Law of Code

Adam Sternbach (@adamsternbach) is General Counsel at Fractional (@fractional_art), former Counsel to New Jersey Governor Phil Murphy (@GovMurphy) and a startup/VC attorney.  This wide-ranging episode covers the BAYC, owning a valuable NFT, working as general counsel, and much more. Show highlights: [1:37] Buying & owning a Bored Ape [11:20] Explaining NFTs [21:00] Counsel for Governor Murphy [27:00] General counsel role [36:00] NFT legal considerations [41:00] Staying on top of crypto law If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. 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.

Peter Van Valkenburgh (@valkenburgh) is the director of research for Coin Center, the leading non-profit focused on the policy issues facing cryptocurrencies. He was previously the Google Policy Fellow for TechFreedom and is a graduate of NYU School of Law, as well as a self-taught designer and coder. In this episode, we discuss Peter's role at Coin Center, the U.S. Constitution & Crypto, and the SEC's definition of an exchange. Show highlights: [1:10] Genesis block [9:20] Writing  [13:50] Societal impact [18:00] Decentralization [24:00] Exchanges [29:10] Legal interpretations [34:00] Biden's Executive Order [42:00] Constitutional law [48:45] "Owning" Bitcoin [55:00] Interviewing Edward Snowden [58:30] Advice for recent grads [60:16] Seed oils Links: Peter's writing on Coin Center's website coincenter.org/people/peter-van-valkenburgh/ Seed oil blog: fireinabottle.net/ If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. 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.

Hester Peirce (@HesterPeirce) is a Commissioner at the U.S. Securities and Exchange Commission. She previously served as the director of the Financial Markets Working Group at George Mason University's Mercatus Center.  This episode covers almost every pressing issue in crypto law, as Commissioner Peirce shares her thoughts on stablecoin regulation, the future of the SEC, the fourth prong of Howey & much, much more.  Show highlights: [1:50] Stablecoin regulation [6:10] Regulatory philosophy [12:00] Safe harbor update [18:00] Information asymmetry vs code transparency [22:00] Smart contracts [24:00] Accredited investor exemptions [28:00] Sufficient decentralization & DAOs [34:00] Evolving tokens: from a security to non-security [36:20] NFTs & securities law [39:00] Bitcoin ETP [43:00] Crypto custody [47:00] Advice & habits Thanks for listening! If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. 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 conversation covers the latest Gitcoin funding round, along with the work of three prominent public goods orgs: The Blockchain Association, The DAO Research Collective, and the EU Crypto Initiative.   Kristin Smith (@KMSmithDC) is the Executive Director at the Blockchain Association, where she leads the crypto industry’s development of a strategic roadmap for public policy.  Connor Spelliscy (@c_spelliscy) runs the DAO Research Collective, which accelerates DAO functionality by procuring and open sourcing targeted research foundational to effective DAO operation.  Marina Markezic (@MarinaMarkezic) is co-founder of the EU Crypto Initiative, alongside Florian Glatz and Simon Polrot, which aims to shape EU regulation to favor open, permissionless, decentralized applications leveraging blockchain technology.  Gitcoin’s Grants Round 14 is almost upon us, and with it #ReFiSummer will be officially here. The event is kicking off on June 8th and running through June 23rd, 2022. Gitcoin is where the world’s leading web3 projects are born, validated & funded. This includes @Uniswap, @poapxyz & @BanklessHQ. Gitcoin has distributed over $60 million in total, including $40 million through grants alone. In just 3 years, they’ve helped provide funding for over 2500 grants from tens of thousands of unique contributors across 2 million+ contributions.  Show highlights:   [1:50] Importance of Web3 Advocacy  [7:00] The Blockchain Association, the DRC, and the EU Crypto Initiative  [13:00] Gitcoin Advocacy Round [25:00] Educating Regulators  [33:00] Importance of EU Policy  [42:00] Habits & Advice.  Thanks for listening! If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes.  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.

Jordan Teague (@jordanteague) is an attorney and smart contract developer. In her crypto-native law practice, The Antifirm, she focuses on governance, regulatory, and other legal issues facing web3 organizations. Jordan is one of the core developers behind KaliDAO and a legal engineer with LexDAO. In this episode, we discuss all things DAOs - legislation, potential, and legal structuring, as well as Jordan's journey into legal engineering, and what the future legal system looks like. Show highlights: [1:22] Genesis Block [12:50] KaliDAO & Series LLC [20:00] The Antifirm [30:20] Ricardian Contracts [44:00] Projects [49:00] Habits & Life Advice Thanks for listening! If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. 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.

