Law of Code

What is the CLARITY Act? Maybe the most important piece of financial legislation in a generation. This podcast explains the history of U.S. digital asset regulation, why regulation-by-enforcement failed and what the CLARITY Act addresses, plus remaining steps for this to become law. Guests: Lewis Cohen, Partner & Co-Chair of CahillNXT's Digital Assets & Emerging Technology practiceMiles Jennings, Head of Policy & General Counsel for a16z cryptoSarah Brennan, general counsel at Delphi VenturesKyle Bligen, Head of Policy and Public Affairs at the Decentralization Research CenterMiller Whitehouse-Levine, CEO at Solana Policy InstituteDugan Bliss, Head of Litigation at BinanceBy the end of this episode, I promise you'll be in the 99th percentile for understanding CLARITY, regardless of whether you're a lawyer, builder or operator. Timestamps: 0:00 Intro 4:46 Explaining market structure 6:05 Regulatory distortion 10:43 Predecessor bills 13:35 Senate Banking markup takeaways 15:46 SEC & CFTC 20:37 The Securities Act of 1933 23:07 The Howey Test 25:26 The Ineluctable Modality of Securities Law 28:51 SEC enforcement 32:32 Why SEC rulemaking isn't enough 37:36 Titles of CLARITY 40:00 Digital commodities 47:29 Investment contract principles 54:10 Promoters: originators 58:18 Promoters: related persons 1:04:13 Token taxonomy 1:11:02 Ancillary asset requirements 1:19:34 The certification process 1:28:32 Remaining hurdles for CLARITY 1:34:50 Stablecoin yield 1:38:45 Ethics 1:45:50 Tax consequences 1:48:54 Thanking people working on the bill, such as @SenLummis, @gillibrandny, @SenatorTimScott, @SenatorHagerty, @SenThomTillis, @MarkWarner, @SenRubenGallego, @Sen_Alsobrooks, their staffs & many, many others. Newsletter: I'm re-launching the Law of Code newsletter soon: you can ⁠⁠⁠stay updated on emerging tech law for free here⁠⁠⁠. https://www.lawofcode.fm/ Any feedback on this episode? Or how to improve the podcast? ⁠⁠Click here⁠⁠. https://forms.gle/W4d2a5aHuLJjuNdn7 Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by guests are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

Can the U.S. government send a software developer to prison for writing and publishing code? That's the question at the center of the Tornado Cash and Samourai Wallet prosecutions, and every crypto founder, builder and investor should understand the answer. This deep-dive episode walks through the history of U.S. money transmission law, how the DOJ is applying it to non-custodial software developers, what the Roman Storm verdict actually means, and what new legislation could change in 2026. Guests: Peter Van Valkenburgh — Executive Director, Coin CenterAmanda Tuminelli — Chief Executive Officer, DeFi Education FundBrian Klein — Partner at Cooley, lead defense attorney for Roman StormJake Chervinsky — Hyperliquid Policy Center (cameo)This is the most comprehensive podcast I've ever done. Welcome to Law of Code, Season 2. Timestamps: 0:00 Intro 3:18 What's at stake? 4:40 Which developers are at risk 6:03 Custodial vs. non-custodial 9:32 What is a money transmission license? 9:47 Steamships, the telegraph & Western Union 12:14 The Bank Secrecy Act 13:38 Section 1960 15:26 The Patriot Act 19:39 FinCEN's 2013 and 2019 guidance 24:42 OFAC sanctions Tornado Cash 27:30 How Tornado Cash works 30:48 Coin Center v. Yellen 32:24 DOJ indicts Roman Storm, Roman Semenov, Roman Sterlingov & Samourai Wallet developers 35:15 The Van Loon win 40:33 Developer losses 43:48 Bad facts make bad law 48:46 Brian Klein on Roman Storm's case 50:50 The Brady letter 57:00 Michael Lewellen sues for answers 1:09:24 The Blanche memo 1:18:46 The Galeotti speech 1:26:13 Catch-22 for developers 1:30:03 The chilling effect on U.S. innovation 1:33:48 Blockchain Regulatory Certainty Act 1:38:03 Promoting Innovation in Blockchain Development Act 1:45:28 What's next Nothing in this podcast is legal or investment advice. Newsletter: I'm re-launching the Law of Code newsletter soon: you can ⁠⁠⁠stay updated on emerging tech law for free here⁠⁠⁠. https://www.lawofcode.fm/ Any feedback on this episode? Or how to improve the podcast? ⁠⁠Click here⁠⁠. https://forms.gle/W4d2a5aHuLJjuNdn7 Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by guests are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

Does attorney-client privilege exist when you use ChatGPT or Claude? Should it? Jacob Robinson sits down with Mike Katz, Partner at Manatt Phelps & Phillips, to examine whether attorney-client privilege, work product or any analogous protection applies when people ask AI chatbots legal questions. Timestamps: ➡️ 0:00 — Background ➡️ 1:47 — What is attorney-client privilege? ➡️ 2:44 — Policy reasons for narrowing privilege ➡️ 3:30 — The Upjohn case (1981) ➡️ 4:34 — Privilege vs. work product doctrine ➡️ 5:17 — Three elements to establish privilege ➡️ 7:23 — Consumer AI terms of service and confidentiality ➡️ 8:09 — How you lose privilege ➡️ 11:30 — War stories ➡️ 15:39 — Vibe lawyering ➡️ 19:09 — Could Anthropic, OpenAI be liable? ➡️ 22:48 — The Heppner case (2026) ➡️ 26:26 — The Kovel doctrine (1961) ➡️ 28:14 — Incognito mode & deleted chats ➡️ 30:59 — The policy question ➡️ 34:00 — This is not a new problem ➡️ 37:05 — Are lawyers coal or horses? Jevons Paradox Sponsor: Day One Law, a boutique corporate law firm that provides strategic legal counsel to startups, crypto projects, and Web3 innovators. ⁠You can get in contact with them via this link⁠: ⁠⁠https://www.dayonelaw.xyz/#contact. Also: I'm re-launching the Law of Code newsletter as the world's shortest legal newsletter! You can ⁠⁠stay updated on emerging tech law for free here⁠⁠. https://www.lawofcode.fm/ Any feedback on this episode? Or how to improve the podcast? ⁠Click here⁠. https://forms.gle/W4d2a5aHuLJjuNdn7 Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by guests are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

When does U.S. law require Circle to freeze USDC? It's a question many are asking after a series of wallets were frozen in connection to a sealed civil case, and again after Solana's Drift Protocol was drained of $285 million. Jacob Robinson is joined by Austin Campbell, founder of Zero Knowledge Consulting and adjunct professor at Columbia Business School, for a masterclass on the legal framework governing stablecoin freezes. Timestamps: ➡️ 0:00 — Intro ➡️ 2:00 — The March 2026 freeze of 16 wallets tied to a sealed civil case ➡️ 4:31 — How bank freezes actually work ➡️ 7:27 — Circle's legal obligation to freeze ➡️ 9:40 — Does Circle's terms of service even apply to secondary holders? ➡️ 11:24 — The privity problem ➡️ 13:20 — The five-piece legal framework that functions like a safe harbor for institutions freezing assets ➡️ 16:43 — DeFi's second-order exposure to asset freezes ➡️ 18:29 — Can DeFi adapt? ➡️ 21:03 — Circle's response to the Drift exploit ➡️ 22:34 — DeFi and the legal system ➡️ 24:27 — Bitcoin as the ideologically consistent alternative ➡️ 28:18 — Why people want intermediaries with liability ➡️ 31:04 — The Drift exploit: why Circle should have frozen USDC ➡️ 36:34 — The exploit difficulty ➡️ 38:27 — Real world assets on chain: the DeFi trilemma Sponsor: Day One Law, a boutique corporate law firm that provides strategic legal counsel to startups, crypto projects, and Web3 innovators. ⁠You can get in contact with them via this link⁠: ⁠⁠https://www.dayonelaw.xyz/#contact. Resources: 📓 Circle's April 10, 2026 statement on the Drift exploit and USDC freeze authority by Dante Disparte📓 ZachXBT's X thread on Circle's USDC freeze historyAlso: I'm re-launching the Law of Code newsletter as the world's shortest legal newsletter! You can ⁠stay updated on emerging tech law for free here⁠. https://lawofcode.beehiiv.com/ Any feedback on this episode? Or how to improve the podcast? Click here. https://forms.gle/W4d2a5aHuLJjuNdn7 Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by guests are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

What are the risks of allowing financial institutions to cut off access to the economy for lawful but controversial activity? Rainey Reitman is a civil liberties advocate and the author of Transaction Denied, a comprehensive investigation into debanking, financial censorship, and the growing role of financial institutions in regulating speech. She previously worked at the Electronic Frontier Foundation and co-founded the Freedom of the Press Foundation. Timestamps: ➡️ 1:20 — Why cash functions as a civil liberty (privacy + censorship resistance) ➡️ 3:21 — What inspired Transaction Denied and early experiences with debanking ➡️ 5:20 — The Chelsea Manning Support Network PayPal freeze ➡️ 8:27 — Operation Chokepoint and the rise of financial censorship ➡️ 11:25 — “Banking while Muslim” and over-compliance with sanctions ➡️ 15:08 — The Patriot Act and incentives for financial surveillance ➡️ 17:12 — Financial intermediaries and the power to block transactions ➡️ 17:48 — Bitcoin, custodians, and whether crypto solves debanking ➡️ 19:33 — Why financial censorship affects everyone—not just targeted groups ➡️ 21:58 — NRA v. Vullo and the limits of government pressure on banks Sponsor: Day One Law, a boutique corporate law firm founded by Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. ⁠You can get in contact with them via this link⁠: ⁠⁠https://www.dayonelaw.xyz/#contact Resources: 📚 Pre-order Transaction Denied 📖 The Patriot Act  👩‍⚖️ Supreme Court decision in National Rifle Association v. Vullo Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

What should crypto founders know about the SEC and CFTC's joint interpretive guidance on securities law? Joining to discuss is Joe Doll (@Sh0edog), Counsel at Day One Law and previously General Counsel at a crypto startup. Joe wrote a detailed breakdown of the guidance aimed at founders, which we walk through from start to finish. Timestamps: ➡️ 0:00 — Intro ➡️ 0:07 — Why the Howey Test exists ➡️ 3:11 — Why tokens are not necessarily securities ➡️ 7:47 — The five-category token taxonomy explained ➡️ 8:45 — Digital commodities ➡️ 12:13 — The four-factor "statement" test ➡️ 15:57 — Why the guidance might chill disclosure ➡️ 19:32 — Joe's proposal for a minimum attachment period ➡️ 23:30 — Fungibility and the token sales problem ➡️ 28:29 — Decentralization, disclosure obligations, and the CLARITY Act ➡️ 29:41 — Why the attachment theory better serves the policy goals of securities law ➡️ 31:51 — Airdrops ➡️ 37:53 — The CLARITY Act's control framework ➡️ 38:58 — Linux, Red Hat, and the case for immutability ➡️ 43:12 — Equity versus token value ➡️ 43:25 — The story behind the handle @sh0edog ➡️ 45:04 — Decentralized communities Resources: 📓 Joe Doll's article breaking down the SEC and CFTC interpretive guidance for founders📓 SEC and CFTC joint interpretive release on the application of securities laws to crypto assetsDisclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by guests are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship. Obviously.

When does transacting in a crypto asset become a securities transaction? The SEC and CFTC recently issued an interpretation clarifying how the federal securities laws apply to certain crypto assets and transactions involving crypto assets. Joining to discuss that is Lewis Cohen, co-chair of Cahill’s digital assets and emerging technologies practice and one of the leading experts on the application of U.S. securities laws to crypto. Timestamps: ➡️ 2:26 — Why a token can be a non-security asset, but still sold in a securities transaction➡️ 4:21 — The SEC’s “attachment and separation” concept explained➡️ 7:22 — Secondary market transactions and the limits of existing case law➡️ 11:15 — Why third parties may be exposed to securities law risk➡️ 14:09 — Who counts as an “issuer” in crypto—and why the concept breaks down➡️ 17:56 — What qualifies as a promise or representation under Howey➡️ 23:27 — Why disclosure—not classification—is the real solution➡️ 25:46 — Can an investment contract “detach” once promises are fulfilled?➡️ 30:19 — Civil liability, enforcement risk, and second-order market effects➡️ 34:42 — The danger of bifurcated markets and uneven information access Sponsor: Day One Law, a boutique corporate law firm founded by Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. ⁠You can get in contact with them via this link⁠: ⁠⁠https://www.dayonelaw.xyz/#contact Resources: 📓 SEC’s interpretive release on the application of security laws to crypto assets and transactions ✍️ Lewis Cohen's client alert on the recent guidance Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

Can new “payment accounts” with the federal reserve solve the crypto industry’s banking problem? Aaron Brogan is the founder and managing partner of Brogan Law, where he advises crypto companies on regulatory strategy, transactions, and policy. He also works with industry groups like the Blockchain Association on comment letters and rulemaking related to crypto banking access and financial regulation. Timestamps: ➡️ 1:22 — What a Federal Reserve master account is and why crypto firms want one➡️ 6:34 — “Skinny” payment accounts: what they include—and what they leave out➡️ 7:16 — The core flaw: no interest, no overdraft protection, and balance constraints➡️ 10:52 — Why incremental policy wins matter in Washington➡️ 12:16 — How agency posture—not law—has shifted dramatically since 2024➡️ 13:09 — Advising clients amid uncertainty: baseline law vs. regulatory signals➡️ 16:11 — Why now may be the best time to take regulatory risk in crypto➡️ 16:44 — The biggest risk: a political shift triggered by a “black swan” event➡️ 18:36 — Onshoring vs. offshore structures: why many crypto projects still leave the U.S.➡️ 21:53 — Prediction markets, state vs. federal power, and a likely Supreme Court fight Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org.  Resources: 📃 Aaron’s newsletter on so-called “skinny” master accounts, with a discussion of his comment letter on behalf of the Blockchain Association 📖 The Federal Reserve's RFI on Reserve Bank Payment Accounts ✉️ “Brogan Law is Built for War” newsletter by Aaron Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

What were the most important legal and regulatory developments in crypto this month? In this episode, we review developments from stablecoin rulemaking and DeFi liability cases to the ongoing fight over prediction markets. Jonathan Schmalfeld is Director of Policy at The Digital Chamber, where he focuses on crypto policy, digital asset legislation, and regulatory developments in Washington. Timestamps ➡️ 1:07 — SEC guidance allowing broker-dealers to apply a 2% capital haircut to payment stablecoins➡️ 4:37 — OCC’s GENIUS Act implementation proposal and the debate over stablecoin yield restrictions➡️ 11:14 — The Promoting Innovation and Blockchain Development Act and developer liability protections➡️ 17:27 — Federal court dismissal of claims against Uniswap and what it means for DeFi developers➡️ 22:55 — How Kalshi enforced insider trading rules in its CFTC-regulated prediction markets➡️ 27:37 — Kalshi’s preliminary injunction against Tennessee regulators and the federal preemption fight➡️ 31:15 — Why prediction market litigation could eventually reach the U.S. Supreme Court➡️ 36:25 — Institutional adoption: Morgan Stanley custody plans, Kraken’s Fed master account, and crypto banking licenses➡️ 40:24 — Operation Chokepoint 2.0 and proposed rules eliminating “reputational risk” in bank supervision➡️ 43:23 — Why competition between crypto and traditional finance is accelerating Sponsor: Day One Law, a boutique corporate law firm founded by Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. ⁠You can get in contact with them via this link⁠: ⁠⁠https://www.dayonelaw.xyz/#contact Resources: 📃 Updated SEC Division of Trading & Markets FAQ ✍️ Hester Peirce statement on updated SEC FAQ 📃 OCC Notice of proposed rulemaking for implementation of the GENIUS Act 📓 Promoting Innovation in Blockchain Development Act of 2026 📃 Kansas City Fed statement on Kraken’s fed master account Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

What happens when a crypto policy lawyer decides to run for one of the most powerful regulatory positions in the United States — New York Attorney General? Khurram Dara is a former policy team member at Coinbase and regulatory policy principal at Bain Capital Crypto. After years working in crypto regulation and policy, he left the private sector to run for the Republican nomination for Attorney General of New York, focusing his campaign on reversing lawfare, regulatory overreach, and using the role of New York Attorney general to shape national policy. Timestamps ➡️ 1:24 — Coinbase, the SEC, and why regulation-by-enforcement pushed Dara toward politics➡️ 4:13 — Why state attorneys general have become “regulators of last resort”➡️ 9:30 — Running for office without prior political experience➡️ 11:31 — How statewide campaigns actually start: conventions, delegates, and ballot access➡️ 17:02 — Campaign execution: fundraising, messaging, and building a political operation➡️ 24:27 — What Dara learned about fundraising and donor dynamics➡️ 28:08 — What “lawfare” means and why it concerns the crypto industry➡️ 33:08 — The economic impact of regulation through litigation➡️ 37:40 — How state AG offices could be reformed➡️ 45:45 — Why state-level crypto regulation may be the next battleground Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources:  👨‍⚖️ SEC Dismissal of Civil Enforcement Against Coinbase 📄 Press release for Attorney General James’ lawsuit against Trump family financial business 📄 Press release for Oregon lawsuit against Coinbase Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

If blockchain systems can automatically enforce transactions, does that mean code itself determines legal rights and ownership? Carla Reyes and Andrea Tosato are professors researching digital assets at the SMU Dedman School of Law and Andrew Hinkes is a partner at Winston & Strawn LLP. Together they authored the paper “Code Is Not Law,” which examines why legal rights in digital assets ultimately depend on law rather than technological systems. Time Stamps: ➡️ 1:30 — Stablecoin yield debates and why banks are back at the negotiating table ➡️ 4:24 — Trade associations vs. decision-makers in White House crypto meetings ➡️ 7:43 — Ethics provisions and constitutional challenges shaping negotiations ➡️ 12:48 — Network token frameworks, ancillary assets, and draft bill trends ➡️ 14:38 — DeFi intermediaries: software providers vs. financial actors ➡️ 17:44 — Disclosure quality vs. disclosure volume in market structure drafts ➡️ 21:38 — Legislation vs. agency guidance vs. litigation: three regulatory paths ➡️ 24:30 — What retail users would actually notice if market structure passes ➡️ 30:08 — Global competition: MiCA, Singapore MAS, and U.S. brain drain risk ➡️ 43:51 — Regulatory moats, incumbents, and the future of innovation Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources:  📓 "Code is not law" research paper 🎧 Episode #75 -  UCC Article 12 Amendments with Drew Hinkes and Andrea Tosato Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

What role are ethics provisions and stablecoin yield debates, playing in shaping — or potentially delaying — U.S. crypto market structure legislation? Gerald Gallagher is General Counsel at Sei Labs and co-host of the Crypto in America podcast, where he covers crypto policy, regulation, and legal developments in Washington. Timestamps: ➡️ 1:30 — Stablecoin yield debates and why banks are back at the negotiating table ➡️ 4:24 — Trade associations vs. decision-makers in White House crypto meetings ➡️ 7:43 — Ethics provisions and constitutional challenges shaping negotiations ➡️ 12:48 — Network token frameworks, ancillary assets, and draft bill trends ➡️ 14:38 — DeFi intermediaries: software providers vs. financial actors ➡️ 17:44 — Disclosure quality vs. disclosure volume in market structure drafts ➡️ 21:38 — Legislation vs. agency guidance vs. litigation: three regulatory paths ➡️ 24:30 — What retail users would actually notice if market structure passes ➡️ 30:08 — Global competition: MiCA, Singapore MAS, and U.S. brain drain risk ➡️ 43:51 — Regulatory moats, incumbents, and the future of innovation Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources: 📓 The latest market structure discussion draft (banking committee) 📓 ⁠The GENIUS Act Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

Can companies raise capital and issue securities directly on-chain without intermediaries or lawyers? Gabe Shapiro is the founder of MetaLeX and a longtime crypto lawyer focused on tokenization, legal automation, and decentralized capital markets. Timestamps: ➡️ 1:20 — Stablecoins, DeFi “kill switches,” and the new crypto narrative➡️ 5:44 — Why custodial assets create governance power over blockchains➡️ 11:04 — Tokenized securities vs. today’s DTCC intermediary model➡️ 21:36 — How MetaLeX enables direct issuer-to-investor capital raises➡️ 23:12 — Private keys as legal signatures and atomic deal execution➡️ 27:58 — Privacy concerns and on-chain legal infrastructure➡️ 33:43 — Low-KYC accreditation and composable legal credentials➡️ 34:23 — Reversibility, bearer instruments, and issuer controls➡️ 39:34 — TradFi, L2s, and whether Wall Street is “eating crypto”➡️ 43:38 — What regulators are missing: CFTC derivatives rules and UCC reform Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources: 📄 Dragonfly Capital's Article "Ethereum is now unforkable, thanks to DeFi" 📄 Shapiro's Article "cyberSign: easy legal agreements on Ethereum" Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

Crypto’s current policy window in Washington is a rare opportunity to pass market structure legislation. What happens if the industry walks away from a compromise now? Bill Hughes, Senior Counsel and Director of Global Regulatory Matters at Consensys, joins the podcast to discuss crypto market structure and stablecoin policy. Timestamps ➡️ 1:10 — Why Agriculture and Banking Committees shape crypto legislation➡️ 4:20 — How agencies influence drafting behind the scenes➡️ 6:40 — Stablecoin yield and illicit finance: the real sticking points➡️ 9:20 — DeFi regulation debates➡️ 17:00 — Is the Clarity Act likely to pass in 2026?➡️ 18:00 — Ethics provisions and political tensions➡️ 20:13 — Coinbase’s strategy➡️ 26:35 — Stablecoin yield fights ➡️ 33:00 — Legislative timelines ➡️ 45:36 — What to watch next Sponsor: Day One Law, a boutique corporate law firm founded by Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. ⁠You can get in contact with them via this link⁠: ⁠⁠https://www.dayonelaw.xyz/#contact Resources: 📓 The latest market structure discussion draft (banking committee) 📓 ⁠The GENIUS Act Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

How should employees, contractors, and companies think about token compensation? What are the legal, tax, and governance risks? Jessica Furr is a lawyer focused on crypto compensation, governance, and market structure, and the author of Read the Fine Print on Token Compensation. Brandon Ferrick is a crypto and securities lawyer who advises companies on token incentive plans, equity compensation, and regulatory compliance. Timestamps: ➡️ 1:28 — Why tokens are not equity (and why people assume they are) ➡️ 3:32 — Why token compensation exists alongside equity ➡️ 6:39 — What documents to look for in a token comp arrangement ➡️ 9:24 — Are tokens securities? How lawyers actually approach classification ➡️ 11:57 — Restricted Token Awards (RTAs) vs. Restricted Token Units (RTUs) ➡️ 13:28 — How tax treatment drives RTA vs. RTU decisions ➡️ 16:49 — What an 83(b) election is and why it matters for tokens ➡️ 21:16 — What employees should negotiate and clarify upfront ➡️ 25:45 — Emerging trends in token compensation structures ➡️ 28:28 — Where token compensation could go next Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources: 📕 Jessica and Brandon's paper Read the Fine Print: Token Compensation 📄 Rule 701 of the Securities Act 📓 Dragonfly Compensation Report Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

