Law of Code

#211 - Is AI Distillation Illegal? Oct 4, 2026 00:46:50 Anthropic calls some AI distillation illicit. But is distillation illegal?The answer may depend less on what you do with AI outputs than on how you accessed them.This episode is a deep dive into how courts might rule. We cover X v. Bright Data, what OpenAI's and Anthropic's terms say about who owns AI outputs, why Anthropic's own fair use arguments could be turned against it and what t

#210 - Cyber Letters of Marque Sep 22, 2026 00:47:44 Cybercrime costs Americans an estimated $200 billion a year, and AI is supercharging it. The U.S. government's newest response is one of the oldest tools in the Constitution, one Congress hasn't used since the War of 1812.This episode covers letters of marque and privateers: their role in the American Revolution, how prize courts and bonds kept privateers from becoming pirates, and the Whi

#209 - Vaults Sep 8, 2026 01:59:38 Vaults might be finance's next trillion-dollar opportunity. But what are they? How do they work? What regulation might apply? You'll hear from the creator of crypto vaults, Andre Cronje (Flying Tulip, Yearn), alongside builders Adrian Cachinero Vasiljevic (Steakhouse Financial) and Charles St. Louis (Ethereum Foundation). You'll also hear from SEC Commissioner Hester Peirce and top lawyers Lewis C

Interview: SEC Commissioner Hester Peirce on Reg Crypto Sep 1, 2026 00:42:29 Commissioner Hester Peirce joins the podcast to discuss Regulation Crypto Assets, as well as secondary market trading, DePIN and vaults. If you haven't listened to the full Reg Crypto explainer, that's episode 208. This episode is presented by Altitude. Visit altitude.xyz/law to learn more about their financial operating system.Timestamps:0:00 Intro2:22 Secondary transactions3:23 Promises

Interview: The GRANITE Act, explained by Preston Byrne Aug 28, 2026 00:22:17 The GRANITE Act is a two-and-a-half-page bill designed to stop foreign governments from censoring Americans online. Preston Byrne, the Managing Partner at Byrne & Storm, has spent over a decade advising tech companies on free speech questions. His work was instrumental in the introduction of the GRANITE Act in the U.S. House of Representatives on August 27, 2026.Timestamps:0:00 Intro2:10 How f

#208 - Reg Crypto Aug 25, 2026 01:28:36 What is Regulation Crypto Assets? An SEC-led rule proposal that allows projects to raise capital in the U.S. by selling tokens. That's the short answer. The long answer is this podcast. By the end of this episode, you'll understand why these rules were needed, what they say and what could still be tweaked before they become law. This episode is presented by Altitude, visit ⁠altitude.xyz/la

Interview: OSC CEO Grant Vingoe on Crypto in Canada, Part II Aug 10, 2026 01:13:22 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 Intro0:55 From 30 years in New York to running the OSC5:49 How the CSA and Canada's provincial re

#207 - Crypto in Canada Aug 10, 2026 01:00:13 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://altitud

Interview: Legora's Kyle Poe on the Future of AI & Law Firms Aug 6, 2026 00:30:08 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 http

#206 - How lawyers are using AI in 2026 Jul 27, 2026 01:31:53 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 Intro1:58 Why it's the best time to be a lawyer3:03 Hallucinations and cognitive surrender 5:33 Quality over efficiency8:13 Why AI upends legal work15:20 60% of contracts filed to EDGAR have mistakes20:04 How LLMs actually work25:59 Zero data retention, explained29:16 The

#205 - Software & Free Speech Jul 13, 2026 02:00:48 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

#204 - Prediction Markets Jun 30, 2026 02:55:47 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

#203 - How the SEC Writes Crypto Rules Jun 15, 2026 00:59:26 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 ag

#202 - Perps Jun 1, 2026 02:13:32 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'

#201 - The CLARITY Act May 18, 2026 01:53:46 What is the CLARITY Act? Maybe the most important piece of financial legislation in a generation. This podcast explains the history of U.S. digital asset regulation, why regulation-by-enforcement failed and what the CLARITY Act addresses, plus remaining steps for this to become law.Guests:Lewis Cohen, Partner & Co-Chair of CahillNXT's Digital Assets & Emerging Technology practiceMiles Jenn

