Explorez tous les épisodes du podcast Law of Code

Grant Vingoe is the CEO of the Ontario Securities Commission, Canada's largest securities regulator.

Grant explains Canada's approach to crypto and why he sees a careful, incremental approach as a strength.

Law of Code is presented by Altitude, visit https://altitude.xyz/law to learn why.

Timestamps:

0:00 Intro

0:55 From 30 years in New York to running the OSC

5:49 How the CSA and Canada's provincial regulators fit together

9:01 The crypto contract

12:34 Grant's first exposure to crypto

16:09 The gamification of financial markets and prediction markets

21:22 Making crypto safer for Canadians, from ETFs onward

26:30 Stablecoins

29:52 The Stablecoin Act and federal regulators

35:02 The $30,000 purchase limit

38:18 How industry can better engage regulators

45:02 Canada's brain drain question

50:34 Modernizing the regulation of public companies

54:17 Permissionless finance

1:01:13 Accredited investor rules

Thank you to our other sponsors:

McCarthy Tétrault LLP, with which I am co-hosting a Crypto in Canada event on August 12, 2026 in Toronto: https://luma.com/89qnrnah

Osler, Hoskin & Harcourt LLP: https://www.osler.com/en/expertise/services/digital-assets-and-blockchain/

Cahill Gordon & Reindel LLP: https://www.cahill.com/practices/litigation-digital-assets-and-emerging-technology

Solana Policy Institute: https://www.solanapolicyinstitute.org/

Hyperliquid Policy Center: https://hyperliquidpolicy.org/

Sign up for the free Law of Code newsletter at lawofcode.fm.

How does Canada regulate crypto? This podcast answers that in less than 60 minutes.

You'll hear from Grant Vingoe, CEO of the OSC, Eric Richmond, CEO of Coinbase Canada, the Bank of Canada's Anne Butler, McCarthy's Lori Stein, Osler's Matt Burgoyne, Evan Thomas, Dr. Ryan Clements of the ASC and Blair Wiley of Wealthsimple.

Law of Code is presented by Altitude, visit ⁠https://altitude.xyz/law⁠ to learn why.

Timestamps:

0:00 Intro

2:42 Tax

4:53 AML Rules

8:06 Securities

12:00 Investment contracts

16:13 Quadriga's collapse

23:00 The Crypto Contract

34:29 World's first Bitcoin ETF

38:23 Stablecoins

46:47 Where Canada could play offense: DeFi, perps and tokenization

52:53 The speed problem

Nothing in this podcast is legal or investment advice.

Thank you to our other sponsors:

McCarthy Tétrault LLP, with which I am co-hosting a Crypto in Canada event on August 12, 2026 in Toronto: https://luma.com/89qnrnah

Osler, Hoskin & Harcourt LLP: https://www.osler.com/en/expertise/services/digital-assets-and-blockchain/

Cahill Gordon & Reindel LLP: ⁠https://www.cahill.com/practices/litigation-digital-assets-and-emerging-technology⁠

Solana Policy Institute: ⁠https://www.solanapolicyinstitute.org/⁠

Hyperliquid Policy Center: ⁠https://hyperliquidpolicy.org/⁠

Sign up for the free Law of Code newsletter at lawofcode.fm.

Kyle Poe is a former BigLaw partner and currently VP of Legal Innovation and Strategy at Legora, a legal AI startup valued at $5.6 billion.

Kyle explains why he sees a generational reordering happening in the legal profession, how firms are best institutionalizing partner knowledge as IP, and where the moat exists for lawyers as AI grows in ubiquity.

Law of Code is presented by Altitude, visit https://altitude.xyz/law to learn why.

Timestamps:

0:00 Intro

0:56 The billable hour and the incentive problem inside firms

2:36 Institutionalizing partner knowledge as firm IP

4:02 Why partner buyouts are accelerating

5:56 Why AI is different from the internet and email

9:31 How top firms are operationalizing AI

12:35 Building innovation teams from the top down

14:37 More lawyers or fewer? The future of demand

19:20 Grinders, minders and finders

22:10 What lawyers should be asking about AI

25:13 Legora's moat

Thank you to our other sponsors:

Cahill Gordon & Reindel LLP: https://www.cahill.com/practices/litigation-digital-assets-and-emerging-technology

Solana Policy Institute: https://www.solanapolicyinstitute.org/

Hyperliquid Policy Center: https://hyperliquidpolicy.org/

Sign up for the free Law of Code newsletter at lawofcode.fm.

