Law of Code

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 mark a paradigmatic shift in the agency’s approach to digital asset regulation. We also discuss his article on this guidance. Timestamps: ➡️ 00:00 Intro➡️ 0:46 Sponsor: Day One Law➡️ 01:37 What is Bluprynt?➡️ 07:32 Why this SEC guidance is timely and valuable➡️ 09:41 The SEC is paying down regulatory debt➡️ 16:03 Smart contract disclosures➡️ 18:40 The investment contract question➡️ 21:25 How projects can navigate this paradigm shiftThis 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.Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

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 gone far enough.Timestamps: ➡️ 00:00 Intro➡️ 0:46 Sponsor: Day One Law➡️ 01:05 What is Section 1960 and how does it impact crypto developers➡️ 03:42 What case law tells us about Section 1960➡️ 06:11 How money transmitting and money service businesses are defined ➡️ 09:14 The DOJ's memo on ending regulation by enforcement against crypto➡️ 13:40 The charge at the heart of the Tornado Cash and Samurai Wallet cases➡️ 18:48 Tornado Cash sanctions and OFAC's delisting: Not exactly as advertisedThe DeFi Education Fund is hiring! You can learn more about their open positions here: https://www.defieducationfund.org/jobs-internships This episode of the Law of Code podcast is brought to you by Day One Law — a boutique corporate law firm founded by recurring guest (and friend of the show) Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. Visit https://www.dayonelaw.xyz/ get in touch. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

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 Stablecoins[18:00] Applying the Howey test to Covered Stablecoins[25:00] The new-look SEC& much more.Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.This episode of the Law of Code podcast is brought to you by Day One Law — a boutique corporate law firm founded by recurring guest (and friend of the show) 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.

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. He was previously the Chief Legal Officer of Niftify, a white label NFT marketplace solution for small-medium businesses. Show highlights: [3:52] Securities and crypto [9:05] "crypto contracts" and U.S. regulation [23:00] Realistic options for raising $1 million-plus [24:57] The market [26:34] A new regulatory framework for the advent of decentralized exchanges [33:05] Banning the tools such as Tornado Cash. & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

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 capital Nick's seeing [24:21] Token grants [32:47] Entity structuring & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

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: [2:53] SAB 121, FIT 21 bill [9:51] Accepting crypto in Washington [15:26] The Ethereum ETF [26:38] Democrat support for crypto? [36:47] Consensys' lawsuit against the SEC [44:20] What MetaMask offers users & much more.Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

Lawyers Samir Patel and David Kuhn, along with entrepreneur OnlyLarping, discuss Karate Combat's unique crypto integration, token governance, why it's not considered gambling, and plans for Consensus 2024. They explore the future of sports, crypto, and NFTs in the industry, highlighting the innovative fusion of sports and cryptocurrency in Karate Combat events.

The podcast delves into the lawsuit by the Blockchain Association against the SEC's Dealer Rule. Topics include the trend of litigation in the crypto space, remedies for the industry, expanding the definition of 'dealer,' and the rationale behind suing the SEC. Guests from the Blockchain Association share insights on advocating for policy positions and strategic legal projects in the crypto industry.

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 it prior to this conversation — and loved to see the Law of Code podcast mentioned — so this podcast will cover why he wrote the Handbook and what’s inside this essential primer for anyone working in the industry, as well as his unique background.  You can order The Crypto Legal Handbook here. [1:45] Why Justin wrote the book [3:30] Regulatory principles [6:30] Two assets that can't be commodities [8:00] Commodities vs securities [11:00] History behind a "security" [17:00] What Justin learned from writing this book & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

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 Associate Professor at George Mason and an expert witness who testified in the case, and Roman’s defense counsel: Tor Ekeland, a trial and appellate lawyer known for representing hackers and white collar defendants, as well as Michael Hassard, an Associate with Tor Ekeland Law. [2:05] The history of Bitcoin Fog [4:19] Why Roman Sterlingov was investigated [10:24] The charges against Roman [12:00] Universal jurisdiction [19:40] Blockchain tracing as expert evidence. [32:07] The policy framing of money laundering and crypto [38:18] Financial privacy [48:00] Roman's life since the charges & much more. You can contribute to the defense fund at the website for Tor Ekland Law. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.