Law of Code

Prediction markets are a (poorly understood) multi-billion dollar industry. This @LawofCodeFM episode is a multi-hour deep dive on prediction markets, from conclave betting in 15th century Rome to proposed rulemaking from the @CFTC earlier this month. My goal: the internet's most comprehensive explainer on prediction markets. I spent several months and over 100 hours on this podcast, and spoke to the world's leading experts on the legal layer of prediction markets: @robertjdenault, @WALLACHLEGAL, @SPSchropp, Sam Enzer, @iampaulgrewal, @BradBourque, @ThaniaCh, @passalacqua_mj, @JoshSterlingLaw, @_jamico, as well as @KolemanStrumpf, @mattkalish, with clips from prior conversations with @giancarloMKTS, @DustinGouker. By the end of this episode, I promise you'll be in the top percentile for understanding prediction markets, regardless of your starting point. (You just might want to listen twice. There's a lot here.) 0:00 Intro 1:40 16th century papal betting @KolemanStrumpf 11:13 Insider trading rules @robertjdenault 16:20 The Google insider case 27:38 Why prediction markets matter @giancarloMKTS 33:20 Election betting in America 44:50 Iowa Electronic Markets 52:11 Dodd-Frank, swaps and the Special Rule 54:23 Senator Lincoln on sports contracts 1:02:04 Parlays as swaps 1:07:38 CFTC's exclusive jurisdiction @ThaniaCh 1:13:45 Perspective on CFTC's NPRM @passalacqua_mj 1:21:10 Exceptions that swallow the rule @iampaulgrewal 1:33:40 How prediction markets actually work 1:42:20 Kalshi's fee structure 1:44:33 Cardi B and the resolution problem @DustinGouker 1:51:20 @Polymarket's decentralized resolution @_jamico 1:58:10 The Ninth Circuit case 2:14:04 CFTC's proposed rulemaking @BradBourque, @SPSchropp 2:25:21 @Kalshi's landmark 2024 win 2:29:20 PASPA, Murphy v. NCAA @WALLACHLEGAL 2:51:29 The case against banning prediction markets @robertjdenault Nothing in this podcast is legal or investment advice. Thank you to the sponsors of this episode, @CahillGordon (@NYcryptolawyer), @HyperliquidPC and .

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.

Over a trillion dollars worth of perps are traded every month, yet 99% people have never heard of them. This @LawofCodeFM episode is a multi-hour deep dive on perps, starting from the history of grain futures in Chicago to Friday's historic @CFTC announcements. It took me months to put this together. My goal: the internet's most comprehensive explainer on perps. You'll hear from the world's leading experts on the legal layer of perps; @jchervinsky and @BradBourque of @HyperliquidPC, @BrettHarrison of @Architect_Fi, @kkirkbos, @_Ryne_Miller, @mdf2000 and David Shafer of @coinbase. By the end of this episode, I promise you'll be in the top percentile for understanding perps, regardless of where you're starting from. (You just might need to listen twice. There's a lot here.) Timestamps: 0:00 Intro 4:04 What is a perp @BrettHarrison 7:18 Why futures contracts exist 8:15 Liquidity fragmentation 11:01 History of U.S. futures @_Ryne_Miller 17:08 Richard Nixon, the gold standard and financial futures 21:27 Birth of the CFTC 24:27 Robert Shiller's 1992 paper @kkirkbos 30:09 Price convergence 32:00 The funding rate 43:41 Oracles and manipulation risk 47:39 Are perps swaps or futures? 52:44 A @ChairmanSelig clip on perps 54:02 The DCM framework 59:16 DCMs, DCOs and FCMs explained 1:04:55 History of crypto perps (BitMEX) 1:13:00 How Hyperliquid works 1:25:41 CFTC's historic announcements on May 29, 2026 1:35:00 Fireside with @jchervinsky and @BradBourque of @HyperliquidPC Nothing in this podcast is legal or investment advice.

What is the CLARITY Act? How does it protect the 70 million Americans who hold crypto? What does it change about how projects operate? This @LawofCodeFM podcast explains the history of U.S. digital asset regulation, why regulation-by-enforcement failed and what CLARITY solves, plus remaining steps for this to become law. Featured: @NYcryptolawyer, @milesjennings, @SH_Brennan, @KyleBligen, @millercwl, Dugan Bliss and snippets from @BillHughesDC, @thatgerald. By the end of this episode, I promise you'll be in the 99th percentile for understanding the CLARITY Act, regardless of whether you're a lawyer, builder or operator. Timestamps: 0:00 Intro 4:46 Explaining market structure 6:05 @milesjennings on regulatory distortion 10:43 Predecessor bills (RFIA, FIT21) 13:35 Senate Banking markup takeaways @millercwl 15:46 SEC & CFTC 20:37 The Securities Act of 1933 23:07 The Howey Test 25:26 @NYcryptolawyer's Ineluctable Modality of Securities Law 28:51 SEC enforcement 32:32 Why SEC rulemaking isn't enough 37:36 Titles of CLARITY 40:00 Digital commodities 47:29 Howey principles @NYcryptolawyer 54:10 Promoters: originators 58:18 Promoters: related persons 1:04:13 Token taxonomy @milesjennings 1:11:02 Ancillary asset requirements 1:19:34 The certification process 1:28:32 Remaining hurdles for CLARITY 1:34:50 Stablecoin yield 1:38:45 Ethics @KyleBligen 1:45:50 Tax consequences @CryptoTaxGuyETH 1:48:54 Thanking people working on the bill, such as @SenLummis, @gillibrandny, @SenatorTimScott, @SenatorHagerty, @SenThomTillis, @MarkWarner, @SenRubenGallego, f , their staffs & many, many others. Nothing in this podcast is legal or investment advice.