# #177 - Explaining the misnomer of 'Code is Law' with Andrew Hinkes, Andrea Tosato, and Carla Reyes

Page: https://stenobird.com/podcast/law-of-code-4138106/177-explaining-the-misnomer-of-code-is-law-with-andrew-hinkes-andrea-tosato-and-carla-reyes
Text version: https://stenobird.com/podcast/law-of-code-4138106/177-explaining-the-misnomer-of-code-is-law-with-andrew-hinkes-andrea-tosato-and-carla-reyes.md
Podcast: [Law of Code](https://stenobird.com/podcast/law-of-code-4138106)
Published: 2026-03-09T09:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/lawofcode/episodes/177---Explaining-the-misnomer-of-Code-is-Law-with-Andrew-Hinkes--Andrea-Tosato--and-Carla-Reyes-e3g46kf
Audio file: https://anchor.fm/s/5e2873d8/podcast/play/116578383/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-2-8%2F419543825-44100-2-c0e428b624d06.mp3
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Duration seconds: 2526

## Resource

If blockchain systems can automatically enforce transactions, does that mean code itself determines legal rights and ownership? Carla Reyes and Andrea Tosato are professors researching digital assets at the SMU Dedman School of Law and Andrew Hinkes is a partner at Winston & Strawn LLP. Together they authored the paper “Code Is Not Law,” which examines why legal rights in digital assets ultimately depend on law rather than technological systems. Time Stamps: ➡️ 1:30 — Stablecoin yield debates and why banks are back at the negotiating table ➡️ 4:24 — Trade associations vs. decision-makers in White House crypto meetings ➡️ 7:43 — Ethics provisions and constitutional challenges shaping negotiations ➡️ 12:48 — Network token frameworks, ancillary assets, and draft bill trends ➡️ 14:38 — DeFi intermediaries: software providers vs. financial actors ➡️ 17:44 — Disclosure quality vs. disclosure volume in market structure drafts ➡️ 21:38 — Legislation vs. agency guidance vs. litigation: three regulatory paths ➡️ 24:30 — What retail users would actually notice if market structure passes ➡️ 30:08 — Global competition: MiCA, Singapore MAS, and U.S. brain drain risk ➡️ 43:51 — Regulatory moats, incumbents, and the future of innovation Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources: 📓 "Code is not law" research paper 🎧 Episode #75 - UCC Article 12 Amendments with Drew Hinkes and Andrea Tosato Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. List…

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