Tokens of Wisdom

Episode 89: SEC Proposal to Update the Custody Rule

On October 1, the SEC proposed updates and revisions to the Custody Rule that would – at long last – address some of the most glaring issues we’ve been talking about for years. 

While it wouldn’t solve every problem crypto RIAs face, this is an extremely positive proposal for the industry. It would remove much of the biggest regulatory uncertainty for crypto RIAs, and would firmly establish us on the second rung of the regulatory ladder.

Key Points From This Episode:

• A bit of custody rule history.
• What’s in this new proposal?
• What would the requirements be for the self-custody option?
• What problems would this solve?
• What problems would this NOT solve?

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal, investment or tax advice. The guests that join us share their considerable fund-related wisdom, but everything they share here is their personal opinion and for educational purposes only. On this show, they are speaking for themselves, and not for their employer or any affiliated entity.

Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/

Tired of not Seeing my Face? Check out today’s episode on YouTube: https://youtu.be/hkE4vk78Fxo

Links Mentioned in Today’s Episode:

Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/

Cole-Frieman & Mallon LLP - https://colefrieman.com/

Music by Joe Ginsberg - https://www.instagram.com/thejoeginsberg

For any questions or comments, email: [email protected]

Episode 88: Does California's DFAL Apply to Digital Asset Funds and Managers?

California's Digital Financial Assets Law ("DFAL") creates a fun new registration regime for certain businesses in the digital asset ecosystem. 

Specifically, it requires registration for any person engaging in, or holding itself out as engaging in, any digital financial asset business activity with or on behalf of a California resident with several specific exemptions.

Key Points From This Episode:

• Defining some important terms.
• What does registration entail?
• So, does this apply to digital asset funds?
• What about fund managers?
• The three categories of managers that might be relevant.
• A plea to consult your own legal advisors. 

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal, investment or tax advice. The guests that join us share their considerable fund-related wisdom, but everything they share here is their personal opinion and for educational purposes only. On this show, they are speaking for themselves, and not for their employer or any affiliated entity.

Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/

Tired of not Seeing my Face? Check out today’s episode on YouTube: https://youtu.be/b_0x7liMtuA

Links Mentioned in Today’s Episode:

Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/

Cole-Frieman & Mallon LLP - https://colefrieman.com/

Music by Joe Ginsberg - https://www.instagram.com/thejoeginsberg

For any questions or comments, email: [email protected]

Episode 87: A Brave New World with Frank Napolitani, Cartesian

Frank Napolitani, Managing Partner of Cartesian, joins the Tokens of Wisdom Studio to shed some light on the fascinating times afoot for investment professionals and the firms that service them. Frank shares insights on the ongoing tokenization of securities, unique considerations when trading on prediction markets, and the quickly approaching 23-hour trading day and rolling market close.

Key Points From This Episode:

• DTC's ongoing efforts in tokenization of securities, and what it means for fund managers' back offices.
• Why prediction markets?
• 23-hour trading day is coming. What does that mean for managers and their back offices?

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal, investment or tax advice. The guests that join us share their considerable fund-related wisdom, but everything they share here is their personal opinion and for educational purposes only. On this show, they are speaking for themselves, and not for their employer or any affiliated entity.

Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/

Links Mentioned in Today’s Episode:

Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/

Frank Napolitani - https://www.linkedin.com/in/frank-napolitani-249a0510/ 

Cole-Frieman & Mallon LLP - https://colefrieman.com/

Cartesian - https://o-cfo.com/ 

Music by Joe Ginsberg - https://www.instagram.com/thejoeginsberg

For any questions or comments, email: [email protected]

Episode 86: The Annual Review with Annie Kong, IQ-EQ

Annie Kong, Regional Lead (West) of Regulatory & Compliance, U.S. at IQ-EQ joins the Tokens of Wisdom Studio to explain what’s actually involved in an investment adviser’s annual review. Annie shares insights on the importance of ongoing compliance reviews, how to approach annual reviews proactively, and the ever-evolving regulatory landscape.