#200 - Money Transmission & Developer Liability May 4, 2026 01:49:26 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 developer

#186 - AI & Legal Privilege Apr 20, 2026 00:41:34 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 re

#185 - Why Circle should freeze USDC, with Austin Campbell Apr 13, 2026 00:43:17 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

#184 - Transaction Denied: Rainey Reitman on Financial Censorship Apr 7, 2026 00:27:59 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 Founda

#183 - A founder's playbook for new SEC crypto guidance Apr 6, 2026 00:39:36 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

#182 - Lewis Cohen explains new SEC & CFTC token guidance Mar 30, 2026 00:49:06 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

#181 - Fixing crypto's banking bottleneck with Aaron Brogan Mar 23, 2026 00:42:54 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 regulati

#179 - This month in crypto law: March 2026 Mar 16, 2026 00:44:10 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.Timesta

#178 - What a crypto lawyer learns from campaigning for New York Attorney General with Khurram Dara Mar 11, 2026 00:47:03 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 Gen

#177 - Explaining the misnomer of 'Code is Law' with Andrew Hinkes, Andrea Tosato, and Carla Reyes Mar 9, 2026 00:42:06 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 ultimat

#176 - In the weeds on U.S. market structure regulation with Gerald Gallagher Feb 25, 2026 00:49:47 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

#175 - On-chain fundraising with Gabe Shapiro of MetaLex Feb 23, 2026 00:48:20 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 blockchai

#174 - Crypto's market structure moment, with Bill Hughes of Consensys Feb 16, 2026 00:47:20 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 le

#173 - Understanding token compensation with Jessica Furr and Brandon Ferrick Feb 11, 2026 00:32:01 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, an

#172 - Interview on the legal side of prediction markets with Samir Patel Feb 9, 2026 00:27:55 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➡️ 2:5

#171 - Why the CFTC is the best regulator for crypto with former Chairman Chris Giancarlo Feb 4, 2026 00:36:26 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

#170 - The future of crypto custody with Sarah Helena Brennan and Jay Stolkin Jan 28, 2026 00:44:14 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 writ

#169 - Drew Hinkes shares 2026 crypto law predictions Jan 26, 2026 00:34:15 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

#168 - December crypto regulatory developments in review with Jonathan Schmalfeld Dec 29, 2025 00:43:47 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

#167 - Is Canada Ready to Regulate Stablecoins? Dec 22, 2025 00:25:43 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 Duff

#166 - Can DeFi scale without sacrificing neutrality or permissionlessness? Dec 17, 2025 00:38:41 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

#165 - Key developments in U.S. crypto law & policy with Jonathan Schmalfeld Dec 15, 2025 00:40:09 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➡️

#164 - Greg Xethalis on market structure legislation, history of crypto ETFs Dec 9, 2025 00:38:49 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 s

#163 - TradFi's push on stablecoin regulation, J.W. Verrett's response Dec 1, 2025 00:22:54 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 Antoni

#162 - Crypto ETF staking safe harbor explained by tax expert Jason Schwartz Nov 25, 2025 00:29:58 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

#161 - Jason Gottlieb on litigation trends, relevant statutes of limitations Nov 17, 2025 00:43:25 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 Cr

#160 - DoubleZero's historic no-action letter from the U.S. Securities and Exchange Commission Nov 9, 2025 00:31:08 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

#159 - On-chain transfer agents and compliance, with Fairmint CEO Joris Delanoue Oct 27, 2025 00:33:32 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 equit

#158 - Masterclass on the GENIUS Act, stablecoin regulation with Austin Campbell Oct 10, 2025 00:49:25 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

#157 - History of the DUNA, with David Kerr of Cowrie Sep 10, 2025 00:49:39 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

#156 - DOJ enforcement and developer liability, with Amanda Tuminelli of the DeFi Education Fund Sep 8, 2025 00:22:06 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 conv

#155 - Anchorage Digital's Kevin Wysocki on the Future of U.S. Crypto Policy Sep 4, 2025 00:27:15 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 cryp

#154 - Uniswap’s DUNI Governance Proposal, with Brian Nistler & Rodrigo Seira Aug 28, 2025 00:38:56 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

#153 - Peter Van Valkenburgh on the Roman Storm trial, future of peer-to-peer crypto Aug 20, 2025 00:39:20 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 – Expla