By the end of this episode, you'll understand how lawyers are actually AI maxxing in 2026, and how you can, too.

Timestamps:

0:00 Intro

1:58 Why it's the best time to be a lawyer

3:03 Hallucinations and cognitive surrender

5:33 Quality over efficiency

8:13 Why AI upends legal work

15:20 60% of contracts filed to EDGAR have mistakes

20:04 How LLMs actually work

25:59 Zero data retention, explained

29:16 The privacy risk beyond training

39:16 How to prompt

47:03 Michael Showalter's AI-native litigation stack

55:27 Spellbook's Compare to Market Feature

1:03:10 Building a regulatory agent

1:09:50 The judgment crisis for junior lawyers

1:12:15 Cooley's AI training method

You'll hear from 10 people at the cutting edge of legal AI:

• Zack Shapiro, Founder and Managing Partner at Rains LLP
• Molly Abraham, General Counsel at Coinbase
• Sujit Raman, Chief Legal Officer at TRM Labs
• Michael Showalter, Founder of Showalter PLLC
• Erich Dylus, attorney, programmer and creator of CamoText
• Aaron Kelly, General Counsel and open source AI expert
• David Wang, Chief Innovation Officer at Cooley
• Scott Stevenson, CEO of Spellbook
• Justin McCallon, CEO of StrongSuit
• Samson Enzer, Partner at Cahill Gordon & Reindel

This episode is presented by Altitude, visit altitude.xyz/law to learn more about their financial operating system.

Newsletter: Stay updated on emerging tech law for free at lawofcode.fm.

Any feedback on this episode? Or how to improve the podcast? Click here: https://docs.google.com/forms/d/1QAcE1sQAKZIkma20DbyB5frgKdiK8UB6Fkb6CwaVP1I/edit

Sponsors: Thank you to the Hyperliquid Policy Center and Solana Policy Institute for supporting this podcast.

To get in touch with the Cahill team about how any issues discussed in this episode apply to your situation, email mtomsky@cahill.com.

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 should software lose free speech protections?

This podcast covers software and the First Amendment, tracing the history from Cold War export controls to recent restrictions on advanced AI models.

My goal: the internet's most comprehensive explainer on speech and code, from cryptography to cryptocurrency to AI.

In this episode, you'll hear from leading experts on the legal layer of software and free speech:

• Peter Van Valkenburgh, Executive Director at Coin Center
• Laz Pieper, Director of Research at Coin Center
• Eugene Volokh, First Amendment scholar and Fellow at the Hoover Institution
• Jane Bambauer, Brechner Eminent Scholar at the University of Florida
• Preston Byrne, Managing Partner at Byrne & Storm
• Sam Enzer, partner at Cahill Gordon & Reindel and co-chair of CahillNXT

By the end of this episode, I promise you'll be in the top percentile for understanding when code is protected speech, regardless of where you're starting from. (You just might need to listen twice. There's a lot here.)

This episode is presented by Altitude, visit Altitude.xyz/law to learn more about their financial operating system.

Timestamps:

0:00 Anthropic AI export controls

6:17 Introduction

9:39 Reading the First Amendment

10:38 Eugene Volokh on his First Amendment philosophy

13:42 The machine gun sculpture: speech vs function

19:24 Peter Van Valkenburgh interview

25:50 The Cold War, munitions list and Phil Zimmermann

29:57 The Bernstein case

34:53 Strict scrutiny

38:48 The Corley case

49:17 Sorrell, Stevens and where the Supreme Court is heading

53:25 Preston Byrne on the Supreme Court's AI case

57:23 Defense Distributed and 3D-printing

1:04:00 Where publication ends and professional conduct begins

1:15:20 Lowe v. SEC and the agency line

1:45:45 Compelled speech, the IRS broker rule and tobacco labels

2:04:17 Laz Pieper on Sorrell and third-party liability

2:11:29 Preston Byrne on the GRANITE Act and foreign censorship

Newsletter: Stay updated on emerging tech law for free at lawofcode.fm. https://www.lawofcode.fm/

Any feedback on this episode? Or how to improve the podcast? Click here. https://forms.gle/W4d2a5aHuLJjuNdn7

Sponsors: Thank you to the Hyperliquid Policy Center and Solana Policy Institute for supporting this podcast.

