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Law of Code · June 15 · 59 min

#203 - How the SEC Writes Crypto Rules

How do regulators actually write the rules for crypto? SEC Commissioner Hester Peirce and Taylor Lindman, Chief Counsel of the SEC's Crypto Task Force, take us inside the process, recorded at the SEC offices in Washington, D.C. We cover CLARITY Act rulemaking, lessons from Dodd-Frank, principles-based regulation and navigating the risks of decentralized projects. If you want to understand how an agency like the SEC actually works, this episode is for you. Timestamps: 0:00 Intro 1:20 Commissioner Peirce's philosophy on capital markets 5:04 Rulemaking at the SEC 6:48 The SEC's divisions, explained 8:27 How the Crypto Task Force is staffed 10:37 Lessons from Dodd-Frank 13:10 Legal artisans 15:15 The Clarity Act deadlines 18:55 Decentralized intermediaries 20:56 Principles-based vs prescriptive regulation 24:49 Tackling difficult crypto questions 26:23 Leveraging AI for data review 29:46 "Come in and register" under this SEC 33:50 SEC & CFTC collaboration 35:52 Re-engaging the crypto industry 40:00 Crypto Task Force & the Clarity Act 45:54 The SEC's non-crypto priorities 48:41 Avoiding another regulation-by-enforcement era 57:14 Thank you to Sam Enzer, Lewis Cohen and Cahill, plus a shoutout to Day One Law and Nick Pullman Newsletter: I'm re-launching the Law of Code newsletter soon: you can ⁠⁠⁠stay updated on emerging tech law for free here⁠⁠⁠: https://www.lawofcode.fm/ Any feedback on this episode? Or how to improve the podcast? ⁠⁠Click here: https://forms.gle/W4d2a5aHuLJjuNdn7 Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by guests are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

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show notes

How do regulators actually write the rules for crypto? SEC Commissioner Hester Peirce and Taylor Lindman, Chief Counsel of the SEC's Crypto Task Force, take us inside the process, recorded at the SEC offices in Washington, D.C.

We cover CLARITY Act rulemaking, lessons from Dodd-Frank, principles-based regulation and navigating the risks of decentralized projects. If you want to understand how an agency like the SEC actually works, this episode is for you.

Timestamps:

0:00 Intro

1:20 Commissioner Peirce's philosophy on capital markets

5:04 Rulemaking at the SEC

6:48 The SEC's divisions, explained

8:27 How the Crypto Task Force is staffed

10:37 Lessons from Dodd-Frank

13:10 Legal artisans

15:15 The Clarity Act deadlines

18:55 Decentralized intermediaries

20:56 Principles-based vs prescriptive regulation

24:49 Tackling difficult crypto questions

26:23 Leveraging AI for data review

29:46 "Come in and register" under this SEC

33:50 SEC & CFTC collaboration

35:52 Re-engaging the crypto industry

40:00 Crypto Task Force & the Clarity Act

45:54 The SEC's non-crypto priorities

48:41 Avoiding another regulation-by-enforcement era

57:14 Thank you to Sam Enzer, Lewis Cohen and Cahill, plus a shoutout to Day One Law and Nick Pullman

Newsletter: I'm re-launching the Law of Code newsletter soon: you can ⁠⁠⁠stay updated on emerging tech law for free here⁠⁠⁠: https://www.lawofcode.fm/

Any feedback on this episode? Or how to improve the podcast? ⁠⁠Click here: https://forms.gle/W4d2a5aHuLJjuNdn7

Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by guests are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

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