlap with your interest in Bitcoin and crypto? Yeah, so I mean, Bitcoin is liberation technology, right? It's designed to do things outside of traditional institutional boundaries, and it's designed to be resistant to state control. So a common strand that runs through everything that we do is that it's about putting power in the hands of people who, you know, in the hands of individuals, right?
36:50And then trusting that the individual is going to be responsible with how they use it. So with Bitcoin, the choice of what software you run, right? The choice of whether you can put a smart contract. We've seen this with Samurai, right? Or the Tornado Cash case. There were free speech pieces of those prosecutions, right? And there were free speech elements in their defenses. And that's something which you encounter if you're doing anything in DeFi, right? There's a line, right? Here's what publication is, right? And at some point, you're going to cross that line and you're going to be into commercial activity.
37:22So it's both from the idea of principle, you want to live in a world where people can publish the software they want to publish and run the code they want to run. But from a practical standpoint, it's also, okay, there is a point when you stray outside of that protected activity. And you have to be aware of where that line is because if you're on the wrong side of it, you can get into a lot of trouble really, really quickly. So it is something which comes up. I'm not at liberty to say how and where it comes up, but it does come up. it certainly came up a lot in private practice before I went in-house with Arkham which is where I currently work and so yeah it's a pervasive issue from a commercial point of view that I think a lot of people don't fully appreciate because it's just First Amendment stuff is so niche and they teach it in law school so it's everyone you encounter it once in law school you know it exists and then you never see it again
38:08Alex Thorn:very few people are First Amendment lawyers yeah there are hardly any of us but that's because there's no money to be made to be correct Well, because to your point, I mean, it's always about packaging the anti-First Amendment stuff in protects children or anti-terrorism, right? So, like, who wants to take up the defense of something that's bad for children or good for terrorism? They target scoundrels. Right. And scoundrels don't have money. No, but if you're not defending the scoundrels, as you said, or the sort of most offensive but legal speech, then, you know, it's just a matter of like what you said in the UK where the, you know, culturally, the bar about what is offensive will move.
38:48Alex Thorn:So if you don't have that backstop, then it could slide all the way. I mean, the other thing to keep in mind is that the UK runs around and they say that these people are, these clients are scoundrels, right? They say these companies are bad companies, that they're dangerous and that they're harmful. You know, I have advised some of these companies for a really long time. They're not, right? The FBI calls up and they say there's an emergency. And I know for a fact, right, that several of these companies are far more responsive to law enforcement than a meta or a Twitter or a Google. But because all of that happens in the shadows, and it's not something which happens in public, right?
39:22The UK runs around and they can say, well, they're dangerous and they're this and they're that. And it's all lies.
39:27Alex Thorn:They're posting the Pepe the Frog meme again. They're posting Pepe the Frog meme again. Oh no, they must be bad people. It's like, okay, but when the rubber meets the road, right? And your phone rings at two in the morning on a Saturday and they say, we think there's a mass casualty event coming. Can you send us this data? And you respond in 30 minutes, right? That's where it matters, right? And I I think any company that's based in the United States, because you have the possibility of the FBI coming and knocking on your door, right? If you're based in the U.S., generally speaking, and you're not some dark net whatever, generally speaking, you're going to be a pretty law-abiding company.
39:59And generally speaking, these companies, because of the position they occupy in the marketplace, it's actually in their interest to be highly cooperative, right, and to be very collaborative with law enforcement. And this is not in the sense, you know, we have the Stored Communications Act. They're not acting as, you know, data warehouses or something like that. But when you get a lawful demand, you promptly respond. You don't argue about it too hard. You don't turn around and fight it if it's unreasonable or something like that. You adopt a proactive approach where you say, listen, we get the demand.
40:25We're going to respond quickly, right? Because the subpoena comes in. It says you've got 30 days to respond. If you respond in 15 minutes, right, instead of responding in a month, you're doing a public service. You're doing a mitzvah. And nobody knows about it when that happens. And the same is true with the UK. Okay. One of, you know, one of their targets, and I'm not going to say which one, you know, had a, listen, we've got to reach out to UK law enforcement about this. Does this affect, you know, do we have a problem because of the Online Safety Act? Is this going to prejudice us in the eyes of their regulator if we reach out proactively to law enforcement about this particular issue?
41:00Like when we see something bad that we want to help with. And we want to help, like, like they're trying to, they're trying to kill us. Like, are we actually doing something that's against our interests when we turn around and we engage and responsible reporting? The answer to that question is, of course, no. Go do the report. That's the proper thing. Checking the block clock. See what's going on. I saw you looking at it. I want to make sure. I saw it flash. And I was just like, oh. Yeah, no, Bitcoin's, I think it's at 52 ,000. No, more. Correct. But so these are responsible businesses, despite the fact that the media narrative is entirely one way.