How do prediction markets actually work, and why are state gaming regulators and the CFTC battling over who has jurisdiction to regulate? Samir Patel is an attorney at Holland & Knight, where he focuses on gambling law, prediction markets, and the intersection of crypto, derivatives, and state gaming regulation. Timestamps: ➡️ 1:02 — What prediction markets are and how binary contracts work ➡️ 2:51 — Prediction markets vs. sports gambling: what’s legally different? ➡️ 4:02 — Are prediction markets actually “on-chain”? ➡️ 7:37 — The CFTC vs. state gaming regulators: who has jurisdiction? ➡️ 9:55 — Swaps, self-certification, and the Commodities Exchange Act ➡️ 12:06 — How courts are splitting on federal preemption ➡️ 14:39 — Why the CFTC’s silence matters more than the lawsuits themselves ➡️ 18:58 — DCMs vs. FCMs: mapping the regulatory plumbing ➡️ 22:00 — Prediction markets as information tools, not just bets ➡️ 23:30 — What this litigation could mean for crypto and DeFi governance Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources: 📓 Commodity Exchange Act (CEA) 📓 CFTC Rule 40.11 📄 CFTC Staff Advisory Withdrawal of Prior Guidance on Events Contracts Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

What could the future of U.S. crypto regulation look like from the CFTC—and how should regulators approach tokenization, prediction markets, and stablecoins as digital finance moves on-chain? Chris Giancarlo is Senior Counsel for Corporate and Financial Services at Willkie Farr & Gallagher and the former Chair of the U.S. Commodity Futures Trading Commission, where he oversaw the regulation of futures, options, and swaps markets, including the launch of Bitcoin futures. Timestamps: ➡️ 1:15 — Advice for new CFTC Chair Mike Selig ➡️ 3:06 — Why crypto inverts the CFTC’s traditional regulatory model ➡️ 6:53 — How the SEC and CFTC should divide authority over digital assets ➡️ 8:54 — Why the commodity vs. security distinction still matters ➡️ 15:13 — DTCC’s no-action relief and the future of tokenized market infrastructure ➡️ 19:27 — Will TradFi absorb crypto—or will crypto reshape TradFi? ➡️ 21:46 — Prediction markets, federal preemption, and state resistance ➡️ 27:40 — Why prediction markets need regulation, not suppression ➡️ 29:42 — Stablecoins, privacy, and exporting U.S. values through digital dollars Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources 📺 Recording of the CFTC / SEC Joint Event on Harmonization 📓 GENIUS Act 📄 DTCC No Action Letter Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

Why are crypto custody rules for registered investment advisors due for modernization — and what could a future-proof framework look like? Sarah Helena Brennan is the General Counsel for Delphi Ventures, and Jay Stolkin is the Deputy General Counsel at Multicoin Capital.  Timestamps: ➡️ 0:05 — Why the custody rule matters for crypto ➡️ 1:27 — The SEC’s safeguarding proposal and why this paper was written ➡️ 5:58 — What the custody rule and “qualified custodians” actually require ➡️ 10:26 — Why digital assets challenge legacy custody assumptions ➡️ 14:47 — Fees, loss of utility, and concentration risk under the status quo ➡️ 18:21 — The case for optionality and a flexible custody framework ➡️ 22:53 — The five core tenets of cryptoasset safeguarding ➡️ 25:50 — Lessons from the privately offered securities exemption ➡️ 28:27 — On-chain verification, auditors, and real-time transparency ➡️ 32:16 — Where regulators may push back—and what comes next Sponsor: Day One Law, a boutique corporate law firm founded by Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. ⁠You can get in contact with them via this link⁠: ⁠⁠https://www.dayonelaw.xyz/#contact Resources:  📄 Sarah and Jay’s Whitepaper📓 SEC Agency Rule List Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

What should the industry be watching in 2026? Drew Hinkes is a partner at Winston & Strawn and a longtime crypto lawyer whose work spans DeFi, market structure, tokenization, and digital asset regulation.  Timestamps: ➡️ 1:53 — Tokenization, RWAs, and institutional crypto’s next phase ➡️ 4:00 — Market structure gaps and DeFi’s unresolved treatment ➡️ 6:09 — AML creep and the risk to permissionless finance ➡️ 8:15 — Why DeFi depends on interfaces—and where regulation can bite ➡️ 12:28 — Grey areas after market structure: why uncertainty remains ➡️ 17:05 — Equity vs. tokens and what token holders are actually promised ➡️ 23:57 — Tokenization vs. TradFi capture: competition or consolidation ➡️ 29:03 — The biggest systemic risks to crypto in 2026 ➡️ 31:17 — Crypto’s most underappreciated source of resilience Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org.  Resources:  📓 Latest Senate Banking Committee Market Structure Draft 📓 Latest Senate Agriculture Committee Market Structure Draft 📄 SEC No-Action Letter to DTCC on Tokenization Services Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

In this episode, Jacob Robinson and Jonathan Schmalfeld break down the biggest U.S. crypto law and policy developments of the month, from the SEC’s moves toward bringing public markets on-chain to major CFTC moves on derivatives, prediction markets, and collateral. The conversation also covers crypto tax proposals, DeFi governance disputes, banking access, privacy, quantum risk, and why regulators increasingly view crypto not as an exception, but as core financial infrastructure. Jonathan Schmalfeld is the Policy Director at The Digital Chamber and the author of the Off the Blockchain+ newsletter, where he analyzes crypto regulation, market structure, and emerging policy trends. Timestamps: ➡️ 1:03 — SEC market structure reforms and DTC no-action relief ➡️ 7:54 — CFTC allows crypto and tokenized treasuries as collateral ➡️ 8:45 — Prediction markets and state gambling laws ➡️ 13:23 — Crypto tax proposals: wash sales, staking, and airdrops ➡️ 16:03 — Aave, DAO governance, and token vs. equity conflicts ➡️ 21:48 — GENIUS Act implementation and stablecoin interest debates ➡️ 27:33 — The end of Operation Choke Point 2.0 and legislative fixes ➡️ 31:02 — DeFi liquidations, market manipulation, and public debate ➡️ 34:20 — Quantum computing risk and Bitcoin’s long-term resilience ➡️ 38:46 — Michael Selig confirmed as CFTC Chair Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources:  📄 SEC’s No Action Letter to the DTC ✉️ CFTC Digital Assets Pilot Program Announcement 📓 Draft of the PARITY Act 📄 FDIC Notice of Proposed Rulemaking for Stablecoins ✉️ ⁠Jonathan’s Off the Blockchain+ Newsletter⁠ Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

In this episode, Jacob Robinson speaks with Odun Olowookere about Canada’s proposed Stablecoin Act, the constitutional and regulatory challenges it raises, and why critics argue it may reduce clarity rather than enhance it.  Odun Olowookere is a legal scholar at York University and the co-author of a submission to Canada’s House of Commons critiquing the draft Stablecoin Act, alongside Darrell Duffie of Stanford University and Andreas Veneris of the University of Toronto. Timestamps: ➡️ 0:05 — Why Canada’s draft Stablecoin Act has drawn concern ➡️ 2:13 — The Act’s stated goal: monetary sovereignty and dollarization risk ➡️ 3:16 — Why stablecoins are not explicitly defined as payment instruments ➡️ 5:20 — How Canada’s constitutional structure complicates stablecoin regulation ➡️ 8:41 — Canada’s blanket prohibition on interest and how it differs from GENIUS ➡️ 9:46 — Expanded “payment function” language and why it alarms critics ➡️ 10:33 — How wallets, validators, and even users could be swept into regulation ➡️ 16:14 — Data security obligations and the Bank of Canada’s technical capacity ➡️ 18:33 — Prudential regulation concerns and undefined reserve requirements ➡️ 21:48 — Is Canada regulating stablecoins too early? Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources:  📓 The Canadian Stablecoin Act Draft Text 📄 Odun, Andreas Veneris, and Darrell Duffie’s Written submission to the House of Commons in reply to The Stablecoin Act Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

DeFi has always promised trust without intermediaries, but as the ecosystem matures, that promise is being stress-tested by hacks, institutional risk limits, and regulatory pressure. To unpack whether DeFi can scale without sacrificing neutrality or permissionlessness, Katherine Kirkpatrick Bos, General Counsel of StarkWare, and Jessi Brooks, General Counsel & Chief Compliance Officer at Ribbit Capital, joined the podcast to discuss their paper “Trust Without Intermediaries: A Programmable Risk Management Framework for the Future.” The paper sparked controversy across the DeFi community, with critics arguing it could open the door to protocol-level compliance or re-intermediation. In this episode, Katherine and Jessi explain that the paper proposes something different. Timestamps: ➡️ 01:31 — Why write this paper? ➡️ 07:55 — Institutional DeFi and why one-size-fits-all doesn’t work ➡️ 09:43 — Compliance as a commercial choice, not a mandate ➡️ 11:38 — Risk scoring in DeFi ➡️ 15:37 — Technical de-risking ➡️ 18:23 — Optional evolution ➡️ 20:59 — Not protocol-level compliance ➡️ 25:49 — Opt-in DeFi ➡️ 30:44 — Lessons from the backlash and public debate & much more. Sponsor: : ⁠⁠ This episode is brought to you by ⁠⁠⁠Day One Law⁠, a boutique law firm helping crypto startups navigate complex legal challenges. Subscribe to ⁠⁠⁠Day One’s free monthly newsletter⁠⁠⁠ for legal and regulatory updates. Resources: 📄 Trust Without Intermediaries: A Programmable Risk Management Framework for the Future Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

In this episode, Jonathan Schmalfeld and Jacob Robinson walk through the biggest crypto law and policy developments of the month of November. Jonathan is the Policy Director at The Digital Chamber, where he leads federal and state advocacy on digital asset regulation. Timestamps: ➡️ 1:19 — Senate Agriculture Committee releases market structure draft ➡️ 3:22 — Why DeFi and AML sections remain blank ➡️ 3:52 — Chair Atkins’ speech and push for taxonomy ➡️ 6:32 — Treasury & IRS guidance on staking ETFs ➡️ 10:39 — Uniswap’s fee switch vote and winding down ➡️ 13:53 — Coinbase reincorporates from Delaware to Texas ➡️ 16:19 — MEV exploit trial ends in mistrial ➡️ 23:36 — Samurai Wallet sentencing and liability risks ➡️ 26:55 — DOJ’s Tornado Cash filing and self-custody issues ➡️ 30:29 — Digital Chamber launches State Network ➡️ 33:37 — OCC guidance allowing banks pay gas fees ➡️ 36:50 — What to watch next in GENIUS implementation Sponsor: Day One Law, a boutique corporate law firm founded by Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. ⁠You can get in contact with them via this link⁠: ⁠⁠https://www.dayonelaw.xyz/#contact Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

Greg Xethalis, General Counsel at Multicoin Capital joins the podcast to discuss the history of ETFs, what we can learn from the first Bitcoin ETF, and the interplay between the CLARITY Act and RFIA. This episode also covers the challenges of disclosure in decentralized systems, and why principles-based regulation is essential for the next phase of crypto innovation. Timestamps ➡️ 1:27 — The origin story of ETFs ➡️ 3:00 — SEC dynamics behind the first ETF ➡️ 7:45 — The first Bitcoin ETF ➡️ 15:34 — Market structure: CLARITY Act + RFIA as complementary frameworks ➡️ 20:52 — Disclosure: a challenge in crypto regulation ➡️ 33:34 — Who should be responsible for token disclosures long-term? Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources: 📘 Project Crypto Speech — Chair Paul Atkins 📄 FinCEN 2013 Virtual Currency Guidance 📓 CLARITY Act – functional maturity framework 📕 Responsible Financial Innovation Act (RFIA) – ancillary asset test 🏛️ Greg's Senate Banking Committee testimony Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

After the GENIUS Act was enacted, the U.S. Treasury issued an Advance Notice of Proposed Rulemaking to gather public and industry input before drafting implementing regulations. Some of the most influential submissions came from major banking and traditional finance associations, outlining how they believe U.S. stablecoin regulation should look. J.W. Verret, Associate Professor of Law at the Antonin Scalia Law School at George Mason University, submitted a detailed rebuttal pushing back on the banks’ expansive interpretation of statutory authority and their call to ban “indirect yield.” Timestamps: ➡️ 1:02 — Why this rulemaking matters ➡️ 2:55 — Why JW felt compelled to respond ➡️ 4:48 — How agencies use comments ➡️ 5:17 — What counts as ‘interest’ or ‘yield’? ➡️ 7:00 — The push to regulate affiliates and third-party providers ➡️ 10:34 — Why a prohibition on ‘indirect yield’ matters ➡️ 14:55 — Zcash, privacy tech, and Roman Storm ➡️ 18:00 — What happens next in GENIUS rulemaking ➡️ 19:11 — Do stablecoins drain bank deposits? Sponsor: Day One Law, a boutique corporate law firm founded by Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. ⁠You can get in contact with them via this link⁠: ⁠⁠https://www.dayonelaw.xyz/#contact Resources: 📓 GENIUS Act 📄 Joint Trades Letter (ABA + ICBA + BPI coalition) ✉️ J.W. Verret’s Rebuttal Letter Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

Staking is now officially on the table for U.S. crypto ETFs. In this episode, I’m joined by Jason Schwartz (@CryptoTaxGuyETH), a tax partner at CahillNXT, Cahill’s digital assets and emerging technology practice. Jason specializes in tax issues relating to digital assets, financial products, securitizations, lending, treaties, and fund structures. We break down Treasury and the IRS’s new safe harbor that allows crypto ETPs to stake without being treated as domestic corporations, and the questions that follow. Timestamps ➡️ 00:00 — Intro ➡️ 00:41 — Sponsor: Day One Law ➡️ 01:04 — What does the new Treasury/IRS safe harbor actually allow? ➡️ 03:30 — Why staking created a legal grey area for ETFs ➡️ 06:18 — Why “grantor trust” classification matters so much ➡️ 09:55 — The key safe harbor requirements ➡️ 14:40 — Who this matters for: investors, issuers, and markets ➡️ 19:22 — Could LST-based ETFs outperform Safe Harbor ETFs? ➡️ 23:10 — Four big open questions: uncertainties the IRS didn’t settle ➡️ 28:12 — What comes next for staking ETFs, Treasury, and IRS guidance & much more. Sponsor: Day One Law, a boutique corporate law firm founded by Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. ⁠You can get in contact with them via this link⁠: ⁠https://www.dayonelaw.xyz/#contact Resources: 📄 Cahill Client Alert: IRS and Treasury Issue Safe Harbor for Staking by Crypto ETPs 🎧 Previous episode with Jason Schwartz (#151) 🌐 CahillNXT 💼 Jason on X: @CryptoTaxGuyETH Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

In this episode, Jason Gottlieb, Chair of Morrison Cohen’s Digital Assets Department and White Collar & Regulatory Enforcement Practice Group, breaks down the litigation trends shaping crypto today. Timestamps: ➡️ 0:44 — Why litigation is shifting from regulators to private disputes ➡️ 3:37 — Statute of limitations: the five-year vs. ten-year reality ➡️ 8:14 — Inside the revamped Morrison Cohen Crypto Litigation Tracker ➡️ 12:41 — How judges are learning (and misunderstanding) crypto ➡️ 18:03 — The importance of amicus briefs in crypto cases ➡️ 20:52 — Stablecoin-freezing disputes and why issuers keep getting dragged in ➡️ 26:41 — Jurisdiction battles: extraterritoriality, comity & serving by NFT Sponsor: Day One Law, a boutique corporate law firm founded by Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. ⁠You can get in contact with them via this link⁠: https://www.dayonelaw.xyz/#contact Resources: Morrison Cohen Crypto Litigation Tracker: cryptotracker.morrisoncohen.com Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

In this episode, Jacob is joined by DoubleZero’s General Counsel, Mari Tomunen, and Cooley’s Connor Tweardy to unpack the U.S. SEC’s Division of Corporation Finance’s landmark no-action letter to DoubleZero, a decentralized physical infrastructure (DePIN) project that became the first crypto initiative in over five years to secure such relief. Timestamps: ➡️ 01:20 – Why DoubleZero engaged with the SEC ➡️ 03:00 – Communicating DePIN to regulators ➡️ 04:40 – Making decentralization “lawyer-friendly” ➡️ 07:00 – Why the token's status was crucial ➡️ 08:20 – Compliance by design ➡️ 10:00 – The DoubleZero Foundation’s role ➡️ 11:45 – How the SEC evaluated “managerial efforts” ➡️ 13:20 – How an international footprint shaped dialogue with regulators ➡️ 15:30 – Lessons for other projects ➡️ 18:00 – The SEC’s “efforts balancing” test ➡️ 22:00 – Why discretionary control and passive income models raise red flags ➡️ 26:00 – Designing compliance into your protocol ➡️ 30:00 – Advice for teams pursuing regulatory clarity Sponsor: Day One Law. ⁠⁠ This episode is brought to you by ⁠⁠⁠Day One Law⁠, a boutique law firm helping crypto startups navigate complex legal challenges. Subscribe to ⁠⁠⁠Day One’s free monthly newsletter⁠⁠⁠ for legal and regulatory updates. Resources: No-Action Letter: https://www.sec.gov/files/corpfin/no-action/doublezero-final-conformed-092625.pdf Cooley LLP's blog post: https://www.cooley.com/news/coverage/2025/2025-09-29-doublezero-secures-no-action-relief-from-sec Disclaimer: The information in this podcast is provided for educational and informational purposes only and should not be construed as legal advice. Listening to this episode or contacting the guests does not create an attorney-client relationship. For advice regarding your specific situation, please consult your own legal counsel.

Joris Delanoue, Co-CEO of Fairmint, joins the podcast to discuss how his SEC-registered transfer agent has already issued and managed over $1B of equity on-chain. We explore the legal distinctions between mirrored tokens and natively on-chain securities and how compliance can be built directly into smart contracts. Timestamps: ➡️ 00:00 — Intro ➡️ 00:46 — Sponsor: Day One Law ➡️ 01:09 — Why bring equity on-chain? ➡️ 04:28 — Turning cap tables into smart contracts ➡️ 09:39 — Registering as an SEC transfer agent ➡️ 12:28 — How blockchain changes the “source of truth” ➡️ 16:09 — Fixing accredited investor rules ➡️ 22:26 — Compliance by automation vs. intermediation ➡️ 26:38 — Lessons from the Paperwork Crisis ➡️ 28:40 — Addressing human error ➡️ 30:20 — Protecting ownership in a tokenized world ➡️ 32:02 — What’s next for Fairmint & more. Sponsor: This episode is brought to you by ⁠Day One Law⁠ — a boutique law firm helping crypto startups navigate complex legal challenges. Resources: 📜 Open Cap Table Coalition Follow Joris on X: @Joris_DLN 🗒️ On-chain accreditation

Stablecoins are no longer a side story — they’re on the path to becoming the backbone of global digital finance. To unpack what the GENIUS Act means for the U.S. dollar, stablecoin issuers, and banking competition, I sat down with Austin Campbell, Founder and Managing Partner of Zero Knowledge Consulting and an Adjunct Professor at Columbia Business School. Austin previously led Stable Value Trading at JP Morgan, co-headed Digital Asset Rates Trading at Citi, and served as Head of Portfolio Management at Paxos. In this episode, Austin explains the key provisions of the Genius Act, the misconceptions around the “interest” prohibition, and how competition between currencies could expand freedom — and reshape the global economy. Timestamps: ➡️ 00:00 — Intro ➡️ 00:46 — Sponsor: Day One Law ➡️ 01:09 — Austin’s path from Wall Street to crypto ➡️ 05:40 — Why the Genius Act is the most important bipartisan financial law since Dodd-Frank ➡️ 10:31 — Stablecoins as global infrastructure for the U.S. dollar ➡️ 15:14 — Key pillars of the Genius Act: reserves, insolvency, and compliance ➡️ 26:20 — Privacy, enforcement, and what Genius gets right ➡️ 37:19 — The “interest” prohibition — and the exception most people missed ➡️ 45:00 — What comes next for stablecoin issuers and U.S. regulators & much more. Sponsor: ⁠⁠ This episode is brought to you by ⁠⁠Day One Law, a boutique law firm helping crypto startups navigate complex legal challenges. Subscribe to ⁠⁠Day One’s free monthly newsletter⁠⁠ for legal and regulatory updates. Resources: 📄 Crypto and the Evolution of Capital Markets paper. 🎧 Law of Code episode #145 with Tuongvy Le (@TuongvyLe12). 📰 Austin's Zero In Newsletter 🌐 Zero Knowledge Consulting Disclaimer: Nothing in this podcast is legal advice. The views expressed are those of the host and guest and do not necessarily reflect those of their organizations. Always consult your own counsel before making legal decisions.

DUNA — the Decentralized Unincorporated Nonprofit Association — is one of the most important new legal structures for crypto governance. To understand its history, tax implications, and jurisdictional trade-offs, I sat down with David Kerr, founder of Cowrie, a crypto-native advisory firm specializing in U.S. tax compliance and entity structuring. David was instrumental in drafting the Wyoming DUNA Act, and in this episode we discuss the evolution of UNAs, why Wyoming stepped up, the tax and compliance realities facing projects, and what this means for the future of DAOs in the U.S. Timestamps: ➡️ 00:00 — Intro ➡️ 00:46 — Sponsor: Day One Law ➡️ 01:09 — Origins of the DUNA: why unincorporated associations matter ➡️ 03:32 — Early U.S. entity law, UNAs, and Wyoming’s first adoption in 1993 ➡️ 07:53 — Why some states resisted hybrid entity forms ➡️ 12:30 — Nonprofit ≠ tax exempt: clearing up misconceptions ➡️ 16:15 — How DAOs and protocol treasuries fit with the DUNA model ➡️ 20:45 — Legislative drafting in Wyoming and lessons from Texas ➡️ 27:07 — Secretary of State & local support ➡️ 29:16 — When does a U.S. DUNA make sense for international projects? ➡️ 31:54 — Tax trade-offs: advantages, disadvantages, and compliance ➡️ 38:54 — Treasury management, W-8/W-9s, and reporting obligations ➡️ 41:56 — The DUNA as “where governance goes” ➡️ 47:39 — Building Cowrie: tax, filings, advisory, and administrator services ➡️ 49:11 — Crypto’s “LLC moment” & more. Sponsor: This episode is brought to you by ⁠Day One Law⁠ — a boutique law firm helping crypto startups navigate complex legal challenges. Subscribe to ⁠Day One's free monthly newsletter⁠ for legal updates. Resources: 📄 Wyoming DUNA Act 📜 Cowrie’s overview of UNAs & DUNAs

DOJ Criminal Division Chief Matthew Galeotti recently stated: “Merely writing code, without ill intent, is not a crime.” He emphasized that developers of neutral tools should not be held liable for someone else’s misuse. Joining me to unpack what this means for developers is Amanda Tuminelli, Executive Director of the DeFi Education Fund. We discuss the DOJ’s remarks, DEF’s role in shaping the conversation, and what comes next for developer protections, market structure legislation, and global DeFi policy. Timestamps: ➡️ 00:00 — Intro ➡️ 00:46 — Sponsor: Day One Law ➡️ 01:09 — DOJ’s statement: “writing code is not a crime” ➡️ 03:17 — How the Tornado Cash trial might have been different ➡️ 05:15 — DEF’s advocacy on Section 1960 ➡️ 07:05 — Remaining gray areas: sanctions, facilitation & intent ➡️ 10:30 — How developers can show good faith reliance ➡️ 12:25 — Where developer protections may land in market structure bills ➡️ 14:30 — DEF’s next priorities: Roman Storm, market structure, SEC engagement ➡️ 17:11 — Defining “facilitate” and why rulemaking could help ➡️ 19:08 — Global impact of U.S. leadership on DeFi ➡️ 20:57 — Stablecoins, GENIUS Act, and regulatory momentum ➡️ 21:41 — Final thoughts on clarity and innovation & more. Sponsor: This episode is brought to you by Day One Law — a boutique law firm helping crypto startups navigate complex legal challenges. Subscribe to Day One's free monthly newsletter for legal updates. Resources: 📄 DOJ remarks by Matthew Galeotti in Jackson, WY 📜 DEF coalition letter on developer protections 📬 Contact: [email protected] Disclaimer: Nothing in this podcast is legal advice. The views expressed are those of the host and guest and do not necessarily reflect those of their organizations. Always consult your own counsel before making legal decisions.

