#208 - Reg Crypto

<p>What is Regulation Crypto Assets? An SEC-led rule proposal that allows projects to raise capital in the U.S. by selling tokens. That&#39;s the short answer. </p><p>The long answer is this podcast. By the end of this episode, you&#39;ll understand why these rules were needed, what they say and what could still be tweaked before they become law. </p><p>This episode is presented by Altitude, visit <a href="https://altitude.xyz/law" target="_blank" rel="ugc noopener noreferrer">⁠altitude.xyz/law⁠</a> to learn more about their financial operating system. </p><p>You&#39;ll hear from leading lawyers, almost all of whom are cited in the footnotes of the SEC&#39;s own proposal:</p><ul><li>Lewis Cohen, partner at Cahill Gordon &amp; Reindel</li><li>Sarah Brennan, general counsel at Delphi Digital</li><li>Gabe Shapiro, co-founder and CEO of MetaLeX</li><li>Rodrigo Seira, partner at Cooley</li><li>Miles Jennings, general counsel at a16z crypto</li><li>Andrew Hinkes, partner at Winston Taylor</li></ul><p><br></p><p>Timestamps:</p><p>0:00 Intro</p><p>4:17 How we got here</p><p>6:53 Solving two problems</p><p>10:21 Reg A, Reg CF and Reg D</p><p>12:10 Five subparts of Reg Crypto</p><p>14:12 Who will use these? </p><p>18:08 The Startup Exemption</p><p>19:35 Rule 103 disclosures </p><p>21:03 LBRY and silence </p><p>30:14 Secondary markets and Telegram </p><p>34:13 The Fundraising Exemption</p><p>42:21 Why Reg A and Reg CF failed</p><p>48:14 Rule 400: Exit </p><p>50:23 Third-party problems </p><p>57:34 Under-promising </p><p>1:02:08 Essential managerial efforts</p><p>1:12:09 The state of crypto</p><p>1:15:13 State law questions </p><p>1:20:37 What&#39;s next?</p><p>Thank you to the sponsors of this episode: Cahill Gordon &amp; Reindel, the Solana Policy Institute and the Hyperliquid Policy Center.</p><p>To get in touch with the Cahill team about how any issues discussed in this episode apply to your situation, email mtomsky@cahill.com.</p><p>Newsletter: Stay updated on emerging tech law for free at lawofcode.fm.</p><p>Any feedback on this episode? Or how to improve the podcast? Click here: <a href="https://forms.gle/W4d2a5aHuLJjuNdn7" target="_blank" rel="ugc noopener noreferrer">https://forms.gle/yFFN66e8iy8shQkAA.</a></p><p><em>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.</em></p>