Isac Costa Breaks Down the Brazil SEC's New Crypto Asset Guidance

Isac is a technologist, lawyer, professor and a frequently-cited commenter on questions of crypto regulation in Brazil. He is also a former CVM staffer and advisor so has a great understanding of how things work inside the agency.

In this episode we discuss:

• the core tenets of the guidance - what it does and does not clarify
• why the CVM chose to release this opinion now
• the differences between the CVM and the US SEC with regards to how enforcement cases are raised
• how guidance leaves the door open for “utility” or “network” tokens that don’t promise any specific rights to equity or cash flow but rather participatory rights in a decentralized network
• what the opinion means for the “fixed-income” tokens being issued by the likes of Mercado Bitcoin and others
• the outlook for crypto legislation being approved by the Brazilian Congress this year

If you find this conversation useful, I highly recommend listening to my original podcast with Isac from July where we dive deep into the crypto legislation that is working its way through the Brazilian Congress.

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