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PODCAST

Tokens of Wisdom

Dave Rothschild

Do you love investing? Ever thought about turning that passion into a business? Listen up to learn to navigate the legal loopholes in forming, launching, and running a private investment fund, including considerations unique to digital asset/crypto funds. Dave Rothschild is a partner at Cole-Frieman & Mallon, one of the country"s premier boutique investment management law firms with deep experience in traditional assets, as well as esoteric asset classes like digital assets. For questions or

business investing

All Episodes

4:26

Episode 58: Yet Another CTA Update (Yawn)

Tokens of Wisdom ·

2025/03/25

Episode 58: Yet Another CTA Update (Yawn) Last time I spoke to you about the CTA, I said I wanted to discuss it about as much as I wanted a hole in the head. A little over a month later, nothing has changed. In my mood that is. But alas, much has changed in the world of required BO reporting, so here I am standing in front my mic and talking about it again. Key Points From This Episode: FinCEN’s New Interim Final Rule. Who’s in scope?Who’s out of scope?What are the new deadl...

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12:37

Episode 57: Fixing the Hole in Your Net (And More!)

Tokens of Wisdom ·

2025/03/25

Episode 57: Fixing the Hole in Your Net (And More!) If you thought the kinder, gentler SEC was only going to be kinder and gentler to the crypto community, you thought wrong. Today I’m going to briefly summarize two recent SEC actions that relaxed marketing-related rules: clarifying requirements for marketing materials and elements of 506(c). Key Points From This Episode: What is the SEC’s marketing rule?What are case studies?SEC FAQ from early 2023 muddies the waters.The trouble in cal...

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13:06

Episode 56: Interpretive Clarity

Tokens of Wisdom ·

2025/03/06

Episode 56: Interpretive Clarity. By now, you’ve probably heard the latest news from the sunshine and rainbows SEC: Meme coins are not securities! This is great news for the crypto community, which has a little more clarity today on how the SEC will interpret securities laws as they apply to digital assets. But is this the regulatory clarity we’ve long clamored for? Not quite… Key Points From This Episode: What does the SEC’s Meme Coin Statement say?Reasons to be ex...

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11:37

Episode 55: Sunshine and Rainbows…from the SEC

Tokens of Wisdom ·

2025/02/27

Episode 55: Sunshine and Rainbows…from the SEC. Just a couple short weeks ago I told you all about President Trump’s executive order on crypto, which was heavy on happy speak and light on substance. Of course, literally as I was recording that episode, the SEC started putting its money where its mouth is. Indeed, since I started speaking into that mic a couple weeks ago the SEC has: Repealed SAB 121, restarted its crypto task force, paused the suit against Binance, and st...

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5:43

Episode 54: Guess Who's Back

Tokens of Wisdom ·

2025/02/20

Guess Who’s Back Episode 54: Show Notes. It’s true that I wanted to release this episode about as much as I want a hole in the head. But, I did promise you multiple times that I would keep you updated on the dumpster fire of the Corporate Transparency Act and…a liar I am not. Here’s the TL;DL(“listen”): The CTA is back on, and initial BO reports are due on March 21, 2025 for most entities. Key Points From This Episode: CTA is back!History of the CTA Pi...

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7:22

Episode 53: A New Sheriff

Tokens of Wisdom ·

2025/01/24

A New Sheriff Episode 53: Show Notes. We went three whole days into Trump Administration 2.0 without the creation of a strategic bitcoin reserve, an announcement ending all federal lawsuits against crypto industry participants, and without any major crypto news. In fact, well into day 4 of the administration, the scoreboard looked like this: Trump Meme coins: 2; Executive action supporting crypto: 0. Then on January 23, 2025, Trump issued an Executive Order titled, “STRENGTHENI...

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12:51

Episode 52: AI Policies for Investment Advisers

Tokens of Wisdom ·

2025/01/09

Everyone wants in on the AI craze – in addition to being the latest buzzy trend, AI is a technology that can actually think for you (or at least, trick people into thinking it’s thinking). Given the potential time and money savings AI can generate, a business owner like you might be negligent for not exploring how it could help their business. But before you go too hog wild, listen to today’s episode for a boring dose of caution. How’s that for a tag line?! Key Points From This Epi...

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12:48

Episode 51: 2024 Year-End Overview

Tokens of Wisdom ·

2024/12/19

As you all prepare to hunker down by the fire, sip your egg nog and enjoy the company of your dearest friends and family members, throw in your earbuds, turn up the volume and unwrap this auditory gift recapping the year that was in fund and cryptoland 2024! Key Points From This Episode:Recapping the rosiest crypto developments from 2024. Bitcoin’s meteoric rise.Clearer regulatory skies. Judiciary ascendant. Guessing at what the future holds in 2025. Strategic B...

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10:08

Episode 50: CTA Enjoined

Tokens of Wisdom ·

2024/12/05

Good news just keeps on flowing out of the federal judiciary, as a District Court in Texas issued a nationwide preliminary injunction on Dec 3 enjoining the enforcement of the Corporate Transparency Act and the FINCEN beneficial ownership reporting requirement.This means that means that FOR NOW, companies do not have to file beneficial ownership reports with FINCEN under the corporate transparency act. Key Points From This Episode:What’s a “preliminary injunction”?What must a plain...