To get in touch with the Cahill team about how any issues discussed in this episode apply to your situation, email mtomsky@cahill.com. Subscribe to Cahill's free client alerts on digital assets and emerging technology at https://www.cahill.com/news/index?search=1&practice=litigation-digital-assets-and-emerging-technology.

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.

Prediction markets are a multi-billion dollar industry, led by companies like Kalshi and Polymarket. They are also controversial. Some want them banned and believe they are operating illegally, while others see them as invaluable truth-seeking markets.

This podcast is a multi-hour deep dive on prediction markets, starting from conclave betting in 15th century Rome to the CFTC's proposed rulemaking on Rule 40.11 earlier this month.

My goal: The internet's most comprehensive explainer on prediction markets.

By the end of this episode, I promise you'll be in the top percentile for understanding prediction markets, regardless of where you're starting from. (You just might need to listen twice. There's a lot here.)

Timestamps:

0:00 Intro

1:40 16th century papal betting (Koleman Strumpf)

11:13 Insider trading rules on prediction markets (Bobby DeNault)

16:20 The Google search insider case and Rule 180.1 (Sam Enzer)

27:38 Why prediction markets matter (Chris Giancarlo)

33:20 Election betting in America38:35 Iowa Electronic Markets and the 1992 no-action letter

45:56 Dodd-Frank, swaps and the Special Rule

48:08 Senator Lincoln on Super Bowl and Derby contracts

55:49 Parlays as swaps (Josh Sterling)

1:01:23 CFTC's exclusive jurisdiction (Thania Charmani)

1:07:30 Perspective on the CFTC's NPRM (Michael Passalacqua)

1:14:55 Exceptions that swallow the rule (Paul Grewal)

1:27:25 How prediction markets actually work

1:36:05 Kalshi's probability-weighted fee structure

1:38:18 Cardi B and the resolution problem (Dustin Gouker)

1:45:05 Oracles, UMA and decentralized resolution (Jeff Amico)

1:51:55 Inside the Ninth Circuit case

2:07:49 The CFTC's June 2026 proposed rulemaking (Brad Bourque, Stefan Schropp)

2:19:06 Kalshi's landmark 2024 win

2:23:05 PASPA, Murphy v. NCAA (Daniel Wallach)

2:45:14 The case against banning prediction markets (Bobby DeNault)

Newsletter: Stay updated on emerging tech law for free at lawofcode.fm. https://www.lawofcode.fm/

Any feedback on this episode? Or how to improve the podcast? Click here. https://forms.gle/W4d2a5aHuLJjuNdn7

Sponsors: This episode is sponsored by Cahill Gordon & Reindel, the Hyperliquid Policy Center, and the Solana Policy Institute. To get in touch with the Cahill team about how the issues discussed in this episode apply to your situation, email mtomsky@cahill.com. Subscribe to Cahill's free client alerts on digital assets and emerging technology at https://www.cahill.com/news/index?search=1&practice=litigation-digital-assets-and-emerging-technology.

In this episode, you'll hear from the world's leading experts on the legal layer of prediction markets:

• Josh Sterling, partner at Millbank
• Bobby DeNault, Head of Enforcement at Kalshi
• Chris Giancarlo, former Chairman of the CFTC
• Daniel Wallach, founder of Wallach Legal LLC
• Stefan Schropp, Senior Regulatory Counsel at Paradigm
• Sam Enzer, partner at Cahill Gordon & Reindel and co-chair of CahillNXT
• Paul Grewal, Chief Legal Officer at Coinbase
• Koleman Strumpf, economics professor at Wake Forest
• Brad Bourque, Policy Counsel at Hyperliquid Policy Center
• Thania Charmani, partner at Winston & Taylor
• Michael Passalacqua, Senior Advisor to CFTC Chairman Selig
• Jeff Amico, Chief Operating Officer at Gensyn
• Matt Kalish, co-founder of DraftKings and CEO of Hardscope
• Dustin Gouker, author of the Event Horizons newsletter

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.

