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Can traditional financial institutions use permissionless blockchains without being offside of the Bank Secrecy Act? What happens if a bank unknowingly pays a fee to a sanctioned validator? By the end of this episode, you'll understand the history of the Bank Secrecy Act, how OFAC actually enforces sanctions and a new paper's nine-part framework for how banks can use public blockchains and stay compliant. You'll hear from the paper's three co-authors: Rebecca Rettig (Chief Operating Officer and Chief Legal Officer of Jito Labs, of counsel at Arktouros)Omid Malekan (adjunct professor at Columbia Business School) and Michael Mosier (co-founder of Arktouros and former acting director of FinCEN). This episode is presented by Altitude, visit https://altitude.xyz/law to learn more about their global payments platform. Timestamps: 0:00 Intro 3:24 Problems they see 5:39 The router principle 7:13 What permissionless systems get right 11:28 Lessons from the open internet 14:23 Credible neutrality 19:20 A brief history of the BSA 23:55 What OFAC enforcement looks for 26:16 Treasury, Iran and open networks 28:29 The SEC's innovation exemption 34:03 Compliance belongs at the app layer 37:04 "The government will never allow it" 39:39 The paper's nine-part framework 44:12 Network layer vs. transaction layer 46:28 The $50,000 canoe 48:02 Safety, soundness and final settlement 50:29 Why this matters for national security 51:27 Privacy 58:07 What this means for DeFi Thank you to Cahill Gordon & Reindel for sponsoring this podcast. Thank you as well to the Solana Policy Institute, the Hyperliquid Policy Center and the Decentralization Research Center for supporting the podcast. The full paper is here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7343938. 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.

Anthropic calls some AI distillation illicit. But is distillation illegal? The answer may depend less on what you do with AI outputs than on how you accessed them. This episode is a deep dive into how courts might rule. We cover X v. Bright Data, what OpenAI's and Anthropic's terms say about who owns AI outputs, why Anthropic's own fair use arguments could be turned against it and what the labs will likely do next. Thank you to the presenting sponsor of this episode, Altitude. Visit altitude.xyz/law to learn more about their payments platform. You'll hear from the three Variant co-authors of one of the sharpest papers on the topic: Daniel Barabander, investment partner and chief legal officer at VariantSabina Beleuz, deputy general counsel at VariantElijah Fox, investor at VariantRead their article here: https://variant.fund/articles/license-distill-law-distillation-anthropic/. Timestamps: 0:00 What is distillation? 1:52 Intro 3:01 Why distillation matters 5:44 X v. Bright Data 7:50 Access vs. selling 10:40 Copyright preemption 11:25 Why X doesn't own your posts 13:49 From scraping to distillation 16:12 Who owns AI outputs? 19:38 Is all distillation illicit? 24:10 Anthropic's fair use problem 25:05 Bartz v. Anthropic 26:42 Predictions 28:41 Distilling the distillers 29:21 Selling services, not tokens 32:34 Antitrust 37:06 Tech moves exponentially, law sublinearly 40:47 Humans, AI and personhood 45:15 Final thoughts Thank you as well to the other sponsors of this episode: Cahill Gordon & Reindel, the Solana Policy Institute, the Hyperliquid Policy Center and the Decentralization Research Center. To get in touch with the Cahill team about how any issues discussed in this episode apply to your situation, email [email protected]. 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.