Sponsor: This episode of the Law of Code podcast is brought to you by Day One Law, a boutique corporate law firm for founders and funds in crypto. Learn more at ⁠dayonelaw.com⁠. The regulatory winds in Washington have shifted dramatically, and Anchorage Digital has been in the middle of it all. Kevin Wysocki, Head of Policy at Anchorage Digital, joins the podcast to discuss: 01:07 – White House crypto report & GENIUS signing 02:20 – Anchorage as the first federally chartered digital asset bank 03:20 – Stablecoins, de-banking 05:08 – Institutional demand post-GENIUS 07:03 – Partnering to on-shore stablecoin issuance 10:36 – Market structure legislation: custody, vertical integration & yield 14:06 – Timeline for Senate and House bills 15:58 – Bipartisan engagement on Capitol Hill 18:33 – Policy sticking points & compromises ahead 20:18 – Market maturity tests & Anchorage’s stance 21:48 – Cross-border custody & protecting self-custody 23:25 – Taxes, tokenization & national security on the horizon 26:22 – Bankruptcy remoteness & why custody matters Kevin is a Capitol Hill veteran, having worked for the House Financial Services Committee, Rep. Andy Barr, and Rep. Tom Emmer, before moving into government affairs at Meta and now leading policy efforts for the first federally chartered digital asset bank. Disclaimer: The information provided in this podcast is for educational purposes only and should not be construed as legal or investment advice.

This episode is brought to you by Day One Law, a boutique corporate law firm helping crypto startups navigate complex legal challenges. Visit ⁠⁠dayonelaw.xyz⁠⁠ to get in touch, or ⁠⁠subscribe to their free newsletter⁠⁠ for crypto legal updates. Show notes: In early August, the Uniswap Foundation proposed that Uniswap Governance adopt a Wyoming-registered DUNA (Decentralized Unincorporated Nonprofit Association). A first-of-its-kind structure for DAOs, the DUNA could be crypto’s LLC moment. Joining me to discuss this development is Brian Nistler, General Counsel of the Uniswap Foundation, and Rodrigo Seira, Special Counsel at Cooley. We discuss what a DUNA is, why Uniswap proposed it, and what it means for governance participants and token holders. Timestamps: 01:07 – What a DUNA is and why DAOs need it 02:16 – Wyoming's innovation 07:14 – Membership without KYC 09:22 – Uniswap Governance, not Uniswap Foundation 11:25 – Why DUNA is the right fit 13:57 – Liability for token holders? 17:17 – Preserving Uniswap's decentralization 21:13 – Administrators and ministerial agents 24:30 – Will courts respect the liability shield? 25:59 – Tax obligations and tradeoffs 29:37 – Lessons for other DAOs 34:04 – How DUNA fits into Uniswap Unleashed 35:15 – Where the DUNI proposal stands 36:19 – Should non-U.S. projects consider DUNAs? 37:43 – Resources to learn more Disclaimer: Nothing in this podcast is legal advice. Please consult a lawyer for advice specific to your situation. Resources: Uniswap DUNA ProposalMiles Jennings and David Kerr on the DUNA

The Roman Storm trial ended with one guilty verdict, raising big questions about what comes next for developers and open-source protocols. To unpack the implications, I’m joined by Peter Van Valkenburgh, Executive Director of Coin Center. Coin Center is hosting their annual dinner on Thursday, September 25, 2025 at the Plaza Hotel in New York City. Timestamps: ➡️ 00:00 – Introduction ➡️ 01:00 – Explaining the Roman Storm verdict ➡️ 03:00 – FinCEN's 2019 guidance ➡️ 07:40 – Implications for future regulatory guidance ➡️ 14:20 – First Amendment and due process defenses ➡️ 21:30 – Future of peer-to-peer crypto ➡️ 27:40 – Coin Center’s six-month policy review ➡️ 35:30 – The President’s Working Group Report ➡️ 38:50 – Why crypto must be more than an investment Sponsor: This episode is brought to you by Day One Law, a boutique corporate law firm helping crypto startups navigate complex legal challenges. Visit dayonelaw.xyz to get in touch, or subscribe to their free newsletter for crypto legal updates. Disclaimer: This podcast is for educational purposes only and is not legal or financial advice.

Crypto tax expert Jason Schwartz joins the podcast to break down what founders get wrong about taxes — and what’s changing in 2025. Jason is a partner at Cahill NXT, where he specializes in the tax treatment of digital assets, financial products, and decentralized protocols. In this episode, he shares insights on how projects are approaching structuring, the rise of 501(c)(4) entities, common tax pitfalls with Cayman foundations, and how the IRS might soon leverage AI to change enforcement. Timestamps:➡️ 00:00 — Intro ➡️ 01:18 — Sponsor: The Hedera Council ➡️ 01:23 — Crypto tax trends ➡️ 04:23 — Can offshore projects return onshore? ➡️ 05:12 — Common tax mistakes & how they could backfire ➡️ 11:31 — What happens if the IRS comes knocking ➡️ 13:55 — Major crypto tax developments under the new administration ➡️ 18:56 — Status of Lummis’ tax proposal and what might come next ➡️ 24:50 — Staking: why current proposals may not solve the problem ➡️ 31:11 — Airdrops: what upcoming legislation could get wrong ➡️ 36:30 — How the IRS might use AI and what that means for crypto traders ➡️ 42:24 — Why a mark-to-market election could provide needed clarity ➡️ 44:39 — Lending, wrapping, and other grey areas: what’s “reasonable”? & more. Sponsor: This episode is brought to you by the Hedera Council, the decentralized governing body for the Hedera network. They are currently hiring a Legal Counsel, and interested candidates can apply at https://hedera.com/future?gh_jid=4574329006. Be sure to tell them you heard of the position on the Law of Code podcast! 📬 Jason on Twitter: @CryptoTaxGuyETH Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

SEC Commissioner Hester Peirce and Crypto Task Force Chief Counsel Mike Selig return to the podcast to share updates from the SEC’s Crypto Task Force — plus their thoughts on tokenized securities, market structure legislation, exemptive relief, and the role of decentralization in regulatory design. Timestamps: ➡️ 00:00 — Intro ➡️ 00:46 — Sponsor: Day One Law ➡️ 01:09 — Tokenizing securities: what facts and circumstances matter ➡️ 02:51 — What exemptive relief could look like ➡️ 04:51 — Timeline for SEC action on tokenization ➡️ 05:14 — Key regulatory risks in tokenized markets ➡️ 07:44 — Could ZKPs enable on-chain compliance? ➡️ 09:55 — Will smart contract auditors exist at the SEC? ➡️ 10:38 — How decentralization fits into new frameworks ➡️ 15:27 — Best practices for speaking with the SEC ➡️ 17:38 — Pathways for offshore projects to re-engage in the U.S. ➡️ 18:45 — Passport regime vs. U.S.-specific compliance ➡️ 20:45 — What Crypto Task Force meetings actually look like ➡️ 22:09 — How the SEC views DePIN models and incentives ➡️ 23:40 — Could yield-bearing stablecoins become regulated products? ➡️ 24:54 — SEC–CFTC joint rulemaking: what’s next & more. Sponsor: This episode is brought to you by Day One Law — a boutique law firm helping crypto startups navigate complex legal challenges. Resources: 📄 SEC Crypto Task Force information page 📬 Contact: [email protected] 📜 “Enchanting, but Not Magical: A Statement on the Tokenization of Securities” — Commissioner Peirce’s statement on tokenized securities.

Derivatives expert Katherine Kirkpatrick Bos, General Counsel of StarkWare, joins the podcast to discuss the first-ever CFTC-regulated "perpetual-style" futures contracts to occur onshore — a move that may pull trading volume back from offshore exchanges and reshape global market dynamics. Prior to joining StarkWare, Katherine was Chief Legal Officer of Cboe Digital, a U.S. regulated exchange and clearinghouse for crypto spot and crypto derivatives markets. Timestamps: ➡️ 00:00 — Intro➡️ 00:53 — Sponsor: Day One Law ➡️ 01:27 — What are 'perps'?➡️ 04:29 — Why have perps been offshore?➡️ 07:48 — How are these new contracts CFTC-regulated? ➡️ 12:24 — Comparing regulated perps to offshore offerings➡️ 15:56 — Benefits and protections for U.S. traders using onshore perps➡️ 20:06 — Could this repatriate crypto volume to U.S.-regulated venues?➡️ 24:48 — The future of crypto derivatives regulation: urgent areas needing clarity& much more. Sponsor: This episode is brought to you by Day One Law — a boutique law firm helping crypto startups navigate complex legal challenges. Visit ⁠⁠https://www.dayonelaw.xyz/⁠⁠ to get in touch. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Stablecoins have grown from a total value of ~$2 billion in 2019 to over $230 billion by early 2025, enabling $33 trillion in transactions across 236 million wallets. But beneath this growth lies a deep — and fragile — dependence on the U.S. Treasury market. Professor Yesha Yadav of Vanderbilt Law School and Brendan Malone, formerly of Paradigm, the Federal Reserve Board, and MIT, discuss their paper on the critical but underexamined relationship between U.S. dollar stablecoins and Treasuries. They unpack why Treasuries act as the “anchor” for stablecoins, explore operational and liquidity risks, and outline what policy changes might be necessary to avert a crisis. Timestamps: ➡️ 00:00 — Intro ➡️ 01:10 — Sponsor: Hedera Council is hiring a legal counsel ➡️ 02:40 — Why is the U.S. Treasury market so critical to stablecoins? ➡️ 04:32 — Treasuries as “cash equivalents” and risk-free assets ➡️ 07:33 — What does it mean to “hold” Treasuries? ➡️ 11:38 — Liquidity and operational risks ➡️ 14:34 — Changing structure of Treasury markets ➡️ 16:12 — 24/7 crypto vs. limited-hour Treasury markets ➡️ 20:06 — Systemic risk scenarios ➡️ 28:27 — The urgent need for preemptive policy solutions ➡️ 33:22 — Regulatory fragmentation: “everyone’s responsible, so no one is” ➡️ 38:51 — Possible reforms: more short-term issuance, repo market, reserves access ➡️ 40:53 — Treasuries as “risk-free” assets — myth vs. reality ➡️ 46:23 — Potential Fed facilities and why they aren’t in place yet ➡️ 51:06 — Bonus: Hedera Council’s General Counsel Gregory Schneider on their open position. Sponsor: Hedera Council is hiring a legal counsel. Click here for more information about the role, or follow this link: https://hedera.com/future?gh_jid=4574329006. Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Jessi Brooks is the General Counsel & Chief Compliance Officer at Ribbit Capital. Prior to Ribbit, Jessi was an attorney at the U.S. Department of Justice, where she worked on high-profile crypto and national security cases. Jessi explains the blockchain tools used in the Bitfinex hack, why crypto > cash, how the DOJ works with stablecoin issuers, and much more. The conversation also covers Jessi’s journey from prosecuting domestic violence cases to crypto, and her perspective on building bridges between regulators and the industry. Timestamps: ➡️ 00:57 Lessons from the Bitfinex hack ➡️ 06:28 Unhosted wallets and the DOJ ➡️ 09:42 The role of seizure & forfeiture ➡️ 13:44 Increase in crypto-related cases ➡️ 19:18 Jessi’s early DOJ crypto cases ➡️ 23:23 Al-Qassam Brigades operation ➡️ 31:31 How DOJ and industry can align ➡️ 35:49 Her work at Ribbit Capital and advising startups Sponsor: This episode is brought to you by Day One Law — a boutique law firm helping crypto startups navigate complex legal challenges. Visit ⁠https://www.dayonelaw.xyz/⁠ to get in touch. #crypto #cryptocurrency #law #blockchain #bitcoin #ethereum Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

What steps should founders and their counsel take when launching a token or product in web3? In this episode, Jacob Robinson is joined by Nima Maleki (@Nimathefish), Counsel at Day One Law. Nima designs legal roadmaps for clients, including product counseling, token launches, and fundraising structures. Nima shares what’s market for launching blockchain products — ranging from regulatory and decentralization strategies to token valuations, whether founders still need a foundation for their project, and where tax concerns may arise throughout the process. Timestamps: ➡️ 00:00 – Intro ➡️ 01:03 – Sponsor: Day One Law ➡️ 01:32 – Agenda: Six Steps to Product / Token Launch ➡️ 04:10 – Questioning Decentralization Strategies ➡️ 06:57 – Step One: Structuring Your Business ➡️ 17:15 – Step Two: Fundraising ➡️ 24:51 – Step Three: Token Valuation ➡️ 28:48 – Step Four: Product / Token Launch This episode is brought to you by Day One Law — a boutique law firm helping crypto startups navigate complex legal challenges. Visit https://www.dayonelaw.xyz/ to get in touch. #crypto #cryptocurrency #law #blockchain #bitcoin #ethereum Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

In this episode, Jacob Robinson is joined by Justin Wales (@bitcoin_wales), Head of Legal (Americas) at Crypto.com and author of The Crypto Legal Handbook. Sponsor: This episode is brought to you by Day One Law — a boutique law firm helping crypto startups navigate complex legal challenges. Visit https://www.dayonelaw.xyz/ to get in touch. With the release of the book’s second edition, Justin shares what’s new: from stablecoin legislation and state-level licensing regimes to AI’s intersection with crypto and the shifting regulatory tone under a new administration. We also discuss how legal frameworks are evolving, the risks of regulatory whiplash, and why meme coins, AI agents, and decentralized settlement are at the center of today’s legal debates. Timestamps: ➡️ 00:00 Intro ➡️ 00:46 Sponsor: Day One Law ➡️ 02:00 Second Edition Highlights & Historical Context ➡️ 04:00 State-Level Developments & Money Transmission Rules ➡️ 06:00 Outlook on Stablecoin and Market Structure Legislation ➡️ 08:00 How to Read the New Edition ➡️ 10:00 Operation Chokepoint, Debanking & Tax Updates ➡️ 11:30 The Rise of Meme Coins & Industry Disincentives ➡️ 14:30 SEC Enforcement, Risk Appetite & Innovation ➡️ 17:00 AI x Crypto: Communication, Trust & Open Protocols ➡️ 20:00 Crypto's Place in Financial Infrastructure ➡️ 22:30 Jurisdictional Competition & Market Pressure ➡️ 25:00 The Cost of Fitting Crypto Into Legacy Systems ➡️ 27:00 Global Posture Shift & Optimism for the Future ➡️ 29:00 Final Thoughts The Crypto Legal Handbook: You can find it online for $30, here: https://thecryptolegalhandbook.com/ Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

If the law were truly “technology-neutral,” what would that look like in practice for a P2P securities transaction via smart contracts? In this episode, Jacob Robinson is joined by Tuongvy Le (@TuongvyLe12), who has served as General Counsel of Anchorage Digital, Partner and Head of Regulatory and Policy at Bain Capital Crypto, and Deputy GC and Compliance Officer at Worldcoin. She also spent almost six years at the SEC as Senior Counsel in the Division of Enforcement and Chief Counsel of the Legislative and Intergovernmental Affairs Office. Together, they discuss her recent Fortune article on why the SEC needs to take a hands-off approach to peer-to-peer transactions (link) and market structure history and regulation (link). Timestamps: ➡️ 00:00 Intro ➡️ 0:46 Sponsor: Day One Law ➡️ 03:43 Peer-to-Peer Transactions: Analog vs. Digital ➡️ 06:36 The Intersection of DeFi and Securities Law ➡️ 12:40 Industry Self-Regulation and Best Practices ➡️ 15:40 Understanding Market Structure: A Historical Context ➡️ 24:31 Designing a New Market Structure for Crypto ➡️ 32:25 The SEC's Evolving Stance on Crypto Innovation This episode is brought to you by Day One Law — a boutique law firm helping crypto startups navigate complex legal challenges. Visit https://www.dayonelaw.xyz/ to get in touch. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

In this episode, Jacob Robinson is joined by Dr. Chris Brummer (@ChrisBrummerDr), Professor of Financial Technology at Georgetown Law and Founder & CEO of Bluprynt, an AI and blockchain-powered platform for automating regulatory disclosures. Together, they unpack the SEC’s recent statement: Offerings and Registrations of Securities in the Crypto Asset Markets — a document that some say could mark a paradigmatic shift in the agency’s approach to digital asset regulation. We also discuss his article on this guidance. Timestamps: ➡️ 00:00 Intro ➡️ 0:46 Sponsor: Day One Law ➡️ 01:37 What is Bluprynt? ➡️ 07:32 Why this SEC guidance is timely and valuable ➡️ 09:41 The SEC is paying down regulatory debt ➡️ 16:03 Smart contract disclosures ➡️ 18:40 The investment contract question ➡️ 21:25 How projects can navigate this paradigm shift This episode is brought to you by Day One Law — a boutique law firm helping crypto startups navigate complex legal challenges. Visit https://www.dayonelaw.xyz/ to get in touch. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

In this conversation, Jacob Robinson and Amanda Tuminelli, Executive Director of the DeFi Education Fund, delve into the criminal code provision punishing unlicensed money transmitting businesses, why this is relevant for developers of non-custodial crypto projects, and how a recent memo from the Department of Justice on ending “the regulatory weaponization against digital assets" might not have gone far enough. Timestamps: ➡️ 00:00 Intro ➡️ 0:46 Sponsor: Day One Law ➡️ 01:05 What is Section 1960 and how does it impact crypto developers ➡️ 03:42 What case law tells us about Section 1960 ➡️ 06:11 How money transmitting and money service businesses are defined ➡️ 09:14 The DOJ's memo on ending regulation by enforcement against crypto ➡️ 13:40 The charge at the heart of the Tornado Cash and Samurai Wallet cases ➡️ 18:48 Tornado Cash sanctions and OFAC's delisting: Not exactly as advertised The DeFi Education Fund is hiring! You can learn more about their open positions here: https://www.defieducationfund.org/jobs-internships This episode of the Law of Code podcast is brought to you by Day One Law — a boutique corporate law firm founded by recurring guest (and friend of the show) Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. Visit https://www.dayonelaw.xyz/ get in touch. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Jacob Robinson and Larry Florio delve into the SEC's recent statement on stablecoins and how SEC staff applied the Reves and Howey tests to determine whether stablecoins are considered securities. Show highlights: [2:00] What this statement means for lawyers [3:30] When stablecoins aren't securities [7:00] The platonic ideal of a stablecoin [11:00] Applying the Reves test to Covered Stablecoins [18:00] Applying the Howey test to Covered Stablecoins [25:00] The new-look SEC & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney. This episode of the Law of Code podcast is brought to you by Day One Law — a boutique corporate law firm founded by recurring guest (and friend of the show) Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. You can get in contact with them via this link.

Josh Lawler is a partner at Zuber Lawler, where he leads the firm’s Emerging Technologies Group with a particular emphasis on blockchain technology. Josh previously practiced as a corporate securities and M&A attorney at Skadden, Arps. Jener Sakiri is an associate at Zuber Lawler and focuses on transactional and regulatory matters. He often works with clients involved in blockchain technology. He was previously the Chief Legal Officer of Niftify, a white label NFT marketplace solution for small-medium businesses. Show highlights: [3:52] Securities and crypto [9:05] "crypto contracts" and U.S. regulation [23:00] Realistic options for raising $1 million-plus [24:57] The market [26:34] A new regulatory framework for the advent of decentralized exchanges [33:05] Banning the tools such as Tornado Cash. & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Nick Pullman (@NickPullmanEsq) is Corporate Counsel and founder of Day One Law Corporation, where he provides legal solutions for tech startups and investors. Nick was previously head of legal at an NFT startup and an associate at Cooley and DLA Piper. In this conversation, we cover: [2:53] Nick's introduction to Bitcoin [7:33] What's market: SAFEs, SAFTs [19:39] Other methods of raising capital Nick's seeing [24:21] Token grants [32:47] Entity structuring & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Bill Hughes (@BillHughesDC) is Senior Counsel & Director of Global Regulatory Matters at Consensys Software, which is behind MetaMask, Infura, and various other software supporting the programmable blockchain ecosystem. For more on Bill’s background, I recommend episode 74 of Law of Code. This conversation is focused on the lawsuit Consensys brought in Texas federal court. Show highlights: [2:53] SAB 121, FIT 21 bill [9:51] Accepting crypto in Washington [15:26] The Ethereum ETF [26:38] Democrat support for crypto? [36:47] Consensys' lawsuit against the SEC [44:20] What MetaMask offers users & much more.Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

This conversation with two lawyers — Samir Patel and David Kuhn — and an entrepreneur who goes by OnlyLarping covers all aspects of Karate Combat, a novel form of sports league that is betting heavily on crypto. Show highlights: [2:51] What is Karate Combat?[7:26] Implementing token governance[13:11] Crypto and sports[19:34] Why they believe it is not gambling[32:49] Plans for Consensus 2024& much more.Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorne

Recently, the Blockchain Association (BA) and the Crypto Freedom Alliance of Texas (CFAT) filed a lawsuit against the Securities and Exchange Commission seeking a court order to strike down the SEC’s Dealer Rule due to the SEC’s various Administrative Procedure Act (APA) violations including preventing industry participants from being able to operate under clearly communicated rules and a lack of a fair and transparent rulemaking process. This conversation covers that lawsuit and much more. Marisa Tashman Coppel (@⁠mtcoppel⁠) is Head of Legal at the Blockchain Association and Laura Sanders is Policy Counsel at the Blockchain Association. Both play a critical role in developing and advocating for policy positions on behalf of the crypto industry while managing long-term legal projects and strategic litigation. [1:47] The trend of litigation in the crypto space.[7:16] Remedies available for the crypto industry.[13:46] Definition and interpretation of the statutory term "dealer."[19:42] The impact of expanding the definition of "dealer."[27:04] Why sue the SEC?[33:46] The "ecosystem" argument, examined& much more.Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Justin Wales (@bitcoin_wales) is the Head of Legal for the Americas at Crypto.com. Before going in-house, he was a partner at the international law firm K&L Gates, where he represented crypto companies in all aspects of their business.  His new book, The Crypto Legal Handbook, is a must-read guide through the laws of crypto, web3 and an ever-decentralizing world. I had an opportunity to read it prior to this conversation — and loved to see the Law of Code podcast mentioned — so this podcast will cover why he wrote the Handbook and what’s inside this essential primer for anyone working in the industry, as well as his unique background.  You can order The Crypto Legal Handbook here. [1:45] Why Justin wrote the book [3:30] Regulatory principles [6:30] Two assets that can't be commodities [8:00] Commodities vs securities [11:00] History behind a "security" [17:00] What Justin learned from writing this book & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Today’s podcast covers the case of Roman Sterlingov, a 33-year-old Swedish-Russian national, was arrested by Internal Revenue Service criminal investigators at the Los Angeles airport and was accused of creating and operating Bitcoin Fog, a bitcoin “mixing” service that the US Justice Department claims Sterlingov used to enable $336 million in money laundering. I’m joined by J.W. Verret, an Associate Professor at George Mason and an expert witness who testified in the case, and Roman’s defense counsel: Tor Ekeland, a trial and appellate lawyer known for representing hackers and white collar defendants, as well as Michael Hassard, an Associate with Tor Ekeland Law. [2:05] The history of Bitcoin Fog [4:19] Why Roman Sterlingov was investigated [10:24] The charges against Roman [12:00] Universal jurisdiction [19:40] Blockchain tracing as expert evidence. [32:07] The policy framing of money laundering and crypto [38:18] Financial privacy [48:00] Roman's life since the charges & much more. You can contribute to the defense fund at the website for Tor Ekland Law. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

