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The blockbuster trial of Sam Bankman-Fried wrapped up its third day, with multiple witnesses, including former FTX software developer Adam Yedidia, Paradigm co-founder Matt Huang, and FTX cofounder Gary Wang, taking the witness stand. Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters, discusses the main takeaways from the trial so far, the surprising testimonies given by former close associates of SBF, and how the prosecution and defense plan to paint a picture of who SBF is to the jury. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: What Josh's biggest takeaways from the trial are so far Why Josh felt that the jury had “a lot to take in” in order to understand the basics of the case Whether the different backgrounds of the jury will affect the outcome of the trial Why the prosecution is arguing that regardless of the technical aspects of the case, the key issue is fraud How the defense plans to argue that SBF did not intend to defraud investors Why the selection of the first witness, a former FTX customer, is an "interesting" choice, according to Josh What is the fiat@ftx.com account and how it contributed to FTX's undoing How they discovered the $8 billion hole in the FTX balance sheet and SBF's reaction at the time What an email revealed about the lack of corporate governance in FTX and Alameda Thank you to our sponsors! Crypto.com Hedera Popcorn Network Guest Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters Previous appearances on Unchained: Gary Gensler vs. Crypto: What Will the SEC Attack Next? How Crypto And Blockchain Technology Should Be Regulated Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF's Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied' While Defense Claims His Actions Were ‘Reasonable' Here's How Sam Bankman-Fried's High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried's Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What's Really on Trial Learn more about your ad choices. Visit megaphone.fm/adchoices
Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters, discusses the prosecution and defense's impassioned opening statements and surprising witness testimonies that are piecing together how FTX came crashing down. The blockbuster trial of Sam Bankman-Fried wrapped up its third day, with multiple witnesses, including former FTX software developer Adam Yedidia, Paradigm cofounder Matt Huang, and FTX cofounder Gary Wang, taking the witness stand. Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters, discusses the main takeaways from the trial so far, the surprising testimonies given by former close associates of SBF, and how the prosecution and defense plan to paint a picture of who SBF is to the jury.Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.Show highlights | What Josh's biggest takeaways from the trial are so farWhy Josh felt that the jury had “a lot to take in” in order to understand the basics of the caseWhether the different backgrounds of the jury will affect the outcome of the trialWhy the prosecution is arguing that regardless of the technical aspects of the case, the key issue is fraudHow the defense plans to argue that SBF did not intend to defraud investorsWhy the selection of the first witness, a former FTX customer, is an "interesting" choice, according to JoshWhat is the fiat@ftx.com account and how it contributed to FTX's undoingHow they discovered the $8 billion hole in the FTX balance sheet and SBF's reaction at the timeWhat an email revealed about the lack of corporate governance in FTX and Alameda Thank you to our sponsors! Crypto.com | Hedera | Popcorn NetworkGuest | Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at LinklatersPrevious appearances on Unchained:Gary Gensler vs. Crypto: What Will the SEC Attack Next?How Crypto And Blockchain Technology Should Be RegulatedLinks |Previous coverage by Unchained on the trial of Sam Bankman-Fried:SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF's FamilySBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied' While Defense Claims His Actions Were ‘Reasonable'SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One FactHere's How Sam Bankman-Fried's High-Stakes Trial Could Play OutSBF Trial: How Sam Bankman-Fried's Lawyers Might Try and Win His CaseThe High-Stakes Trial of Sam Bankman-Fried Begins: What to ExpectIn the SBF Case, Elite Corruption Is What's Really on Trial-Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The blockbuster trial of Sam Bankman-Fried wrapped up its third day, with multiple witnesses, including former FTX software developer Adam Yedidia, Paradigm co-founder Matt Huang, and FTX cofounder Gary Wang, taking the witness stand. Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters, discusses the main takeaways from the trial so far, the surprising testimonies given by former close associates of SBF, and how the prosecution and defense plan to paint a picture of who SBF is to the jury. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: What Josh's biggest takeaways from the trial are so far Why Josh felt that the jury had “a lot to take in” in order to understand the basics of the case Whether the different backgrounds of the jury will affect the outcome of the trial Why the prosecution is arguing that regardless of the technical aspects of the case, the key issue is fraud How the defense plans to argue that SBF did not intend to defraud investors Why the selection of the first witness, a former FTX customer, is an "interesting" choice, according to Josh What is the fiat@ftx.com account and how it contributed to FTX's undoing How they discovered the $8 billion hole in the FTX balance sheet and SBF's reaction at the time What an email revealed about the lack of corporate governance in FTX and Alameda Thank you to our sponsors! Crypto.com Hedera Popcorn Network Guest Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters Previous appearances on Unchained: Gary Gensler vs. Crypto: What Will the SEC Attack Next? How Crypto And Blockchain Technology Should Be Regulated Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF's Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied' While Defense Claims His Actions Were ‘Reasonable' Here's How Sam Bankman-Fried's High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried's Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What's Really on Trial Learn more about your ad choices. Visit megaphone.fm/adchoices
After the ICO craze of 2017, such offerings have raised extremely little so far this fall, with total sales in October down 94% since February, according to Token Data. Why? And where to next? Andy Bromberg, president of CoinList, and Marco Santori, president and chief legal officer of Blockchain, discuss the changing nature of token sales. Andy reveals how the projects approaching CoinList have changed over the last year, how investors are changing their approach to due diligence in the space, and how CoinList complies with various regulations. Marco explains the origin of the SAFT framework, what laws would apply outside of securities regulation and why rulings in civil lawsuits and no-action letter are likely the next way we'll get regulatory clarity. We also discuss why the Civil token sale failed, why airdrops could be a better than ICOs for seeding usage on networks and how to figure out which wallets to target in an airdrop. Plus: Marco and Andy disagree on one aspect or how regulation could apply to airdrops. Thank you to our sponsors! WeTrust: Donate in crypto and have your donation matched by WeTrust through Giving Tuesday, November 27! http://wetrust.io/unchained Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unchained Episode Links Andy Bromberg: https://twitter.com/andy_bromberg CoinList: https://coinlist.co Marco Santori: https://twitter.com/msantoriESQ Blockchain: https://www.blockchain.com Autonomous Next data on September ICOs down 90% since January: https://next.autonomous.com/thoughts/crypto-september-icos-90-down-from-january-but-venture-funding-is-ray-of-hope Token Data on October ICOs down 94% since February: https://twitter.com/TokenData/status/1057953301440983040 SAFT project: https://saftproject.com Previous episode with Marco and Joshua Ashley Klayman including her concerns about the SAFT framework: http://unchainedpodcast.co/how-crypto-and-blockchain-technology-should-be-regulated SEC Director of Finance Bill Hinman's comments that ether is not a security (5:25): https://finance.yahoo.com/news/sec-announces-ether-not-security-162658147.html Jay Clayton's comments that every ICO he's seen is a security: https://www.coindesk.com/sec-chief-clayton-every-ico-ive-seen-security/ Civil token sale: https://tokenfoundry.com/projects/civil Blockchain's Airdrop program: https://www.blockchain.com/airdrop CoinList's Airdrops program: https://airdrops.coinlist.co
After the ICO craze of 2017, such offerings have raised extremely little so far this fall, with total sales in October down 94% since February, according to Token Data. Why? And where to next? Andy Bromberg, president of CoinList, and Marco Santori, president and chief legal officer of Blockchain, discuss the changing nature of token sales. Andy reveals how the projects approaching CoinList have changed over the last year, how investors are changing their approach to due diligence in the space, and how CoinList complies with various regulations. Marco explains the origin of the SAFT framework, what laws would apply outside of securities regulation and why rulings in civil lawsuits and no-action letter are likely the next way we'll get regulatory