Cybercrime costs Americans an estimated $200 billion a year, and AI is supercharging it. The U.S. government's newest response is one of the oldest tools in the Constitution, one Congress hasn't used since the War of 1812. This episode covers letters of marque and privateers: their role in the American Revolution, how prize courts and bonds kept privateers from becoming pirates, and the White House memo that trends toward implementing a modern version for cyberspace. Sponsors: This episode is presented by Altitude, visit altitude.xyz/law to learn more about their global payments platform. Sponsors also include: The law firm Cahill Gordon & Reindel. Cahill is hosting Confluence 2026, its flagship emerging tech conference, in New York City on September 24, 2026. You can apply to attend here: https://www.cahill.com/confluence2026. Thank you as well to the Solana Policy Institute and the Hyperliquid Policy Center for supporting the podcast. Guests: Chris Perkins (President of Franklin Crypto at Franklin Templeton, Naval Academy graduate and Marine Corps veteran)Ari Redbord (Global Head of Policy at TRM Labs and former federal prosecutor)Michael Coates (CISO of the Solana Foundation and previously Twitter's first CISO)Camelia Lopez Shoemaker (Holland & Knight, former DOJ)Nelson Rosario (Rosario Tech Law) Timestamps: (0:00) The $200 billion problem (2:16) The Model T and the FBI (4:18) Pig butchering (7:03) History (7:50) The high seas and the internet (8:30) Marque vs. reprisal (11:35) American Revolution (14:08) Building a (private) navy (17:25) The Constitution (18:40) The Paris Declaration (20:34) Pirates or privateers? (22:12) The five-part system (22:40) Why government can't scale (23:30) The Fourth Amendment (25:26) Suspicious Activity Reports (28:23) Recent memorandum (30:40) The bond (32:34) The blockchain (33:49) Latest from U.S. gov't (34:56) The attribution problem (36:30) Who's involved today? (37:49) The Beacon Network (39:16) Pre-clearance and due process (41:10) Reporting cybercrime (44:26) International law This should be the internet's best explainer on letters of marque. You don't need to be a lawyer, historian or security expert to follow along. 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.

Vaults might be finance's next trillion-dollar opportunity. But what are they? How do they work? What regulation might apply? You'll hear from the creator of crypto vaults, Andre Cronje (Flying Tulip, Yearn), alongside builders Adrian Cachinero Vasiljevic (Steakhouse Financial) and Charles St. Louis (Ethereum Foundation). You'll also hear from SEC Commissioner Hester Peirce and top lawyers Lewis Cohen (Cahill), Tuongvy Le (Veda Labs), Rodrigo Seira (Cooley) and Linda Jeng (Aave). Thank you to the presenting sponsor of this episode, Altitude (altitude.xyz/law), a payments platform for the next generation. This should be the internet's best podcast on vaults. You don't need to be a lawyer, developer or finance expert to follow along. Timestamps: (0:00) Intro (4:27) What is a vault? (9:34) History of onchain vaults (11:55) The first vault, with Andre Cronje (21:05) The SEC's early interest (22:30) Investment contracts and Howey (31:28) Notes and Reves (37:10) The strategist (48:54) The curator (58:30) Investment company? (1:12:40) Investment adviser? (1:20:00) Separately managed accounts (1:30:30) Custody rules (1:55:43) What's next Thank you as well to the law firm Cahill Gordon & Reindel for sponsoring this podcast. If you'd like to join Cahill's flagship emerging tech conference, Confluence, you can apply here: https://www.cahill.com/confluence2026. Thank you as well to the Solana Policy Institute and the Hyperliquid Policy Center for supporting the podcast. Nothing in this podcast is legal or investment advice.

Commissioner Hester Peirce joins the podcast to discuss Regulation Crypto Assets, as well as secondary market trading, DePIN and vaults. If you haven't listened to the full Reg Crypto explainer, that's episode 208. This episode is presented by Altitude. Visit altitude.xyz/law to learn more about their financial operating system. Timestamps: 0:00 Intro 2:22 Secondary transactions 3:23 Promises and representations 5:05 Essential managerial efforts 8:27 Regulatory arbitrage 10:29 Form TR 16:59 Existing token projects and Form TR 18:27 Compliance costs 21:48 Secondary markets 24:12 DePIN 27:02 Vaults 35:31 Accredited investors 40:25 Tokens and equity Thank you to the other sponsors of this episode: Cahill Gordon & Reindel, the Solana Policy Institute and the Hyperliquid Policy Center. On Thursday, September 24, 2026, CahillNXT will host Confluence 2026, its flagship conference, in New York City. This year's theme, Leading the NXT Frontier, brings together regulators, institutional investors, founders, policymakers and industry leaders to examine digital assets, market structure, regulation and the emerging technologies transforming financial markets. To register your interest, email [email protected]. 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. Commissioner Peirce's views are her own and do not necessarily represent those of the SEC or her fellow Commissioners. Listening to this podcast does not create an attorney-client relationship.

