Law of Code

00:49:06

#182 - Lewis Cohen explains new SEC & CFTC token...

Law of Code ·

2026/03/30

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

en

00:42:54

#181 - Fixing crypto's banking bottleneck with Aaron...

Law of Code ·

2026/03/23

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 —

en

00:40:24

#180 - The state of prediction markets with Dustin...

Law of Code ·

2026/03/18

Can prediction markets coexist with traditional sportsbooks and financial platforms?Dustin Gouker is a journalist and consultant covering sports betting and prediction markets. He publishes the newsletters The Closing Line and The Event Horizon, where he tracks the rapidly evolving intersection of gambling, finance, and event-based trading.Timestamps➡️ 1:15 — How prediction markets re-emerged after the 2024 election and Kalshi court ruling➡️ 3:33 — The Super Bowl “Cardi B performed” market

en

00:44:10

#179 - This month in crypto law: March 2026

Law of Code ·

2026/03/16

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➡️

en

00:47:03

#178 - What a crypto lawyer learns from campaigning...

Law of Code ·

2026/03/11

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

en

00:42:06

#177 - Explaining the misnomer of 'Code is Law' with...

Law of Code ·

2026/03/09

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

en

00:49:47

#176 - In the weeds on U.S. market structure...

Law of Code ·

2026/02/25

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

en

00:48:20

#175 - On-chain fundraising with Gabe Shapiro of MetaLex

Law of Code ·

2026/02/23

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

en

00:47:20

#174 - Crypto's market structure moment, with Bill...

Law of Code ·

2026/02/16

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

en

00:32:01

#173 - Understanding token compensation with Jessica...

Law of Code ·

2026/02/11

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

en

00:27:55

#172 - Masterclass on the legal side of prediction...

Law of Code ·

2026/02/09

How do prediction markets actually work, and why are state gaming regulators and the CFTC battling over who has jurisdiction to regulate?Samir Patel is an attorney at Holland & Knight, where he focuses on gambling law, prediction markets, and the intersection of crypto, derivatives, and state gaming regulation.Timestamps:➡️ 1:02 — What prediction markets are and how binary contracts work➡️ 2:51 — Prediction markets vs. sports gambling: what’s legally different?➡️ 4:02 — Are prediction markets

en

00:36:26

#171 - Why the CFTC is the best regulator for crypto...

Law of Code ·

2026/02/04

What could the future of U.S. crypto regulation look like from the CFTC—and how should regulators approach tokenization, prediction markets, and stablecoins as digital finance moves on-chain?Chris Giancarlo is Senior Counsel for Corporate and Financial Services at Willkie Farr & Gallagher and the former Chair of the U.S. Commodity Futures Trading Commission, where he oversaw the regulation of futures, options, and swaps markets, including the launch of Bitcoin futures.Timestamps:➡️ 1:15 — Advice

en

00:44:14

#170 - The future of crypto custody with Sarah Helena...

Law of Code ·

2026/01/28

Why are crypto custody rules for registered investment advisors due for modernization — and what could a future-proof framework look like?Sarah Helena Brennan is the General Counsel for Delphi Ventures, and Jay Stolkin is the Deputy General Counsel at Multicoin Capital. Timestamps:➡️ 0:05 — Why the custody rule matters for crypto➡️ 1:27 — The SEC’s safeguarding proposal and why this paper was written➡️ 5:58 — What the custody rule and “qualified custodians” actually require➡️ 10:26 — Why digital

en

00:34:15

#169 - Drew Hinkes shares 2026 crypto law predictions

Law of Code ·

2026/01/26

What should the industry be watching in 2026?Drew Hinkes is a partner at Winston & Strawn and a longtime crypto lawyer whose work spans DeFi, market structure, tokenization, and digital asset regulation. Timestamps:➡️ 1:53 — Tokenization, RWAs, and institutional crypto’s next phase➡️ 4:00 — Market structure gaps and DeFi’s unresolved treatment➡️ 6:09 — AML creep and the risk to permissionless finance➡️ 8:15 — Why DeFi depends on interfaces—and where regulation can bite➡️ 12:28 — Grey areas after

en

00:43:47

#168 - December crypto regulatory developments in...

