Grateful that SEC Commissioner @HesterPeirce and Crypto Task Force Chief Counsel @MikeSeligEsq returned to the Law of Code podcast. Listen to their thoughts on tokenized securities, market structure, decentralization, and more👇 https://t.co/xJ2mjm9m1D

When @kkirkbos and Jessi Brooks published a paper introducing a framework for programmable risk management, it was met with mixed reactions from the industry. I had both Katherine and Jessi on the Law of Code podcast to discuss the paper and why they wrote it. Here's a clip:

Saying last week was a busy one for crypto law would be an understatement. We got massive developments at the SEC and CFTC, all while market structure moves forward in the background. Here's everything that happened in crypto law last week:

Well deserved kudos to @amandatums, a relentless advocate for crypto and even better human

With market structure debates ongoing, what can we learn from the nearly 10 year Bitcoin ETF process? 1) It's dangerous to reason by analogy, and 2) Crucial to get builders together with legislators and regulators, as @xethalis explains here.

The DOJ lost a jury in one of the most complex crypto fraud cases to ever reach court. On the Law of Code podcast, @BirdnalsLAW explains why “tricking bots” may fall into a gap between wire fraud and hacking laws, and what that means for future crypto prosecutions.

Crypto doesn't back down. Glad to see @fund_defi push back on an important topic.

In late August, a Tribunal in Quebec quietly rendered a landmark decision with enormous implications for crypto in Canada 🇨🇦 TLDR: A Canadian Tribunal imported the key distinction recognized by Judge Torres in Ripple. You should know the details:

One of many big debates before we get any U.S. market structure legislation: Network maturity or the ancillary asset test? @xethalis weighs in. "I'm hopeful that we'll some positive text before a potential markup that realizes that goal of merging the two."

Of course, none of the above is legal or investment advice.

This could reset the boundaries of Canadian crypto enforcement and narrow the window for regulators to treat every token as a security. The Tribunal's decision ends with a refreshing take on the importance of exercising caution while regulating a nascent industry.

The Tribunal also rejected almost everything else, finding that paid Telegram/Patreon groups distributing buy/sell signals were not investment contracts.

In other words, a Canadian Tribunal imported the key distinction recognized by Judge Torres in Ripple: Tokens might be securities when first sold by a promoter to fund a project, but they are not securities when traded second-hand on a DEX between anonymous market participants.

"the nature of a crypto-asset can vary depending on the economic realities surrounding a transaction related to that crypto-asset" Sound familiar?

"an investment contract can exist because the investors' contribution is paid to the promoter of a crypto-asset for the purpose of financing an underlying business related to that crypto-asset," and that ...

The case was brought before a Tribunal, which REJECTED the idea that certain tokens were securities. The AMF tried to argue that six tokens were investment contracts, but — while citing Ripple — the Tribunal held that ...

The AMF alleged several breaches of securities laws: 1) selling “investment contracts” without a prospectus, 2) acting as an unregistered advisor or fund manager, and 3) price manipulation of 30 different tokens (which they had to prove were securities)

Quebec’s securities regulator (the AMF) brought the case against crypto trader and influencer known as "Richie the Bull," who was accused of: 1) publishing buy/sell signals for tokens on paid TG and Patreon groups while 2) managing client crypto funds on Uniswap for a 20% fee

In late August, a Tribunal in Quebec quietly rendered a landmark decision with enormous implications for crypto in Canada 🇨🇦 TLDR: A Canadian Tribunal imported the key distinction recognized by Judge Torres in Ripple. You should know the details:

Full episode is live here:

This whole clip packs a ton of insight into a few brief minutes. @xethalis brilliantly condensing multiple key issues. And well-earned shoutout to the important work of @amandatums & @fund_defi. Thanks to @JacobRobinsonJD for always teeing up incredibly timely convos like this.