The GRANITE Act is a two-and-a-half-page bill designed to stop foreign governments from censoring Americans online. Preston Byrne, the Managing Partner at Byrne & Storm, has spent over a decade advising tech companies on free speech questions. His work was instrumental in the introduction of the GRANITE Act in the U.S. House of Representatives on August 27, 2026. Timestamps: 0:00 Intro 2:10 How foreign governments censor Americans 3:34 The origins of sovereign immunity 6:40 197 demands, 4 refusals 8:58 Sovereign immunity in the courts 10:58 The GRANITE Act shield 12:37 The GRANITE Act sword 17:20 Where GRANITE stands in the states, House and Senate This episode is presented by Altitude. Visit altitude.xyz/law to understand why. Thank you to the other sponsors of this episode: Cahill Gordon & Reindel, the Solana Policy Institute and the Hyperliquid Policy Center. Preston's Blog Post: https://prestonbyrne.com/2026/08/28/rulligranite/ GRANITE Act: https://www.congress.gov/bill/119th-congress/house-bill/10174/text?s=1&r=1&hl=granite 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.

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 & ReindelSarah Brennan, general counsel at Delphi DigitalGabe Shapiro, co-founder and CEO of MetaLeXRodrigo Seira, partner at CooleyMiles Jennings, general counsel at a16z cryptoAndrew 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 [email protected]. 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.

Grant Vingoe is the CEO of the Ontario Securities Commission, Canada's largest securities regulator. Grant explains Canada's approach to crypto and why he sees a careful, incremental approach as a strength. Law of Code is presented by Altitude, visit https://altitude.xyz/law to learn why. Timestamps: 0:00 Intro 0:55 From 30 years in New York to running the OSC 5:49 How the CSA and Canada's provincial regulators fit together 9:01 The crypto contract 12:34 Grant's first exposure to crypto 16:09 The gamification of financial markets and prediction markets 21:22 Making crypto safer for Canadians, from ETFs onward 26:30 Stablecoins 29:52 The Stablecoin Act and federal regulators 35:02 The $30,000 purchase limit 38:18 How industry can better engage regulators 45:02 Canada's brain drain question 50:34 Modernizing the regulation of public companies 54:17 Permissionless finance 1:01:13 Accredited investor rules Thank you to our other sponsors: McCarthy Tétrault LLP, with which I am co-hosting a Crypto in Canada event on August 12, 2026 in Toronto: https://luma.com/89qnrnah Osler, Hoskin & Harcourt LLP: https://www.osler.com/en/expertise/services/digital-assets-and-blockchain/ Cahill Gordon & Reindel LLP: https://www.cahill.com/practices/litigation-digital-assets-and-emerging-technology Solana Policy Institute: https://www.solanapolicyinstitute.org/ Hyperliquid Policy Center: https://hyperliquidpolicy.org/ Sign up for the free Law of Code newsletter at lawofcode.fm.