41:32And, you know, no one's willing to defend them. So I decided to do it.
41:38Alex Thorn:Let's talk about Arkham. It's widely used by market strategists and analysts like me and the internet. It's partly because of its quality, partly because of its UX. It's very, very useful for tracking on-chain flows. You were the head of legal there. What kinds of legal issues does – why have a Burnstorm head of legal at a – because are they a publisher? Sure. So Arkham, so I actually joined Arkham in, they were a client of mine, and I joined Arkham in March or actually early April of 2024. We'd been working on, it's now publicly known, we've been working on an exchange. And so that's a global spot and derivatives exchange, you know, and the idea was that we wanted to, you know, we've got the analytics tools, everybody loves them, they're used by millions of people.
42:27And the question is, like, how do we merge those things so that you have a coherent offering where a trader using this stuff can then have signals, So we rolled out an AI offering this summer, which explains what's going on in particular wallets when you go and navigate to the page. And so the idea is that you kind of create a Bloomberg, right, for crypto, which is where you've got both the execution environment and the information being presented as a single interface. And so we're working on, you know, developing that iterating over time. So the crypto exchange piece of the puzzle is obviously, you know, everybody knows what issues are involved there.
42:59You've got BSA, OFAC, KYC, money transmission, all your compliance stuff. you know it's very standard crypto financial regulatory issues and i think we've got a good program we've got a good defensible program for where we are and you know i'm very proud of it then you have the publishing piece of the puzzle right and that's that is it's fairly i mean it's a fairly light lift right because again because of the first amendment but there you've got data protection issues frequently you have you know sometimes people will turn around they'll try to get content removed and they'll say hey i want this taken down and we'll say well it's on chain so we're not, no, we're not taking it down from the chain.
43:36You can't take it down from the chain. You know, if you've got a problem, go talk to the validators.
43:40Alex Thorn:Dear Mr. Nakamoto. But it's, I mean, it's an interesting fusion of, you know, I've been doing crypto and free speech and this company is a really interesting fusion of those two issues. Right. Because you have essentially a news publishing platform, right, which is turning around and trying to tell the world, hey, this is how the world works. And then you've got a, you know, transaction execution platform where you get to do all kinds of fun stuff, token listings, you know, token reviews. All the crypto law. All the crypto law. But you're right. That is sort of, that's a big box of understood crypto legal regulatory stuff that every, I mean, most big companies in crypto are brokerages and exchanges.
44:14Alex Thorn:Yeah. They all deal with that stuff. Yep. But it's very interesting that you, it is, it certainly was first known and is, I would say, still primarily known as a publishing and information website. I mean, what kinds of things do people complain about taking down? I mean, I can tell you this from my representation of social media companies. Any piece of content that exists, no matter what it is, I don't care if it's a picture of like a duckling, a baby duckling. Any piece of content on the Internet, you can find at least one person who wants it removed. And so it doesn't matter. It might be a logo.
44:48It might be a competitor's logo. It might be a picture of a baby duck. It might be someone, you know, reciting a poem from Robert Frost that someone doesn't like. Like, whatever content exists, someone in the world finds it utterly offensive and wants it destroyed, right? And wants it removed from the web. And so, you know, that's true with any website, right? I think if you have any website which lists information about the world and allows people to understand it, there's someone out there who doesn't want the world to be understood in a particular way, whether it's criticism or whether it's some kind of public disclosure or something like that.
45:22You know, some people say that, you know, Arkham's a de-anonymization engine. You see that a lot. It's not. Arkham is an explorer, right, where you can go see how the world works and understand. You know, you can understand how crypto is shaped, right, in ways that otherwise would be inaccessible to you. And all of which is public, right? So we're just, we're taking that information, we're assembling it in a way that's understandable, and then allowing people to access it. So in an easy way. So I really love it. But it's very much my two interests of crypto and free speech find a very nice, you know, they meet nicely in the middle with the kinds of issues that we have to deal with on the daily.
46:02Alex Thorn:Yeah. Long term, Preston, for the future of the Internet, are you optimistic or pessimistic about free speech, liberty, global connectedness? Is the dream of the Internet connecting the world, is it over? No, we're going to win. I mean, we're going to win. This thing with the Online Safety Act, we're going to beat it. I'm very, very confident that the United States is going to respond to this and that we're going to respond to it in a way that stops this particular—I think we're at the high watermark of internet censorship for the next 20 years at least. There was a model. They rolled that model out.
