Law of Code – Details, episodes & analysis

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.

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.

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.