How does Canada regulate crypto? This podcast answers that in less than 60 minutes. You'll hear from Grant Vingoe, CEO of the OSC, Eric Richmond, CEO of Coinbase Canada, the Bank of Canada's Anne Butler, McCarthy's Lori Stein, Osler's Matt Burgoyne, Evan Thomas, Dr. Ryan Clements of the ASC and Blair Wiley of Wealthsimple. Law of Code is presented by Altitude, visit ⁠https://altitude.xyz/law⁠ to learn why. Timestamps: 0:00 Intro 2:42 Tax 4:53 AML Rules 8:06 Securities 12:00 Investment contracts 16:13 Quadriga's collapse 23:00 The Crypto Contract 34:29 World's first Bitcoin ETF 38:23 Stablecoins 46:47 Where Canada could play offense: DeFi, perps and tokenization 52:53 The speed problem Nothing in this podcast is legal or investment advice. Thank you to our other sponsors: McCarthy Tétrault LLP, with which I am co-hosting a Crypto in Canada event on August 12, 2026 in Toronto: https://luma.com/89qnrnah Osler, Hoskin & Harcourt LLP: https://www.osler.com/en/expertise/services/digital-assets-and-blockchain/ Cahill Gordon & Reindel LLP: ⁠https://www.cahill.com/practices/litigation-digital-assets-and-emerging-technology⁠ Solana Policy Institute: ⁠https://www.solanapolicyinstitute.org/⁠ Hyperliquid Policy Center: ⁠https://hyperliquidpolicy.org/⁠ Sign up for the free Law of Code newsletter at lawofcode.fm.

Kyle Poe is a former BigLaw partner and currently VP of Legal Innovation and Strategy at Legora, a legal AI startup valued at $5.6 billion. Kyle explains why he sees a generational reordering happening in the legal profession, how firms are best institutionalizing partner knowledge as IP, and where the moat exists for lawyers as AI grows in ubiquity. Law of Code is presented by Altitude, visit https://altitude.xyz/law to learn why. Timestamps: 0:00 Intro 0:56 The billable hour and the incentive problem inside firms 2:36 Institutionalizing partner knowledge as firm IP 4:02 Why partner buyouts are accelerating 5:56 Why AI is different from the internet and email 9:31 How top firms are operationalizing AI 12:35 Building innovation teams from the top down 14:37 More lawyers or fewer? The future of demand 19:20 Grinders, minders and finders 22:10 What lawyers should be asking about AI 25:13 Legora's moat Thank you to our other sponsors: Cahill Gordon & Reindel LLP: https://www.cahill.com/practices/litigation-digital-assets-and-emerging-technology Solana Policy Institute: https://www.solanapolicyinstitute.org/ Hyperliquid Policy Center: https://hyperliquidpolicy.org/ Sign up for the free Law of Code newsletter at lawofcode.fm.

By the end of this episode, you'll understand how lawyers are actually AI maxxing in 2026, and how you can, too. Timestamps: 0:00 Intro 1:58 Why it's the best time to be a lawyer 3:03 Hallucinations and cognitive surrender 5:33 Quality over efficiency 8:13 Why AI upends legal work 15:20 60% of contracts filed to EDGAR have mistakes 20:04 How LLMs actually work 25:59 Zero data retention, explained 29:16 The privacy risk beyond training 39:16 How to prompt 47:03 Michael Showalter's AI-native litigation stack 55:27 Spellbook's Compare to Market Feature 1:03:10 Building a regulatory agent 1:09:50 The judgment crisis for junior lawyers 1:12:15 Cooley's AI training method You'll hear from 10 people at the cutting edge of legal AI: Zack Shapiro, Founder and Managing Partner at Rains LLPMolly Abraham, General Counsel at CoinbaseSujit Raman, Chief Legal Officer at TRM LabsMichael Showalter, Founder of Showalter PLLCErich Dylus, attorney, programmer and creator of CamoTextAaron Kelly, General Counsel and open source AI expertDavid Wang, Chief Innovation Officer at CooleyScott Stevenson, CEO of SpellbookJustin McCallon, CEO of StrongSuitSamson Enzer, Partner at Cahill Gordon & Reindel This episode is presented by Altitude, visit altitude.xyz/law to learn more about their financial operating system. 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://docs.google.com/forms/d/1QAcE1sQAKZIkma20DbyB5frgKdiK8UB6Fkb6CwaVP1I/edit Sponsors: Thank you to the Hyperliquid Policy Center and Solana Policy Institute for supporting this podcast. To get in touch with the Cahill team about how any issues discussed in this episode apply to your situation, email [email protected]. 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.

