So @DayOneLaw rolled out Fable today and I’m blown away. I’ve used all the prior models and they’re great, arguably even better junior lawyers. But Fable is next level. It’s the first time I’ve been convinced that junior AND senior attorneys WILL be replaced by AI. Law firms that adapt fast will eat the lunch of other firms. Historic law firm consolidation is coming. I’m talking firms that have been in business for hundreds of years - gone. Junior associates, commoditized products (like NVCA fundraises), and Partners without books of business who offset their exorbitant pay by working long hours at insane rates are directly in the line of fire. It’s a brave new world.

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Incredible article by @skominers on prediction markets

The $292M KelpDAO bridge hack wasn't a smart contract failure. It was an off-chain verification failure, and the legal fight over who owed users the duty of care is just starting. What builders should take from it: ▶️LayerZero (built the bridge) and Kelp DAO (configured it) are now arguing over whether "insecure by default" shifts the duty of care up the stack. ▶️Off-chain infrastructure is squarely in the negligence conversation, not just smart contract code. ▶️Downstream protocols are exposed too. Aave absorbed a $10B liquidity crunch from unbacked rsETH used as collateral. ▶️A federal court fight over $71M in recovered ETH will shape how victim-recovery actually works. Full breakdown here: dayonelaw.beehiiv.com/p/what…

Tokens or equity? @sh0edog explains why crypto projects and users could benefit from both. "Is this theoretical? Not really. We've seen [the concept work] with Linux and Red Hat."

Fantastic episode @sh0edog and @JacobRobinsonJD!

My conversation with Joe Doll (@sh0edog), Counsel at @DayOneLaw, on what founders should know about the SEC and CFTC's joint interpretive guidance on crypto and securities law. 0:00 Intro 0:07 Why Does the Howey Test Exist? 3:11 Non-Security Tokens 7:47 The Five-Category Token Taxonomy 8:45 Digital Commodities and Consumptive Use 12:13 The "Statement Test" 15:57 The Chilling Effect on Disclosure 19:32 Minimum Attachment Period 23:30 Fungibility and the Token Sales 28:29 Decentralization, Disclosure, and CLARITY 29:41 The Attachment Theory 31:51 Airdrops 37:53 The CLARITY Act and Control 38:58 Linux, Red Hat, and the Case for Immutability 43:12 Equity vs. Token Value 43:25 Why the handle @sh0edog? 45:04 Decentralized Communities

Last week we had @Nimathefish from @DayOneLaw break down incorporation and global compliance in our @WireNetwork / @ProtaVentures Incubator session. Also, whatever you do, just don’t incorporate in Delaware. Coming up this week: Tokenomics. Join the Wire Discord for the latest resources and schedule: discord.gg/wire-network

My conversation with Lewis Cohen (@NYcryptolawyer), Partner and Co-Chair of @CahillNXT on the latest in U.S. securities law and crypto. 0:00 Intro 1:19 SEC & CFTC on Investment Contracts & Crypto 3:51 Attachment and Separation 6:52 Secondary Market Transactions and Ripple 10:43 Safe Harbors 13:37 Who Is the Issuer? 17:24 What Counts as a Representation or Promise? 22:55 Disclosure 24:53 Ending An Investment Contract 29:43 Legal Claims Against Issuers 34:05 Unregistered Securities Exchanges? 35:22 Bifurcated Disclosure Markets 39:06 AI: ChatGPT, Claude & Disclosure 39:58 Valuing Guidance After Loper Bright 43:01 What the SEC Got Right / What Is Missing 46:19 Vaults 47:29 Lewis Needs Movie Recommendations Includes paid partnership with our sponsor, @DayOneLaw.

Last week's @WireNetwork Incubator session had @Nimathefish from @DayOneLaw dropping knowledge on the Cayman Tax Shelter Myth. Coming up this week: Tokenomics. Join the Wire Discord for the latest resources and schedule: discord.gg/wire-network

The @WireNetwork Incubator is live with a new builder session: "How to Incorporate Your Web3 Startup" featuring @Nimathefish from @DayOneLaw. Tune in on Discord now: discord.gg/RWkb4YG5

No one has been thinking about this longer than @justinblau Teaming up with the 10x dev @blauyourmind would be unfair even if they weren't brothers Genuinely believe that @joinbond is redefining the creator economy; honored to play a small part a16z pod is required watching

If you build or advise in crypto, this is the legal update worth reading this week: ⚡️CFTC just issued manipulation guidance targeting prediction market exchanges, with specific flags around sports, elections, and concentrated-outcome contracts ⚡️Market structure odds have slipped from 82% to 61% as the stablecoin yield debate stalls around a handful of key Senate votes ⚡️The SEC quietly gave broker-dealers a path to hold stablecoins without punitive capital treatment Full breakdown in the article:

Our founder @NickPullmanEsq breaks down today's SEC/CFTC joint interpretation and what it means for builders. If you are a crypto founder, protocol team, or DeFi builder, this thread is required reading. We are working through the full release and available to advise clients on how it applies to your token structure, airdrop design, staking product, or launch timing. Ping us at dayonelaw.com

The future is defined by those who have the conviction to shape it.

What DeFi questions are holding up crypto market structure legislation? Glad to have @thatgerald on the Law of Code podcast to discuss that and more. "We've got some fine-tuning to do there, but overall good direction."

The CFTC just went to bat for prediction markets. It filed an amicus brief in @cryptocom v. Nevada arguing that states can't re-characterize contracts on federally regulated markets. That's a significant signal for the entire event contracts space. We broke down what happened this week and what builders should take away.