The DeFi Education Fund and co-plaintiff Beba, an apparel company based in Texas, recently filed a pre-enforcement suit challenging the SEC’s regulation by enforcement approach to crypto and their policy that free airdrops are securities transactions. Amanda Tuminelli serves as the DeFi Education Fund's chief legal officer where she leads the organization's impact litigation and policy efforts. Jake Chervinsky recently joined Variant as Chief Legal Officer, where he leads the firm's legal team, and works closely with portfolio founders to overcome the regulatory hurdles holding them back. He’s a board member for the DeFi Education Fund. Show highlights: [1:04] Facts and background. [3:36] Why bring a pre-enforcement action? [8:02] Free airdrops under existing securities laws. [13:12] Challenging the SEC's rules. [22:11] If DEF and Beba win the case, what's next? & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

After the DEF submitted an amicus brief in the Roman Storm matter, which involves Tornado Cash, I spoke with the two authors: Amanda Tuminelli serves as the DeFi Education Fund's chief legal officer where she leads the organization's impact litigation and policy efforts. Jake Chervinsky recently joined Variant as Chief Legal Officer, where he leads the firm's legal team, and works closely with portfolio founders to overcome the regulatory hurdles holding them back. He’s a board member for the DeFi Education Fund. Show highlights: [1:32] Roman Storm and Tornado Cash [10:53] The role of the DEF in matters like this [13:31] Three theories of criminal liability for software developers [18:50] Why the government brought this case [22:18] Terminology: Property interests, possession, control [23:07] The future of this case & much more. Mentioned: Cravath paper on control. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Co-founded by longtime cryptolawyers Gabriel Shapiro and Alex Golubitsky, the mission of MetaLeX (which means beyond law) is to combine legal structures and autonomous tech to create best-in-class solutions serving DAOs, devs, and internet denizens with a suite of interoperable autonomous law solutions, which they refer to as MetaLeX OS. The goal is a bold one: Separate law from nation-states in a manner similar to how Bitcoin separates money and Ethereum finance from nation-states. [1:14] What is MetaLeX?[6:16] BORGs, explained.[8:12] BORG vs. DAOs.[15:55] Cybernetic law.[25:36] Expecting the law to act in appropriate, equitable manner.[31:36] Autonomous code and the future.[35:36] What is "deal technology" an how is it used[42:15] Learnings from bridging the gap between the code and the law.& much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Stéphane Daniel (@stephdan_law) is a Partner at d&a partners, an independent law firm dedicated to tech and blockchain entrepreneurs in France and the EU. Stéphane advises high-tech firms with their structuring, fundraising, and M&A transactions. He was notably involved in the first legal structuring (under French law) of DAOs and regularly advises companies on equity, debt, token, or hybrid fundraising and M&A transactions involving blockchain companies. Show highlights: [4:01] Legal consequences of turning on UNI's fee switch [15:02] A different approach: veCRV [18:59] Examining the differences between the veCRV, CRV and UNI proposal [32:22] The importance of decentralization under EU law [36:50] What non-EU projects should know about MiCA [40:38] Stephane's genesis block [47:26] Habits and advice Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Chris Giancarlo (@giancarloMKTS) is senior counsel and Co-Chair of the Willkie Digital Works practice in the firm’s New York office. Chris served as the thirteenth Chairman of the U.S. CFTC, where he oversaw regulation of the futures, options and swaps derivatives markets. During his tenure at the CFTC (2014-2019), Chris oversaw the first bitcoin futures products entering the marketplace. He’s also published a book, CryptoDad: The Fight for the Future of Money, which I highly recommend. Show highlights: [1:14] Digital based monetary systems [16:25] Writing guides for entrepreneurs [26:06] Leading the CFTC [31:18] Gensler, the SEC and the CFTC [35:36] Why embrace Blockchain? [1:05:17] Activity-based regulation & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Eric Hess (@hess_legal) is Founder & Managing Counsel at Hess Legal Counsel, a cybersecurity SaaS platform and consulting company, and hosts The Encrypted Economy podcast. In this episode, we’ll be exploring his recent paper Bridging Policy and Practice: A Pragmatic Approach to Decentralized Finance, Risk, and Regulation. For Part 1, a history of securities regulation in the US, see our prior episode #122. Show highlights: [1:30] Surprising insight about securities regulation [4:30] 2022 White House executive order [11:30] The real reason(s) why crypto projects can register with the SEC [17:00] Why the same risk, same rules philosophy is wrong [26:30] Solutions to problems posed by blockchain [36:00] What Eric has changed his mind on & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Primavera De Filippi is a Director of Research at the National Center of Scientific Research (CNRS) in Paris, Faculty Associate at the Berkman Klein Center for Internet & Society at Harvard University, and Visiting Fellow at the Robert Schuman Centre for Advanced Studies at the European University Institute. Her research focuses on the legal challenges and opportunities of blockchain technology and artificial intelligence, with specific focus on governance and trust. Primavera is the author of the book “Blockchain and the Law,” published in 2018 by Harvard University Press (co-authored with Aaron Wright). Show highlights: [1:00] Genesis block [3:00] Copyright law in the digital world [15:00] Metabirkin case [20:00] Code as law [30:00] Moral values [34:00] Blockchains and the Law [39:00] Blockchain-based life forms (Plantoids) & much more.

Jeffrey T. Dinwoodie is a partner at Cravath, Swaine & Moore, and a member of the firm’s Financial Institutions Group. He has served in senior roles at the SEC and the U.S. Treasury Department, including as Chief Counsel to SEC Chairman Jay Clayton and, earlier, as Chairman Clayton’s Trading and Markets Counsel. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Rebecca Rettig, Michael Mosier and Katja Gilman published their paper, Genuine DeFi as Critical Infrastructure: A Conceptual Framework for Combating Illicit Finance Activity in Decentralized Finance and a summary two-pager. This paper proposes a framework (see Section III) to effectively detect, deter and prevent illicit financial activity in DeFi, while preserving the technology as permissionless, neutral infrastructure. This podcast is an audio version of the paper, along with key takeaways and points made within it. [1:40] Overview of the paper [9:00] Current AML and CTF regime in America [18:00] Sanctions [23:00] DeFi and illicit finance [26:00] Framework for the future of DeFi

On August 4, 2023, Coinbase filed a brief in support of its motion to dismiss the SEC's lawsuit. This podcast provides an audio version of the brief, along with key takeaways and points made within it. Show highlights: [1:00] Preliminary Statement [6:30] Background on the SEC's charges [11:30] Coinbase's argument for dismissal [13:00] Because the complaint alleges no contractual undertaking beyond the point of sale, no investment contract is pleaded [22:00] The SEC misreads Howey in asserting that a scheme without a contractual undertaking will suffice [29:00] Recent cases do not support the SEC's efforts to use scheme as an escape hatch from statutory text [33:00] The SEC's effort to portray a simple asset sale as a security is an unprecedented stretch [41:00] Any future value that token purchasers on Coinbase and through Prime may hope to reap is not in the profit, income or assets of the issuers business [42:00] The Major Questions Doctrine compels rejection of the SEC's construction of investment contract [49:00] Coinbase is entitled to judgment on the claim that it acts as an unregistered broker through Wallet [50:00] Coinbase is entitled to judgment on the claim that its staking services constitute unregistered securities

Joshua B. Sterling is a Partner at Jones Day where he represents financial services, energy, fintech, agriculture and other companies in matters before the CFTC, the SEC, and other financial regulators. A former senior regulator, Josh was previously the Director of the CFTC’s Market Participants Division. In that role, he oversaw the 3,300 financial firms worldwide registered with the CFTC to participate in the global derivatives markets.  Show highlights: [1:00] Josh's introduction to Bitcoin [5:00] BitMEX case [11:00] 2008 financial crisis [16:00] Finance and Web3 [20:00] Role of CFTC in crypto [25:00] Role of the SEC [29:00] How to improve the SEC's results & much more. We also discuss the book The Price of Time: The Real Story of Interest. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Elliott Z. Stein (@NYCStein) is a Senior Litigation Analyst at Bloomberg Intelligence. He previously worked in private practice on structured finance/capital markets litigation, white-collar crime and related capital markets matters. Show highlights: [1:30] Attending Coinbase hearing on Jan 17 [6:00] Why Elliott expects Coinbase to win [12:00] Judge Failla's concern with the SEC's position [16:00] SEC's strongest arguments [18:00] When to expect a decision [20:00] Supreme Court narrowing Howey [23:00] What surprised Elliott about the Coinbase strategy [27:00] Ripple case [31:00] Elliott's career & much more. Show links: Elliott's 2024 Outlook Elliott's Podcast Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Eric Hess (@hess_legal) is Founder & Managing Counsel at Hess Legal Counsel, a cybersecurity SaaS platform and consulting company, and hosts The Encrypted Economy podcast. Eric has over twenty years of experience acting as senior in-house counsel, general counsel or senior management for exchanges, broker dealers, and financial services technology providers. In this episode, we’ll be exploring his recent paper Bridging Policy and Practice: A Pragmatic Approach to Decentralized Finance, Risk, and Regulation. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Evan Zinaman (@zin_esq) is the Founder & Principal at Trailbreak, a boutique transactional firm providing tech-fluent corporate, regulatory, product and IP counsel and strategic advice to startups, builders and investors throughout the crypto space. Evan also serves as special crypto counsel to clients of Reed Smith, advising as part of an industry-spanning, global blockchain group that he helped found. In this episode, we discuss Evan’s paper, “Where the Rubber Meets the Road: A MEV-Aware, Functionalist Review of OFAC Risk ‘on the Base Layer’”. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Rodrigo Seira (@RSSH273) is Special Counsel at Paradigm. Prior to joining Paradigm, he was outside counsel to crypto investors and entrepreneurs at Cooley LLP. Brendan Malone (@brendanpmalone) is a Policy Manager at Paradigm. Prior to joining Paradigm, Brendan worked at the Federal Reserve where he focused on policy issues for financial market infrastructures. Rodrigo and Brendan launched the Paradigm Policy Lab. The goal of the Lab is to be a gathering place for academics, policy experts, lawyers, and technologists to study how to address the biggest policy challenges in crypto. In this conversation, they share the origin story, goals and projects underway at the Lab. Rodrigo mentions this book: Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages is an academic book by Carlota Perez. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

William O’Rorke (@williamororke) is the Founding Partner of ORWL, a leading law firm assisting clients with businesses in the crypto space, VASPs and general Web3 services. He leads the regulatory practice at ORWL and is the head of the legal committee at ADAN, a French crypto association. In this conversation, we discuss the most significant impacts MiCA will have on projects in the crypto space, the information White Papers must include under MiCA, what is not covered by the EU's landmark regulation and much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Zach Rosenberg (@MeatEsq) is an attorney and principal at Rosehill Legal, a boutique transactional firm assisting early-stage founders, largely in the crypto space, with structuring, funding, building, and deploying products and networks. He previously worked as an M&A Tax Director at PWC where he spent eight years advising large private equity firms and public company clients on large acquisitions, divestitures, and restructuring transactions.  You can connect with Zach via email at [email protected]. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Ryne Miller is the founder and managing partner of Miller Strategic Partners LLP, a law firm specializing in: 1. Regulatory advice and investigations counsel for the traditional trading and markets industry; 2. Regulatory and strategic advice for digital asset and blockchain companies; and 3. Crisis and incident response management. Ryne was previously General Counsel at FTX US, a Partner at Sullivan & Cromwell and Legal Counsel to Chairman Gary Gensler while at the CFTC, during the CFTC’s Dodd Frank rule-writing program.  Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Jolie Yang (@JolieYang) is a former legal partner to Coinbase's product, engineering, and design teams on its Web3 initiatives, such as self-custodial wallet, decentralized identity, digital assets, as product counsel. While at Coinbase, Jolie was part of the team that launched Base. Prior to Coinbase, Jolie was an attorney at Davis Polk and Skadden, Arps. Show highlights: [4:00] Working on Coinbase's IPO [7:00] Building Base [11:30] Potential Token for Base? [16:00] How Base works [23:00] Decentralization for a project incubated by a centralized institution & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Amanda Tuminelli (@amandatums) is chief legal officer for the Defi Education Fund, where she leads the organization’s impact litigation and policy efforts. She was previously an attorney at Kobre & Kim and Dechert LLP, and served as a Judicial Law Clerk for the Eastern District of New York. Show highlights: [1:00] DeFi Education Fund's petition to challenge a patent impacting DeFi [12:00] Amanda's introduction to crypto [21:00] Her role as Chief Legal Officer of the DeFi Education Fund [25:00] SEC’s proposed rulemaking to amend existing rules regarding Alternative Trading Systems [32:00] Kirschner v. JP Morgan Chase Bank, N.A [39:00] Thoughts on the Financial Innovation and Technology for the 21st Century Act & the Blockchain Regulatory Certainty Act [47:00] Ripple Decision & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Michael Frisch is a partner at Croke Fairchild Morgan & Beres where he leads the firm’s Government Litigation and Investigations Practice. Mike previously worked at the Commodity Futures Trading Commission (CFTC), where he brought one of the CFTC’s first enforcement actions involving cryptocurrency — CFTC v. Bitfinex — and was part of the team responsible for the CFTC’s action against Tether in 2021. Show highlights: [1:30] Mike's introduction to crypto [3:00] The history of the CFTC's rules around crypto [6:00] Masterclass on the CFTC [13:00] Working on CFTC v. Bitfinex [20:00] Coinbase's FCM registration [24:00] FTX and the CFTC & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Mark Cianci is Counsel at Ropes & Gray, where he represents hedge funds, private equity firms and their portfolio companies, and clients in other industries in complex commercial litigation, cryptocurrency litigation, qui tam actions, bankruptcy litigation, and government investigation and enforcement matters. Mark also counsels clients in the blockchain and cryptocurrency space on a variety of regulatory considerations, including compliance with securities laws. Show highlights: [1:30] Mark's introduction to crypto [3:00] How dispute resolution has evolved [9:00] The future of decentralized justice [18:00] Benefits of blockchains for decentralized dispute resolution [31:00] Commercial ADR [36:00] Interesting crypto projects & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Ashish Chandra is the General Counsel of CoinSwitch, India's largest crypto platform pivoting into a multi-asset wealth-tech superapp. With over 22 years of experience in the tech industry, Ashish also led the legal and regulatory affairs of WhatsApp for India. He helped build the e-commerce and fintech/payments business of Facebook, Instagram & WhatsApp in India. Show highlights: [1:30] How crypto regulation has evolved in India [8:00] India's landmark Supreme Court decision [13:00] Tax on crypto in India [17:00] Lobbying efforts in India [24:00] Most active crypto regulators in India [27:30] His role as GC of CoinSwitch & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Ross Campbell (@z0r0zzz) is a legal engineer and co-founder of KaliDAO, in addition to being a corporate attorney. Ross is also working on NANI, a protocol mixing AI and crypto and is a founder of LexDAO. Previous episodes with Ross: 1. #5 - Ross Campbell: Legal engineering, Bar Association DAOs, use cases for oracles, and much, much more 2. #30 - Ross Campbell: Legal Engineering and Kali DAO Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Stephen Palley (@stephendpalley) is a litigation partner and co-chair of Brown Rudnick’s Digital Commerce group. Stephen is a seasoned litigator with over 20 years of extensive courtroom experience litigating and trying complex commercial matters. Stephen has written extensively and been quoted widely on legal issues arising from the use of Blockchain technology, with appearances in both print and television media. For more on Stephen's background, listen to episode 28 of Law of Code: #28 - Stephen Palley: Crypto regulation, building a team, and defining decentralization. Show highlights: [2:30] Analogies in crypto: Smart contracts and dumpsters. [14:00] Intangible scarcity: Why blockchain's enable scarce, intangible assets. [18:30] Licensing regimes: Future of front-ends and developers. [26:30] Evolution of crypto law: Has it aligned with Palley's expectations? [31:45] Insurance and digital assets: Parametric insurance, oracles and blockchain technology. & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Amira Valliani (@amiravalliani) is Policy Lead at the Solana Foundation. She previously built and sold a creator economy company and served as an advisor at the White House and State Department. Note that this episode was recorded prior to the Ripple Labs decision. Show highlights: [3:00] Policy work at Solana Foundation [7:00] Change in policy [10:30] Challenges and stories of building in Web3 [24:00] Amira's role at the White House [29:00] Building Glow & more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Offering a masterclass on the Accredited Investor rules, this episode distills months of historic research and detailed reviews of the securities laws, as well as a 3+ hour conversation I had with Larry Florio (@larryflorio), into an evergreen episode providing everything one should know regarding the accredited investor standards in the U.S. and across the globe. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Cameron B. Pick is a partner at Marshall Gerstein & Borun LLP who advises clients in the blockchain and metaverse space on intellectual property issues. In this episode, Cameron explains Bitcoin Ordinals, the difference between Ordinals and Ethereum NFTs, and the interplay between IP law and web3. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Samir Patel (@SamirPatelLaw) is an innovation and technology attorney in Holland & Knight's Miami office and head of the firm's Document Automation Program. Samir represents startups and emerging growth companies navigating legal and regulatory issues. Samir also works with artists, art galleries and athletes looking to enhance their products and brands through the creation of NFTs, and advises on their market entrance strategy into the metaverse. In 2021, Samir was appointed to the first-ever Miami-Dade County Cryptocurrency Task Force. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

David M. Adlerstein is counsel in the Corporate Department at Wachtell, Lipton, Rosen & Katz. His practice focuses on mergers and acquisitions, capital-raising transactions, corporate governance, and other corporate and securities law matters, with a focus on financial institutions and technology transactions. He is a member of the Firm’s Crypto Team and frequently writes and speaks about blockchain technology, cryptocurrencies and smart contracts. Kevin Schwartz is a partner in the Litigation Department of Wachtell Lipton and serves on the Executive Committee of the New York City Bar Association, where he was previously Chair of the Judiciary Committee, and is also a Visiting Lecturer in Law at Yale Law School. Mr. Schwartz’s practice includes corporate, commercial, and securities litigation at both the trial and appellate levels, as well as a variety of regulatory and corporate governance matters that include leading the firm’s specialized Crypto Team to address rapidly changing issues generated by the crypto asset industry.  Show highlights: [3:00] David and Kevin's introduction to crypto [14:00] Evolution of the legal side of digital assets [24:30] The merits of decentralization [33:00] Tornado Cash [41:00] Smart contracts [47:00] NFTs & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Tom Lombardi (@tomlombardi) is an adjunct professor of finance at Pepperdine University, California, teaching Decentralized Finance in the Business School. He was formerly a Managing Director at 3iQ (worked on the first regulated crypto fund), Director at Wave Financial (one of the first crypto RIAs), and Head of Growth for the Enterprise Ethereum Alliance. Show highlights: [8:00] Importance of institutional investments in digital assets [16:00] Bitcoin and institutional investors [24:00] Bitcoin Spot ETF [39:00] SEC proposed custody rule [42:00] SEC actions pre-Coinbase and Binance charges [59:00] Bitcoin is Venice? [68:00] Regulation and technology & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Nicky Gomez (@XRegNicky) is the Senior Partner at XReg Consulting. A former regulator with 15+ years of experience in the crypto and financial services industries, Nicky provides strategic regulatory advice and has successfully secured licenses and authorizations for clients in Europe, Gibraltar, the Caribbean and Asia. As the co-chair of the Global Digital Finance AML working group, he helps shape global cryptoasset regulatory standards that mitigate risk and encourage innovation. Aaron Unterman is the managing director of XReg Consulting (Cayman) SEZC. Aaron previously worked in the derivatives branch of Canada’s largest market regulator, the Ontario Securities Commission, and recently led the development of CIMA’s regulatory framework for virtual asset service providers, including developing rules and guidance for custodians, trading platforms, issuances and the sandbox regime. Show highlights: [3:00] Introduction to crypto while working as regulators [12:00] XReg's international approach to consulting [15:00] Classifying regulatory approaches to crypto in different jurisdictions [21:00] Jurisdictions introducing comprehensive crypto rules [29:00] Jurisdictions where crypto assets are illegal [34:00] Global regulatory harmonization (IOSCO) [47:00] DeFi regulation & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

The goal of this podcast is to help DAOs and their members understand the potential legal wrappers which arise from bespoke legislation. This is the second episode of the DAO Research Monthly series, created by Jacob Robinson, Kyle Smith and Kyler Wandler. This episode reviews the legal wrappers created for DAOs. What do we mean when we say legal wrapper? What benefits do they offer DAOs and their members? What are the risks? We answer these questions and much more. [4:30] Evolution of the modern company [8:15] How DAOs build on the company [12:00] Legal wrappers as a bridge [20:00] Wyoming DAO law [25:00] UNA [29:00] Tennessee DAO law [31:00] DAOs in Texas [33:40] DAOs in Utah [43:00] Vermont blockchain-based LLC [53:16] Catawba Economic Zone [54:00] DAOs outside the US & much more. Thank you to our sponsors, the DAO Research Collective, Lobby 3 and Tally DAO, for supporting this educational initiative - and thank you to Kyler Wandler for his incredible research. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

This podcast answers the "why" behind the blockchain space. It is a compilation of answers given from previous guests of Law of Code who explain why they believe in this technology, why they work in this space and what gets them excited about the future. This podcast was largely inspired by Polygon's Value Prop, a crowd-sourced and entirely open database, created to showcase the diverse and unique use cases for blockchain technology – across all networks – which are making an impact throughout the world. The Value Prop highlights 39 separate use cases for blockchain technology, with a total of 304 applications. 100 episodes, thank you.