When should software lose free speech protections? This podcast covers software and the First Amendment, tracing the history from Cold War export controls to recent restrictions on advanced AI models. My goal: the internet's most comprehensive explainer on speech and code, from cryptography to cryptocurrency to AI. In this episode, you'll hear from leading experts on the legal layer of software and free speech: Peter Van Valkenburgh, Executive Director at Coin CenterLaz Pieper, Director of Research at Coin CenterEugene Volokh, First Amendment scholar and Fellow at the Hoover InstitutionJane Bambauer, Brechner Eminent Scholar at the University of FloridaPreston Byrne, Managing Partner at Byrne & StormSam Enzer, partner at Cahill Gordon & Reindel and co-chair of CahillNXTBy the end of this episode, I promise you'll be in the top percentile for understanding when code is protected speech, regardless of where you're starting from. (You just might need to listen twice. There's a lot here.) This episode is presented by Altitude, visit Altitude.xyz/law to learn more about their financial operating system. Timestamps: 0:00 Anthropic AI export controls 6:17 Introduction 9:39 Reading the First Amendment 10:38 Eugene Volokh on his First Amendment philosophy 13:42 The machine gun sculpture: speech vs function 19:24 Peter Van Valkenburgh interview 25:50 The Cold War, munitions list and Phil Zimmermann 29:57 The Bernstein case 34:53 Strict scrutiny 38:48 The Corley case 49:17 Sorrell, Stevens and where the Supreme Court is heading 53:25 Preston Byrne on the Supreme Court's AI case 57:23 Defense Distributed and 3D-printing 1:04:00 Where publication ends and professional conduct begins 1:15:20 Lowe v. SEC and the agency line 1:45:45 Compelled speech, the IRS broker rule and tobacco labels 2:04:17 Laz Pieper on Sorrell and third-party liability 2:11:29 Preston Byrne on the GRANITE Act and foreign censorship Newsletter: Stay updated on emerging tech law for free at lawofcode.fm. https://www.lawofcode.fm/ Any feedback on this episode? Or how to improve the podcast? Click here. https://forms.gle/W4d2a5aHuLJjuNdn7 Sponsors: Thank you to the Hyperliquid Policy Center and Solana Policy Institute for supporting this podcast. To get in touch with the Cahill team about how any issues discussed in this episode apply to your situation, email [email protected]. Subscribe to Cahill's free client alerts on digital assets and emerging technology at https://www.cahill.com/news/index?search=1&practice=litigation-digital-assets-and-emerging-technology. 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.