Michael Mosier (@M_Mosier) is the General Counsel at ESPRESSO Systems, a scaling & privacy solution for Web3 applications. Michael was formerly the first in-house Counsel at cryptocurrency analytics and investigations firm Chainalysis. Michael was previously Acting Director, as well as permanent Deputy Director & Digital Innovation Officer of the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department. As Acting Director, he oversaw FinCEN’s wide-ranging work to promote financial integrity and national security. As Digital Innovation Officer, he was dedicated to advancing FinCEN’s engagement with emerging technology and financial innovation. Previously, Michael served as Associate Director at Treasury’s Office of Foreign Assets Control (OFAC). Before joining Treasury, Michael was Deputy Chief in the Department of Justice’s Money Laundering & Asset Recovery Section. He also served a tour at the White House National Security Council as Director for Transnational Organized Crime. In this episode, we discuss his career in public service, what FinCEN is and why it's important, and what the future of privacy looks like in America. Show highlights: [1:50] Genesis Block [7:00] FinCEN [14:00] Money Laundering & Crypto [23:00] Privacy [29:00] Espresso Systems [35:00] General Counsel Role [44:00] Habits & Life Advice Thanks for listening! If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes. 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 reviews the IP ownership rights associated with Board Ape #8398, after actor and producer Seth Green (who licensed it for his series, White Horse Tavern) was scammed in a phishing attack. The stolen NFT was then sold to "DarkWing84" for $200,000. This episode is largely based on an enlightening thread by James Grimmelmann (@grimmelm), who dove deep into the issue, with additional notes from prominent crypto lawyers Drew Hinkes (@propelforward), Jake Chervinsky (@jchervinsky), Preston Byrne (@prestonjbyrne), and others. We also cover the recent decision in Jarkesy v. SEC, in which the Fifth Circuit essentially stated that the SEC must go through Federal courts in fraud cases. The implications may be greater than that, and this will be an important case impacting the future of the SEC.  Other updates include a decision from Hermès International, et al. v Mason Rothschild, an update from LUNA, LexDAO's latest guidance on metaverse lawyering, and more. Much credit for this episode goes to the incredible sources, including James Grimmelmann (@grimmelm), the CryptoLaw Newsletter (@cryptolaw_news), and a newsletter by two bright law students, Around the Blockchain - which covers everything happening within the crypto law space, every single week. You can find their newsletter on Substack, Around the Blockchain. 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.

Professor J.W. Verret (@JWVerret), teaches accounting and finance, securities law, M&A, corporate law and banking law at the George Mason University Law School. A Senior Advisor @messaricrypto, J.W. is a licensed CPA in the state of Virginia, is licensed in financial forensics by the AICPA, is a Certified Fraud Examiner and a Certified Valuation Analyst.  He has been a Visiting Professor at Stanford Law School. J.W. served on the Investor Advisory Committee of the Securities and Exchange Commission, where he advised the SEC on matters of investor protection.  He serves on the Financial Accounting Standards Advisory Committee, which advises on the development of Generally Accepted Accounting Standards (GAAP).  He also serves as faculty liaison to the American College of Business Court Judges.  He previously worked as the Chief Economist at the U.S. House Financial Services Committee. J.W. holds a Bachelors degree in Financial Accounting, a Masters in Economic Policy from the Harvard Kennedy School of Government, and a J.D. from Harvard Law School. In this wide-ranging conversation, we discuss J.W.'s work as an advisor at the SEC, his new position at Messari, the future of disclosure, securities laws, and much more. Show highlights: [3:00] J.W.'s introduction to Bitcoin [9:40] Story behind his twitter header [16:30] Learning quickly [22:00] Senior Advisor at Messari [27:00] Understanding Gary Gensler [34:43] Reg X Proposal by LeXPunK [40:00] Crypto regulation [45:00] Expanding the Howey test [51:00] Pillars of securities law [59:00] Crypto as the modern printing press [66:00] Decentralization Disclosure [72:00] DAOs [76:00] Habits & career advice If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes.

Marco Santori (@msantoriESQ) is the Chief Legal Officer of Kraken Digital Asset Exchange. Known as the "Dean of Digital Currency Lawyers," Marco is a recognized authority in the law and policy of blockchain technologies. Prior to his move to Kraken, Marco was the Chief Legal Officer of Blockchain.com, as well as a Partner at both Cooley LLP and Pillsbury Winthrop, where he counseled banks, broker-dealers, exchanges, digital wallets, payment providers, and other companies making new and exciting uses of distributed ledger technology. Marco is an author of the SAFT Project Whitepaper, a self-regulatory effort to curb Initial Coin Offerings. He is an advisor to the International Monetary Fund, the Blockchain Ambassador to the State of Delaware, and was the Chairman of the Regulatory Affairs Committee of the Bitcoin Foundation. He has been quoted by the Congressional Research Service, Bloomberg, the Wall Street Journal, Forbes, Coindesk, Washington Post, The New Yorker, Wired, Entrepreneur.com and Crain's New York Business. In this interview, Marco shares his journey from litigator to crypto lawyer, the importance & downside of big law, and the future of NFTs & DAOs with respect to the fourth prong of the Howey test. Show highlights: [2:15] Marco's introduction to crypto (& subsequent rug pull) [11:35] Making great decisions [18:40] Marco's journey to Kraken [21:13] Building in crypto law [26:40] Environmental misconceptions [34:20] Building a crypto bank: Bank Charter Application [39:10] Convincing regulators with examples [44:00] DAOs & the "efforts of others" [53:11] Stoicism  Links: Marco's website marcosantori.com Daily stoic newsletter If you enjoyed this episode, please consider leaving a review. You can subscribe to our newsletter to stay updated on the latest episodes.

The Collapse of UST and LUNA - This was the most eventful week in many months, but, unfortunately, the end result was that $500 billion was wiped off the total cryptocurrency market cap. A calculated attack on UST triggered Terra's LUNA to crash more than 99% over the past few days. This caused a corresponding fall and de-pegging in the price of UST, Terra's algorithmic, decentralized stablecoin. This episode offers a deep dive into the events behind the $500 billion+ loss of value in the crypto space, as well as insight into how UST & Luna worked. We also cover the most recent updates in the crypto law space, including an NFT ruling from the UK and a DAO lawsuit in California. This episode pulled insights from the CryptoLaw Newsletter, Jake Chervinsky, Wassie Lawyer, @OnChainWizard, @ItsAlwaysZonny, and @tatianakoffman. If you enjoyed this episode, please consider leaving a review or letting me know (@JacobRobinsonJD). You can subscribe to our newsletter to stay updated on the latest episodes. Thanks to our sponsor - Hedera Hashgraph (@Hedera). Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy. They are looking to add bright legal minds to their team. You can review the available openings at hedera.com/future. When you apply, be sure to mention you heard about it on the Law of Code podcast!