clarity. We also discuss why the Civil token sale failed, why airdrops could be a better than ICOs for seeding usage on networks and how to figure out which wallets to target in an airdrop. Plus: Marco and Andy disagree on one aspect or how regulation could apply to airdrops. Thank you to our sponsors! WeTrust: Donate in crypto and have your donation matched by WeTrust through Giving Tuesday, November 27! http://wetrust.io/unchained Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unchained Episode Links Andy Bromberg: https://twitter.com/andy_bromberg CoinList: https://coinlist.co Marco Santori: https://twitter.com/msantoriESQ Blockchain: https://www.blockchain.com Autonomous Next data on September ICOs down 90% since January: https://next.autonomous.com/thoughts/crypto-september-icos-90-down-from-january-but-venture-funding-is-ray-of-hope Token Data on October ICOs down 94% since February: https://twitter.com/TokenData/status/1057953301440983040 SAFT project: https://saftproject.com Previous episode with Marco and Joshua Ashley Klayman including her concerns about the SAFT framework: http://unchainedpodcast.co/how-crypto-and-blockchain-technology-should-be-regulated SEC Director of Finance Bill Hinman's comments that ether is not a security (5:25): https://finance.yahoo.com/news/sec-announces-ether-not-security-162658147.html Jay Clayton's comments that every ICO he's seen is a security: https://www.coindesk.com/sec-chief-clayton-every-ico-ive-seen-security/ Civil token sale: https://tokenfoundry.com/projects/civil Blockchain's Airdrop program: https://www.blockchain.com/airdrop CoinList's Airdrops program: https://airdrops.coinlist.co
Blockchain experts Joshua Ashley Klayman and Ethan M. Seery join Denise Howell and Stefan Szpajda to talk about Bitcoin's 10th birthday, how Bitcoin is not really anonymous, ICO's and Securities Law, how cryptocurrencies should be regulated, Malta's strategy for the blockchain, does blockchain conflict with GDPR? And more! Hosts: Denise Howell and Stefan Szpajda Guests: Joshua Ashley Klayman and Ethan M. Seery Download or subscribe to this show at https://twit.tv/shows/this-week-in-law.Public list of discussion pointsTWiL on FacebookAttorneys may submit a self-study form to their local CLE board seeking MCLE credit approval. Please check the rules and requirements for your specific jurisdiction before submitting any forms. Special thanks to Nigel Clutterbuck for the TWiL theme music.
Blockchain experts Joshua Ashley Klayman and Ethan M. Seery join Denise Howell and Stefan Szpajda to talk about Bitcoin's 10th birthday, how Bitcoin is not really anonymous, ICO's and Securities Law, how cryptocurrencies should be regulated, Malta's strategy for the blockchain, does blockchain conflict with GDPR? And more! Hosts: Denise Howell and Stefan Szpajda Guests: Joshua Ashley Klayman and Ethan M. Seery Download or subscribe to this show at https://twit.tv/shows/this-week-in-law.Public list of discussion pointsTWiL on FacebookAttorneys may submit a self-study form to their local CLE board seeking MCLE credit approval. Please check the rules and requirements for your specific jurisdiction before submitting any forms. Special thanks to Nigel Clutterbuck for the TWiL theme music.
Blockchain experts Joshua Ashley Klayman and Ethan M. Seery join Denise Howell and Stefan Szpajda to talk about Bitcoin's 10th birthday, how Bitcoin is not really anonymous, ICO's and Securities Law, how cryptocurrencies should be regulated, Malta's strategy for the blockchain, does blockchain conflict with GDPR? And more! Hosts: Denise Howell and Stefan Szpajda Guests: Joshua Ashley Klayman and Ethan M. Seery Download or subscribe to this show at https://twit.tv/shows/this-week-in-law.Public list of discussion pointsTWiL on FacebookAttorneys may submit a self-study form to their local CLE board seeking MCLE credit approval. Please check the rules and requirements for your specific jurisdiction before submitting any forms. Special thanks to Nigel Clutterbuck for the TWiL theme music.
Blockchain experts Joshua Ashley Klayman and Ethan M. Seery join Denise Howell and Stefan Szpajda to talk about Bitcoin's 10th birthday, how Bitcoin is not really anonymous, ICO's and Securities Law, how cryptocurrencies should be regulated, Malta's strategy for the blockchain, does blockchain conflict with GDPR? And more! Hosts: Denise Howell and Stefan Szpajda Guests: Joshua Ashley Klayman and Ethan M. Seery Download or subscribe to this show at https://twit.tv/shows/this-week-in-law.Public list of discussion pointsTWiL on FacebookAttorneys may submit a self-study form to their local CLE board seeking MCLE credit approval. Please check the rules and requirements for your specific jurisdiction before submitting any forms. Special thanks to Nigel Clutterbuck for the TWiL theme music.
