#208 - Reg Crypto

What is Regulation Crypto Assets? An SEC-led rule proposal that allows projects to raise capital in the U.S. by selling tokens. That's the short answer. The long answer is this podcast. By the end of this episode, you'll understand why these rules were needed, what they say and what could still be tweaked before they become law. This episode is presented by Altitude, visit ⁠altitude.xyz/law⁠ to learn more about their financial operating system. You'll hear from leading lawyers, almost all of whom are cited in the footnotes of the SEC's own proposal:Lewis Cohen, partner at Cahill Gordon & ReindelSarah Brennan, general counsel at Delphi DigitalGabe Shapiro, co-founder and CEO of MetaLeXRodrigo Seira, partner at CooleyMiles Jennings, general counsel at a16z cryptoAndrew Hinkes, partner at Winston Taylor Timestamps:0:00 Intro4:17 How we got here6:53 Solving two problems10:21 Reg A, Reg CF and Reg D12:10 Five subparts of Reg Crypto14:12 Who will use these? 18:08 The Startup Exemption19:35 Rule 103 disclosures 21:03 LBRY and silence 30:14 Secondary markets and Telegram 34:13 The Fundraising Exemption42:21 Why Reg A and Reg CF failed48:14 Rule 400: Exit 50:23 Third-party problems 57:34 Under-promising 1:02:08 Essential managerial efforts1:12:09 The state of crypto1:15:13 State law questions 1:20:37 What's next?Thank you to the sponsors of this episode: Cahill Gordon & Reindel, the Solana Policy Institute and the Hyperliquid Policy Center.To get in touch with the Cahill team about how any issues discussed in this episode apply to your situation, email mtomsky@cahill.com.Newsletter: Stay updated on emerging tech law for free at lawofcode.fm.Any feedback on this episode? Or how to improve the podcast? Click here: https://forms.gle/yFFN66e8iy8shQkAA.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.