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6:24

Episode 49: Crypto’s Glad Tidings

Tokens of Wisdom ·

2024/11/27

Whatever your views on the election outcome, we can all enjoy the high – literally and figuratively – that’s captured the crypto world since early November.Today’s episode quickly recaps three recent developments that we can all celebrate. Key Points From This Episode:Bitcoin’s meteoric rise.Gary Gensler is resigning!A district court in Texas struck down an SEC rule that drastically expanded who had to register as a broker-dealer.Disclaimer:This show is for informational purposes o...

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15:26

Episode 48: Can the President Fire the SEC Chair?

Tokens of Wisdom ·

2024/11/01

There is a presidential election happening right now, and regardless of your political views, if you’re listening to this, you probably like crypto. In fact, the election-related question I get most frequently goes something like this: If Trump wins, will he really replace Gary Gensler on day one as promised? Or If Harris wins, will she replace Gensler as quickly as Trump would? This of course begs the question: Can the president fire the SEC chair? Turns out, there is signifi...

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14:24

Episode 47: The “Come in and Register” Fallacy

Tokens of Wisdom ·

2024/10/16

On my last episode, I went through a few common ill-conceived soundbites people wield against crypto generally and calmly explained why they’re a bunch of crap.But there was one I didn’t touch last time because I thought it was deserving of a little more spotlight. Haters sometimes claim that the crypto industry doesn’t want any regulation, and is spending oodles of cash buying off politicians to prevent the government from regulating crypto. Not true.The crypto industry certainly spends big ...

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12:05

Episode 46: For the Crypto Skeptic

Tokens of Wisdom ·

2024/10/02

I keep hearing noise from talking heads denigrating and dismissing crypto with pithy ill-conceived soundbites. It’s the kind of thing you expect to hear from the Gary Genslers and Elizabeth Warrens of the world, but I also hear it from people whose opinions I usually respect.Inspiration for today’s episode came from the 9/20/24 episode of Real Time with Bill Maher, where Bill and his panel fall all over each other to out-hate on crypto, using (to borrow Kamala Harris’s favorite phrase): the s...

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10:00

Episode 45: Galois Settlement

Tokens of Wisdom ·

2024/09/13

The digital asset fund manager community is up in arms about the SEC’s latest shenanigans against Galois Capital, and I’m here to tell you; so am I!The SEC alleged three separate violations, and gave us zero helpful detail/analysis/guidance that might let other asset managers avoid similar acitons.Key Points From This Episode:What violations did the SEC allege Galois Capital committed?What does a settlement mean?Why so much secrecy?Shout out to Laura Shin.A few rays of sunshine.Disclaimer:Thi...

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11:42

Episode 44: Marketing Decks

Tokens of Wisdom ·

2024/09/03

An episode all about the glorious topic of marketing decks for private funds. Almost every fund has one. Almost every lawyer’s brain explodes when reviewing them. Tune in today to learn all about why. Key Points From This Episode:What rules govern investment adviser/fund marketing?The Seven Deadly Sins.What’s an Endfoot?Common mistakes in marketing decks.Shout out to the new puppy that has set up residence in my home, Ringo.Disclaimer:This show is for informational purposes only. Nothing...

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6:12

Episode 43: Pay-to-Play Rule

Tokens of Wisdom ·

2024/08/06

Quick hit today to remind investment advisers about the SEC’s pay-to-play rule; formally known as Advisers Act Rule 206(4)-5. You may have heard that there’s a little election coming up here in November, and you may be emptying the piggy bank in support of your candidates of choice. Before going too hog wild though, make sure you brush up on your pay-to-play rule! Key Points From This Episode:Why should I care about this, especially now?What is the pay-to-play rule?Who are governmen...

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6:51

Episode 42: Form N-PX

Tokens of Wisdom ·

2024/08/02

Exciting times this month, as certain institutional investment managers are gifted a new regulatory filing requirement! Key Points From This Episode:What is Form N-PX?Who has to file it?What needs to be reported?What is the deadline?Disclaimer:This show is for informational purposes only. Nothing presented here constitutes legal advice. Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more informatio...

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10:18

Episode 41: Supreme Court Smackdown

Tokens of Wisdom ·

2024/07/18

On back-to-back days in late June, the US Supreme Court issued two decisions that reasserted judicial primacy in statutory interpretation and dealt a blow to executive authority. The cases were SEC vs Jarkesy and Loper Bright Enterprises v. Raimondo, and together they demonstrate a Supreme Court deeply skeptical of the administrative state and of an executive branch usurping powers that belong to the judiciary. Key Points From This Episode:Summary of the Jarkesy and Loper Bright holdings...

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4:47

Episode 40: Florida Private Fund Exemption

Tokens of Wisdom ·

2024/07/11

Last summer, the Sunshine State passed into law a new private fund exemption for investment advisers operating in Florida. It went into effect on Oct 1 last year, and thus FL has belatedly joined the community of states taking a lighter regulatory stance toward private fund managers. Key Points From This Episode:Why this is great news for fund managers.How Florida investment adviser rules worked previously.Parameters of Florida’s private fund exemption.Disclaimer:This show is for informa...

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8:00

Episode 39: SAB 121

Tokens of Wisdom ·

2024/06/21

It’s not everyday that I do a podcast episode about super technical banking rules. It’s also not every day that the president vetoes bipartisan legislation in an election year. But here we are…. Key Points From This Episode:What is SAB 121?Why do crypto degens hate it?Why do ordinary Americans hate it?Why does Tony the Mechanic love it?Disclaimer:This show is for informational purposes only. Nothing presented here constitutes legal advice. Tokens of Wisdom is produced by Dave Rothschild,...

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