Law of Code

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  #206 - How are lawyers using AI in 2026? 27.07.2026 1ч 31мин

  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 privacy risk beyond training39:16 How to prompt 47:03 Michael Showalter's AI-native litigation stack55:27 Spellbook's Compare to Market Feature1:03:10 Building a regulatory agent1:09:50 The judgment crisis for junior lawyers1:12:15 Cooley's AI training methodYou'll hear from 10 people at the cutting edge of legal AI:Zack Shapiro, Founder and Managing Partner at Rains LLPMolly Abraham, General Counsel at CoinbaseSujit Raman, Chief Legal Officer at TRM LabsMichael Showalter, Founder of Showalter PLLCErich Dylus, attorney, programmer and creator of CamoTextAaron Kelly, General Counsel and open source AI expertDavid Wang, Chief Innovation Officer at CooleyScott Stevenson, CEO of SpellbookJustin McCallon, CEO of StrongSuitSamson Enzer, Partner at Cahill Gordon & ReindelThis 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.
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  #205 - Code & Free Speech 13.07.2026 2ч

  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 CenterLaz Pieper, Director of Research at Coin CenterEugene Volokh, First Amendment scholar and Fellow at the Hoover InstitutionJane Bambauer, Brechner Eminent Scholar at the University of FloridaPreston Byrne, Managing Partner at Byrne & StormSam Enzer, partner at Cahill Gordon & Reindel and co-chair of CahillNXTBy 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 controls6:17 Introduction9:39 Reading the First Amendment10:38 Eugene Volokh on his First Amendment philosophy13:42 The machine gun sculpture: speech vs function19:24 Peter Van Valkenburgh interview25:50 The Cold War, munitions list and Phil Zimmermann29:57 The Bernstein case34:53 Strict scrutiny38:48 The Corley case49:17 Sorrell, Stevens and where the Supreme Court is heading53:25 Preston Byrne on the Supreme Court's AI case57:23 Defense Distributed and 3D-printing1:04:00 Where publication ends and professional conduct begins1:15:20 Lowe v. SEC and the agency line1:45:45 Compelled speech, the IRS broker rule and tobacco labels2:04:17 Laz Pieper on Sorrell and third-party liability2:11:29 Preston Byrne on the GRANITE Act and foreign censorshipNewsletter: 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/W4d2a5aHuLJjuNdn7Sponsors: 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.
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  #204 - Prediction Markets 30.06.2026 2ч 55мин

  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 Intro1:40 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 letter45:56 Dodd-Frank, swaps and the Special Rule48:08 Senator Lincoln on Super Bowl and Derby contracts55:49 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 work1:36:05 Kalshi's probability-weighted fee structure1:38:18 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 case2:07:49 The CFTC's June 2026 proposed rulemaking (Brad Bourque, Stefan Schropp)2:19:06 Kalshi's landmark 2024 win2:23:05 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/W4d2a5aHuLJjuNdn7Sponsors: 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 MillbankBobby DeNault, Head of Enforcement at KalshiChris Giancarlo, former Chairman of the CFTCDaniel Wallach, founder of Wallach Legal LLCStefan Schropp, Senior Regulatory Counsel at ParadigmSam Enzer, partner at Cahill Gordon & Reindel and co-chair of CahillNXTPaul Grewal, Chief Legal Officer at CoinbaseKoleman Strumpf, economics professor at Wake ForestBrad Bourque, Policy Counsel at Hyperliquid Policy CenterThania Charmani, partner at Winston & TaylorMichael Passalacqua, Senior Advisor to CFTC Chairman SeligJeff Amico, Chief Operating Officer at GensynMatt Kalish, co-founder of DraftKings and CEO of HardscopeDustin Gouker, author of the Event Horizons newsletterDisclaimer: 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.
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  #203 - SEC Crypto Rulemaking 15.06.2026 59мин

  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 Intro1:20 Commissioner Peirce's philosophy on capital markets5:04 Rulemaking at the SEC6:48 The SEC's divisions, explained8:27 How the Crypto Task Force is staffed10:37 Lessons from Dodd-Frank13:10 Legal artisans15:15 The Clarity Act deadlines18:55 Decentralized intermediaries20:56 Principles-based vs prescriptive regulation24:49 Tackling difficult crypto questions26:23 Leveraging AI for data review29:46 "Come in and register" under this SEC33:50 SEC & CFTC collaboration35:52 Re-engaging the crypto industry40:00 Crypto Task Force & the Clarity Act45:54 The SEC's non-crypto priorities48:41 Avoiding another regulation-by-enforcement era57:14 Thank you to Sam Enzer, Lewis Cohen and Cahill, plus a shoutout to Day One Law and Nick PullmanNewsletter: 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/W4d2a5aHuLJjuNdn7Disclaimer: 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.
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  #202 - Perps 01.06.2026 2ч 13мин

