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Law of Code · August 25 · 1 hr 28 min

#208 - Reg Crypto

What is Regulation Crypto Assets? An SEC-led rule proposal that allows projects to raise capital in the U.S. by selling tokens. That's the short answer. The long answer is this podcast. By the end of this episode, you'll understand why these rules were needed, what they say and what could still be tweaked before they become law. This episode is presented by Altitude, visit ⁠altitude.xyz/law⁠ to learn more about their financial operating system. You'll hear from leading lawyers, almost all of whom are cited in the footnotes of the SEC's own proposal: Lewis Cohen, partner at Cahill Gordon & Reindel Sarah Brennan, general counsel at Delphi Digital Gabe Shapiro, co-founder and CEO of MetaLeX Rodrigo Seira, partner at Cooley Miles Jennings, general counsel at a16z crypto Andrew Hinkes, partner at Winston Taylor Timestamps: 0:00 Intro 4:17 How we got here 6:53 Solving two problems 10:21 Reg A, Reg CF and Reg D 12:10 Five subparts of Reg Crypto 14:12 Who will use these? 18:08 The Startup Exemption 19:35 Rule 103 disclosures 21:03 LBRY and silence 30:14 Secondary markets and Telegram 34:13 The Fundraising Exemption 42:21 Why Reg A and Reg CF failed 48:14 Rule 400: Exit 50:23 Third-party problems 57:34 Under-promising 1:02:08 Essential managerial efforts 1:12:09 The state of crypto 1:15:13 State law questions 1:20:37 What's next? Thank you to the sponsors of this episode: Cahill Gordon & Reindel, the Solana Policy Institute and the Hyperliquid Policy Center. To get in touch with the Cahill team about how any issues discussed in this episode apply to your situation, email mtomsky@cahill.com. Newsletter: Stay updated on emerging tech law for free at lawofcode.fm. Any feedback on this episode? Or how to improve the podcast? Click here: https://forms.gle/yFFN66e8iy8shQkAA. 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

What is Regulation Crypto Assets? An SEC-led rule proposal that allows projects to raise capital in the U.S. by selling tokens. That's the short answer.

The long answer is this podcast. By the end of this episode, you'll understand why these rules were needed, what they say and what could still be tweaked before they become law.

This episode is presented by Altitude, visit ⁠altitude.xyz/law⁠ to learn more about their financial operating system.

You'll hear from leading lawyers, almost all of whom are cited in the footnotes of the SEC's own proposal:

  • Lewis Cohen, partner at Cahill Gordon & Reindel
  • Sarah Brennan, general counsel at Delphi Digital
  • Gabe Shapiro, co-founder and CEO of MetaLeX
  • Rodrigo Seira, partner at Cooley
  • Miles Jennings, general counsel at a16z crypto
  • Andrew Hinkes, partner at Winston Taylor


Timestamps:

0:00 Intro

4:17 How we got here

6:53 Solving two problems

10:21 Reg A, Reg CF and Reg D

12:10 Five subparts of Reg Crypto

14:12 Who will use these?

18:08 The Startup Exemption

19:35 Rule 103 disclosures

21:03 LBRY and silence

30:14 Secondary markets and Telegram

34:13 The Fundraising Exemption

42:21 Why Reg A and Reg CF failed

48:14 Rule 400: Exit

50:23 Third-party problems

57:34 Under-promising

1:02:08 Essential managerial efforts

1:12:09 The state of crypto

1:15:13 State law questions

1:20:37 What's next?

Thank you to the sponsors of this episode: Cahill Gordon & Reindel, the Solana Policy Institute and the Hyperliquid Policy Center.

To get in touch with the Cahill team about how any issues discussed in this episode apply to your situation, email mtomsky@cahill.com.

Newsletter: Stay updated on emerging tech law for free at lawofcode.fm.

Any feedback on this episode? Or how to improve the podcast? Click here: https://forms.gle/yFFN66e8iy8shQkAA.

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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