In this episode of Law of Code, partners at McCarthy Tetrault's Fintech practice Ana Badour and Lori Stein, along with DLx Law's Lewis Cohen, Angela Angelovska-Wilson and Greg Strong discuss the differences in crypto regulation between Canada and the US, from securities rules to banking and AML policies. Show highlights: [3:00] Binance and Coinbase SEC charges [11:00] Digital assets and investment contracts [21:00] Differences in the Canadian approach to secondary sales [32:00] Banking and AML history, rules and outlook [48:00] Access to banking in US and Canada [50:00] Q&A & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Collins Belton (@collins_belton) is the founder and Managing Partner of Brookwood P.C., a boutique transactional practice focused on serving founders, startups and emerging technology companies working on frontier technology, particularly in the digital asset space. Collins was previously Counsel at Atrium and an Associate at Wilson Sonsini. Show highlights: [1:40] Binance charges from SEC [10:45] Is BUSD a security? [23:00] Binance complaint alleging tokens are securities [30:00] Binance asset freeze [36:45] Coinbase charges from SEC [44:00] Coinbase's S1 registration & staking [48:40] Agency overreach [56:00] Show cause orders in multiple states [60:00] What the future holds Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Craig Salm (@CraigSalm) is the Chief Legal Officer at Grayscale Investments, the world's largest digital currency asset manager, where he oversees the daily legal and regulatory operations of the business and its products. Prior to joining Grayscale, Craig was a corporate associate at Paul Weiss.  This episode builds on a previous episode covering everything you need to know about the Grayscale lawsuit against the SEC. Show highlights: [2:00] Genesis block [13:00] Learnings from Paul Weiss [17:00] Grayscale ETF Case [24:00] What if Grayscale wins? [33:00] Fraud and surveillance ETF mechanisms & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Freeman Lewin (@Freeman_Lewin) is an Attorney at DLx Law, where he advises clients in all matters related to blockchain, smart contracts, and tokenization. In late 2022, the DLx Law team published a comprehensive analysis of every "investment contract" decision by U.S. appellate courts since 1946: The Ineluctable Modality of Securities Law: Why Fungible Crypto Assets are Not Securities. Their publication has since been cited in Coinbase's response to the an SEC Wells Notice, the Dissent of Commissioner Hester M. Peirce and other important matters. This conversation offers a masterclass on investment contracts - what they are, why they matter and how they relate to digital assets. Show highlights: [2:08] Consequences of being deemed an investment contract [8:49] The investment contract vs the object of the investment [16:02] The Howey case [21:59] Core traits of an investment contract [24:46] Changes to the Howey test since 1946 [31:20] Biggest myths and misunderstandings surrounding investment contracts [34:10] Future of crypto & investment contracts & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Caitlin Long (@CaitlinLong_) is a 22-year Wall Street veteran active in bitcoin since 2012, and whose passion is a fair and stable financial system. She is also the founder and CEO of Custodia Bank, a chartered US bank specializing in digital assets. Show highlights: [1:40] Operation Chokepoint 2.0? [4:40] Importance of Access to the Federal Reserve System [9:25] Origins of Operation Chokepoint [17:20] Custodia Bank [24:00] Checks & Balances [29:23] What's Next for Custodia Bank [31:00] Habits & Advice & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

This conversation with two prominent members of the Blockchain Association covers de-banking in crypto, hostility from regulators and the state of crypto in America. Jake Chervinsky (@jchervinsky) is the Chief Policy Officer at Blockchain Association, the largest advocacy group for the crypto industry in Washington DC. Jake is also one of Variant Fund’s strategic advisors and a board member at the DeFi Education Fund. Marisa Tashman Coppel (@mtcoppel) is Policy Counsel at the Blockchain Association where she helps develop and advocate for policy positions on behalf of the crypto industry as well as manages long-term legal projects and strategic litigation. Show highlights: [2:00] De-banking and Freedom of Information Act request [8:20] Operation Chokepoint 1.0 [13:50] Banking crypto [21:00] What's next for the Blockchain Association [29:00] Hostility from regulators & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Eric Richmond (@ericrichy) is the Chief Operating Officer at Coinsquare and a Co-Founder and Director at Tetra Trust Company. In this episode, we discuss consolidation in the Canadian crypto space (Coinsquare, WonderFi and CoinSmart), Coinsquare's IIROC Membership, Tetra Trust custody solution & much more. [1:33] Consolidating three crypto asset exchanges [9:30] IIROC membership [18:00] Tetra Trust & cold storage [27:00] Bear markets [30:00] Bailment & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Carla L. Reyes (@Prof_CarlaReyes) is an Assistant Professor of Law at SMU Dedman School of Law. Professor Reyes is a nationally recognized leader on issues raised by the intersection of business law and technology. Professor Reyes was appointed the Chair of the Texas Work Group on Blockchain Matters in September 2021. The work group is charged with considering policy priorities related to blockchain technology in Texas. Professor Reyes was also named an American Bar Foundation Fellow in June 2021 and named one of the Women of Legal Tech 2020, an honor bestowed by the American Bar Association Legal Technology Resource Center. Professor Reyes currently serves as the Research Director for the Uniform Law Commission’s Technology Committee, an Associate Research Director of the Permanent Editorial Board of the Uniform Commercial Code, an Expert Member of the UNIDROIT Work Group on Private Law and Digital Assets, and an Expert Member of the UNIDROIT Work Group on Best Practices for Effective Enforcement. Professor Reyes also contributed to the Uniform Law Commission and American Law Institute 2022 Amendments to the Uniform Commercial Code. Show topics: 2022 UCC Amendments Emerging Technology's Unfamiliarity with Commercial Law Moving Beyond Bitcoin to an Endogenous Theory of Decentralized Technology Regulation: An Initial Proposal Distributed Governance If Rockefeller Were a Coder & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

The Proof of Stake Alliance (POSA) is an action-oriented, nonprofit industry alliance advocating for forward-thinking public policies that foster innovation in rapidly growing, sustainable, multi-billion dollar proof-of-stake ecosystems. POSA brings together industry leaders and legal experts to fight for fair regulation that allows the industry to flourish. Guests include: Alison Mangiero (@AMangiero) is the Executive Director of the Proof of Stake Alliance.  Alexander Grieve (@AlexanderGrieve) is Vice President in Tiger Hill Partners’ government relations practice.   Justin Browder (@jlb410) is a partner in Willkie's Asset Management Department and Co-Chair of the Willkie Digital Works practice.  Michael Selig (@MikeSeligEsq) is counsel in the Asset Management Department and a member of the Willkie Digital Works practice. The Proof of Stake Alliance recently published legal/regulatory white papers on liquid staking. Liquid staking is a technological solution that provides liquidity and increased capital efficiency for participants in proof of stake blockchain networks; users who stake their cryptoassets receive transferable Receipt Tokens that evidence ownership of (i) the staked cryptoassets, and (ii) Network Rewards that accrue in respect of such staked cryptoasset.  The papers represent the first public legal research and analysis of liquid staking tokens under U.S. federal securities, commodities, and tax law, with the aim to resolve key legal questions around the regulation & taxation of liquid staking in the U.S. Papers: U.S. Federal Securities and Commodity Law Analysis of Liquid Staking Receipt Tokens U.S. Federal Income Tax Analysis of Liquid Staking Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Chris Duncan (@chrisrossduncan) is counsel in Carey Olsen’s Cayman Islands office. Chris leads their Fintech and Crypto group across both the Cayman Islands and the British Virgin Islands, working with some of the largest projects in the crypto space on structuring and regulatory matters (including licensing applications and regulatory investigations).  He has been recognized in the Chambers and Partners Fintech guide as a leading individual. In addition, Chris advises high net worth and ultra high net worth clients on wealth structuring, with a particular focus on crypto and tech founders. Show highlights: [4:40] 2020 Cayman VASP Act [11:30] 2023 BVI VASP Act [13:00] Offshore structuring [27:00] Offshore DAOs [33:00] Guernsey Trusts & more.Chris also mentions Mauve (@mauve_org), the first DEX with the compliance of traditional finance. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

The goal of this podcast is to help DAOs and their members understand the potential legal risks that accompany their membership. This is the inaugural episode of the DAO Research Monthly series, created by Jacob Robinson, Kyle Smith and Kyler Wandler. This episode reviews the legal liability of members associated with DAOs. What do we mean when we say liability? What could a token holder or vote be liable for? We answer these questions and much more. Thank you to our sponsors, the DAO Research Collective, Lobby 3 and Tally DAO, for supporting this educational initiative - and thank you to the research team: Kyler Wandler, Evan Santos, Surya Dawar. This episode references the following works: Law Insider, Member Liability definition Frank H. Easterbrook, Daniel Fischel, Contract and Fiduciary Duty Nick Oberheiden, 5 Things to Consider When Creating a DAO Owen Thomas, The CFTC throws DAO liability into question United States Senate Committee on Banking, Housing, and Urban Affairs, Pat Toomey, SEC’s Regulation by Enforcement Approach Harmed Consumers The Company - A Short History of a Revolutionary Idea, John Micklethwait and Adrian Wooldridge Stephen D. Palley, How to Sue a Decentralized Autonomous Organization, CoinDesk (Op-Ed), March 20, 2016. Carla Reyes, If Rockefeller Were a Coder, 87 Geo. Wash. L. Rev. 373 (2019) Aaron Wright, The Rise of Decentralized Autonomous Organizations: Opportunities and Challenges, Stanford Journal of Blockchain Law & Policy (2021). Brummer, Christopher J. and Seira, Rodrigo, Legal Wrappers and DAOs (May 30, 2022). Available at SSRN: https://ssrn.com/abstract=4123737 Østbye, Peder, Exploring DAO Members' Individual Liability (February 28, 2022). Available at SSRN: https://ssrn.com/abstract=4045799. Metjahic, Laila, Deconstructing The Dao: The Need For Legal Recognition And The Application Of Securities Laws To Decentralized Organizations, Cardozo Law Review, May 2018. CFTC v Ooki DAO, N.D. Cal. 3:22-cv-5416 (2022) & many others. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Andrew Gordon (@accounting) is a crypto tax attorney and CPA based in Chicago. He and his firm, Gordon Law Group (@gordonlawltd), have focused on crypto tax since 2014; They've since prepared hundreds of crypto tax returns for retail investors, whales, celebrity clients, and NFT startups. Andrew also practices corporate law with a focus on blockchain, affiliate marketing, esports, and tech and teaches a course on Emerging Technologies at Chicago-Kent College of Law. Andrew explains his entry into the space, how he built Gordon Law Group, and answers the most common crypto tax questions, including: Buying crypto from crypto Selling crypto for crypto Selling crypto for fiat Selling NFTs for crypto Buying NFTs with crypto Staking crypto with delegate Receiving staking rewards Airdropped NFTs Airdropped crypto Donating crypto  Stolen crypto Lending crypto Gas Fees Resources: Contact the Gordon Law Group for help and/or sign up for their monthly newsletter. Visit their website to review their crypto, nft and defi tax guides. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Rodrigo Seira (@RSSH273) is Crypto Counsel at Paradigm. Prior to joining Paradigm, he was outside counsel to crypto investors and entrepreneurs at Cooley LLP. Prior to that, Rodrigo was a founding member of DLX Law, a blockchain and crypto focused boutique. Rodrigo earned a J.D. from Harvard Law School and a B.A. in Philosophy and Political Science from Middlebury College. Rodrigo authored a matrix comparing legal entities available for DAOs across a range of criteria, including formation requirements and considerations about liability of members, securities laws and tax. It’s available on a public Notion page. He also co-authored a paper on Legal Wrappers and DAOs. Show highlights: [1:30] Genesis block [4:30] Crypto use cases [6:30] Paradigm [9:00] Ooki DAO [15:00] DAO member liability [25:00] Offshore wrappers [31:00] Matrix [33:00] CC0 and NFTs & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Jason Schwartz (@CryptoTaxGuyETH) is a tax partner and co-heads Fried Frank's Digital Assets and Blockchain Practice. He specializes in tax issues relating to financial products, securitizations, funds, treaties, lending, and digital assets. Jason has been recognized as an "Up and Coming" lawyer in Tax by Chambers USA and as a "Next Generation Partner" by Legal 500 US in Tax: Financial Products each year from 2017 to 2022. Jason wrote Reading the Tea Leaves - What Enforcement Actions Mean for the U.S. Taxation of Crypto, which we also discuss. Show highlights: [2:04] Genesis Block [10:00] 501 Foundry [13:00] Foundations & Taxes [16:00] Tokens & Charities [27:00] DAOs [36:00] Jarrett Case & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

A panel of judges heard oral arguments in the Grayscale Investments suit against the U.S. Securities and Exchange Commission (SEC) on March 7.  This podcast dives into the history of GBTC, the SEC's reasoning for rejecting the spot-bitcoin ETF, Grayscale's argument against the SEC and an overview of what we heard during the oral arguments on March 7. We also cover what thought leaders in the industry expect the outcome to be, and why this application is so important to Grayscale. Sources: The United States Court of Appeals for the DC Circuit / YouTube Self-Regulatory Organizations; NYSE Arca, Inc.; Order Disapproving a Proposed Rule Change, as Modified by Amendment No. 1, to List and Trade Shares of Grayscale Bitcoin Trust under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares) / SEC GBTC discount narrows following arguments in Grayscale-SEC lawsuit / Yahoo Grayscale Appears To Win Opening Salvo in Bitcoin ETF Case vs SEC / Blockworks Judges Express Skepticism of SEC Arguments in Grayscale Bitcoin ETF Hearing / CoinDesk @JSeyff @NYCStein @xethalis Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Nelson Rosario (@NelsonMRosario) is an attorney in Chicago, IL, USA, and the founder of Rosario Tech Law whose interests comprise law, innovation, cryptocurrencies and related blockchain based technologies. Nelson teaches a law school class “Blockchain, Cryptocurrency, and the Law,” at Chicago-Kent College of Law, and has been a visiting professor at IE Law School based in Madrid, Spain. Show highlights: [2:00] Crypto and zk proofs [13:00] DAOs [18:00] Liability [31:00] Politics & more. Around the Blockchain's weekly newsletter is my go-to source to stay updated on crypto law - you can subscribe here. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Justin Daniels is a cybersecurity SME and M&A attorney at Baker Donelson, where he advises corporate clients on the deployment and scaling of technology that ranges from SaaS, Fintech and data centers to autonomous vehicles, drones and cryptocurrency. Justin has co-authored a book (Data Reimagined: Building Trust One Byte at a Time) designed to show businesses how to leverage privacy and security practices to transform their relationships with customers and earn their trust. In this episode, we discuss cybersecurity and crypto, with a deep dive into the Axie Infinity hack. Show highlights: [5:00] Hosting servers and security [19:00] Cybersecurity and digital assets [22:00] Axie Infinity Hack [34:00] Digital trust & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Three of the brightest minds in crypto law discuss LexPunK highlights from 2022, touch on disclosures regimes, sufficient decentralization, compare crypto native remedies to the current legal system, and much more.   Gabriel Shapiro (@lex_node) is General Counsel at Delphi Labs. Sarah Brennan (@SH_Brennan) is General Counsel for both Delphi Research and Delphi Ventures. Marc Goldich (@marcgoldich) is General Counsel of Proximity Labs.  Show highlights:  [2:00] LexPunK highlights from 2022  [10:00] DAO Defense Manual  [14:00] Reg ATS  [20:00] Disclosure in crypto  [31:00] Social slashing and crypto native remedies  [54:00] Decentralization, legally  [58:00] What the group is keeping an eye on in 2023  & much more.  If you enjoyed this episode, please consider leaving a review.  Around the Blockchain's weekly newsletter is my go-to source to stay updated on crypto law - you can subscribe here.  Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Michael Selig (@MikeSeligEsq) is counsel in the Asset Management Department of the law firm Willkie Farr & Gallagher and part of the firm’s crypto practice. Michael’s practice centers on the application of financial regulation to crypto and web3 technology networks and products, including blockchains and crypto assets. Michael previously worked at the Commodity Futures Trading Commission in the office of former Chair Chris Giancarlo, also known as “CryptoDad,” who he now works with again in private practice at Willkie. In this conversation, Michael shares his experience at the CFTC and provides best practices for dealing with regulators. We also discuss his CoinDesk article What If Regulators Wrote Rules for Crypto?, LBRY, Telegram and the application of securities laws to crypto. If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Around the Blockchain's weekly newsletter is my go-to source to stay updated on crypto law - you can subscribe here. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Marco Ciarlariello is a member of the Business Law Group and serves as the Chair of the Blockchain & Cryptocurrency Group at Cassels Brock & Blackwell LLP. Marco is a commercial lawyer with a practice that focuses on intellectual property, information technology and data privacy in the digital asset space. Marco works extensively with a range of clients in the digital asset space, including service providers, NFT issuers, designers and developers. Marco also frequently works with clients in the creative, sports and entertainment industries. This conversation provides a list of IP considerations for NFT projects. Show highlights: [2:04] Copyright law [5:20] When NFT projects should approach a lawyer re: IP [9:30] Copyright ownership [13:20] Transferring copyright [18:40] Moral rights [29:20] Legal considerations for NFT projects [46:00] NFT licenses & much more. If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Around the Blockchain's weekly newsletter is my go-to source to stay updated on crypto law - you can find this incredible resource here. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Jason Gottlieb (@ohaiom) is a Partner at Morrison Cohen LLP, where he chairs the Digital Assets group and the White Collar and Regulatory Enforcement practice group. Jason is the principal author of the MoCo Cryptocurrency Litigation Tracker and was named to the National Law Journal‘s inaugural list of Cryptocurrency, Blockchain and Fintech Trailblazers.  Show highlights: [1:50] Refco [6:40] Why crypto [19:00] DAO member liability [26:00] Legal wrappers & much more. If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Around the Blockchain's weekly newsletter is my go-to source to stay updated on crypto law - you can find this incredible resource here. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Greg Xethalis (@xethalis) is General Counsel and Chief Compliance Officer at Multicoin Capital. He is on the board at the Association for Digital Asset Markets & Fordham Law Alumni Association. Greg also is a senior lecturing fellow at Duke Law, where he co-taught Blockchain and FinTech Law and Policy.  This episode offers a deep dive into the GBTC, Bitcoin-backed ETPs and the Investment Act of 1940. Show highlights: [1:45] Genesis block [9:25] Bitcoin ETP [14:20] GBTC [17:00] Shadow ETP [26:00] Algorithmic stablecoins & much more. -- If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Around the Blockchain's weekly newsletter is my go-to source to stay updated on crypto law - you can find this incredible resource here. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Aaron Wright (@awrigh01) is the CEO and co-founder of @TributeLabsXYZ, as well as @TheLAOOfficial, @flamingoDAO, & many more. He’s a Professor at Cardozo Law, authored a book relating to the laws surrounding blockchain technology: Blockchain and the Law: The Rule of Code, and wrote many great articles. Before this, Aaron was a successful entrepreneur, having sold his first company to Wikia - the for-profit version of Wikipedia. Today, Aaron is a renowned thought-leader in the blockchain space at the forefront of DAOs. Show highlights: [2:00] Aaron's first business, Armchair GM [6:40] Aaron's introduction to crypto [11:00] Current stage of crypto [13:00] Writing Blockchain and the Law [24:00] Tribute Labs [29:00] DAOs in 5 years & much more. Aaron’s spoken on many other podcasts, which you can find here: https://www.youtube.com/watch?v=c54PzVtpL60, https://www.youtube.com/watch?v=RwERbY9MUok, https://podcasts.apple.com/kz/podcast/a-dao-masterclass-with-aaron-wright/id1438148082?i=1000503097469, https://podcasts.google.com/feed/aHR0cDovL3VuY2hhaW5lZC5saWJzeW4uY29tL3VuY2hhaW5lZA/episode/NjY0ZjZjODYtNjg3OS00ZmU5LThhNjEtNGFmMDE4ZDY0YmQy , https://podcasts.google.com/feed/aHR0cHM6Ly9zZWVkY2x1Yi5saWJzeW4uY29tL3Jzcw/episode/YWQxNGMwYTQtYzE4Ni00N2NlLWE3YmEtZWI3MGZkNWI2MGUx?hl=en-CA&ved=2ahUKEwjYyfHL-9D4AhVTbc0KHXn3AlEQjrkEegQIChAU&ep=6. If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Around the Blockchain's weekly newsletter is my go-to source to stay updated on crypto law - you can find this incredible resource here. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Securities regulators in the United States have repeatedly asserted that most fungible blockchain-based crypto assets are clearly securities under current law. This assertion is incorrect. An exhaustive review of the relevant appellate case law and the related legal scholarship demonstrates that this position is inconsistent with the Supreme Court’s definition of the term “investment contract” as developed by federal appellate courts for nearly a century. This is a panel discussion on the paper by the DLx Law (@DLxLawLLP) team, "The Ineluctable Modality of Securities Law: Why Fungible Crypto Assets are Not Securities.” It is a two-part series, where both Eric Hess (@hess_legal) and I (@JacobRobinsonJD) interview members of the DLx team.  You can find part 2 on Eric's podcast, the Encrypted Economy, here.  Guests Lewis Cohen (@NYcryptolawyer) is a co-founder of DLx Law, where his practice is focused on the use of blockchain and tokenization across capital markets. Lewis is also recognized by Chambers Global as one of only five lawyers in “Band 1” for Legal: Blockchain & Cryptocurrencies.  Gregory Strong is an attorney at DLx Law, where he focuses on advising entities regarding legal issues associated with the adoption of blockchain technology. Prior to joining DLx Law, Greg was a Deputy Attorney General in the Delaware Department of Justice. He served as the Director of the Investor Protection Unit for three years and was responsible for administering and enforcing the provisions of the Delaware Securities Act.  Sarah Chen (@sarahcwy143) is an attorney at DLx Law, where, along with her colleagues, she focuses on matters related to the use of blockchain technology, including general corporate, venture financing, securities laws and financial regulations. Prior to joining DLx Law, Sarah was a senior associate at a top M&A practice in New York. Sarah received her B.A. from New York University, and her J.D. from Columbia Law School.  Freeman Lewin (@Freeman_Lewin) is an attorney at DLx Law, where, along with his colleagues, he focuses on securities and financial regulatory matters related to blockchain and cryptocurrency projects and institutional investors. Freeman received his B.A. in Religion from Concordia University in Montreal and his J.D. from Yeshiva University Cardozo School of Law where he was part of the Cardozo Blockchain Project.  Notes If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Around the Blockchain's weekly newsletter is my go-to source to stay updated on crypto law - you can find this incredible resource here. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Andrew "Drew" Hinkes (@propelforward) is a partner in K&L Gates Miami office and the Co-Chair of its Global crypto practice. Drew is an Adjunct Professor of Law at the NYU School of Law, where he co-teaches "Digital Currency, Blockchains, and the Future of the Financial Services Industry.” Since 2019, Drew has been an advisor to the Uniform Law Commission’s Uniform Commercial Code (UCC) and Emerging Technologies Digital Assets Working Group, focusing on commercial transactions involving digital assets. Dr Andrea Tosato (@Andrea_Tosato) is an Associate Professor in Commercial Law at the School of Law of the University of Nottingham and a Visiting Associate Professor at the University of Pennsylvania Law School. Andrea was actively involved in the ULC/ALI UCC and Emerging Technologies Committee that drafted the amendments to the UCC to accommodate emerging technology developments. At present, he is contributing to the adoption and enactment process of this novel legal framework at state level.  Show highlights [3:40] What is Article 12? [15:40] Process of creating Article 12 [30:00] Controllable electronic records [42:00] Benefits of Article 12 [49:00] Filing financial statements & much more Links Article: Carla L. Reyes, Creating Cryptolaw for the Uniform Commercial Code Article: Kara J. Burce, Christopher K. Odinet, and Andrea Tosato, The Private Law of Stablecoins If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Around the Blockchain's weekly newsletter is my go-to source to stay updated on crypto law - you can find this incredible resource here. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Bill Hughes (@BillHughesDC) is senior counsel and director of global regulatory matters at ConsenSys Software, which is behind MetaMask, Infura, and various other software supporting the programmable blockchain ecosystem. Bill focuses on the diverse and ever evolving crypto global regulatory landscape, and the legal and public policy issues with which ConsenSys and the broader crypto ecosystem is grappling. Bill joined ConsenSys after serving as an Associate Deputy Attorney General at the Department of Justice. Bill also has served at the White House, where he oversaw various operational components.  Show highlights:  [2:00] The state of crypto post-FTX  [12:00] Smart contracts   [16:40] The White House  [24:00] Bill's role at ConsenSys  [31:00] Specializing in a legal career  [39:00] Money Crypto & Tech Crypto  & much more.  If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes.  Around the Blockchain's weekly newsletter is my go-to source to stay updated on crypto law - you can find this incredible resource here.  Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