  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 ArchitectKatherine Kirkpatrick Bos, general counsel of StarkWareRyne Miller, partner at Morrison FoersterMike Frisch, partner at Croke Fairchild David Shafer, lawyer at CoinbaseBy 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 Intro4:04 What is a perp? 7:18 Why futures contracts exist8:15 Liquidity fragmentation11:01 History of U.S. futures 17:08 Richard Nixon, the gold standard and financial futures 21:27 Birth of the CFTC24:27 Robert Shiller's 1992 paper30:09 Price convergence32:00 The funding rate 43:41 Oracles and manipulation risk47:39 Are perps swaps or futures? 52:44 A @ChairmanSelig clip on perps54:02 The DCM framework59:16 DCMs, DCOs and FCMs explained1:04:55 History of crypto perps (BitMEX, FTX)1:13:00 How Hyperliquid works 1:25:41 CFTC's historic announcements on May 29, 20261:35:00 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/W4d2a5aHuLJjuNdn7Disclaimer: 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.
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  #201 - The CLARITY Act 18.05.2026 1ч 53мин

  What is the CLARITY Act? Maybe the most important piece of financial legislation in a generation. This podcast explains the history of U.S. digital asset regulation, why regulation-by-enforcement failed and what the CLARITY Act addresses, plus remaining steps for this to become law.Guests:Lewis Cohen, Partner & Co-Chair of CahillNXT's Digital Assets & Emerging Technology practiceMiles Jennings, Head of Policy & General Counsel for a16z cryptoSarah Brennan, general counsel at Delphi VenturesKyle Bligen, Head of Policy and Public Affairs at the Decentralization Research CenterMiller Whitehouse-Levine, CEO at Solana Policy InstituteDugan Bliss, Head of Litigation at BinanceBy the end of this episode, I promise you'll be in the 99th percentile for understanding CLARITY, regardless of whether you're a lawyer, builder or operator. Timestamps:0:00 Intro4:46 Explaining market structure6:05 Regulatory distortion10:43 Predecessor bills13:35 Senate Banking markup takeaways 15:46 SEC & CFTC20:37 The Securities Act of 193323:07 The Howey Test25:26 The Ineluctable Modality of Securities Law 28:51 SEC enforcement32:32 Why SEC rulemaking isn't enough37:36 Titles of CLARITY40:00 Digital commodities47:29 Investment contract principles 54:10 Promoters: originators58:18 Promoters: related persons 1:04:13 Token taxonomy 1:11:02 Ancillary asset requirements1:19:34 The certification process 1:28:32 Remaining hurdles for CLARITY1:34:50 Stablecoin yield1:38:45 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/W4d2a5aHuLJjuNdn7Disclaimer: 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.
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  #200 - Money Transmission & Developer Liability 04.05.2026 1ч 49мин

  Can the U.S. government send a software developer to prison for writing and publishing code? That's the question at the center of the Tornado Cash and Samourai Wallet prosecutions, and every crypto founder, builder and investor should understand the answer.This deep-dive episode walks through the history of U.S. money transmission law, how the DOJ is applying it to non-custodial software developers, what the Roman Storm verdict actually means, and what new legislation could change in 2026.Guests:Peter Van Valkenburgh — Executive Director, Coin CenterAmanda Tuminelli — Chief Executive Officer, DeFi Education FundBrian Klein — Partner at Cooley, lead defense attorney for Roman StormJake Chervinsky — Hyperliquid Policy Center (cameo)This is the most comprehensive podcast I've ever done. Welcome to Law of Code, Season 2.Timestamps:0:00 Intro3:18 What's at stake?4:40 Which developers are at risk6:03 Custodial vs. non-custodial9:32 What is a money transmission license?9:47 Steamships, the telegraph & Western Union12:14 The Bank Secrecy Act13:38 Section 196015:26 The Patriot Act19:39 FinCEN's 2013 and 2019 guidance24:42 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 developers35:15 The Van Loon win 40:33 Developer losses43:48 Bad facts make bad law48:46 Brian Klein on Roman Storm's case 50:50 The Brady letter57:00 Michael Lewellen sues for answers1:09:24 The Blanche memo1:18:46 The Galeotti speech1:26:13 Catch-22 for developers 1:30:03 The chilling effect on U.S. innovation1:33:48 Blockchain Regulatory Certainty Act 1:38:03 Promoting Innovation in Blockchain Development Act1:45:28 What's nextNothing 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.
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  #186 - AI & Legal Privilege 20.04.2026 41мин

