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Law of Code

Jacob Robinson

Understand the legal layer of emerging technology.

Conversations with top lawyers, regulators, and entrepreneurs on the laws and policy decisions shaping our future.

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  • 24 episodes
  • fortnightly
  • Avg 1 hr 9 min
  • English

Episodes 24

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  • #179
    March 16 · 44 min

    #179 - This month in crypto law: March 2026

    What were the most important legal and regulatory developments in crypto this month? In this episode, we review developments from stablecoin rulemaking and DeFi liability cases to the ongoing fight over prediction markets. Jonathan Schmalfeld is Director of Policy at The Digital Chamber, where he focuses on crypto policy, digital asset legislation, and regulatory developments in Washington. Timestamps ➡️ 1:07 — SEC guidance allowing broker-dealers to apply a 2% capital haircut to payment stablecoins ➡️ 4:37 — OCC’s GENIUS Act implementation proposal and the debate over stablecoin yield restrictions ➡️ 11:14 — The Promoting Innovation and Blockchain Development Act and developer liability protections ➡️ 17:27 — Federal court dismissal of claims against Uniswap and what it means for DeFi developers ➡️ 22:55 — How Kalshi enforced insider trading rules in its CFTC-regulated prediction markets ➡️ 27:37 — Kalshi’s preliminary injunction against Tennessee regulators and the federal preemption fight ➡️ 31:15 — Why prediction market litigation could eventually reach the U.S. Supreme Court ➡️ 36:25 — Institutional adoption: Morgan Stanley custody plans, Kraken’s Fed master account, and crypto banking licenses ➡️ 40:24 — Operation Chokepoint 2.0 and proposed rules eliminating “reputational risk” in bank supervision ➡️ 43:23 — Why competition between crypto and traditional finance is accelerating Sponsor: Day One Law, a boutique corporate law firm founded by 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: ⁠⁠https://www.dayonelaw.xyz/#contact Resources: 📃 Updated SEC Division of Trading & Markets FAQ ✍️ Hester Peirce statement on updated SEC FAQ 📃 OCC Notice of proposed rulemaking for implementation of the GENIUS Act 📓 Promoting Innovation in Blockchain Development Act of 2026 📃 Kansas City Fed statement on Kraken’s fed master account Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

  • #178
    March 11 · 47 min

    #178 - What a crypto lawyer learns from campaigning for New York Attorney General with Khurram Dara

    What happens when a crypto policy lawyer decides to run for one of the most powerful regulatory positions in the United States — New York Attorney General? Khurram Dara is a former policy team member at Coinbase and regulatory policy principal at Bain Capital Crypto. After years working in crypto regulation and policy, he left the private sector to run for the Republican nomination for Attorney General of New York, focusing his campaign on reversing lawfare, regulatory overreach, and using the role of New York Attorney general to shape national policy. Timestamps ➡️ 1:24 — Coinbase, the SEC, and why regulation-by-enforcement pushed Dara toward politics ➡️ 4:13 — Why state attorneys general have become “regulators of last resort” ➡️ 9:30 — Running for office without prior political experience ➡️ 11:31 — How statewide campaigns actually start: conventions, delegates, and ballot access ➡️ 17:02 — Campaign execution: fundraising, messaging, and building a political operation ➡️ 24:27 — What Dara learned about fundraising and donor dynamics ➡️ 28:08 — What “lawfare” means and why it concerns the crypto industry ➡️ 33:08 — The economic impact of regulation through litigation ➡️ 37:40 — How state AG offices could be reformed ➡️ 45:45 — Why state-level crypto regulation may be the next battleground Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources: 👨‍⚖️ SEC Dismissal of Civil Enforcement Against Coinbase 📄 Press release for Attorney General James’ lawsuit against Trump family financial business 📄 Press release for Oregon lawsuit against Coinbase Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

  • #177
    March 9 · 42 min

    #177 - Explaining the misnomer of 'Code is Law' with Andrew Hinkes, Andrea Tosato, and Carla Reyes

    If blockchain systems can automatically enforce transactions, does that mean code itself determines legal rights and ownership? Carla Reyes and Andrea Tosato are professors researching digital assets at the SMU Dedman School of Law and Andrew Hinkes is a partner at Winston & Strawn LLP. Together they authored the paper “Code Is Not Law,” which examines why legal rights in digital assets ultimately depend on law rather than technological systems. Time Stamps: ➡️ 1:30 — Stablecoin yield debates and why banks are back at the negotiating table ➡️ 4:24 — Trade associations vs. decision-makers in White House crypto meetings ➡️ 7:43 — Ethics provisions and constitutional challenges shaping negotiations ➡️ 12:48 — Network token frameworks, ancillary assets, and draft bill trends ➡️ 14:38 — DeFi intermediaries: software providers vs. financial actors ➡️ 17:44 — Disclosure quality vs. disclosure volume in market structure drafts ➡️ 21:38 — Legislation vs. agency guidance vs. litigation: three regulatory paths ➡️ 24:30 — What retail users would actually notice if market structure passes ➡️ 30:08 — Global competition: MiCA, Singapore MAS, and U.S. brain drain risk ➡️ 43:51 — Regulatory moats, incumbents, and the future of innovation Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources: 📓 "Code is not law" research paper 🎧 Episode #75 - UCC Article 12 Amendments with Drew Hinkes and Andrea Tosato Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

  • #176
    February 25 · 49 min

    #176 - In the weeds on U.S. market structure regulation with Gerald Gallagher

    What role are ethics provisions and stablecoin yield debates, playing in shaping — or potentially delaying — U.S. crypto market structure legislation? Gerald Gallagher is General Counsel at Sei Labs and co-host of the Crypto in America podcast, where he covers crypto policy, regulation, and legal developments in Washington. Timestamps: ➡️ 1:30 — Stablecoin yield debates and why banks are back at the negotiating table ➡️ 4:24 — Trade associations vs. decision-makers in White House crypto meetings ➡️ 7:43 — Ethics provisions and constitutional challenges shaping negotiations ➡️ 12:48 — Network token frameworks, ancillary assets, and draft bill trends ➡️ 14:38 — DeFi intermediaries: software providers vs. financial actors ➡️ 17:44 — Disclosure quality vs. disclosure volume in market structure drafts ➡️ 21:38 — Legislation vs. agency guidance vs. litigation: three regulatory paths ➡️ 24:30 — What retail users would actually notice if market structure passes ➡️ 30:08 — Global competition: MiCA, Singapore MAS, and U.S. brain drain risk ➡️ 43:51 — Regulatory moats, incumbents, and the future of innovation Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources: 📓 The latest market structure discussion draft (banking committee) 📓 ⁠The GENIUS Act Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest 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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