After the GENIUS Act was enacted, the U.S. Treasury issued an Advance Notice of Proposed Rulemaking to gather public and industry input before drafting implementing regulations.

Some of the most influential submissions came from major banking and traditional finance associations, outlining how they believe U.S. stablecoin regulation should look.

J.W. Verret, Associate Professor of Law at the Antonin Scalia Law School at George Mason University, submitted a detailed rebuttal pushing back on the banks’ expansive interpretation of statutory authority and their call to ban “indirect yield.”

We talk about that in this episode.

Timestamps:

➡️ 1:02 — Why this rulemaking matters

➡️ 2:55 — Why JW felt compelled to respond

➡️ 4:48 — How agencies use comments

➡️ 5:17 — What counts as ‘interest’ or ‘yield’?

➡️ 7:00 — The push to regulate affiliates and third-party providers

➡️ 10:34 — Why a prohibition on ‘indirect yield’ matters

➡️ 14:55 — Zcash, privacy tech, and Roman Storm

➡️ 18:00 — What happens next in GENIUS rulemaking

➡️ 19:11 — Do stablecoins drain bank deposits?

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:

📓 GENIUS Act

📄 Joint Trades Letter (ABA + ICBA + BPI coalition)

✉️ J.W. Verret’s Rebuttal Letter

Staking is now officially on the table for U.S. crypto ETFs.

In this episode, I’m joined by Jason Schwartz (@CryptoTaxGuyETH), a tax partner at CahillNXT, Cahill’s digital assets and emerging technology practice. Jason specializes in tax issues relating to digital assets, financial products, securitizations, lending, treaties, and fund structures.

We break down Treasury and the IRS’s new safe harbor that allows crypto ETPs to stake without being treated as domestic corporations, and the questions that follow.

Timestamps

➡️ 00:00 — Intro

➡️ 00:41 — Sponsor: Day One Law

➡️ 01:04 — What does the new Treasury/IRS safe harbor actually allow?

➡️ 03:30 — Why staking created a legal grey area for ETFs

➡️ 06:18 — Why “grantor trust” classification matters so much

➡️ 09:55 — The key safe harbor requirements

➡️ 14:40 — Who this matters for: investors, issuers, and markets

➡️ 19:22 — Could LST-based ETFs outperform Safe Harbor ETFs?

➡️ 23:10 — Four big open questions: uncertainties the IRS didn’t settle

➡️ 28:12 — What comes next for staking ETFs, Treasury, and IRS guidance

& much more.

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:

📄 Cahill Client Alert: IRS and Treasury Issue Safe Harbor for Staking by Crypto ETPs

🎧 Previous episode with Jason Schwartz (#151)

🌐 CahillNXT

💼 Jason on X: @CryptoTaxGuyETH

In this episode, Jason Gottlieb, Chair of Morrison Cohen’s Digital Assets Department and White Collar & Regulatory Enforcement Practice Group, breaks down the litigation trends shaping crypto today.

Timestamps:

➡️ 0:44 — Why litigation is shifting from regulators to private disputes

➡️ 3:37 — Statute of limitations: the five-year vs. ten-year reality

➡️ 8:14 — Inside the revamped Morrison Cohen Crypto Litigation Tracker

➡️ 12:41 — How judges are learning (and misunderstanding) crypto

➡️ 18:03 — The importance of amicus briefs in crypto cases

➡️ 20:52 — Stablecoin-freezing disputes and why issuers keep getting dragged in

➡️ 26:41 — Jurisdiction battles: extraterritoriality, comity & serving by NFT

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: Morrison Cohen Crypto Litigation Tracker: cryptotracker.morrisoncohen.com

Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.

In this episode, Jacob is joined by DoubleZero’s General Counsel, Mari Tomunen, and Cooley’s Connor Tweardy to unpack the U.S. SEC’s Division of Corporation Finance’s landmark no-action letter to DoubleZero, a decentralized physical infrastructure (DePIN) project that became the first crypto initiative in over five years to secure such relief.

