Founder @DayOneLaw. Fast, crypto-native legal for founders who need docs signed, not memos. Ex-@join_royal @CooleyLLP @DLA_Piper.
Joined May 2020
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- Following 1,312
- Followers 2,744
- Likes 33,843
495 Photos and videos
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22 Jul 2024
Had a great time discussing what I'm seeing in the crypto market for founders and investors on the Law of Code podcast with @JacobRobinsonJD
open.spotify.com/episode/3Gb…
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Nick Pullman 🇺🇸 retweeted
How do regulators actually write rules for crypto?
SEC Commissioner @HesterPeirce and Taylor Lindman, Chief Counsel of the Crypto Task Force, answered that and more in our conversation at the @SECGov offices in Washington, D.C.
We cover CLARITY Act rulemaking, lessons from Dodd-Frank, principles-based regulation and navigating the risks of decentralized projects.
If you want to understand how an agency like the SEC works, this episode is for you. I'm enormously grateful to Commissioner Peirce and Taylor for speaking with me and for their continued public service.
Timestamps:
0:00 Intro
1:20 Commissioner Peirce's philosophy on capital markets
5:04 Rulemaking at the SEC
6:48 The SEC's divisions, explained
8:27 How the Crypto Task Force is staffed
10:37 Lessons from Dodd-Frank
13:10 Legal artisans
15:15 The Clarity Act deadlines
18:55 Decentralized intermediaries
20:56 Principles-based vs prescriptive regulation
24:49 Tackling difficult crypto questions
26:23 Leveraging AI for data review
29:46 "Come in and register" under this SEC
33:50 SEC & CFTC collaboration
35:52 Re-engaging the crypto industry
40:00 Crypto Task Force & the Clarity Act
45:54 The SEC's non-crypto priorities
48:41 Avoiding another regulation-by-enforcement era
57:14 Thank you to Sam Enzer, @NYcryptolawyer and @CahillNXT, plus a shoutout to @DayOneLaw & @NickPullmanEsq.
Nothing in this podcast is legal or investment advice.
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Jun 10
The CFTC stayed silent (indicting a continuation of its permissive approach) to vertical integration of prediction market infrastructure (such as affiliated entities making books to provide liquidity)
Jun 10
Lots of interesting tidbits from today's CFTC's prediction market rules proposal.
My analysis ⬇️
sportico.com/business/sports…
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Nick Pullman 🇺🇸 retweeted
Jun 10
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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Jun 10
👀
Jun 10
It’s a beast of a rule at 267 pages (massive for a proposal) but the most important parts are likely where it defines gaming on page 216 (tldr: it involves recreation under rules) and then on 256 how contracts on events based on random chance are not in the public interest.
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Nick Pullman 🇺🇸 retweeted
Jun 2
Periodic reminder that Gary Gensler is not a lawyer.
Jun 2
Gary Gensler said the law was clear–“virtually every crypto asset is a security”–and drove the crypto industry offshore. Now, he says the law is clear–“event contracts are not derivatives”–and seeks to push the prediction markets offshore. He has a poor track record reading the law.
Event contracts, whether on sports, politics, or any commodity, are within the @CFTC’s remit. We’ll regulate these markets accordingly.
📺 More this morning on @SquawkCNBC 👇
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Nick Pullman 🇺🇸 retweeted
Jun 2
Gary Gensler said the law was clear–“virtually every crypto asset is a security”–and drove the crypto industry offshore. Now, he says the law is clear–“event contracts are not derivatives”–and seeks to push the prediction markets offshore. He has a poor track record reading the law.
Event contracts, whether on sports, politics, or any commodity, are within the @CFTC’s remit. We’ll regulate these markets accordingly.
📺 More this morning on @SquawkCNBC 👇
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This is why PT is the ultimate truth
Jun 1
If you're a grown adult and you tell me PST instead of PDT in the summer, you immediately lose 10 IQ points in my mind.
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The KelpDAO bridge hack is going to reshape how courts think about DeFi developer liability.
$292M stolen, not via a smart contract bug, but by fooling a single off-chain verifier. LayerZero and Kelp DAO are now arguing over who owned the duty of care.
Three things builders should take away:
1⃣"It was the default config" is not going to be a clean defense.
2⃣Off-chain infrastructure is now squarely in the negligence conversation.
3⃣Downstream protocols (see: Aave, $10B liquidity crunch) create cascading exposure that plaintiffs and regulators will absolutely chase.