How do regulators actually write the rules for crypto? SEC Commissioner Hester Peirce and Taylor Lindman, Chief Counsel of the SEC's Crypto Task Force, take us inside the process, recorded at the SEC offices in Washington, D.C.

We cover CLARITY Act rulemaking, lessons from Dodd-Frank, principles-based regulation and navigating the risks of decentralized projects. If you want to understand how an agency like the SEC actually works, this episode is for you.

Timestamps:

0:00 Intro

1:20 Commissioner Peirce's philosophy on capital markets

5:04 Rulemaking at the SEC

6:48 The SEC's divisions, explained

8:27 How the Crypto Task Force is staffed

10:37 Lessons from Dodd-Frank

13:10 Legal artisans

15:15 The Clarity Act deadlines

18:55 Decentralized intermediaries

20:56 Principles-based vs prescriptive regulation

24:49 Tackling difficult crypto questions

26:23 Leveraging AI for data review

29:46 "Come in and register" under this SEC

33:50 SEC & CFTC collaboration

35:52 Re-engaging the crypto industry

40:00 Crypto Task Force & the Clarity Act

45:54 The SEC's non-crypto priorities

48:41 Avoiding another regulation-by-enforcement era

57:14 Thank you to Sam Enzer, Lewis Cohen and Cahill, plus a shoutout to Day One Law and Nick Pullman

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.

Over a trillion dollars worth of perps are traded every month, yet 99% people have never heard of them. Fewer understand how they work.

This podcast is a multi-hour deep dive on perps, starting from the history of grain futures in Chicago to a historic CFTC announcement on Friday, May 29, 2026.

My goal: The internet's most comprehensive explainer on perps.

In this episode, you'll hear from the world's leading experts on the legal layer of perps:

• Hyperliquid Policy Center CEO Jake Chervinsky and policy counsel Brad Bourque
• BrettHarrison, CEO of Architect
• Katherine Kirkpatrick Bos, general counsel of StarkWare
• Ryne Miller, partner at Morrison Foerster
• Mike Frisch, partner at Croke Fairchild
• David Shafer, lawyer at Coinbase

By the end of this episode, I promise you'll be in the top percentile for understanding perps, regardless of where you're starting from. (You just might need to listen twice. There's a lot here.)

Timestamps:

0:00 Intro

4:04 What is a perp?

7:18 Why futures contracts exist

8:15 Liquidity fragmentation

11:01 History of U.S. futures

17:08 Richard Nixon, the gold standard and financial futures

21:27 Birth of the CFTC

24:27 Robert Shiller's 1992 paper

30:09 Price convergence

32:00 The funding rate

43:41 Oracles and manipulation risk

47:39 Are perps swaps or futures?

52:44 A @ChairmanSelig clip on perps

54:02 The DCM framework

59:16 DCMs, DCOs and FCMs explained

1:04:55 History of crypto perps (BitMEX, FTX)

1:13:00 How Hyperliquid works

1:25:41 CFTC's historic announcements on May 29, 2026

1:35:00 Fireside with @jchervinsky and @BradBourque of @HyperliquidPC

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.

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 practice
• Miles Jennings, Head of Policy & General Counsel for a16z crypto
• Sarah Brennan, general counsel at Delphi Ventures
• Kyle Bligen, Head of Policy and Public Affairs at the Decentralization Research Center
• Miller Whitehouse-Levine, CEO at Solana Policy Institute
• Dugan Bliss, Head of Litigation at Binance

By 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 Center
• Amanda Tuminelli — Chief Executive Officer, DeFi Education Fund
• Brian Klein — Partner at Cooley, lead defense attorney for Roman Storm
• Jake 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 non-lawyers 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 history

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://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 assets

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. 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: info@defieducationfund.org

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 Proposal
• Miles 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: crypto@sec.gov

📜 “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.

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.