When does U.S. law require Circle to freeze USDC? It's a question many are asking after a series of wallets were frozen in connection to a sealed civil case, and again after Solana's Drift Protocol was drained of $285 million.

Jacob Robinson is joined by Austin Campbell, founder of Zero Knowledge Consulting and adjunct professor at Columbia Business School, for a masterclass on the legal framework governing stablecoin freezes.

Timestamps:

➡️ 0:00 — Intro

➡️ 2:00 — The March 2026 freeze of 16 wallets tied to a sealed civil case

➡️ 4:31 — How bank freezes actually work

➡️ 7:27 — Circle's legal obligation to freeze

➡️ 9:40 — Does Circle's terms of service even apply to secondary holders?

➡️ 11:24 — The privity problem

➡️ 13:20 — The five-piece legal framework that functions like a safe harbor for institutions freezing assets

➡️ 16:43 — DeFi's second-order exposure to asset freezes

➡️ 18:29 — Can DeFi adapt?

➡️ 21:03 — Circle's response to the Drift exploit

➡️ 22:34 — DeFi and the legal system

➡️ 24:27 — Bitcoin as the ideologically consistent alternative

➡️ 28:18 — Why people want intermediaries with liability

➡️ 31:04 — The Drift exploit: why Circle should have frozen USDC

➡️ 36:34 — The exploit difficulty

➡️ 38:27 — Real world assets on chain: the DeFi trilemma

Sponsor: Day One Law, a boutique corporate law firm that provides 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:

• 📓 Circle's April 10, 2026 statement on the Drift exploit and USDC freeze authority by Dante Disparte
• 📓 ZachXBT's X thread on Circle's USDC freeze history

Also: I'm re-launching the Law of Code newsletter as the world's shortest legal newsletter! You can ⁠stay updated on emerging tech law for free here⁠.

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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 are the risks of allowing financial institutions to cut off access to the economy for lawful but controversial activity?

Rainey Reitman is a civil liberties advocate and the author of Transaction Denied, a comprehensive investigation into debanking, financial censorship, and the growing role of financial institutions in regulating speech. She previously worked at the Electronic Frontier Foundation and co-founded the Freedom of the Press Foundation.

Timestamps:

➡️ 1:20 — Why cash functions as a civil liberty (privacy + censorship resistance)
➡️ 3:21 — What inspired Transaction Denied and early experiences with debanking
➡️ 5:20 — The Chelsea Manning Support Network PayPal freeze
➡️ 8:27 — Operation Chokepoint and the rise of financial censorship
➡️ 11:25 — “Banking while Muslim” and over-compliance with sanctions
➡️ 15:08 — The Patriot Act and incentives for financial surveillance
➡️ 17:12 — Financial intermediaries and the power to block transactions
➡️ 17:48 — Bitcoin, custodians, and whether crypto solves debanking
➡️ 19:33 — Why financial censorship affects everyone—not just targeted groups
➡️ 21:58 — NRA v. Vullo and the limits of government pressure on banks

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:

📚 Pre-order Transaction Denied

📖 The Patriot Act 

👩‍⚖️ Supreme Court decision in National Rifle Association v. Vullo

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.

What should crypto founders know about the SEC and CFTC's joint interpretive guidance on securities law?

Joining to discuss is Joe Doll (@Sh0edog), Counsel at Day One Law and previously General Counsel at a crypto startup. Joe wrote a detailed breakdown of the guidance aimed at founders, which we walk through from start to finish.

Timestamps:

➡️ 0:00 — Intro

➡️ 0:07 — Why the Howey Test exists

➡️ 3:11 — Why tokens are not necessarily securities

➡️ 7:47 — The five-category token taxonomy explained

➡️ 8:45 — Digital commodities

➡️ 12:13 — The four-factor "statement" test

➡️ 15:57 — Why the guidance might chill disclosure

➡️ 19:32 — Joe's proposal for a minimum attachment period

➡️ 23:30 — Fungibility and the token sales problem

➡️ 28:29 — Decentralization, disclosure obligations, and the CLARITY Act

➡️ 29:41 — Why the attachment theory better serves the policy goals of securities law

➡️ 31:51 — Airdrops

➡️ 37:53 — The CLARITY Act's control framework

➡️ 38:58 — Linux, Red Hat, and the case for immutability

➡️ 43:12 — Equity versus token value

➡️ 43:25 — The story behind the handle @sh0edog

➡️ 45:04 — Decentralized communities

Resources:

• 📓 Joe Doll's article breaking down the SEC and CFTC interpretive guidance for founders
• 📓 SEC and CFTC joint interpretive release on the application of securities laws to crypto assets

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. Obviously.