#152 - Crypto tax trends, with Jason Schwartz of CahillNXT Jul 31, 2025 00:50:27 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 p

#151 - SEC Commissioner Hester Peirce and Crypto Task Force Chief Counsel Mike Selig on Tokenizing Securities & Market Structure rules Jul 29, 2025 00:27:29 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 fac

#150 - Masterclass on Crypto 'Perps' with Katherine Kirkpatrick Bos Jul 21, 2025 00:26:36 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 exch

#149 - Stablecoins and U.S. Treasuries: A Risky Interdependence (with Yesha Yadav & Brendan Malone) Jul 16, 2025 00:54:48 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 pap

#148 - Former DOJ attorney Jessi Brooks on unhosted wallets and crypto tracing tools Jul 1, 2025 00:38:52 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

#147 - Legal steps to launch blockchain products and tokens, with Nima Maleki Jun 24, 2025 00:41:37 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 decentr

#146 - What’s new in U.S. crypto law, with Justin Wales May 27, 2025 00:32:45 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 share

#145 - Why crypto is a solution to a decades-old problem, with Tuongvy Le Apr 30, 2025 00:38:08 If the law were truly “technology-neutral,” what would that look like in practice for a P2P securities transaction via smart contracts?In this episode, Jacob Robinson is joined by Tuongvy Le (@TuongvyLe12), who has served as General Counsel of Anchorage Digital, Partner and Head of Regulatory and Policy at Bain Capital Crypto, and Deputy GC and Compliance Officer at Worldcoin. She also spent almos

#144 - What SEC crypto disclosure guidance means for projects, with Dr. Chris Brummer Apr 22, 2025 00:25:45 In this episode, Jacob Robinson is joined by Dr. Chris Brummer (@ChrisBrummerDr), Professor of Financial Technology at Georgetown Law and Founder & CEO of Bluprynt, an AI and blockchain-powered platform for automating regulatory disclosures. Together, they unpack the SEC’s recent statement: Offerings and Registrations of Securities in the Crypto Asset Markets — a document that some say could m

#143 - The biggest legal risk facing crypto developers might be Section 1960, which Amanda Tuminelli explains Apr 18, 2025 00:25:44 In this conversation, Jacob Robinson and Amanda Tuminelli, Executive Director of the DeFi Education Fund, delve into the criminal code provision punishing unlicensed money transmitting businesses, why this is relevant for developers of non-custodial crypto projects, and how a recent memo from the Department of Justice on ending “the regulatory weaponization against digital assets" might not have g

#142 — Unpacking the SEC Statement on Stablecoins with Larry Florio Apr 11, 2025 00:33:19 Jacob Robinson and Larry Florio delve into the SEC's recent statement on stablecoins and how SEC staff applied the Reves and Howey tests to determine whether stablecoins are considered securities. Show highlights:[2:00] What this statement means for lawyers[3:30] When stablecoins aren't securities[7:00] The platonic ideal of a stablecoin[11:00] Applying the Reves test to Covered Stablecoin

#141 - Josh Lawler and Jener Sakiri on securities, regulation and gaming in crypto Jul 29, 2024 00:49:42 Josh Lawler is a partner at Zuber Lawler, where he leads the firm’s Emerging Technologies Group with a particular emphasis on blockchain technology. Josh previously practiced as a corporate securities and M&A attorney at Skadden, Arps. Jener Sakiri is an associate at Zuber Lawler and focuses on transactional and regulatory matters. He often works with clients involved in blockchain technology.

#140 - SAFEs, SAFTs and what's market for crypto startups with Nick Pullman Jul 22, 2024 01:07:22 Nick Pullman (@NickPullmanEsq) is Corporate Counsel and founder of Day One Law Corporation, where he provides legal solutions for tech startups and investors. Nick was previously head of legal at an NFT startup and an associate at Cooley and DLA Piper. In this conversation, we cover: [2:53] Nick's introduction to Bitcoin [7:33] What's market: SAFEs, SAFTs [19:39] Other methods of raising

#139 - Changing political tides in DC, Consensys' SEC lawsuit with Bill Hughes Jun 13, 2024 00:50:03 Bill Hughes (@BillHughesDC) is Senior Counsel & Director of Global Regulatory Matters at Consensys Software, which is behind MetaMask, Infura, and various other software supporting the programmable blockchain ecosystem. For more on Bill’s background, I recommend episode 74 of Law of Code. This conversation is focused on the lawsuit Consensys brought in Texas federal court. Show highlights: [2