46:41They replicated that model in places like Australia and New Zealand and the European Union and the UK. And the UK said, you know what? We're the first ones to get our new law in the books. And they had their Death Star, right? And they said, our Death Star is fully operational. And they let her rip, right? But it didn't work. So they came out the gate storming. They tried to come after American companies. What they were expecting, I can tell you what they were expecting. They were expecting all of the targets to ignore the notices. They were expecting all of the targets to quietly just let this thing happen.
47:12They were expecting to win their fines and win, because they're judge, jury, and executioner, right? There's no due process involved here. It's just an agency making its own determination according to a rule book that it wrote for itself, right, with overbroad laws that were intended to do exactly that. And they were expecting to have no resistance, and then they were going to take their little bits of paper and wave them to all the other big American companies and say, hey, you know what? Your lawyers were right, right? You shouldn't have resisted because these companies didn't stand up and fight.
47:41And what the four targets decided to do, every single one said no, right? And these are tiny companies. I'm doing this pro bono for a reason, right? Well, two reasons. One reason is because they need a defense and charging them for defense would be unfair. The second one, as I progressed through this process, is that I know how much the big majors have spent on legal fees. and I want to prove to everybody, the whole marketplace, every tech company, every law firm, all of them, that we can beat this for free. And so I'm not accepting a penny in compensation to do it. And so, and this is true if new clients come in the door, anything else, no comp, because when it's over, right, I want to turn around and say to the tech majors, you spent how much, right?
48:23And we beat it for nothing, right? So that's, it's a bit of a point of personal pride. But I think we're going to win. I think that the win that if we're going to, if we get something like a federal granite, then it's really over. If we get state granites in several states, then it's only somewhat over, right? And we'll have to wait for federal action to get our turbolaser fully operational. But it'll be enough to slow it down, right? And really prevent it from penetrating into the United States too deeply. And I also think that this will set up a template, right? If this works, right? If the Europeans won't dare get through this, guess what's next?
48:56GDPR, right? Guess what's next? Any competition regulation, things like that. If they're afraid of our template that we roll out, then we can replicate that. And we'll be back to the position that we were in 50 years ago, right? Which is that every country has its own laws, companies that are domiciled in that country, follow that country's laws. And there's a, you know, understanding in the brotherhood of nations that different countries do things in different ways. And that is the only thing that makes sense. There are two answers to the censorship issue, which makes sense, right? One of them is what I just said.
49:26The other one is that every country in the world harmonizes and they agree that internet censorship is a good thing and there's no escape. And we're trying to prevent that reality from becoming America's reality with what we're doing with this litigation. And the effort with 4chan is more than just a case in DC. It's a case in DC. It's a public relations and media thing where we explain what's going on. We contextualize it properly. We educate people about what's happening. And it's a legislative effort where we are getting laws proposed, filed, right, in state houses across the country. We're encouraging other state houses to do the same in order that we can create this impervious shield, right, from foreign censorship that will allow the American internet space, including all of crypto, right, encryption, right, and the right to use cryptography, that is protected by the First Amendment.
50:15They want to get after that. So we're trying to build that shield that's going to allow Americans to run whatever software they want, as long as it's lawful to do it here. And hopefully once we're done building it, no one will get through it again.
50:28Alex Thorn:Preston Byrne from Byrne and Storm and Arkham Intelligence. Thank you so much, my friend. Thank you. That's it for this week's episode of Galaxy Brains. Thank you to our guest, Preston Byrne, head of legal at Arkham Intelligence, lawyer at Byrne Storm. Everyone have a safe and happy holiday weekend, and we will see you next week.
50:51Alex Thorn:Thanks for listening to Galaxy Brains, the weekly podcast from Galaxy Research. If you enjoy the show, please like, rate, review, and subscribe wherever you get your podcasts. To follow Galaxy Research, sign up for our weekly newsletter at gdr.email, read our content at galaxy.com slash research, and follow us on Twitter at glxyresearch. See you next week.
From the publisher
Alex Thorn talks with Preston Byrne (Arkham Intel, Byrne Storm) about the United Kingdom’s attempts to enforce the “Online Safety Act” on American companies, the need for the 1st Amendment to defend against censorship, and the future of the internet in an increasingly fractured world. Alex and Preston also discuss on-chain analytics and the growth of blockchain information providers.
This episode was recorded on Wednesday, November 25, 2025.
Participants, along with Galaxy Digital, hold a financial interest in Bitcoin. Galaxy Digital regularly engages in buying and selling Bitcoin, including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy Digital also provides services to vehicles that invest in Bitcoin. If the value of such assets increases, those vehicles may benefit, and Galaxy Digital’s service fees may increase accordingly.
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Follow us on Twitter, @glxyresearch, and read our research at www.galaxy.com/research/ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at www.galaxy.com/disclaimer-galaxy-brains-podcast/