When does transacting in a crypto asset become a securities transaction? The SEC and CFTC recently issued an interpretation clarifying how the federal securities laws apply to certain crypto assets and transactions involving crypto assets.

Joining to discuss that is Lewis Cohen, co-chair of Cahill’s digital assets and emerging technologies practice and one of the leading experts on the application of U.S. securities laws to crypto.

Timestamps:

➡️ 2:26 — Why a token can be a non-security asset, but still sold in a securities transaction
➡️ 4:21 — The SEC’s “attachment and separation” concept explained
➡️ 7:22 — Secondary market transactions and the limits of existing case law
➡️ 11:15 — Why third parties may be exposed to securities law risk
➡️ 14:09 — Who counts as an “issuer” in crypto—and why the concept breaks down
➡️ 17:56 — What qualifies as a promise or representation under Howey
➡️ 23:27 — Why disclosure—not classification—is the real solution
➡️ 25:46 — Can an investment contract “detach” once promises are fulfilled?
➡️ 30:19 — Civil liability, enforcement risk, and second-order market effects
➡️ 34:42 — The danger of bifurcated markets and uneven information access

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:

📓 SEC’s interpretive release on the application of security laws to crypto assets and transactions

✍️ Lewis Cohen's client alert on the recent guidance

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.

Can new “payment accounts” with the federal reserve solve the crypto industry’s banking problem?

Aaron Brogan is the founder and managing partner of Brogan Law, where he advises crypto companies on regulatory strategy, transactions, and policy. He also works with industry groups like the Blockchain Association on comment letters and rulemaking related to crypto banking access and financial regulation.

Timestamps:

➡️ 1:22 — What a Federal Reserve master account is and why crypto firms want one
➡️ 6:34 — “Skinny” payment accounts: what they include—and what they leave out
➡️ 7:16 — The core flaw: no interest, no overdraft protection, and balance constraints
➡️ 10:52 — Why incremental policy wins matter in Washington
➡️ 12:16 — How agency posture—not law—has shifted dramatically since 2024
➡️ 13:09 — Advising clients amid uncertainty: baseline law vs. regulatory signals
➡️ 16:11 — Why now may be the best time to take regulatory risk in crypto
➡️ 16:44 — The biggest risk: a political shift triggered by a “black swan” event
➡️ 18:36 — Onshoring vs. offshore structures: why many crypto projects still leave the U.S.
➡️ 21:53 — Prediction markets, state vs. federal power, and a likely Supreme Court fight

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:

📃 Aaron’s newsletter on so-called “skinny” master accounts, with a discussion of his comment letter on behalf of the Blockchain Association

📖 The Federal Reserve's RFI on Reserve Bank Payment Accounts

✉️ “Brogan Law is Built for War” newsletter by Aaron

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.

Can prediction markets coexist with traditional sportsbooks and financial platforms?

Dustin Gouker is a journalist and consultant covering sports betting and prediction markets. He publishes the newsletters The Closing Line and The Event Horizon, where he tracks the rapidly evolving intersection of gambling, finance, and event-based trading.

Timestamps

➡️ 1:15 — How prediction markets re-emerged after the 2024 election and Kalshi court ruling
➡️ 3:33 — The Super Bowl “Cardi B performed” market controversy
➡️ 6:25 — Why vague market rules create settlement disputes
➡️ 7:34 — The financialization and “gamblification” of everyday events
➡️ 10:23 — Insider trading concerns in prediction markets
➡️ 12:41 — DraftKings acquiring a CFTC-regulated exchange and the sportsbook response
➡️ 17:00 — Why prediction market volume numbers are often misunderstood
➡️ 20:18 — The coming clash between sportsbooks and prediction market platforms
➡️ 27:18 — Are prediction markets really “truth machines”?
➡️ 33:33 — The risks of speculation and the future of event-based trading

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:

✉️ The Closing Line

✉️ The Event Horizon

✉️ Dustin's newsletter on DraftKings' acquisition of Railbird

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.

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.

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.

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.

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.