The DAO Research Collective (@DAOResearchCo) is a non-profit accelerating DAO functionality by procuring and open-sourcing research foundational to effective DAO operation. Their DAO Library aggregates and curates DAO research on a single platform. It is a public good that will always be accessible to the community at no cost.  Connor Spelliscy (@c_spelliscy) is the Founder and Executive Director of the DAO Research Collective. He is a crypto researcher and advocate, primarily focused on DAOs. Connor previously co-founded the Blockchain Association and the Canadian Web3 Council. David Kerr (@David_M_Kerr) is the Head of Research at the DAO Research Collective and the Principal of Cowrie LLC. At Cowrie, David uses ten years of experience in tax strategy, financial accounting, and risk advisory in the tech industry to produce research and advise crypto projects. Show highlights [1:00] Why start the DRC? [10:30] How the DRC adds value to the community [15:00] Why DAOs are important [24:00] DAOs and future regulation [37:00] DRC's roadmap [50:00] How people can get involved with the DRC & much more. Closing If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. PSA: Ledn is looking to hire crypto-focused, financial-payments savvy lawyer as their Senior Counsel. You can learn more about the role here: https://jobs.lever.co/ledn. Tell them you heard about the job from the Law of Code podcast. Around the Blockchain's weekly newsletter is my go-to source to stay updated on crypto law - you can find this incredible (and free) resource here. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Dane Lund (@lund_dane) is Head DAO Architect at Alliance, the leading Web3 accelerator and founder community. He started his career as an attorney at Wilkie Farr and pivoted into finance as investment banker and investor.  Show highlights [3:19] Defining DAOs [4:45] Alliance DAO [10:00] How projects get involved with Alliance [11:30] Dane's DAO Lecture @ Cornell [41:00] Law in the Metaverse [47:30] Finding a web3 lawyer [52:00] How attorney's can better work with clients [55:00] DCCPA & much more. Resources Dane's lecture notes for Cornell's Crypto Assets and Web3 Seminar US Securities Primer Finding and Vetting Web3 Attorneys: Five Lessons Closing If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. PSA: Ledn is looking to hire crypto-focused, financial-payments savvy lawyer as their Senior Counsel. You can learn more about the role here: https://jobs.lever.co/ledn. Tell them you heard about the job from the Law of Code podcast. Around the Blockchain's weekly newsletter is my go-to source to stay updated on crypto law - you can find this incredible (and free) resource here. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Carol Van Cleef (@Carol_VanCleef) is an internationally recognized authority and pioneer in legal issues involving cryptocurrencies and blockchain technology. As chair of Bradley’s Blockchain and Digital Assets practice, Carol leads the firm’s virtual currencies and blockchain work to help clients navigate the complex, dynamic and rapidly evolving issues in these areas. Carol is also an anti-money laundering specialist and has created compliance training programs for state regulators, bank executives and beyond. Show highlights: [7:00] E-Gold [12:00] Classifying digital assets [22:00] Tornado Cash [32:40] Applying sanctions [40:00] De-banking & much more.  If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. PSA: Ledn is looking to hire crypto-focused, financial-payments savvy lawyer as their Senior Counsel. You can learn more about the role here: https://jobs.lever.co/ledn. Tell them you heard about the job from the Law of Code podcast. Around the Blockchain's weekly newsletter is my go-to source to stay updated on crypto law - you can find this incredible (and free) resource here. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Paul Grewal (@iampaulgrewal) is the Chief Legal Officer of Coinbase, where he is responsible for Coinbase’s legal, compliance, global intelligence, risk management and government relations groups. Before joining Coinbase, Paul was Vice President and Deputy General Counsel at Facebook.   Show highlights:  [1:40] Paul's role as Chief Legal Officer @ Coinbase  [6:30] Introduction to crypto as a magistrate judge  [12:30] Rule-making in crypto law  [16:30] Listing assets on Coinbase  [22:00] Tornado Cash lawsuit  [32:00] Remaining grounded  [34:25] Playing offense against regulators  [38:00] Regulation by enforcement  & much more.   Resources:  Stanford Talk Proof of Alignment Coinbase does not list securities The Crypto Securities Market is Waiting to be Unlocked. But First We Need Workable Rules If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes.  Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Rebecca Rettig (@RebeccaRettig1) is the General Counsel of the Aave Companies (@AaveAave). Rebecca began her legal career at Cravath, Swaine & Moore LLP in New York, litigating complex commercial disputes; prior to joining the Aave Companies, Rebecca was a partner at Manatt, Phelps & Phillips LLP in the financial services group, representing blockchain and crypto clients.  In this conversation, Rebecca shares her thoughts on DeFi regulation, as well as: [5:30] Bringing clients through the regulatory enforcement process  [6:45] Ooki DAO [16:00] Regulatory Catch-22 [23:00] DeFi & Regulation: Can they co-exist? [37:00] MiCA & much more. You can watch Rebecca's talk at EthCC here. If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. PSA: Ledn is looking to hire crypto-focused, financial-payments savvy lawyer as their Senior Counsel. You can learn more about the role here: https://jobs.lever.co/ledn. Tell them you heard about the job from the Law of Code podcast. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Have you ever wondered about the history of the CFTC, SEC, or other regulatory agencies? In this episode, Marisa Coppel walks me through each America regulatory agency that impacts crypto - who they are, why they were created and what role they play in the crypto ecosystem. Marisa Tashman Coppel (@mtcoppel) is policy counsel at the Blockchain Association, where she helps develop and advocate for policy positions on behalf of the crypto industry as well as manages long-term legal projects and strategic litigation. She also writes a newsletter called Becoming Undefined, which focuses on themes of spirituality and self-discovery. Show highlights: [11:00] Securities and Exchange Commission (SEC) [16:00] Commodity Futures Trading Commission (CFTC) [21:00] Department of Justice (DOJ) [25:00] Treasury Department & Sanctions [39:00] Consumer Financial Protection Bureau (CFPB) & much more. If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Ledn is looking to hire crypto-focused, financial-payments savvy lawyer as their Senior Counsel. You can learn more about the role here: https://jobs.lever.co/ledn. Tell them you heard about the job from the Law of Code podcast. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

This episode outlines Pre-DAO and Post-DAO Legal Risk Assessment, an article written by Kevin Chen (@anothrkevinchen) in collaboration with the DAO Research Collective (@DAOResearchCo). Kevin is an attorney at Homiak Law LLC based in Denver, Colorado. He advises cryptoasset and blockchain technology companies on a wide variety of matters such as formation of new startup companies, venture financings, and securities law compliance. You can find the full article on the Law of Code substack, here. If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

The 'Can’t Be Evil' licenses are a set of six NFT licenses developed by lawyers and operators in web 3 - each license grants “different sets of rights with different degrees of permissiveness”. The licenses have been deployed on Arweave (a decentralized storage, similar to IPFS) and can be directly linked on-chain by smart contracts. The licenses are available on the a16z website (document containing the six licenses) or a16z's repository on Github. Miles Jennings and Chris Dixon published an introduction with background on the licenses that is also available on the a16z website. Miles Jennings (@milesjennings) is general counsel and head of decentralization at Andreessen Horowitz (a16z) crypto, where he advises the firm's portfolio companies and DAOs on decentralization and protocol design, oversees the firm's investments, and works on regulatory and policy matters. You can find Miles' conversation with Laura Shin here. Mark Radcliffe (@markfradcliffe) is senior partner at DLA Piper, where he assists companies in strategic intellectual property advice and venture financing. Mark has worked in Silicon Valley for 30+ years and has significant experience in applying the law to the issues raised by new technologies, such as open source software, blockchain, and domain names. In 1994, he assisted Network Solutions, Inc. in developing the first domain dispute resolution system - which is still the basis for the system in use today. The link to the recording of Mark's NFT webinar is here: Non-Fungible Tokens: Technology and Legal Overview | Events | DLA Piper Global Law Firm.  Ghaith Mahmood (@GhaithMahmoodLW) is a partner in the Los Angeles office of the law firm Latham & Watkins LLP, and a leader in the firm’s Digital Assets and Web3 practice group, and also of the firm’s Video Games and Esports group. Ghaith advises clients on all aspects of intellectual property and technology transactions, from developing, licensing, and commercializing IP assets, to advising on the IP aspects of strategic transactions.  In the blockchain space, he has particular expertise advising NFT projects of all shapes and sizes, from some of the biggest NFT platforms and marketplaces in the world, to individual NFT projects trying to figure out what rights and utility to grant to their NFT holders. Show highlights: [3:00] Why draft these licenses? [13:30] What projects should use these licenses [16:00] How NFT projects can incorporate the licenses [21:00] Lawful ownership [26:00] Terminating sublicenses [34:00] Notice [39:00] Hard forks [45:40] Fractionalizing & much more. If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Amber D. Scott (@OutlierCanada) specializes in Canadian anti-money laundering (AML), counter terrorist financing (CTF), privacy, and regulatory compliance. In addition to being a Certified Anti-Money Laundering Specialist (CAMS) Amber is also a Certified Privacy Professional (CIPP). In 2013, she founded Outlier Solutions Inc. to provide anti-money laundering (AML) solutions to Canadian reporting entities. Show highlights: [1:55] Apple gift card story [6:50] Why work in AML and compliance [14:20] When projects should bring on compliance specialists [21:00] What is money laundering [22:10] Ozark [24:00] 3-5% of GDP is associated with money-laundering [35:00] Crypto & money laundering [42:40] History of money laundering [102:00] Project Participate & much more If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Nabil Manji is the Senior VP, Head of Crypto & Emerging Business at Worldpay from FIS Global. Worldpay is the world’s largest payment processing company (and largest company you've never heard of). The company provides payment and technology services to merchants and financial institutions and processes approximately $2 trillion in volume annually.  In June 2019, Worldpay was acquired for $43 billion and merged into Fidelity National Information Services (FIS).  Nabil also represents Worldpay from FIS on the Governing Council of Hedera, Klaytn, and is a Partner/Advisor at Covalence Capital. Show highlights: [2:00] Genesis block [6:30] Conducting business internationally [9:40] What is Worldpay?  [10:30] Traditional payment processing [15:00] Worldpay & crypto companies [26:00] Speed of innovation in crypto [39:50] Working with legal & compliance & much more If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Olta Andoni (@AndoniOlta) is the Deputy General Counsel at Ava Labs, a company that helps launch decentralized finance applications on Avalanche. She was previously the Chief Legal Officer at Nifty’s, has lectured for Chicago-Kent, College of Law, and is a writer for Coindesk.  In this conversation, Olta and I discussion the new CryptoPunks license, the Yuga Labs v. Ryder Ripps case, and the importance of NFT IP licenses. Show hightlights: [7:00] CryptoPunks license [17:00] Commercial rights & $100K limits [24:00] Choosing which IP license to grant [28:00] Ryder Ripps case [36:00] Owl explains & much more. If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Larry Florio (@LarryFlorio) is General Counsel at Delphia Technologies Inc., one of the most innovative data-drive investment DAO projects in the world. Larry previously held senior counsel roles with several prominent blockchain-focused software developers. In this conversation, we cover business goals vs legal goals, the 80/20 principal, and how crypto law is developing. Show highlights: [1:20] Genesis block [4:00] TradFi [8:30] Privacy [11:00] Business mindset in a legal role [20:00] Get comfortable being uncomfortable [26:00] Delphia [36:00] How Larry starts each day [41:00] Life online [48:00] @thing3_xyz [54:00] Habits & advice & much more. If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Miller Whitehouse-Levine (@millercwl) is the Policy Director at the DeFi Education Fund (@fund_defi). With oversight from the DeFi Education Fund’s grants committee, Miller has overall strategic and operational responsibility for the execution of the Education Fund’s mission and goals. Prior to joining the fund, Miller led the Blockchain Association’s policy operation and worked at Goldstein Policy Solutions on a range of public policy issues, including crypto.  In this conversation, we cover all aspects of the Tornado Cash saga, how the DeFi Education Fund works, and outline the interplay between the various government and international agencies governing crypto. Show highlights: [1:30] Genesis block [5:20] Lobbying and policy-making [14:30] DeFi 101 [24:00] DeFi Education Fund [28:00] Tornado Cash sanctions [43:15] Freedom of Information Act Request [52:30] Privacy & the surveillance state & much more.  If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Patrick Hansen (@paddi_hansen) serves as crypto venture advisor at Presight Capital, a global venture fund with +$600m AUM and 50+ startups in its portfolio. Patrick previously  worked as head of strategy & business development at crypto-wallet startup Unstoppable Finance and head of blockchain at Bitkom, Europe’s largest tech association, where he led crypto-related regulatory work, research, and partnerships. This conversation covers all things crypto regulation (EU, travel rule, stablecoins etc.) and what Patrick expects the landscape to look like in the future. We’ll also touch on best practices he’s seen in his research and what makes the EU a global leader in crypto regulation. Show highlights: [2:22] Genesis block [5:10] Building a presence on Twitter [10:00] MiCA & TFR in the EU [23:30] Principles of EU regulation & blockchain [28:04] Digital Euro [37:00] EU Stablecoins [43:50] Global coordination on regulation & much more. Thanks for listening! If you enjoyed this episode, please consider leaving a review. You can subscribe to the newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Marc Boiron (@boironattorney) is the Chief Legal Officer of the Polygon companies and a strategic advisor at Variant Fund, an early-stage fund investing in web3. He’s also a board member of the DeFi Education Fund. Marc recently published an excellent article, titled “Sufficient Decentralization: A playbook for Web3 builders and lawyers.”  In this episode, we dive deep into Marc's article to highlight how builders and lawyers should think about sufficient decentralization. We also touch on Marc’s journey and his thoughts on the current state of crypto regulation. Show highlights: [2:03] Marc's introduction to Bitcoin [9:27] Why decentralization is important [17:08] Best practices in decentralization [24:00] The critical point in Marc's paper [37:40] Airdrops & the Howey Test [42:00] Mutation doctrine [53:00] Tools for DAO communities & much more. Resources: Sufficient Decentralization: A Playbook for web3 Builders and Lawyers Thanks for listening! If you enjoyed this episode, please consider leaving a review. You can subscribe to the newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Yitzy Hammer and Samuel Goldfaden are co-founders of DLT Law and two crypto-focused lawyers based in Israel. Yitzy has been working with tech companies for the past 6 years on M&A, IP, privacy (CIPP/E certified), and corporate and commercial law-related legal issues. Samuel specializes in AML compliance and financial regulation.  Both Yitzy and Samuel worked for many years at Herzog, Fox & Neeman, Israel's largest law firm, including through the 2017 ICO craze. Recognizing a need for tailored services in the web3 space, they launched DLT Law, a unique practice where they work exclusively with crypto and blockchain-related products and services - NFT creators, DAOs, exchanges, and funds. In addition, they provide strategic consulting to web3 projects, drawing on their experience in the industry. Show highlights: [2:00] Genesis block [8:50] Choosing to start a crypto-law firm [10:50] Learnings from NFT NYC [15:15] Should securities laws apply to NFTs [19:20] The NFTs of the future [22:40] Revisiting Yuga Labs vs Ryder Ripps & much more. If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Bill Richards is an attorney and partner at Richards & Moskowitz PLC, a boutique Arizona firm serving the civil litigation needs of business, government and individuals. Through nearly three decades of trial practice, Bill has developed an expertise in successfully managing the most complex litigation matters. In private practice, he has represented global banking institutions, government bodies, judges, multibillion-dollar investment firms, as well as victims of consumer fraud and civil rights violations. When he is not advising clients, Bill is an adjunct professor for the Sandra Day O’Connor College of Law at Arizona State University, where he teaches trial advocacy. He is also an avid endurance runner.  Gideon Esakoff (@gid3xn) is an attorney at Richards & Moskowitz, where he represents businesses, government agencies and individuals. Gideon also studies the legal and social implications of emerging technologies including artificial intelligence and blockchain.  Show highlights: [4:00] Identifying warning signs [9:50] The automobile is analogous to crypto [16:00] Self-governing devs & the law society [25:00] Storytelling in the courtroom [30:50] Avoiding crypto litigation 101 [44:50] What commercial lawyers can learn from litigators [57:00] Being yourself [75:30] Importance of understanding the facts & much more. If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Kelsie Nabben (@kelsiemvn) is a researcher of decentralized technology communities. As an ethnographic researcher, she is interested in the human outcomes of digital infrastructure, blockchain community culture, and algorithmic governance. Kelsie is also a recipient of a PhD scholarship at the RMIT University Centre of Excellence for Automated Decision-Making & Society, a Fellow at the DAO Research Collective, and a researcher in the Digital Ethnography Research Centre and Blockchain Innovation Hub. Show highlights: [1:51] Kelsie's introduction to Bitcoin [6:15] Ethnography & her current role [13:00] How to study a DAO [15:05] Decentralization [21:19] Autonomousness & Automation [30:22] Sovereignty and DAOs [43:00] Resilience and "Good Governance" [56:55] Habits & advice Show links & Kelsie's writing: Blockchain Security as “People Security”: Applying Sociotechnical Security to Blockchain Technology Towards a participatory digital ethnography of blockchain governance Steven Levy, Crypto: How the Code Rebels Beat the Government Saving Privacy in the Digital Age Aligning ‘Decentralized Autonomous Organization’ to Precedents in Cybernetics Imagining Human-Machine Futures: Blockchain-based 'Decentralized Autonomous Organizations' What is Resilience? Towards a model of resilience in decentralised socio-technical infrastructure DAO Vulnerabilities: A Multi-Scale DAO Ecosystem Mapping Tool Towards Computer-Aided Governance DAO Vulnerabilities: A Map of Lido Governance Risks & Opportunities kong.land/ ‘Crypto-States’ Will Compete With Corporates in the Metaverse A collection of Kelsie's writing

Mike Wawszczak (@dotwavsz) is General Counsel at @alliancedao and a valuable contributor to the DAO ecosystem. Mike has written extensive twitter threads and insightful articles on all things DAOs.  This conversation touches on the origins of Mt. Gox, philosophical issues with the current legal system, and the future of DAOs. Show highlights: [2:00] Magic the Gathering & Mt. Gox [7:00] Online Pseudonymity  [11:00] Law & Economics [17:00] Enforcing the Law [23:00] Advice & Habits If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

John Deaton (@JohnEDeaton1) is the Managing Partner of the Deaton Law Firm, a law practice he founded in 2006. John is also the founder of Crypto-Law.us, a Bitcoin, ETH, XRP and crypto enthusiast, and an entrepreneur. A former Marine-turned-class-action lawyer, John became interested in crypto in 2016, and eventually invested in Ripple coin, XRP. When the SEC sued Ripple over allegations that XRP was an unregistered security, John raised concerns about the agency’s case, which he didn’t think was warranted, in a legal filing as a private citizen on his own behalf.  John filled me in on the entire saga so far, as well as what's on the horizon for XRP. Show highlights: [2:00] John's intro to crypto [8:00] Difference between XRP and Ripple [14:00] John explains the case for XRP being decentralized [22:00] Why John joined the Ripple vs SEC lawsuit [30:00] Why the SEC included XRP in the Ripple lawsuit [41:00] Where the XRP & Ripple case stands & much more.  If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Adam Sternbach (@adamsternbach) is General Counsel at Fractional (@fractional_art), former Counsel to New Jersey Governor Phil Murphy (@GovMurphy) and a startup/VC attorney.  This wide-ranging episode covers the BAYC, owning a valuable NFT, working as general counsel, and much more. Show highlights: [1:37] Buying & owning a Bored Ape [11:20] Explaining NFTs [21:00] Counsel for Governor Murphy [27:00] General counsel role [36:00] NFT legal considerations [41:00] Staying on top of crypto law If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Peter Van Valkenburgh (@valkenburgh) is the director of research for Coin Center, the leading non-profit focused on the policy issues facing cryptocurrencies. He was previously the Google Policy Fellow for TechFreedom and is a graduate of NYU School of Law, as well as a self-taught designer and coder. In this episode, we discuss Peter's role at Coin Center, the U.S. Constitution & Crypto, and the SEC's definition of an exchange. Show highlights: [1:10] Genesis block [9:20] Writing  [13:50] Societal impact [18:00] Decentralization [24:00] Exchanges [29:10] Legal interpretations [34:00] Biden's Executive Order [42:00] Constitutional law [48:45] "Owning" Bitcoin [55:00] Interviewing Edward Snowden [58:30] Advice for recent grads [60:16] Seed oils Links: Peter's writing on Coin Center's website coincenter.org/people/peter-van-valkenburgh/ Seed oil blog: fireinabottle.net/ If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Hester Peirce (@HesterPeirce) is a Commissioner at the U.S. Securities and Exchange Commission. She previously served as the director of the Financial Markets Working Group at George Mason University's Mercatus Center.  This episode covers almost every pressing issue in crypto law, as Commissioner Peirce shares her thoughts on stablecoin regulation, the future of the SEC, the fourth prong of Howey & much, much more.  Show highlights: [1:50] Stablecoin regulation [6:10] Regulatory philosophy [12:00] Safe harbor update [18:00] Information asymmetry vs code transparency [22:00] Smart contracts [24:00] Accredited investor exemptions [28:00] Sufficient decentralization & DAOs [34:00] Evolving tokens: from a security to non-security [36:20] NFTs & securities law [39:00] Bitcoin ETP [43:00] Crypto custody [47:00] Advice & habits Thanks for listening! If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

This conversation covers the latest Gitcoin funding round, along with the work of three prominent public goods orgs: The Blockchain Association, The DAO Research Collective, and the EU Crypto Initiative.   Kristin Smith (@KMSmithDC) is the Executive Director at the Blockchain Association, where she leads the crypto industry’s development of a strategic roadmap for public policy.  Connor Spelliscy (@c_spelliscy) runs the DAO Research Collective, which accelerates DAO functionality by procuring and open sourcing targeted research foundational to effective DAO operation.  Marina Markezic (@MarinaMarkezic) is co-founder of the EU Crypto Initiative, alongside Florian Glatz and Simon Polrot, which aims to shape EU regulation to favor open, permissionless, decentralized applications leveraging blockchain technology.  Gitcoin’s Grants Round 14 is almost upon us, and with it #ReFiSummer will be officially here. The event is kicking off on June 8th and running through June 23rd, 2022. Gitcoin is where the world’s leading web3 projects are born, validated & funded. This includes @Uniswap, @poapxyz & @BanklessHQ. Gitcoin has distributed over $60 million in total, including $40 million through grants alone. In just 3 years, they’ve helped provide funding for over 2500 grants from tens of thousands of unique contributors across 2 million+ contributions.  Show highlights:   [1:50] Importance of Web3 Advocacy  [7:00] The Blockchain Association, the DRC, and the EU Crypto Initiative  [13:00] Gitcoin Advocacy Round [25:00] Educating Regulators  [33:00] Importance of EU Policy  [42:00] Habits & Advice.  Thanks for listening! If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes.  Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Jordan Teague (@jordanteague) is an attorney and smart contract developer. In her crypto-native law practice, The Antifirm, she focuses on governance, regulatory, and other legal issues facing web3 organizations. Jordan is one of the core developers behind KaliDAO and a legal engineer with LexDAO. In this episode, we discuss all things DAOs - legislation, potential, and legal structuring, as well as Jordan's journey into legal engineering, and what the future legal system looks like. Show highlights: [1:22] Genesis Block [12:50] KaliDAO & Series LLC [20:00] The Antifirm [30:20] Ricardian Contracts [44:00] Projects [49:00] Habits & Life Advice Thanks for listening! If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Michael Mosier (@M_Mosier) is the General Counsel at ESPRESSO Systems, a scaling & privacy solution for Web3 applications. Michael was formerly the first in-house Counsel at cryptocurrency analytics and investigations firm Chainalysis. Michael was previously Acting Director, as well as permanent Deputy Director & Digital Innovation Officer of the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department. As Acting Director, he oversaw FinCEN’s wide-ranging work to promote financial integrity and national security. As Digital Innovation Officer, he was dedicated to advancing FinCEN’s engagement with emerging technology and financial innovation. Previously, Michael served as Associate Director at Treasury’s Office of Foreign Assets Control (OFAC). Before joining Treasury, Michael was Deputy Chief in the Department of Justice’s Money Laundering & Asset Recovery Section. He also served a tour at the White House National Security Council as Director for Transnational Organized Crime. In this episode, we discuss his career in public service, what FinCEN is and why it's important, and what the future of privacy looks like in America. Show highlights: [1:50] Genesis Block [7:00] FinCEN [14:00] Money Laundering & Crypto [23:00] Privacy [29:00] Espresso Systems [35:00] General Counsel Role [44:00] Habits & Life Advice Thanks for listening! If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

This episode reviews the IP ownership rights associated with Board Ape #8398, after actor and producer Seth Green (who licensed it for his series, White Horse Tavern) was scammed in a phishing attack. The stolen NFT was then sold to "DarkWing84" for $200,000. This episode is largely based on an enlightening thread by James Grimmelmann (@grimmelm), who dove deep into the issue, with additional notes from prominent crypto lawyers Drew Hinkes (@propelforward), Jake Chervinsky (@jchervinsky), Preston Byrne (@prestonjbyrne), and others. We also cover the recent decision in Jarkesy v. SEC, in which the Fifth Circuit essentially stated that the SEC must go through Federal courts in fraud cases. The implications may be greater than that, and this will be an important case impacting the future of the SEC.  Other updates include a decision from Hermès International, et al. v Mason Rothschild, an update from LUNA, LexDAO's latest guidance on metaverse lawyering, and more. Much credit for this episode goes to the incredible sources, including James Grimmelmann (@grimmelm), the CryptoLaw Newsletter (@cryptolaw_news), and a newsletter by two bright law students, Around the Blockchain - which covers everything happening within the crypto law space, every single week. You can find their newsletter on Substack, Around the Blockchain. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Professor J.W. Verret (@JWVerret), teaches accounting and finance, securities law, M&A, corporate law and banking law at the George Mason University Law School. A Senior Advisor @messaricrypto, J.W. is a licensed CPA in the state of Virginia, is licensed in financial forensics by the AICPA, is a Certified Fraud Examiner and a Certified Valuation Analyst.  He has been a Visiting Professor at Stanford Law School. J.W. served on the Investor Advisory Committee of the Securities and Exchange Commission, where he advised the SEC on matters of investor protection.  He serves on the Financial Accounting Standards Advisory Committee, which advises on the development of Generally Accepted Accounting Standards (GAAP).  He also serves as faculty liaison to the American College of Business Court Judges.  He previously worked as the Chief Economist at the U.S. House Financial Services Committee. J.W. holds a Bachelors degree in Financial Accounting, a Masters in Economic Policy from the Harvard Kennedy School of Government, and a J.D. from Harvard Law School. In this wide-ranging conversation, we discuss J.W.'s work as an advisor at the SEC, his new position at Messari, the future of disclosure, securities laws, and much more. Show highlights: [3:00] J.W.'s introduction to Bitcoin [9:40] Story behind his twitter header [16:30] Learning quickly [22:00] Senior Advisor at Messari [27:00] Understanding Gary Gensler [34:43] Reg X Proposal by LeXPunK [40:00] Crypto regulation [45:00] Expanding the Howey test [51:00] Pillars of securities law [59:00] Crypto as the modern printing press [66:00] Decentralization Disclosure [72:00] DAOs [76:00] Habits & career advice If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes.