Key Points From This Episode:

• Ongoing compliance review vs. check-the-box approach
• Breaking down the annual review into quarterly testing
• Tailoring reviews to specific manager strategies and risks
• SEC's focus on substantive review over documentation
• Incorporating AI and cybersecurity into compliance programs

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal, investment or tax advice. The guests that join us share their considerable fund-related wisdom, but everything they share here is their personal opinion and for educational purposes only. On this show, they are speaking for themselves, and not for their employer or any affiliated entity.

Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/

Links Mentioned in Today’s Episode:

Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/

Annie Kong - https://www.linkedin.com/in/annie-kong-3bb24a30/ 

Cole-Frieman & Mallon LLP - https://colefrieman.com/

IQ-EQ - https://iqeq.com/us/ 

Music by Joe Ginsberg - https://www.instagram.com/thejoeginsberg

For any questions or comments, email: [email protected]

Watch Tokens of Wisdom on YouTube: https://www.youtube.com/@Tokens_DCR

Episode 85: Qualified Client Thresholds Are Going Up

Quick housekeeping episode today. The SEC just increased the qualified client thresholds, effective June 29, 2026 – mere weeks away. If you charge a performance allocation — or if you invest in a fund that does — this affects you. It's not complicated, but the deadline is real, and the numbers moved more than they usually do. Thanks, inflation.

Key Points From This Episode:

• What Is a Qualified Client?
• Why Does It Matter?
• What are the New Thresholds?
• Brief explanation of the Grandfathering Rule.
• What do managers actually need to do? 

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal, investment or tax advice. The guests that join us share their considerable fund-related wisdom, but everything they share here is their personal opinion and for educational purposes only. On this show, they are speaking for themselves, and not for their employer or any affiliated entity.

Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/

Tired of not Seeing my Face? Check out today’s episode on YouTube: https://youtu.be/b_0x7liMtuA

Links Mentioned in Today’s Episode:

Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/

Cole-Frieman & Mallon LLP - https://colefrieman.com/

Music by Joe Ginsberg - https://www.instagram.com/thejoeginsberg

For any questions or comments, email: [email protected]

Episode 84: Crypto Prime Brokerage with Matt Boyd, Coinbase

Matt Boyd, Head of Prime Finance at Coinbase joins the Tokens of Wisdom Studio to explain all things crypto prime brokerage and how to navigate the transition from managing your own money to managing a fund. 

Key Points From This Episode:

• Crypto custody and the importance of qualified custodians.
• How Coinbase Prime connects custody, execution, financing, and operations.
• Best execution in fragmented crypto markets.
• Leverage and risk management in crypto trading.
• Staking assets and collateralization in crypto finance.

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal, investment or tax advice. The guests that join us share their considerable fund-related wisdom, but everything they share here is their personal opinion and for educational purposes only. On this show, they are speaking for themselves, and not for their employer or any affiliated entity.

Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/

Links Mentioned in Today’s Episode:

Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/

Matt Boyd - https://www.linkedin.com/in/matt-boyd-b871b51/

Cole-Frieman & Mallon LLP - https://colefrieman.com/

Coinbase Prime - https://www.coinbase.com/prime

Music by Joe Ginsberg - https://www.instagram.com/thejoeginsberg

For any questions or comments, email: [email protected]

Watch Tokens of Wisdom on YouTube: https://www.youtube.com/@Tokens_DCR

Episode 83: Outsourced CFOs with Eugene Tetlow, V17

Eugene Tetlow visits the Tokens of Wisdom Studio to explain how outsourced CFO shops help new and established fund managers. Eugene is the CEO of V17 Advisors, but he is more widely known for his critically acclaimed role as the first guest host in Tokens of Wisdom history. 

Key Points From This Episode:

• How does an outsource CFO engagement work? How does it differ from what a fund admin does?
• What is The Real Value of Outsourced CFO Services?
• Is "CFO" the wrong title? Should it be "COO" instead?
• When should a manager consider engaging an outsourced CFO?
• Will most managers eventually "in-house" this position when they reach a certain size?
• Is there a common 'hidden cost' that surprises first-time fund managers in their first year?

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal, investment or tax advice. The guests that join us share their considerable fund-related wisdom, but everything they share here is their personal opinion and for educational purposes only. On this show, they are speaking for themselves, and not for their employer or any affiliated entity.

Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/

Links Mentioned in Today’s Episode:

Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/

Eugene Tetlow - https://www.linkedin.com/in/eugene-tetlow-4b390913/

Cole-Frieman & Mallon LLP - https://colefrieman.com/

V17 - https://www.v17advisors.com/

Music by Joe Ginsberg - https://www.instagram.com/thejoeginsberg

For any questions or comments, email: [email protected]

Episode 82: Reasonable Expectations: How the SEC (Now) Applies Howey to Crypto 

By now, you’ve all heard about the latest SEC release on the application of federal securities laws to certain crypto assets and related transactions. You’ve probably read 12 law firm memos and seven million hot Tweets on the topic by now. But few of them answer the burning question: what does this mean for digital asset fund managers? Well, today’s your lucky day because Tokens of Wisdom is here to answer that very question.

Key Points From This Episode:

• More questionable horror film analogies. 
• Brief summary of what the new SEC release is.
• Brief summary of what the new SEC release isn’t.
• How does the Atkins SEC apply the Howey Test differently from the Gensler SEC?
• Is that reasonable?
• What does this really mean for fund managers? 

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal, investment or tax advice. The guests that join us share their considerable fund-related wisdom, but everything they share here is their personal opinion and for educational purposes only. On this show, they are speaking for themselves, and not for their employer or any affiliated entity.

Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/

Tired of not Seeing my Face? Check out today’s episode on YouTube: https://youtu.be/b_0x7liMtuA

Links Mentioned in Today’s Episode:

Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/

Cole-Frieman & Mallon LLP - https://colefrieman.com/

SEC Release - https://www.sec.gov/files/rules/interp/2026/33-11412.pdf    

Music by Joe Ginsberg - https://www.instagram.com/thejoeginsberg

For any questions or comments, email: [email protected]

Episode 81: Slopeside with the Summit Syndicate

Different episode today, featuring slopeside interviews from our second Summit Syndicate trip of 2026.

The Summit Syndicate is a Lake Tahoe day trip event co-hosted by Cole-Frieman & Mallon, Eisner Amper, V17 Advisors and Juniper Square. We chartered a bus from SF, drove to Northstar, skid a full day and drove back to the city.   

We had excellent turnout from industry friends old and new, and even if you didn’t make the trip you can re-live it right here, on Tokens of Wisdom.

If you have crazy fomo right now, reach out to your favorite podcast host and join us for the next trip!

Key Points From This Episode:

• What’s one thing you’ve learned on the mountain that you can apply to your work life?

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal, investment or tax advice. The guests that join us share their considerable fund-related wisdom, but everything they share here is their personal opinion and for educational purposes only. On this show, they are speaking for themselves, and not for their employer or any affiliated entity.

Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/

Links Mentioned in Today’s Episode:

Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/

Cole-Frieman & Mallon LLP - https://colefrieman.com/

Music by Joe Ginsberg - https://www.instagram.com/thejoeginsberg

For any questions or comments, email: [email protected]

Episode 80: Fair Investment Practices by Venture Capital Companies Law

Quick hit today to discuss California's new Fair Investment Practices by Venture Capital Companies Law (“California Regulatory Overreach” as I call it), which mandates venture capital firms to collect and report demographic data about the founding teams of the companies they invest in. I outline the requirements, implications, and potential challenges that VCs may face due to this law, and share my concerns about its practicality and the reliability of the data collected.  

Key Points From This Episode:

• Who is subject to this new law?
• What must Covered Entities do to comply?
• By when must they do all this?
• My quick takes on this new law.
• One piece of advice moving forward.

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal, investment or tax advice. The guests that join us share their considerable fund-related wisdom, but everything they share here is their personal opinion and for educational purposes only. On this show, they are speaking for themselves, and not for their employer or any affiliated entity.

Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/

Links Mentioned in Today’s Episode:

Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/

Cole-Frieman & Mallon LLP - https://colefrieman.com/

Music by Joe Ginsberg - https://www.instagram.com/thejoeginsberg

For any questions or comments, email: [email protected]