  Does attorney-client privilege exist when you use ChatGPT or Claude? Should it?Jacob Robinson sits down with Mike Katz, Partner at Manatt Phelps & Phillips, to examine whether attorney-client privilege, work product or any analogous protection applies when people ask AI chatbots legal questions. Timestamps:➡️ 0:00 — Background➡️ 1:47 — What is attorney-client privilege?➡️ 2:44 — Policy reasons for narrowing privilege➡️ 3:30 — The Upjohn case (1981)➡️ 4:34 — Privilege vs. work product doctrine➡️ 5:17 — Three elements to establish privilege➡️ 7:23 — Consumer AI terms of service and confidentiality➡️ 8:09 — How you lose privilege➡️ 11:30 — War stories➡️ 15:39 — Vibe lawyering➡️ 19:09 — Could Anthropic, OpenAI be liable?➡️ 22:48 — The Heppner case (2026)➡️ 26:26 — The Kovel doctrine (1961)➡️ 28:14 — Incognito mode & deleted chats➡️ 30:59 — The policy question➡️ 34:00 — This is not a new problem➡️ 37:05 — Are lawyers coal or horses? Jevons ParadoxSponsor: 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.
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  #185 - When Circle must freeze USDC (and when they probably should) with Austin Campbell 13.04.2026 43мин

  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 trilemmaSponsor: Day One Law, a boutique corporate law firm that provides strategic legal counsel to startups, crypto projects, and Web3 innovators. ⁠You can get in contact with them via this link⁠: ⁠⁠https://www.dayonelaw.xyz/#contact.Resources:📓 Circle's April 10, 2026 statement on the Drift exploit and USDC freeze authority by Dante Disparte📓 ZachXBT's X thread on Circle's USDC freeze historyAlso: I'm re-launching the Law of Code newsletter as the world's shortest legal newsletter! You can ⁠stay updated on emerging tech law for free here⁠. https://lawofcode.beehiiv.com/Any feedback on this episode? Or how to improve the podcast? Click here. https://forms.gle/W4d2a5aHuLJjuNdn7 Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by guests are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.
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  #184 - Transaction Denied: Rainey Reitman on Financial Censorship 07.04.2026 27мин

  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 banksSponsor: 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/#contactResources: 📚 Pre-order Transaction Denied📖 The Patriot Act  👩‍⚖️ Supreme Court decision in National Rifle Association v. VulloDisclaimer: 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.
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  #183 - A founder's playbook for new SEC crypto guidance 06.04.2026 39мин

  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 communitiesResources:📓 Joe Doll's article breaking down the SEC and CFTC interpretive guidance for founders📓 SEC and CFTC joint interpretive release on the application of securities laws to crypto assetsDisclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by guests are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship. Obviously.
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  #182 - Lewis Cohen explains new SEC & CFTC token guidance 30.03.2026 49мин

  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 accessSponsor: 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/#contactResources: 📓 SEC’s interpretive release on the application of security laws to crypto assets and transactions✍️ Lewis Cohen's client alert on the recent guidanceDisclaimer: 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.
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  #181 - Fixing crypto's banking bottleneck with Aaron Brogan 23.03.2026 42мин

  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 fightSponsor: 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 AaronDisclaimer: 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.
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  #179 - This month in crypto law: March 2026 16.03.2026 44мин

  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 acceleratingSponsor: 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/#contactResources: 📃 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 accountDisclaimer: 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.
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  #178 - What a crypto lawyer learns from campaigning for New York Attorney General with Khurram Dara 11.03.2026 47мин

  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 battlegroundSponsor: 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.
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  #177 - Explaining the misnomer of 'Code is Law' with Andrew Hinkes, Andrea Tosato, and Carla Reyes 09.03.2026 42мин

  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 innovationSponsor: 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 TosatoDisclaimer: 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.
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  #176 - In the weeds on U.S. market structure regulation with Gerald Gallagher 25.02.2026 49мин

  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 innovationSponsor: 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 ActDisclaimer: 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.
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  #175 - On-chain fundraising with Gabe Shapiro of MetaLex 23.02.2026 48мин

  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 reformSponsor: 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.
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  #174 - Crypto's market structure moment, with Bill Hughes of Consensys 16.02.2026 47мин

  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 nextSponsor: 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 ActDisclaimer: 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.
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  #173 - Understanding token compensation with Jessica Furr and Brandon Ferrick 11.02.2026 32мин

  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 nextSponsor: 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 ReportDisclaimer: 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.