Full breakdown in the newsletter linked to in @DayOneLaw's post here:
Jun 2
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…
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May 22
The speed at which tokenization happens following the SEC’s new rules release will be unbelievable
Under the Securities and Exchange Commission's proposal, platforms offering tokens would need to guarantee investors receive the same rights as regular shareholders bloomberg.com/news/articles/…
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Nick Pullman 🇺🇸 retweeted
May 17
I’m about 40 hours into prep/production for Monday’s episode on CLARITY.
A LOT of rulemaking will need to be done, specifically by the SEC.
Which is why I’m flying to Washington to interview SEC Commissioner @HesterPeirce and Taylor Lindman, Chief Counsel of the SEC’s Crypto Task Force.
Yes, @LawofCodeFM, in-person at the @SECGov offices in DC. Are you kidding me?! How cool is that!? It is a privilege I don’t take lightly.
I need to send them questions soon, so please share anything you’d like to hear us cover.
May 15
Monday's @LawofCodeFM podcast: the CLARITY Act. It's a multi-hour deep dive covering:
1. The history behind it
2. What gaps the 309-page bill addresses
3. How it regulates the industry
4. What projects need to know
5. Next steps to get it enacted
You'll hear from experts like @NYcryptolawyer, @milesjennings, @SH_Brennan, @millercwl, @KyleBligen and Dugan Bliss, as well as snippets from prior episodes with @thatgerald and @BillHughesDC.
Can't wait to share it.
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May 16
Excellent take on Lizzy’s recent tantrums
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May 15
“Imagine what the U.S. economy would look like if Amazon, Apple, Facebook, Google, Microsoft, Netflix, NVIDIA, and Salesforce were all started outside the United States”
CLARITY/GENIUS ➡️ good for US economy and for long-term dominance of the US dollar
🇺🇸 🟰 innovator ➡️ growth
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May 15
I love that this is why more people now know KC is in Missouri, not Kansas. It was tiring to correct in conversations.
Go Chiefs, go Royals!
May 14
Taylor Swift showed up to a football game in 2023 and suddenly I’m pissed off on a random Thursday in May b/c the NFL gave a team from Missouri a fuckass schedule
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May 15
This is actually incredible
May 14
should we REALLY make our schedule release video in halo?
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May 14
I’m excited about crypto again
May 13
People are overthinking it. It’s as straightforward as possible.
Step 1. Use an ordinary C-corp startup to raise private capital to develop a “distributed ledger system”.
Step 2. Use the same C-Corp to raise capital by selling network tokens to the general public and filing contemporaneous disclosures.
Step 3. Launch the token and commencement of “gratuitous distributions” (including airdrops if desirable).
Step 4. Comply with ancillary asset regulatory regime.
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May 14
Making some real progress on bringing the bill forward into law 🫡
May 14
The crypto market structure bill has PASSED the Senate Banking Committee with a bi-partisan vote!
Historic day for crypto and for the future of digital assets in America. Grateful for the countless hours from lawmakers and staff to strengthen this legislation. Big improvement from where we were in January on rewards, tokenization, DeFi, and CFTC authority. I'm proud we stood up for our customers in that moment, and the bill is better because of it.
Looking forward to a bipartisan law that cements the US as the world's crypto capital. Let's get CLARITY done.
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May 12
Just learned my insurance company is taking away my CPAP machine because I was traveling for business over the past 2 months. Hard to defend private health insurance when this is how they treat you.
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I’ve been sharing my location liberally lately and it’s paying dividends
May 6
Discussion we had this evening. In NYC we are bringing back the IRISH HELLO. AKA THE 90s. Here’s how it works. You and your friends all share location. Sporadically throughout the day (lunch break, coffee walk, after work, before work) you check to see where they are. If you’re close to someone, you just show up at their location. Aka bring them a coffee to work, stop by their apt unannounced, kick shoes off and spill the tea. Spontaneously grab a drink or dinner because you’re in the same vicinity. And even if you’re not, meet in the middle. It’s easy to get around here. We’re nostalgic for a time that does not exist and yet we have the means to create it and still we refuse. Everyone is too cool or too nonchalant or too scared to appear desperate. Who gives a fuck. I think we should all be a little more desperate. You’re alive. You need people and people need you. Be the one who calls. Be the one who makes the plan, who sets the tone. I guarantee you’ll be surprised at who shows up. It’s better to be the person who tries than the person who doesn’t.
HELLO I AM HERE.
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They hadn’t made the playoffs my entire life when this happened (I was doing my JD/MBA). It’s hard to explain how that felt
Game 7 of the 2014 World Series will always be the answer. Because everybody in Kansas City thought that was the one chance. When it was over, and the clock struck midnight on a magical October, everything felt hollow. I’m so glad it was not, in fact, the one chance.
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What’s a suit?
Good lawyers wear suits everyday.
Great lawyers wear whatever the heck they want.
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