Lawyers for crypto founders who want to ship. Formation, financings, token launches, market structure and exits. Execution, not memos Founded by @nickpullmanesq
If you're building a prediction market, read this.
On June 10 the CFTC proposed rules that greenlight most contracts and ban a narrow set: terrorism, assassination, war, purely random events, and manipulable "micro-bets."
3 things to do now:
1. Audit your contracts against the
The CFTC just proposed the first real rulebook for prediction markets.
Most contracts: allowed. Out: terrorism, assassination, war, "entirely random" bets, and manipulable sports micro-bets.
45-day comment window is open now.
What builders need to do this week, in the Day One
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
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.
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
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."
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
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
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
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
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
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