Law of Code ·

2025/12/29

In this episode, Jacob Robinson and Jonathan Schmalfeld break down the biggest U.S. crypto law and policy developments of the month, from the SEC’s moves toward bringing public markets on-chain to major CFTC moves on derivatives, prediction markets, and collateral. The conversation also covers crypto tax proposals, DeFi governance disputes, banking access, privacy, quantum risk, and why regulators increasingly view crypto not as an exception, but as core financial infrastructure.Jonathan Schmalfeld

en

00:25:43

#167 - Is Canada Ready to Regulate Stablecoins?

Law of Code ·

2025/12/22

In this episode, Jacob Robinson speaks with Odun Olowookere about Canada’s proposed Stablecoin Act, the constitutional and regulatory challenges it raises, and why critics argue it may reduce clarity rather than enhance it. Odun Olowookere is a legal scholar at York University and the co-author of a submission to Canada’s House of Commons critiquing the draft Stablecoin Act, alongside Darrell Duffie of Stanford University and Andreas Veneris of the University of Toronto.Timestamps:➡️ 0:05 — Why

en

00:38:41

#166 - Can DeFi scale without sacrificing neutrality...

Law of Code ·

2025/12/17

DeFi has always promised trust without intermediaries, but as the ecosystem matures, that promise is being stress-tested by hacks, institutional risk limits, and regulatory pressure.To unpack whether DeFi can scale without sacrificing neutrality or permissionlessness, Katherine Kirkpatrick Bos, General Counsel of StarkWare, and Jessi Brooks, General Counsel & Chief Compliance Officer at Ribbit Capital, joined the podcast to discuss their paper “Trust Without Intermediaries: A Programmable Risk

en

00:40:09

#165 - Key developments in U.S. crypto law & policy...

Law of Code ·

2025/12/15

In this episode, Jonathan Schmalfeld and Jacob Robinson walk through the biggest crypto law and policy developments of the month of November. Jonathan is the Policy Director at The Digital Chamber, where he leads federal and state advocacy on digital asset regulation. Timestamps:➡️ 1:19 — Senate Agriculture Committee releases market structure draft➡️ 3:22 — Why DeFi and AML sections remain blank➡️ 3:52 — Chair Atkins’ speech and push for taxonomy➡️ 6:32 — Treasury & IRS guidance on staking

en

00:38:49

#164 - Greg Xethalis on market structure legislation,...

Law of Code ·

2025/12/09

Greg Xethalis, General Counsel at Multicoin Capital joins the podcast to discuss the history of ETFs, what we can learn from the first Bitcoin ETF, and the interplay between the CLARITY Act and RFIA.This episode also covers the challenges of disclosure in decentralized systems, and why principles-based regulation is essential for the next phase of crypto innovation.Timestamps➡️ 1:27 — The origin story of ETFs➡️ 3:00 — SEC dynamics behind the first ETF➡️ 7:45 — The first Bitcoin ETF ➡️ 15:34 — Market

en

00:22:54

#163 - TradFi's push on stablecoin regulation, J.W....

Law of Code ·

2025/12/01

After the GENIUS Act was enacted, the U.S. Treasury issued an Advance Notice of Proposed Rulemaking to gather public and industry input before drafting implementing regulations. Some of the most influential submissions came from major banking and traditional finance associations, outlining how they believe U.S. stablecoin regulation should look.J.W. Verret, Associate Professor of Law at the Antonin Scalia Law School at George Mason University, submitted a detailed rebuttal pushing back on the banks’

en

All Episodes

Similar Podcasts

Lead With AI

Tamara Nall

Elon Musk Podcast

Stage Zero

Modem Futura

Sean Leahy, Andrew Maynard

Cisco Podcast Network

Cisco

MSP Business School

MSP Business School