Love Unchained? Please take this extremely brief survey to help us obtain more sponsors: https://survey.libsyn.com/unchained Marco Santori, who leads the blockchain technology team at Cooley, and Joshua Ashley Klayman, who leads the blockchain and smart contracts group at Morrisson and Forrester, explain why they disagree on how to ensure a token sale won't run afoul of securities laws, how they think regulation around crypto will likely be formed and why the Bitcliense has made New York a crypto innovation backwater. Show notes: http://www.forbes.com/sites/laurashin/2017/12/12/how-crypto-and-blockchain-technology-should-be-regulated/ Marco Santori: https://www.cooley.com/people/marco-santori Joshua Ashley Klayman: https://www.mofo.com/people/joshua-klayman.html The SAFT white paper: https://saftproject.com/ The Cardozo Blockchain Project SAFT response, "Not So Fast": https://cardozo.yu.edu/sites/default/files/Cardozo%20Blockchain%20Project%20-%20Not%20So%20Fast%20-%20SAFT%20Response_final.pdf Are ICOs For Utility Tokens Selling Securities? Prominent Crypto Players Say Yes: https://www.forbes.com/sites/laurashin/2017/10/02/are-icos-for-utility-tokens-selling-securities-prominent-crypto-players-say-yes/#107e96e34fa4 IRS Nabs Big Win Over Coinbase In Bid For Bitcoin Customer Data: https://www.forbes.com/sites/kellyphillipserb/2017/11/29/irs-nabs-big-win-over-coinbase-in-bid-for-bitcoin-customer-data/
Love Unchained? Please take this extremely brief survey to help us obtain more sponsors: https://survey.libsyn.com/unchained Marco Santori, who leads the blockchain technology team at Cooley, and Joshua Ashley Klayman, who leads the blockchain and smart contracts group at Morrisson and Forrester, explain why they disagree on how to ensure a token sale won't run afoul of securities laws, how they think regulation around crypto will likely be formed and why the Bitcliense has made New York a crypto innovation backwater. Show notes: http://www.forbes.com/sites/laurashin/2017/12/12/how-crypto-and-blockchain-technology-should-be-regulated/ Marco Santori: https://www.cooley.com/people/marco-santori Joshua Ashley Klayman: https://www.mofo.com/people/joshua-klayman.html The SAFT white paper: https://saftproject.com/ The Cardozo Blockchain Project SAFT response, "Not So Fast": https://cardozo.yu.edu/sites/default/files/Cardozo%20Blockchain%20Project%20-%20Not%20So%20Fast%20-%20SAFT%20Response_final.pdf Are ICOs For Utility Tokens Selling Securities? Prominent Crypto Players Say Yes: https://www.forbes.com/sites/laurashin/2017/10/02/are-icos-for-utility-tokens-selling-securities-prominent-crypto-players-say-yes/#107e96e34fa4 IRS Nabs Big Win Over Coinbase In Bid For Bitcoin Customer Data: https://www.forbes.com/sites/kellyphillipserb/2017/11/29/irs-nabs-big-win-over-coinbase-in-bid-for-bitcoin-customer-data/
The chair of the Wall Street Blockchain Alliance Legal Working Group helps interpret the debate over how digital tokens fit into a regulatory framework created in a much different era.
Joshua Ashley Klayman, co-founded the blockchain and smart contracts working group at the law firm Morrison and Foerster and the WSBA’s Legal Working Group. We caught up in person at a Cafe in Central Park to discuss gender disparity in tech and ICO regulation, a subject of considerable significance right now. Women in blockchain: Social barriers to entry, Counterproductive responses to gender disparity in blockchain, Public displays of bigotry. ICO Regulation: What percentage of ICOs are legal? How do “facts and circumstances” bear on the Howy test? Analyzing the SEC ruling that TheDAO was a security Regulatory focus on preserving the innovation space Fear of fraud, scams and terrorist financing Most ICO tokens are securities The utility token misunderstanding The Swiss foundation model and the challenges of separation of governance Is it irresponsible for ICOs to be raising $200MM in funding? Thirdweb.net