#138 - The future of sports and crypto: Karate Combat May 24, 2024 00:42:32 This conversation with two lawyers — Samir Patel and David Kuhn — and an entrepreneur who goes by OnlyLarping covers all aspects of Karate Combat, a novel form of sports league that is betting heavily on crypto. Show highlights: [2:51] What is Karate Combat?[7:26] Implementing token governance[13:11] Crypto and sports[19:34] Why they believe it is not gambling[32:49] Plans for Consensus 2024&

#137 - Blockchain Association sues the SEC to strike down Dealer Rule May 21, 2024 00:38:45 Recently, the Blockchain Association (BA) and the Crypto Freedom Alliance of Texas (CFAT) filed a lawsuit against the Securities and Exchange Commission seeking a court order to strike down the SEC’s Dealer Rule due to the SEC’s various Administrative Procedure Act (APA) violations including preventing industry participants from being able to operate under clearly communicated rules and a lack of

#136 - Justin Wales on the Crypto Legal Handbook Apr 22, 2024 00:47:16 Justin Wales (@bitcoin_wales) is the Head of Legal for the Americas at Crypto.com. Before going in-house, he was a partner at the international law firm K&L Gates, where he represented crypto companies in all aspects of their business. His new book, The Crypto Legal Handbook, is a must-read guide through the laws of crypto, web3 and an ever-decentralizing world. I had an opportunity to read i

#135 - Everything you should know about Roman Sterlingov's case Apr 17, 2024 00:51:09 Today’s podcast covers the case of Roman Sterlingov, a 33-year-old Swedish-Russian national, was arrested by Internal Revenue Service criminal investigators at the Los Angeles airport and was accused of creating and operating Bitcoin Fog, a bitcoin “mixing” service that the US Justice Department claims Sterlingov used to enable $336 million in money laundering. I’m joined by J.W. Verret, an Associ

#134 - Pre-enforcement lawsuit against the SEC with Amanda Tuminelli and Jake Chervinsky Apr 15, 2024 00:29:23 The DeFi Education Fund and co-plaintiff Beba, an apparel company based in Texas, recently filed a pre-enforcement suit challenging the SEC’s regulation by enforcement approach to crypto and their policy that free airdrops are securities transactions. Amanda Tuminelli serves as the DeFi Education Fund's chief legal officer where she leads the organization's impact litigation and policy eff

#133 - Liability on smart contract developers: Roman Storm case with Jake Chervinsky and Amanda Tuminelli Apr 14, 2024 00:27:34 After the DEF submitted an amicus brief in the Roman Storm matter, which involves Tornado Cash, I spoke with the two authors: Amanda Tuminelli serves as the DeFi Education Fund's chief legal officer where she leads the organization's impact litigation and policy efforts. Jake Chervinsky recently joined Variant as Chief Legal Officer, where he leads the firm's legal team, and works clos

#132 - What is MetaLeX? Plus, why lawyers must take note Mar 29, 2024 00:54:49 Co-founded by longtime cryptolawyers Gabriel Shapiro and Alex Golubitsky, the mission of MetaLeX (which means beyond law) is to combine legal structures and autonomous tech to create best-in-class solutions serving DAOs, devs, and internet denizens with a suite of interoperable autonomous law solutions, which they refer to as MetaLeX OS. The goal is a bold one: Separate law from nation-states in a

#131 - Is UNI a security after Uniswap turns on the fee switch? EU and MiCA insights from Stephane Daniel Mar 15, 2024 00:50:22 Stéphane Daniel (@stephdan_law) is a Partner at d&a partners, an independent law firm dedicated to tech and blockchain entrepreneurs in France and the EU. Stéphane advises high-tech firms with their structuring, fundraising, and M&A transactions. He was notably involved in the first legal structuring (under French law) of DAOs and regularly advises companies on equity, debt, token, or hybr