Marco Santori (@msantoriESQ) is the Chief Legal Officer of Kraken Digital Asset Exchange. Known as the "Dean of Digital Currency Lawyers," Marco is a recognized authority in the law and policy of blockchain technologies. Prior to his move to Kraken, Marco was the Chief Legal Officer of Blockchain.com, as well as a Partner at both Cooley LLP and Pillsbury Winthrop, where he counseled banks, broker-dealers, exchanges, digital wallets, payment providers, and other companies making new and exciting uses of distributed ledger technology. Marco is an author of the SAFT Project Whitepaper, a self-regulatory effort to curb Initial Coin Offerings. He is an advisor to the International Monetary Fund, the Blockchain Ambassador to the State of Delaware, and was the Chairman of the Regulatory Affairs Committee of the Bitcoin Foundation. He has been quoted by the Congressional Research Service, Bloomberg, the Wall Street Journal, Forbes, Coindesk, Washington Post, The New Yorker, Wired, Entrepreneur.com and Crain's New York Business. In this interview, Marco shares his journey from litigator to crypto lawyer, the importance & downside of big law, and the future of NFTs & DAOs with respect to the fourth prong of the Howey test. Show highlights: [2:15] Marco's introduction to crypto (& subsequent rug pull) [11:35] Making great decisions [18:40] Marco's journey to Kraken [21:13] Building in crypto law [26:40] Environmental misconceptions [34:20] Building a crypto bank: Bank Charter Application [39:10] Convincing regulators with examples [44:00] DAOs & the "efforts of others" [53:11] Stoicism  Links: Marco's website marcosantori.com Daily stoic newsletter If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes.

The Collapse of UST and LUNA - This was the most eventful week in many months, but, unfortunately, the end result was that $500 billion was wiped off the total cryptocurrency market cap. A calculated attack on UST triggered Terra's LUNA to crash more than 99% over the past few days. This caused a corresponding fall and de-pegging in the price of UST, Terra's algorithmic, decentralized stablecoin. This episode offers a deep dive into the events behind the $500 billion+ loss of value in the crypto space, as well as insight into how UST & Luna worked. We also cover the most recent updates in the crypto law space, including an NFT ruling from the UK and a DAO lawsuit in California. This episode pulled insights from the CryptoLaw Newsletter, Jake Chervinsky, Wassie Lawyer, @OnChainWizard, @ItsAlwaysZonny, and @tatianakoffman. If you enjoyed this episode, please consider leaving a review or letting me know (@JacobRobinsonJD). You can subscribe to our newsletter to stay updated on the latest episodes. Thanks to our sponsor - Hedera Hashgraph (@Hedera). Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy. They are looking to add bright legal minds to their team. You can review the available openings at hedera.com/future. When you apply, be sure to mention you heard about it on the Law of Code podcast!

Jesse Pollak (@jessepollak) currently works on protocols, public goods, cities, and currencies at Coinbase & beyond (more coming soon). He previously led all Retail engineering at Coinbase, including building Coinbase, Coinbase Pro, and Coinbase Wallet. Way back when, Jesse started Clef and was an engineer at BuzzFeed. He also writes open source software and takes incredible photos. You can find Jesse at jesse.xyz on ETH and on Twitter, Github, & LinkedIn. In this episode, we discuss building at Coinbase, Jesse's introduction to Bitcoin during a conversation with Olaf Carlson-Wee (Polychain Capital CEO), his project to bring crypto awareness and knowledge to the city of Oakland, and much more. Show highlights: [1:30] A conversation with Olaf Carlson-Wee [8:00] Cultivating coding skills [19:30] Minting a CryptoPunk [24:00] Online Pseudonymity [32:00] Software-enabled corporations & the future of DAOs [39:00] Perspective shifts in Web3 [42:00] Building @ Coinbase [48:00] Oakland Community Currency [54:00] Focus and discipline in Web 3 If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Thanks to our sponsor - Hedera Hashgraph (@Hedera). Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy. They are looking to add bright legal minds to their team. You can review the available openings at hedera.com/future. When you apply, be sure to mention you heard about it here on the Law of Code podcast!

Laura Shin (@laurashin) is a crypto journalist, host of the Unchained podcast, and author of “The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze” (PublicAffairs, 2022). During the course of writing her book, she and her sources uncovered who they believe was behind the biggest whodunnit in crypto — the 2016 DAO attack on Ethereum. Formerly a senior editor at Forbes, she was the first mainstream journalist to cover crypto full-time, and her podcasts and videos have had more than 19 million downloads and views. Shin has spoken about cryptocurrency at places such as TEDx San Francisco, the International Monetary Fund, Singularity University and the Oslo Freedom Forum. In this interview, Laura shares her original intention behind writing The Cryptopians, interviewing Vitalik, and her favourite moments from the book! Show highlights: [2:30] Laura's first piece of journalism [6:00] Full-time Bitcoin reporting [11:00] Staying updated on crypto [14:00] Laura's favourite moment writing The Cryptopians [17:00] Self-care in crypto [23:00] The importance of writing [25:30] First week writing The Cryptopians [33:30] Interviewing Vitalik [39:00] Difficult moments [48:00] Remaining neutral while reporting [56:00] What was left out of The Cryptopians [57:00] Truth vs Consequences  [63:00] Legal side of crypto [68:30] Other professions Laura considered [73:40] Blind spots [79:00] Religion & Crypto [85:00] Doing what you love Links: Laura's Book: The Cryptopians Laura's Newsletter: Unchained Laura's Podcast Channel If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. Thanks to our (first-ever) sponsor - Hedera Hashgraph (@Hedera). Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy. They are looking to add bright legal minds to their team. You can review the available openings at hedera.com/future. When you apply, be sure to mention you heard about it here on the Law of Code podcast!

Ben Samaroo (@BenSamaroo) is CEO/Co-Founder at WonderFi Technologies Inc, one of the largest players in the Canadian crypto space. Ben began building WonderFi with the mission of lowering barriers to entry to crypto and decentralized finance in support of a more equitable financial system.  Previously, Ben was an executive and regulatory consultant with broad experience in managing corporate finance, risk and compliance on behalf of Fintech companies. He previously served as Regulatory Consultant and Advisor at Netcoins, General Counsel and Chief Compliance Officer for First Coin Capital, a Vancouver-based company that was acquired by Galaxy Digital. Prior, he was a lawyer at Osler, Hoskin & Harcourt LLP, where advised public and private companies on M&A and capital raises.  In this episode, we discuss DeFi, taking risks, and building one of Canada's largest crypto companies. Show highlights: [2:50] Ben's Genesis Block [9:30] WonderFi [12:35] Best Decisions [16:00] Taking Risks [25:13] Playing Offense in Business and Life [32:00] WonderFi's Foundation & Acquisitions [38:44] Legal Experience - Asset or Burden? [49:24] Flair Airlines [52:00] Habits [56:10] Great Lawyers If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes.

(April 28) This episode is an overview of the legal landscape for digital assets, outlining the implications, pertinent news, and updates in the crypto law space from the past week. It is a collaboration between the Law of Code Podcast and the CryptoLaw Newsletter, by Ann Sofie Cloots. This will be a weekly installment to ensure you're up to date on the regulations impacting digital assets. This "solo-pod" is an attempt to add value to the space by highlighting ongoing blockchain regulation across the world - with a focus on the legal implications. It's a work in progress and can only get better. I appreciate any feedback on this format - please send your thoughts to @JacobRobinsonJD. If you have suggestions for topics for future solo-pods, I'd love to hear that as well. Now go subscribe to the CryptoLaw Newsletter (@cryptolaw_news)!

Stepan Simkin (@SimkinStepan) is the co-founder and CEO of Squads (https://squads.so/) and a former attorney at the international law firm Clifford Chance LLP.  Squads raised millions to build DAO tooling for the Solana ecosystem. Squads' goal is to simplify the DAO framework and make it accessible to the majority of users who are familiar with web3 or are just discovering it. By combining the core DAO primitives under one platform and building it on a fast and scalable layer 1 blockchain like Solana, they hope that Squads will become a social hub for web3 coordination. Their focus is on a clean and simplified UI/UX combined with scalability and predictable fees to democratize the DAO framework. In this episode, we cover Stepan's transition from lawyer to CEO, solving problems DAOs face, buying NFTs and Squads.  If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes.

Miles Jennings (@milesjennings) is the general counsel of a16z crypto, where he oversees the firm's investments, works on regulatory and policy matters, and works with the firm's portfolio companies and DAOs on decentralized operations, protocol design and regulatory matters.  Miles was previously a partner at Latham & Watkins in its capital markets and emerging companies group, and co-chaired its global blockchain and cryptocurrency task force, which was composed of over 80 lawyers around the globe. In that role, Miles acted as lead counsel for nearly every large investor in the sector, including a16z, Paradigm, Pantera, ParaFi, Ribbit, Coatue and others. In addition, he was a go-to, trusted advisor for countless startups and crypto projects, including ConsenSys, Uniswap, Aave, Bitwise, Avalanche, Element, Idle, Connext, 3Box, and Aztec.  Miles has written extensively on legal frameworks for digital assets and decentralized autonomous organizations (DAOs), and on the design of decentralized systems. He previously co-authored “A Legal Framework for Decentralized Autonomous Organizations” with David Kerr.  In this episode, we discuss his recently published “Principles & Models of Web3 Decentralization” paper. You find a summarized version of the paper here.  Show highlights  [5:08] Legal work in crypto  [7:52] SAFTs & issues around them  [10:45] Why he wrote a paper on decentralization  [14:00] Surprising insights while writing about decentralization  [20:20] Goal of writing on decentralization  [29:00] Howey: efforts of others & DAOs - best practices  [37:50] Conflict of interest for a16z  [48:20] VCs as legal clients  [58:00] Information asymmetry  [69:50] Writing strategies  If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes.

(April 8-14) This episode is an overview of the legal landscape for digital assets, outlining the implications, pertinent news, and updates in the crypto law space from the past week. It is a collaboration between the Law of Code Podcast and the CryptoLaw Newsletter, by Ann Sofie Cloots. This will be a weekly installment to ensure you're up to date on the regulations impacting digital assets. This "solo-pod" is an attempt to add value to the space by highlighting ongoing blockchain regulation across the world - with a focus on the legal implications. It's a work in progress and can only get better. I appreciate any feedback on this format - please send your thoughts to @JacobRobinsonJD. If you have suggestions for topics for future solo-pods, I'd love to hear that as well. Now go subscribe to the CryptoLaw Newsletter!

(April 1-7) This episode is an overview of the legal landscape for digital assets, outlining the implications, pertinent news, and updates in the crypto law space from the past week. It is a collaboration between the Law of Code Podcast and the CryptoLaw Newsletter, by Ann Sofie Cloots. This will be a weekly installment to ensure you're up to date on the regulations impacting digital assets. This "solo-pod" is an attempt to add value to the space by highlighting ongoing blockchain regulation across the world - with a focus on the legal implications. It's a work in progress and can only get better. I appreciate any feedback on this format - please send your thoughts to @JacobRobinsonJD. If you have suggestions for topics for future solo-pods, I'd love to hear that as well. Now go subscribe to the CryptoLaw Newsletter!

Lana Schwartzman (@LanaCryptoAML) is the Chief Compliance Officer at Dapper Labs, the team behind NBA Top Shots, NFL All Day, and Cryptokitties. Lana has more than 17 years of experience specializing in compliance, cryptocurrency regulations, and AML. Specifically, in BSA/AML/OFAC program development, MSB/MTL licensure process, internal audits, independent compliance program reviews, and consent order validation for various cryptocurrency exchange companies, financial institutions, and foreign banking organizations. Prior to joining Dapper Labs, she spent close to 3 years as a Chief Compliance Officer at a regulated P2P marketplace, and previously spent 7 years at Grant Thornton LLP in the Regulatory Risk Group specializing in BSA/AML and OFAC regulations. Lana spent her early years at Morgan Stanley and Deutsche Bank in various compliance roles. Lana is known as a subject matter expert in Regulations and Compliance related to cryptocurrency and she stays current on all AML regulations. Lana is a Certified Anti-Money Laundering Specialist (CAMS) and obtained the ACAMS Virtual Currency Certification and various Chainalysis certifications. She achieved the recognition of "AML Professional of the Month" in 2019 and has been a frequent panelist at various ACAMS, ACFCS, and Bitcoin conferences. You can also find Lana on LinkedIn. In this episode of Law of Code, Lana explains what a chief compliance officer does, building a compliance program, and why a compliance officer isn't the "fun police." We also discuss: - Mining Bitcoin - Dapper Labs - Where compliance officers add value - Learning more about compliance regulation - Surprising aspects of a compliance role - Changing sentiment of regulators - Promoting inclusion and diversity If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes.

David Kerr (@David_M_Kerr) is the Principal of Cowrie LLC, where he uses ten years of experience in tax strategy, financial accounting, and risk advisory in the industries of gaming, telecommunications, and technology-driven online sales platforms to assist clients. David co-authored "A Legal Framework for Decentralization Autonomous Organizations" together with Miles Jennings. This paper identified a number of taxation, entity formation, and operational issues pertaining to DAOs and suggested a domestic entity structure capable of addressing such issues. In this episode of Law of Code, David shares his views on today's DAOs, writing techniques, settling on the UUNAA framework, and all things taxes.  [1:36] DAOs [8:00] Proving decentralization [16:30] Decentralization as a demonstrable principle [19:00] DAOs & Taxes [21:00] Section 61 & Glenshaw Glass: Dominion and Control [28:30] Income events for token holders [32:00] Writing concisely and the DAO Research Collective [46:00] David’s intro to crypto & consulting background [55:58] Tips for great writing and conducting research across jurisdictions [60:09] Building a career If you enjoyed this episode, please leave us a review. You can subscribe to our newsletter to stay updated on the latest episodes.

(March 24-31) This episode is an overview of the legal landscape for digital assets, outlining the implications, pertinent news, and updates in the crypto law space from the past week. It is a collaboration between the Law of Code Podcast and the CryptoLaw Newsletter, by Ann Sofie Cloots. This will be a weekly installment to ensure you're up to date on the regulations impacting digital assets. This "solo-pod" is an attempt to add value to the space by highlighting ongoing blockchain regulation across the world - with a focus on the legal implications. It's a work in progress and can only get better. I appreciate any feedback on this format - please send your thoughts to @JacobRobinsonJD. If you have suggestions for topics for future solo-pods, I'd love to hear that as well. Now go subscribe to the CryptoLaw Newsletter!

This episode is an overview of the legal landscape for digital assets, outlining the implications, pertinent news, and updates in the crypto law space from the past week. It is a collaboration between the Law of Code Podcast and the CryptoLaw Newsletter, by Ann Sofie Cloots. Moving forward, this will be a weekly installment to ensure you're up to date on the regulations impacting digital assets. This "solo-pod" is an attempt to add value to the space by highlighting ongoing blockchain regulation across the world - with a focus on the legal implications. It's a work in progress and can only get better. I appreciate any feedback on this format - please send your thoughts to @JacobRobinsonJD. If you have suggestions for topics of future solo-pods, I'd love to hear that as well! Now go subscribe to the CryptoLaw Newsletter.

Last week, the @WhiteHouse released its long-anticipated Executive Order on cryptocurrencies, marking the first time this administration explicitly highlighted the need to preserve innovation and competitiveness in the US. This Executive Order lays out a process for multiple agencies to write a framework around digital assets. This episode is an overview of the Executive Order, outlining the implications, pertinent sections, and reactions from thought leaders in the cryptolaw space.  Here are links where you can read the full Executive Order and Fact-Sheet. Jake Chervinsky's (@jchervinsky) article on stablecoins. Highly recommend following Ryan Selkis (@twobitidiot), Congressman Tom Emmer (@RepTomEmmer) and Jerry Brito (@jerrybrito), whose insightful comments were mentioned throughout this episode. This "solo-pod" is my attempt to add value to the space by highlighting ongoing blockchain regulation across the world - with a focus on the legal implications. It's a work in progress and can only get better (right??). Would appreciate any feedback on this format @JacobRobinsonJD or by leaving a review. If you have suggestions for topics of future solo-pods, I'd love to hear that as well!

Ross Campbell (@r_ross_campbell) is a legal engineer and core developer for SushiSwap, LexDAO, and KaliDAO, in addition to being a corporate attorney. In this episode of Law of Code, Ross speaks from his ETH Denver hotel room on legal engineering with the Lex and Kali DAOs, how projects can work with both, and the impact of decentralization on nations. Listen and subscribe to Law of Code for weekly updates and interviews in the world of blockchain at the intersection of the law. [2:14] Ross catches us up on current projects and how Soulmate is creating a library of smart contracts [5:43] Saving gas and testnets [8:00] Difference between Testnets and EVM (& forking mainnet) [9:14] Gas fees [11:40] ETH Denver [14:54] Will developers rug pull lawyers? [25:30] What to consider when forming a DAO [29:38] Kali DAO: What it is, how it works, etc. [40:00] Ross' productivity hacks [46:11] Reframing ‘thinking like a lawyer' [48:44] Accredited investor laws [52:01] Individualism [55:36] Nation-states vs decentralization [60:00] Social safety nets & DAOs [68:20] Mistakes often made when starting down the path of a legal engineer [73:00] $ROSS token Show Notes: - Marty Lobdell - Study Less Study Smart - Cyberspace and the Law of the Horse - LexDAO - Kali DAO

Bennett Tomlin (@BennettTomlin) is the co-host of the podcast Crypto Critics’ Corner, where he breaks down current events in crypto & finance. He is a data scientist who loves to analyze and track down frauds. Bennett also writes a newsletter, the Facts Under Dispute (FUD) Letter, which takes a deep dive into the darkest corners of crypto on a monthly basis. Bennett is a vocal & endearing critic of DeFi, and offers unique and refreshing insight while keeping a close eye on the largest players in the space. In this episode of Law of Code, Bennett and Jacob discuss the evolution of stablecoins, the relationship between Bitfinex & Tether, and what the future holds for Bitcoin. We also cover: [1:16] Bennett's Introduction to Bitcoin [5:05] Crypto Critic's Corner [10:45] Conducting Crypto Research [17:00] Danger of Centralized Actors  [19:10] The Story of Bitfinex & Tether [32:30] Government Regulation of Stablecoins [39:33] Consensus, Decentralization & Bitcoin Hard Forks [45:50] Projects Bennett is Watching  [50:10] Best Advice: "It's better to ask a dumb question, than to fail to ask it and be dumb"  Listen and subscribe to Law of Code for weekly updates and interviews on the intersection of blockchain and the law.

Stephen D. Palley (@stephendpalley) is a Partner in the Washington, D.C office of Anderson Kill, where he chairs the Technology, Media & Distributed Systems practice group. Stephen has written extensively and been quoted widely on legal issues arising from the use of blockchain technology, with appearances in both print and television media. He is also an editor of the International Journal of Blockchain Law (IJBL), a law journal helping non-legal communities better understand blockchain applications and digital assets. In this episode, Stephen discusses his path into the crypto space, gives insight into building a crypto-law dream team, and the truth behind his love for two spaces after each period. Listen and subscribe to Law of Code for weekly updates and interviews on the intersection of blockchain and the law. Episode highlights: [1:10] The Car Game [4:45] Choosing Law School over an English PhD [9:00] How a legal career is different than what Stephen expected [11:55} From Construction and Insurance Law to Crypto [16:50] Impasse Breaker [20:30] Advantages in a legal career from a programming background [23:26] Software Development and Engineering: Licenses? [28:56] Chair Gensler [31:00] Regulatory oversight & what is "decentralization" legally [36:40] Writing for The Block and cases covering decentralization [38:00] Working with anonymous clients? [40:45] The two words why Stephen joined Anderson Kill [53:00] What do young lawyers spend too much time on [56:00] Valuable habits Stephen has developed over the years [58:00] Two spaces after a period, fonts, Google Docs, Twitter & Herring. Of course.  Links:  The Block - Stephen D. Palley 

Nelson Rosario (@NelsonMRosario) is the founder of Rosario Tech Law, a boutique law firm in Illinois focused on companies building the new economy on top of blockchain. Nelson’s widely respected commentary and analysis have been featured in the New York Times, TechCrunch and CoinDesk. In this episode of Law of Code, Nelson and Jacob discuss IP and copyright, SpiceDAO, and what the future holds for NFTs. [1:57] What sold Nelson on blockchain [11:35] Why IP law is so important [14:40] NFT & IP concerns people are overlooking [18:00] Spice DAO [25:40] The future of copyright in a digital world [32:15] Benefits of open-source IP  [38:43] Answering novel legal questions [43:27] Starting Rosario Tech Law [49:42] Nelson’s love for Chicago [53:46] What habits make a great lawyer?