Timestamps:

➡️ 01:20 – Why DoubleZero engaged with the SEC

➡️ 03:00 – Communicating DePIN to regulators

➡️ 04:40 – Making decentralization “lawyer-friendly”

➡️ 07:00 – Why the token's status was crucial

➡️ 08:20 – Compliance by design

➡️ 10:00 – The DoubleZero Foundation’s role

➡️ 11:45 – How the SEC evaluated “managerial efforts”

➡️ 13:20 – How an international footprint shaped dialogue with regulators

➡️ 15:30 – Lessons for other projects

➡️ 18:00 – The SEC’s “efforts balancing” test

➡️ 22:00 – Why discretionary control and passive income models raise red flags

➡️ 26:00 – Designing compliance into your protocol

➡️ 30:00 – Advice for teams pursuing regulatory clarity

Sponsor: Day One Law. ⁠⁠ This episode is brought to you by ⁠⁠⁠Day One Law⁠, a boutique law firm helping crypto startups navigate complex legal challenges. Subscribe to ⁠⁠⁠Day One’s free monthly newsletter⁠⁠⁠ for legal and regulatory updates.

Resources:

No-Action Letter: https://www.sec.gov/files/corpfin/no-action/doublezero-final-conformed-092625.pdf

Cooley LLP's blog post: https://www.cooley.com/news/coverage/2025/2025-09-29-doublezero-secures-no-action-relief-from-sec

Disclaimer:

The information in this podcast is provided for educational and informational purposes only and should not be construed as legal advice. Listening to this episode or contacting the guests does not create an attorney-client relationship. For advice regarding your specific situation, please consult your own legal counsel.

Joris Delanoue, Co-CEO of Fairmint, joins the podcast to discuss how his SEC-registered transfer agent has already issued and managed over $1B of equity on-chain. We explore the legal distinctions between mirrored tokens and natively on-chain securities and how compliance can be built directly into smart contracts.

Timestamps:

➡️ 00:00 — Intro

➡️ 00:46 — Sponsor: Day One Law

➡️ 01:09 — Why bring equity on-chain?

➡️ 04:28 — Turning cap tables into smart contracts

➡️ 09:39 — Registering as an SEC transfer agent

➡️ 12:28 — How blockchain changes the “source of truth”

➡️ 16:09 — Fixing accredited investor rules

➡️ 22:26 — Compliance by automation vs. intermediation

➡️ 26:38 — Lessons from the Paperwork Crisis

➡️ 28:40 — Addressing human error

➡️ 30:20 — Protecting ownership in a tokenized world

➡️ 32:02 — What’s next for Fairmint

& more.

Sponsor: This episode is brought to you by ⁠Day One Law⁠ — a boutique law firm helping crypto startups navigate complex legal challenges.

Resources:

📜 Open Cap Table Coalition

Follow Joris on X: @Joris_DLN

🗒️ On-chain accreditation

Stablecoins are no longer a side story — they’re on the path to becoming the backbone of global digital finance.

To unpack what the GENIUS Act means for the U.S. dollar, stablecoin issuers, and banking competition, I sat down with Austin Campbell, Founder and Managing Partner of Zero Knowledge Consulting and an Adjunct Professor at Columbia Business School.

Austin previously led Stable Value Trading at JP Morgan, co-headed Digital Asset Rates Trading at Citi, and served as Head of Portfolio Management at Paxos.

In this episode, Austin explains the key provisions of the Genius Act, the misconceptions around the “interest” prohibition, and how competition between currencies could expand freedom — and reshape the global economy.

Timestamps:

➡️ 00:00 — Intro

➡️ 00:46 — Sponsor: Day One Law

➡️ 01:09 — Austin’s path from Wall Street to crypto

➡️ 05:40 — Why the Genius Act is the most important bipartisan financial law since Dodd-Frank

➡️ 10:31 — Stablecoins as global infrastructure for the U.S. dollar

➡️ 15:14 — Key pillars of the Genius Act: reserves, insolvency, and compliance

➡️ 26:20 — Privacy, enforcement, and what Genius gets right

➡️ 37:19 — The “interest” prohibition — and the exception most people missed

➡️ 45:00 — What comes next for stablecoin issuers and U.S. regulators

& much more.