#130 - Chris Giancarlo, former CFTC Chair on the SEC's approach to crypto Mar 4, 2024 01:20:19 Chris Giancarlo (@giancarloMKTS) is senior counsel and Co-Chair of the Willkie Digital Works practice in the firm’s New York office. Chris served as the thirteenth Chairman of the U.S. CFTC, where he oversaw regulation of the futures, options and swaps derivatives markets. During his tenure at the CFTC (2014-2019), Chris oversaw the first bitcoin futures products entering the marketplace. He’s als

#129 - Why is the same risk, same rules philosophy wrong? Eric Hess explains Feb 27, 2024 00:39:03 Eric Hess (@hess_legal) is Founder & Managing Counsel at Hess Legal Counsel, a cybersecurity SaaS platform and consulting company, and hosts The Encrypted Economy podcast. In this episode, we’ll be exploring his recent paper Bridging Policy and Practice: A Pragmatic Approach to Decentralized Finance, Risk, and Regulation. For Part 1, a history of securities regulation in the US, see our prior

#128 - Primavera De Filippi of CNRS and Harvard on the future of copyright law, NFTs and DAOs Feb 22, 2024 00:47:54 Primavera De Filippi is a Director of Research at the National Center of Scientific Research (CNRS) in Paris, Faculty Associate at the Berkman Klein Center for Internet & Society at Harvard University, and Visiting Fellow at the Robert Schuman Centre for Advanced Studies at the European University Institute. Her research focuses on the legal challenges and opportunities of blockchain technolog

#127 - Cravath's Jeff Dinwoodie on the SEC and the future of crypto regulation Feb 11, 2024 01:08:35 Jeffrey T. Dinwoodie is a partner at Cravath, Swaine & Moore, and a member of the firm’s Financial Institutions Group. He has served in senior roles at the SEC and the U.S. Treasury Department, including as Chief Counsel to SEC Chairman Jay Clayton and, earlier, as Chairman Clayton’s Trading and Markets Counsel. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing h

#126 - Genuine DeFi as Critical Infrastructure: Paper by Rebecca Rettig, Michael Mosier and Katja Gilman Jan 30, 2024 00:46:45 Rebecca Rettig, Michael Mosier and Katja Gilman published their paper, Genuine DeFi as Critical Infrastructure: A Conceptual Framework for Combating Illicit Finance Activity in Decentralized Finance and a summary two-pager. This paper proposes a framework (see Section III) to effectively detect, deter and prevent illicit financial activity in DeFi, while preserving the technology as permissionless

#125 - Repost: Coinbase's Motion to Dismiss the SEC's Lawsuit Jan 30, 2024 00:52:06 On August 4, 2023, Coinbase filed a brief in support of its motion to dismiss the SEC's lawsuit. This podcast provides an audio version of the brief, along with key takeaways and points made within it. Show highlights: [1:00] Preliminary Statement [6:30] Background on the SEC's charges [11:30] Coinbase's argument for dismissal [13:00] Because the complaint alleges no contractual under

#124 - Former CFTC Director Josh Sterling on choosing regulators (SEC vs CFTC) and the future of Web3 Jan 29, 2024 00:39:13 Joshua B. Sterling is a Partner at Jones Day where he represents financial services, energy, fintech, agriculture and other companies in matters before the CFTC, the SEC, and other financial regulators. A former senior regulator, Josh was previously the Director of the CFTC’s Market Participants Division. In that role, he oversaw the 3,300 financial firms worldwide registered with the CFTC to part

#123 - The SEC vs. Coinbase Hearing: What you should know with Bloomberg's Elliott Stein Jan 24, 2024 00:41:24 Elliott Z. Stein (@NYCStein) is a Senior Litigation Analyst at Bloomberg Intelligence. He previously worked in private practice on structured finance/capital markets litigation, white-collar crime and related capital markets matters. Show highlights: [1:30] Attending Coinbase hearing on Jan 17 [6:00] Why Elliott expects Coinbase to win [12:00] Judge Failla's concern with the SEC's position

#122 - History of American Securities Regulation with Eric Hess Nov 15, 2023 01:07:59 Eric Hess (@hess_legal) is Founder & Managing Counsel at Hess Legal Counsel, a cybersecurity SaaS platform and consulting company, and hosts The Encrypted Economy podcast. Eric has over twenty years of experience acting as senior in-house counsel, general counsel or senior management for exchanges, broker dealers, and financial services technology providers. In this episode, we’ll be exploring

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