Preston Byrne (@prestonjbyrne) is a partner at Anderson Kill, where his practice is focused on early-stage high-tech companies, particularly regarding corporate transactions, IP, and other cross-border legal issues. He was previously a co-founder of Monax, the first permissioned blockchain, in 2014.  In this episode, Preston gives a history of his involvement in blockchain, looks at the evolution of DAOs, and gives his perspective on running a crypto practice. He also explains landing his first client on the day he was called to the bar. Listen and subscribe to Law of Code for weekly updates and interviews in the world of blockchain at the intersection of the law.  Show highlights:  [02:10] Preston's introduction to Bitcoin  [13:17] The mutation doctrine: Bitcoin and Ethereum.  [19:43] Important things to keep in mind when building a crypto-law practice  [24:07] Current DAO trends  [34:57] NFTs, crypto, and the broader market  [39:51] Best practices for interacting with crypto clients  [44:32] Why return to the USA after law school in England?  [50:58] Why Preston joined Anderson Kill  [52:45] “The Back of the Envelope”  [56:07] Exposure to cities as a category of risk  [1:00:47] Remote-first lawyers  [1:01:49] How has Preston’s reading shaped his views?  [1:08:52] What advice shaped Preston's career?  [1:11:29] What habits should lawyers establish early on?  Resources:  Applied Cryptography: Protocols, Algorithms and Source Code in C  Sane Society by Erich Fromm  Preston's site: https://prestonbyrne.com/ 

Lewis Cohen (@NYCryptoLawyer) is a co-founder of DLx Law, where his practice is focused on the use of blockchain and tokenization across capital markets. As a former global top 50 partner with 20 years of experience, Lewis is a frequent speaker on blockchain and is recognized by Chambers Global across legal, blockchain, and cryptocurrencies in the U.S. In this episode, Lewis discusses creating a law firm in the crypto space, gives a master class on securities and commodities, and discusses the role of bridging blockchain and real-world assets. Listen and subscribe to Law of Code for weekly updates and interviews in the world of blockchain at the intersection of the law. [00:00] Meet Lewis Cohen [01:44] Book recommendations [06:09] What got Lewis interested in blockchain? [07:59] DLx Law [11:11] DLx Coin 👀 [16:45] Crypto regulation [20:58] The role of on and off-ramps & KYC [23:59] What is a security, really [35:39] DAOs [39:01] What DAO would Lewis like to join? [42:23] What role might co-op statutes, regulation, and labor union treasuries play? [50:01] The Wyoming DAO statute [52:34] Bridging the gap between real-world and on-chain [55:43] What does Lewis think about stablecoins? [1:04:16] Building your knowledge and credibility in crypto [1:09:18] Lewis’ system for keeping on top of changes [1:11:41 With the constant change and iteration in crypto, what has surprised Lewis in recent years? [1:17:24] What advice did Lewis receive early on which shaped his career? Links: DeFi: A Pathway Forward by Alexander Lipton and Lewis Cohen Books: The Starfish and the Spider by Rod Beckstrom and Ori Brafman  The Sovereign Individual by James Dale Davidson The Marshall Plan by Benn Steil Collected works of Sherlock Holmes, Arthur Conan Doyle

Lori Stein is Co-Head of the Digital Assets and Blockchain practice at Osler, Hoskin, & Harcourt LLP, and a Partner in their Corporate Department. Lori is one of the top attorneys in Canadian FinTech & Securities, playing a major role in the development of crypto investment regulations. With clients such as 3iQ Corp., Lori had an integral role in establishing the first publicly traded Bitcoin & Ethereum investment funds in the world. Lori regularly advises Canadian companies on blockchain and cryptocurrency law, and has been widely published and quoted in the media for her expertise in this space.   Show highlights:  - The path to convincing the Ontario Securities Commission (OSC) to allow the world's first publicly traded crypto investment fund  - How Lori prepared for her arguments to the OSC and best practices when navigating new areas of law  "At one point, the idea of a gold or silver ETF was completely novel" - What regulators can do to capitalize on the potential of crypto, while protecting consumers  - Comparing the burden of proof in Canada vs the United States - DAOs: Suitable approaches to legal recognition, applying the Howey test, and what the future holds  - NFTs & securities regulation - Working with clients: first conversations and asking questions  - Law of Code NFT?  - Mentorship & much more.

Addison Cameron-Huff (@aCameronhuff) has been practicing in the blockchain space since 2014. Addison has managed a blockchain wallet company, built dev teams, provided legal advice to founders of Ethereum, taught at the University of Toronto Faculty of Law, and was one of the first Canadian lawyers to work in blockchain. Show highlights: [3:15] - Why he received a call from a co-founder of Ethereum in 2014 [4:42] - Starting a crypto-law firm: What the first few months looked like [7:35] - Building momentum for your legal practice (including what not to do) and the importance of writing long-form articles [10:55] - Imposter syndrome in the legal industry [13:12] - When/How to say “I don’t know” when given a request you are unsure how to address [16:45] - How to stay abreast of fast-moving crypto developments (as well as the slower-moving legal side) [17:55] - The importance of understanding clients as you build your understanding of the law [18:44] - Why Addison chose to start his own firm instead of joining BigLaw [22:00] - The benefits of not scaling your law firm [25:45] - What early entrepreneurial experiences can offer as life lessons [31:00] - How Addison’s legal practice changed since 2014 [36:30] - The benefits of staying in the legal profession [39:00] - The first stablecoin in Canada [44:30] - The process associated with novel legal work (Canadian stablecoin) [48:30] - Twitter and American Law (from a Canadian’s perspective) [54:00] - DAOs over the next five years Thanks for listening!

Jacob Martin (@thenftattorney) is an attorney based in Southern California, founder of JTM Tech Law, and General Partner at 2 Punks Capital. While in law school, Jacob founded a legal tech startup focused on "tying Testamentary documents to the blockchain." Today, as Founder of JTM Tech Law, he consults & advises NFT artists & collectors, DAOs, auction houses, entertainment & tech companies on all things crypto, blockchain, & NFT.  Show highlights: - His introduction to Bitcoin and NFTs - Buying a Cryptopunk - Becoming the "NFT Attorney" & starting a crypto-focused practice - Learning the law as a sole practitioner  - How Jacob produced the NFT Tax Guide - Why he's still a lawyer & much more.

Michael Bacina (@MikeBacina) is a Partner at Piper Alderman in Sydney, Australia. Michael advises companies at the intersection of cutting edge technology, automation and innovation. Michael regularly publishes on Blockchain and technology matters. He has been ranked Band 1 in FinTech by the prestigious Chambers & Partners in 2019, 2020 and 2021, and serves on the Board of Blockchain Australia and the Board of the Canadian Australian Chamber of Commerce. Show highlights: - Michael's blockchain-based practice at Piper Alderman - Building one of the best blockchain-focused legal practices in Australia - Recent Australian Government paper on virtual assets "We've never seen so many companies asking to be regulated" - The benefits of a background in computer programming  - Michael's blog about blockchain law - Working with the Australian Government on crypto regulation - What makes a great lawyer - How to get a job in crypto law & much more.

TRM Labs delivers cryptocurrency fraud detection and anti-money laundering (AML) solutions to financial institutions and governments worldwide.  Ari Redbord (@ARedbord) is Head of Legal & Government Affairs at TRM. Prior to joining TRM, Ari served at the United States Department of the Treasury as a Senior Advisor to the Deputy Secretary and the Under Secretary for Terrorism and Financial Intelligence (TFI). In this capacity, Ari worked with teams from the Financial Crimes Enforcement Network (FinCEN), Office of Foreign Assets Control (OFAC), and other Treasury and interagency components on issues related to cryptocurrency, sanctions, the Bank Secrecy Act, and anti-money laundering strategies. Drew Morris (@Drew_Morris) is Legal Counsel at TRM. Prior to TRM, Drew was General Counsel at WorkJam and an Associate at Wilson Sonsini Goodrich and Rosati LLP.  Show highlights: - Ari's introduction to crypto through experience with North Korea - Why TRM Labs is an important part of the crypto ecosystem - TRM Talks - Comparing the startup environment with work as a prosecutor - What they both learned in previous roles - FATF’s final version of its Updated Guidance for a Risk-Based Approach for Virtual Assets and Virtual Asset Providers - VASP - What makes a top calibre lawyer - How to network in the legal profession & much more.

Jake Chervinsky (@jchervinsky) is involved in all aspects of the crypto ecosystem & has a strong understanding of the regulatory space surrounding crypto. Jake is Head of Policy at the Blockchain Association and Advisor for the Variant Fund, and former General Counsel for Compound Labs.  Rebecca Rettig (@RebeccaRettig1) is the General Counsel of the Aave Companies, a group of software development companies in Europe that build open source, blockchain-based software. Rebecca began her legal career at Cravath, Swaine & Moore LLP in New York, litigating complex commercial disputes; prior to joining the Aave Companies, Rebecca was a partner at Manatt, Phelps & Phillips LLP in the financial services group, representing blockchain and crypto clients.  Sarah (Hody) Shtylman (@SHodyEsq) is a Partner at Perkins Coie, where she advises innovators in the fintech and blockchain industries, and her clients range from entrepreneurs and startups to big tech and regulated financial institutions. Sarah’s background includes serving as in-house regulatory counsel at Coinbase (2nd lawyer hired), Levine & Associates (a litigation boutique), and Hody Esq., as a Sole Proprietor.  This episode answers the question: What should I do if I want to become a crypto lawyer? While focused on crypto, the principles can be applied to any legal area. This was such a fun episode to record, as each guest offers incredible insights.   Show highlights:  - How Rebecca built a practice in crypto [3:30]  - What helped Rebecca establish a crypto arbitration practice [7:45]  - Sarah’s introduction to crypto [9:00]  - Being the second lawyer at Coinbase [14:00]  - Jake’s crypto law journey [16:00]  - What law students should get on their resume to get roles in crypto [21:00]  - How to determine which area of law to tie crypto into [34:00]  - Finding an area of law in which to specialize [37:00]  - Dealing with the pressure to specialize [41:00]  “Recognizing when you hit diminishing returns in your job, and when it’s time to move on” - Jake  - Imposter syndrome in the legal industry [44:00]  - Do crypto lawyers need to learn to code? [49:00]  - One important piece of advice for professionals beginning their careers [63:00]  “Come join the revolution with us” - Rebecca  Thanks for listening! If you enjoyed the podcast, please share and review. You can follow me, Jacob Robinson, on Twitter @jacobrobinsonjd. For the latest updates from Law of Code - subscribe to our newsletter.

Gabe and Sarah are experts on all things crypto and some of my brightest minds in the space. If you’re at all interested in Web3, you must follow both.  Gabriel Shapiro (@lex_node) is General Counsel at Delphi Labs. Gabe was previously a Partner at Belcher, Smolen & Van Loo LLP, where he was a corporate attorney for builders of DeFi, DAOs, blockchain & other decentralization technologies.  Sarah (Lord) Brennan (@SH_Brennan) is a corporate and securities attorney with over a decade of experience and a strong interest in technology who is passionate about helping companies grow and scale. Sarah is General Counsel at Delphi Ventures. Prior to joining Delphi, Sarah was Head of Harter Secrest & Emery LLP's Digital Assets and Disruptive Tech Practice and is a former Partner at Lippes Mathias LLP. Show highlights - Problems Gabe and Sarah see with the regulatory approach to crypto and viable paths forward  - Competing philosophies around tokens – essentialism vs functionalism - What are tokens, legally? What should they be - What is decentralization legally, why is it important and how could this change in the future? - Governance structures, what does good governance mean, what are the common theories and opportunities, best practices - LeXPunk – 2-min intro to LexPunk + Builder Defense DAO, plans, visions, values - Updating the Venture Model for DeFi: problems & solutions  - What aspect of crypto-law are Gabe and Sarah most interested in seeing develop and why & much more

Jason Gottlieb (@ohaiom) is a Partner in Morrison Cohen LLP’s Business Litigation Department, and Chair of the White Collar and Regulatory Enforcement practice group. Jason is the principal author of the MoCo Cryptocurrency Litigation Tracker and was named to the National Law Journal‘s inaugural list of Cryptocurrency, Blockchain and Fintech Trailblazers.  Jason regularly advises U.S. and foreign companies on blockchain and cryptocurrency law relating to litigation and regulatory risk issues and has been widely published and quoted in the media for his cryptocurrency and blockchain expertise.  Show highlights  - Jason's introduction to crypto  - Working at a Japanese Internet Service Provider in Tokyo  - Building expertise in crypto-law  - Kleiman v. Wright  - Cryptocurrency litigation tracker  - Indexed Finance Hack: ~$16m of tokens were stolen  - Working with DAOs (50 min-mark) - NFTs & much more.

Sina Kian (@SinaKian1) is Vice President of Strategy at Aleo, a company that is building a decentralized blockchain with significantly enhanced data security and privacy capabilities. He is also an Adjunct Professor at NYU Law School, and a Term Member at the Council on Foreign Relations. Sina received his BA in History at the University of Virginia, and his JD from Stanford Law School. After law school, Sina clerked for Chief Justice John G. Roberts, Jr., on the Supreme Court. Sina practiced law at WilmerHale, later transitioning to an investing role, working as a Vice President at Blackstone, and then to Kennedy Lewis. Show highlights: - His current role at Aleo (aleo.org) - What is Aleo? What problem does this a16z backed startup solve? - Clerking for Justice Roberts on the Supreme Court - Why transition out of law? - Zero-Knowledge Proofs  - Targeting Developers - Finding the perfect mentor & much more. Sina is brilliant and this interview is packed with interesting takeaways.

Nominated as one of Coindesk’s Most Influential People in Blockchain in 2017, Andrew “Drew” Hinkes (@propelforward) is a Partner with K&L Gates, working as part of its National Blockchain and Digital Currency practice.  Drew was appointed as an Adjunct Professor by the NYU Stern Business School and the NYU School of Law, where he co-teaches “Digital Currency, Blockchains, and the Future of the Financial Services Industry.” Drew is also the co-founder and General Counsel of Athena Blockchain, a professional services firm focused on tokenized investment products. Show highlights: Drew's blockchain story His legal practice Cryptolaw at NYU Stern His 2019 paper: Throw away the key, or the key holder? Coercive contempt for lost or forgotten cryptocurrency private keys, or obstinate holders. How courts best prevent the "loss" of private keys 5th amendment response to private key requests Liens against identifiable cryptoassets Rug pulls United States v. Van Buren Time management Legal title and digital assets Drew was a fantastic guest and the episode is a great peek into the mind of one of the best crypto lawyers.  Thanks for listening - If you enjoyed the show, we'd appreciate a review!

Hailey Lennon (@HaileyLennonBTC) is one of the most well-known lawyers in crypto law. Hailey is a shareholder in Anderson Kill’s Technology, Media and Distributed Systems Group.  She is based in California and affiliated with Anderson Kill’s Los Angeles office. Hailey previously spent time as regulatory counsel for various companies in the crypto space, including Coinbase, bitFlyer, and Silvergate Bank. She frequently speaks at major conferences about the laws surrounding cryptocurrencies.  Show highlights:  - When Hailey was introduced to Bitcoin  - Her journey from Law School to Crypto Lawyer  - Playing offense in your career  - Scaling BSA/AML Programs  - Stablecoins & the Biden Administration  - CryptoConnect  - NFTs  - How to improve your public speaking ability You can learn more about Hailey here and follow her on Twitter.  Thanks for listening - If you enjoyed the show, we'd appreciate it if you leave a review!

Evan Thomas (@evanmthomas) is Head of Legal at WealthSimple Crypto, a platform launched by WealthSimple as the first regulated crypto exchange in Canada. Prior to joining Wealthsimple, Evan spent nearly 15 years as a litigator with Osler Hoskin & Harcourt LLP, where he focused on cases involving technology and data. Before his legal career, Evan worked as a software developer and systems/network administrator. Show highlights: - Evan's genesis block - Why Evan left Big Law for crypto - Advice for lawyers considering going "all-in" in crypto - How regulators can work with crypto exchanges to balance innovation with consumer protection - Coinbase Lend - NFTs - Time management as a lawyer - What makes a great lawyer You can find Evan on Twitter @evanmthomas. Thanks for listening - If you enjoyed the show, we'd appreciate a review!

Collins Belton (@collins_belton) is one of the brightest minds in crypto law. Collins is the founder and Managing Partner of Brookwood P.C., a boutique transactional practice focused on serving founders, startups and emerging technology companies working on frontier technology, particularly in the digital asset space.  Show highlights:  - NFTs: Dutch auctions vs Vickrey auctions  - Collins Coin?  - Equity in exchange for legal advice  - Fiduciary responsibility in NFTs  - Gaining crypto experience as a young lawyer  - What's next for Collins?  - What makes a great lawyer  - Anime, cooking, and other hobbies.  Collins was so great that we’ve turned the interview into two parts. You can listen to the first part here. Thanks for listening - If you enjoyed the show, we'd appreciate a review!

Collins Belton (@collins_belton) is one of the brightest minds in crypto law. Collins is the founder and Managing Partner of Brookwood P.C., a boutique transactional practice focused on serving founders, startups and emerging technology companies working on frontier technology, particularly in the digital asset space.  Show highlights:  - When Collins was introduced to blockchain technology  - Why Collins founded Brookwood PC  - Coinbase Lend  - The Howey Test & investment contracts  - Gary Gensler reframing the DeFi narrative  - What Collins would do as head of the SEC  - The biggest legal problems in crypto today  Collins was so great that we’ve turned the interview into two parts. Check out our next episode to hear how Collins stays on top of all things crypto, his favorite NFTs, and what's next for Collins after he "retired" from private practice.  Thanks for listening - If you enjoyed the show, we'd appreciate a review!

Eric Richmond, COO at Coinsquare (formerly VP of Legal) and CEO at Tetra Trust, has extensive experience working with and advising startups and blockchain companies. Eric has extensive knowledge of the principles, applications, and current developments affecting blockchains. This interview is an excellent discussion on holding cryptocurrency for large clients, defining crypto as a security, and how to become a great crypto lawyer.  Show highlights: - How Eric built a crypto practice as a young lawyer - Transitioning from private practice to in-house at a crypto exchange - Coinsquare & Tetra Trust - Working with Government actors  - Applying current laws to DeFi - Crypto's "Cannabis" moment - What makes a great lawyer? You can learn more about Tetra Trust here and follow Eric on LinkedIn.  Thanks for listening - If you enjoyed the show, we'd appreciate if you leave a review!

Matthew "Bitcoin" Burgoyne is a Partner at McLeod Law LLP, in Calgary, Canada. Matthew's legal practice involves securities and capital markets, with a focus on blockchain-based digital assets. He has been advising companies in the cryptocurrency space since the summer of 2013, making him one of the first Canadian lawyers to act for cryptocurrency companies in Canada. Matthew was an integral part of McLeod Law’s efforts to accept bitcoin as payment for legal services in the fall of 2013, making McLeod Law the first full-service law firm in Canada to accept bitcoin. His clients in the cryptocurrency and blockchain space include cryptocurrency exchange platforms, cryptocurrency wallet developers, issuers of digital currency (including stablecoins and NFTs), cryptocurrency miners, and cryptocurrency investment funds. Show highlights: - How Matthew first learned of blockchain technology in 2013 - Why he built a legal career with a cryptocurrency focus - How Matthew got his first crypto exchange client - Why crypto startups should bring in outside counsel early - What makes a great lawyer - The importance of publishing articles as a young lawyer You can view Matthew's profile here or follow him on Twitter (@burgoynematt). Thanks for listening - If you enjoyed the show, we'd appreciate it if you leave a review!

Geoff Costeloe is a lawyer and entrepreneur at Lindsey MacCarthy LLP, in Vancouver, Canada. Geoff’s legal practice revolves around estate planning and administration, with a focus on digital assets. Geoff knows crypto inside-out, and this episode is a deep dive into why estate lawyers are so important for holders of crypto and NFTs. We also touched on how blockchain technology will shape the estate planning profession over the next 5-10 years. Geoff was a great guest, is building a one-of-a-kind legal practice, and I’m grateful he took the time to speak with me. Show highlights: - Why it's never too early to begin estate planning - Tax implications of buying/selling digital assets - Why lawyers should join LexDAO - What regulators can do to ensure a thriving crypto economy - Smart contracts and the future of estate planning - Why individuals should work with a lawyer who understands blockchain technology You can find Geoff on Twitter (@gcosteloe), where he talks crypto, estate law, and even some Canadian politics.  Thanks for listening - If you enjoyed the show, we'd appreciate it if you leave a review!

Any Obando, Associate at Cozen O'Connor, practices intellectual property law and has a great understanding of NFTs. In this episode, Any explains what NFTs are, what businesses will benefit from NFTs, IP associated with NBA Top Shots, and what legal rights NFT holders are entitled to.  This interview is an excellent primer on the laws surrounding NFTs, as Any is very knowledgeable in this space. I recommend anyone interested in NFTs use this podcast as an all-encompassing introduction. Show highlights: - When Any first learned of blockchain technology - What is an NFT? - The novel benefits NFTs offer when compared to Web 2 digital assets - IP rights associated with NBA Top Shots - Storing NFTs in digital wallets - Legislation impacting NFTs - Advice Any wishes she knew before beginning her legal career You can view Any's profile here or follow her on LinkedIn. Here's the primer on NFTs we discussed. Thanks for listening - If you enjoyed the show, we'd appreciate it if you leave a review!

James McCall, Legal Engineer at LexDAO, is building Farmapper LLC, a platform putting agriculture online through the blockchain. James does not currently represent legal clients but has a dual major finance/accounting undergraduate degree and a JD law degree. He has experience originating and servicing a large commercial loan portfolio for various lending institutions to finance agricultural real estate. We spoke about all things LEX Dao and blockchain law. Show highlights: - Transitioning from Lawyer to Legal Engineer - How lawyers can learn to code - Why lawyers should join LexDAO - How new members can thrive in LexDAO - What projects the lawyers/engineers at LexDAO are building - Helpful habits for young professionals You can find James on Twitter (@mccallios), where he talks NFTs, DeFi, and all things crypto. You also can find LexDAO on Twitter (lex_dao) Thanks for listening - If you enjoyed the show, we'd appreciate it if you leave a review!

Ross Campbell, Legal Engineer at LexDAO and co-founder of OpenEsquire, discusses building in the legal engineering space, the best use cases for DAOs, and why he's helping build OpenEsquire. This interview is packed with takeaways, and Ross continues to amaze me with his knowledge of this space (I am out of my league - I began studying immediately after our conversation). Highly recommend any lawyer interested in blockchain technology use this podcast to learn from Ross. Show highlights: - How to avoid being "coded out of a job" - Transitioning from Big Law to Legal Engineer - Building OpenEsquire (an LLC DAO)  - Forming LexDAO and working with DAOs - Why DAOs are easily attackable and best strategies for DAO consensus - The importance of private law concepts for DAOs - Why trusts should use DAOs & how Bar Associations can benefit from operating as a DAO  Thanks for listening - If you enjoyed the show, we'd appreciate it if you leave a review!

Erich Dylus, Legal Engineer at API3 DAO, discusses how API3 is building a GDPR compliant product for blockchain, along with the idea of 1st and 3rd party oracles. Show highlights: - When Erich was introduced to blockchain technology - How API3 is building compliance-focused oracle software - The EU's GDPR & international privacy regulations affecting crypto - Why learning solidity is important (Erich's github is helpful) - The legal future of DAOs - The movie of the year, Dune Thanks for listening - If you enjoyed the show, we'd appreciate it if you can take a minute to leave a review!

Daniel Rollingher, General Counsel at Fabrica.land, discusses how he is building a blockchain for real estate, along with the difficulties of working with jurisdictions across America. Show highlights: - When Daniel was introduced to blockchain technology - How Fabrica works to put real estate on-chain - The skills required as in-house counsel for a blockchain company - Most difficult roadblocks to gaining widespread blockchain adoption - What most people get wrong about blockchain laws - The future of real estate on the blockchain Thanks for listening - If you enjoyed the show, we'd appreciate it if you can take a minute to leave a review!

Dr. Muharem Kianieff, Associate Professor at the University of Windsor Faculty of Law, discusses the KYC and privacy laws affecting crypto, along with what the history of credit cards can teach us about the widespread adoption of crypto. Show highlights: - His introduction to blockchain technology  - How crypto can adapt to satisfy privacy legislation  - Which period of history is most analogous to the current state of crypto  - Why, as an academic, he doesn't own any crypto  - What most people get wrong about blockchain laws  - The evolving crypto regulations that Professor Kianieff is keeping an eye on  Thanks for listening - If you enjoyed the show, please leave a review - it would be a huge help and we'd really appreciate it!

Understand the legal layer of emerging technologies. Jacob Robinson is joined by the world's top lawyers, regulators and entrepreneurs to discuss the laws shaping — or being shaped by — our world.