Sponsor: ⁠⁠ This episode is brought to you by ⁠⁠Day One Law, a boutique law firm helping crypto startups navigate complex legal challenges. Subscribe to ⁠⁠Day One’s free monthly newsletter⁠⁠ for legal and regulatory updates.

Resources:

📄 Crypto and the Evolution of Capital Markets paper.

🎧 Law of Code episode #145 with Tuongvy Le (@TuongvyLe12).

📰 Austin's Zero In Newsletter

🌐 Zero Knowledge Consulting

Disclaimer: Nothing in this podcast is legal advice. The views expressed are those of the host and guest and do not necessarily reflect those of their organizations. Always consult your own counsel before making legal decisions.

DUNA — the Decentralized Unincorporated Nonprofit Association — is one of the most important new legal structures for crypto governance.

To understand its history, tax implications, and jurisdictional trade-offs, I sat down with David Kerr, founder of Cowrie, a crypto-native advisory firm specializing in U.S. tax compliance and entity structuring.

David was instrumental in drafting the Wyoming DUNA Act, and in this episode we discuss the evolution of UNAs, why Wyoming stepped up, the tax and compliance realities facing projects, and what this means for the future of DAOs in the U.S.

Timestamps:

➡️ 00:00 — Intro

➡️ 00:46 — Sponsor: Day One Law

➡️ 01:09 — Origins of the DUNA: why unincorporated associations matter

➡️ 03:32 — Early U.S. entity law, UNAs, and Wyoming’s first adoption in 1993

➡️ 07:53 — Why some states resisted hybrid entity forms

➡️ 12:30 — Nonprofit ≠ tax exempt: clearing up misconceptions

➡️ 16:15 — How DAOs and protocol treasuries fit with the DUNA model

➡️ 20:45 — Legislative drafting in Wyoming and lessons from Texas

➡️ 27:07 — Secretary of State & local support

➡️ 29:16 — When does a U.S. DUNA make sense for international projects?

➡️ 31:54 — Tax trade-offs: advantages, disadvantages, and compliance

➡️ 38:54 — Treasury management, W-8/W-9s, and reporting obligations

➡️ 41:56 — The DUNA as “where governance goes”

➡️ 47:39 — Building Cowrie: tax, filings, advisory, and administrator services

➡️ 49:11 — Crypto’s “LLC moment”

& more.

Sponsor: This episode is brought to you by ⁠Day One Law⁠ — a boutique law firm helping crypto startups navigate complex legal challenges. Subscribe to ⁠Day One's free monthly newsletter⁠ for legal updates.

Resources:

📄 Wyoming DUNA Act

📜 Cowrie’s overview of UNAs & DUNAs

DOJ Criminal Division Chief Matthew Galeotti recently stated: “Merely writing code, without ill intent, is not a crime.” He emphasized that developers of neutral tools should not be held liable for someone else’s misuse.

Joining me to unpack what this means for developers is Amanda Tuminelli, Executive Director of the DeFi Education Fund. We discuss the DOJ’s remarks, DEF’s role in shaping the conversation, and what comes next for developer protections, market structure legislation, and global DeFi policy.

Timestamps:

➡️ 00:00 — Intro

➡️ 00:46 — Sponsor: Day One Law

➡️ 01:09 — DOJ’s statement: “writing code is not a crime”

➡️ 03:17 — How the Tornado Cash trial might have been different

➡️ 05:15 — DEF’s advocacy on Section 1960

➡️ 07:05 — Remaining gray areas: sanctions, facilitation & intent

➡️ 10:30 — How developers can show good faith reliance

➡️ 12:25 — Where developer protections may land in market structure bills

➡️ 14:30 — DEF’s next priorities: Roman Storm, market structure, SEC engagement

➡️ 17:11 — Defining “facilitate” and why rulemaking could help

➡️ 19:08 — Global impact of U.S. leadership on DeFi

➡️ 20:57 — Stablecoins, GENIUS Act, and regulatory momentum

➡️ 21:41 — Final thoughts on clarity and innovation

& more.