Prediction markets are a multi-billion dollar industry, led by companies like Kalshi and Polymarket. They are also controversial. Some want them banned and believe they are operating illegally, while others see them as invaluable truth-seeking markets. This podcast is a multi-hour deep dive on prediction markets, starting from conclave betting in 15th century Rome to the CFTC's proposed rulemaking on Rule 40.11 earlier this month. My goal: The internet's most comprehensive explainer on prediction markets. By the end of this episode, I promise you'll be in the top percentile for understanding prediction markets, regardless of where you're starting from. (You just might need to listen twice. There's a lot here.) Timestamps: 0:00 Intro 1:40 16th century papal betting (Koleman Strumpf) 11:13 Insider trading rules on prediction markets (Bobby DeNault) 16:20 The Google search insider case and Rule 180.1 (Sam Enzer) 27:38 Why prediction markets matter (Chris Giancarlo) 33:20 Election betting in America38:35 Iowa Electronic Markets and the 1992 no-action letter 45:56 Dodd-Frank, swaps and the Special Rule 48:08 Senator Lincoln on Super Bowl and Derby contracts 55:49 Parlays as swaps (Josh Sterling) 1:01:23 CFTC's exclusive jurisdiction (Thania Charmani) 1:07:30 Perspective on the CFTC's NPRM (Michael Passalacqua) 1:14:55 Exceptions that swallow the rule (Paul Grewal) 1:27:25 How prediction markets actually work 1:36:05 Kalshi's probability-weighted fee structure 1:38:18 Cardi B and the resolution problem (Dustin Gouker) 1:45:05 Oracles, UMA and decentralized resolution (Jeff Amico) 1:51:55 Inside the Ninth Circuit case 2:07:49 The CFTC's June 2026 proposed rulemaking (Brad Bourque, Stefan Schropp) 2:19:06 Kalshi's landmark 2024 win 2:23:05 PASPA, Murphy v. NCAA (Daniel Wallach) 2:45:14 The case against banning prediction markets (Bobby DeNault) Newsletter: Stay updated on emerging tech law for free at lawofcode.fm. https://www.lawofcode.fm/ Any feedback on this episode? Or how to improve the podcast? Click here. https://forms.gle/W4d2a5aHuLJjuNdn7 Sponsors: This episode is sponsored by Cahill Gordon & Reindel, the Hyperliquid Policy Center, and the Solana Policy Institute. To get in touch with the Cahill team about how the issues discussed in this episode apply to your situation, email [email protected]. Subscribe to Cahill's free client alerts on digital assets and emerging technology at https://www.cahill.com/news/index?search=1&practice=litigation-digital-assets-and-emerging-technology. In this episode, you'll hear from the world's leading experts on the legal layer of prediction markets: Josh Sterling, partner at MillbankBobby DeNault, Head of Enforcement at KalshiChris Giancarlo, former Chairman of the CFTCDaniel Wallach, founder of Wallach Legal LLCStefan Schropp, Senior Regulatory Counsel at ParadigmSam Enzer, partner at Cahill Gordon & Reindel and co-chair of CahillNXTPaul Grewal, Chief Legal Officer at CoinbaseKoleman Strumpf, economics professor at Wake ForestBrad Bourque, Policy Counsel at Hyperliquid Policy CenterThania Charmani, partner at Winston & TaylorMichael Passalacqua, Senior Advisor to CFTC Chairman SeligJeff Amico, Chief Operating Officer at GensynMatt Kalish, co-founder of DraftKings and CEO of HardscopeDustin Gouker, author of the Event Horizons newsletter 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.

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.

Over a trillion dollars worth of perps are traded every month, yet 99% people have never heard of them. Fewer understand how they work. This podcast is a multi-hour deep dive on perps, starting from the history of grain futures in Chicago to a historic CFTC announcement on Friday, May 29, 2026. My goal: The internet's most comprehensive explainer on perps. In this episode, you'll hear from the world's leading experts on the legal layer of perps: Hyperliquid Policy Center CEO Jake Chervinsky and policy counsel Brad Bourque BrettHarrison, CEO of ArchitectKatherine Kirkpatrick Bos, general counsel of StarkWareRyne Miller, partner at Morrison FoersterMike Frisch, partner at Croke Fairchild David Shafer, lawyer at CoinbaseBy the end of this episode, I promise you'll be in the top percentile for understanding perps, regardless of where you're starting from. (You just might need to listen twice. There's a lot here.) Timestamps: 0:00 Intro 4:04 What is a perp? 7:18 Why futures contracts exist 8:15 Liquidity fragmentation 11:01 History of U.S. futures 17:08 Richard Nixon, the gold standard and financial futures 21:27 Birth of the CFTC 24:27 Robert Shiller's 1992 paper 30:09 Price convergence 32:00 The funding rate 43:41 Oracles and manipulation risk 47:39 Are perps swaps or futures? 52:44 A @ChairmanSelig clip on perps 54:02 The DCM framework 59:16 DCMs, DCOs and FCMs explained 1:04:55 History of crypto perps (BitMEX, FTX) 1:13:00 How Hyperliquid works 1:25:41 CFTC's historic announcements on May 29, 2026 1:35:00 Fireside with @jchervinsky and @BradBourque of @HyperliquidPC 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.