Sponsor: This episode is brought to you by Day One Law — a boutique law firm helping crypto startups navigate complex legal challenges. Subscribe to Day One's free monthly newsletter for legal updates.

Resources:

📄 DOJ remarks by Matthew Galeotti in Jackson, WY

📜 DEF coalition letter on developer protections

📬 Contact: [email protected]

Disclaimer: Nothing in this podcast is legal advice. The views expressed are those of the host and guest and do not necessarily reflect those of their organizations. Always consult your own counsel before making legal decisions.

Sponsor: This episode of the Law of Code podcast is brought to you by Day One Law, a boutique corporate law firm for founders and funds in crypto. Learn more at ⁠dayonelaw.com⁠.

The regulatory winds in Washington have shifted dramatically, and Anchorage Digital has been in the middle of it all. Kevin Wysocki, Head of Policy at Anchorage Digital, joins the podcast to discuss:

01:07 – White House crypto report & GENIUS signing

02:20 – Anchorage as the first federally chartered digital asset bank

03:20 – Stablecoins, de-banking

05:08 – Institutional demand post-GENIUS

07:03 – Partnering to on-shore stablecoin issuance

10:36 – Market structure legislation: custody, vertical integration & yield

14:06 – Timeline for Senate and House bills

15:58 – Bipartisan engagement on Capitol Hill

18:33 – Policy sticking points & compromises ahead

20:18 – Market maturity tests & Anchorage’s stance

21:48 – Cross-border custody & protecting self-custody

23:25 – Taxes, tokenization & national security on the horizon

26:22 – Bankruptcy remoteness & why custody matters

Kevin is a Capitol Hill veteran, having worked for the House Financial Services Committee, Rep. Andy Barr, and Rep. Tom Emmer, before moving into government affairs at Meta and now leading policy efforts for the first federally chartered digital asset bank.

Disclaimer: The information provided in this podcast is for educational purposes only and should not be construed as legal or investment advice.

This episode is brought to you by Day One Law, a boutique corporate law firm helping crypto startups navigate complex legal challenges. Visit ⁠⁠dayonelaw.xyz⁠⁠ to get in touch, or ⁠⁠subscribe to their free newsletter⁠⁠ for crypto legal updates.

Show notes:

In early August, the Uniswap Foundation proposed that Uniswap Governance adopt a Wyoming-registered DUNA (Decentralized Unincorporated Nonprofit Association). A first-of-its-kind structure for DAOs, the DUNA could be crypto’s LLC moment.

Joining me to discuss this development is Brian Nistler, General Counsel of the Uniswap Foundation, and Rodrigo Seira, Special Counsel at Cooley. We discuss what a DUNA is, why Uniswap proposed it, and what it means for governance participants and token holders.

Timestamps:

01:07 – What a DUNA is and why DAOs need it

02:16 – Wyoming's innovation

07:14 – Membership without KYC

09:22 – Uniswap Governance, not Uniswap Foundation

11:25 – Why DUNA is the right fit

13:57 – Liability for token holders?

17:17 – Preserving Uniswap's decentralization

21:13 – Administrators and ministerial agents

24:30 – Will courts respect the liability shield?

25:59 – Tax obligations and tradeoffs

29:37 – Lessons for other DAOs

34:04 – How DUNA fits into Uniswap Unleashed

35:15 – Where the DUNI proposal stands

36:19 – Should non-U.S. projects consider DUNAs?

37:43 – Resources to learn more

Disclaimer:

Nothing in this podcast is legal advice. Please consult a lawyer for advice specific to your situation.

Resources:

• Uniswap DUNA Proposal
• Miles Jennings and David Kerr on the DUNA