Episode
#182 - Lewis Cohen explains new SEC & CFTC token guidance
- Podcast
- Law of Code
- Published
- Mar 30, 2026
- Duration seconds
- 2946
- Processing state
not_requested
Actions
POST https://stenobird.com/v1/public/podcasts/law-of-code-4138106/episodes/182-lewis-cohen-explains-new-sec-cftc-token-guidance/transcription-requests
Idempotently request low-priority transcript generation for this episode.GET https://stenobird.com/podcast/law-of-code-4138106/182-lewis-cohen-explains-new-sec-cftc-token-guidance.md
Read the agent-friendly Markdown representation of this episode resource.
Summary
When does transacting in a crypto asset become a securities transaction? The SEC and CFTC recently issued an interpretation clarifying how the federal securities laws apply to certain crypto assets and transactions involving crypto assets. Joining to discuss that is Lewis Cohen, co-chair of Cahill’s digital assets and emerging technologies practice and one of the leading experts on the application of U.S. securities laws to crypto. Timestamps: ➡️ 2:26 — Why a token can be a non-security asset , but still sold in a securities transaction ➡️ 4:21 — The SEC’s “attachment and separation” concept explained ➡️ 7:22 — Secondary market transactions and the limits of existing case law ➡️ 11:15 — Why third parties may be exposed to securities law risk ➡️ 14:09 — Who counts as an “issuer” in crypto—and why the concept breaks down ➡️ 17:56 — What qualifies as a promise or representation under Howey ➡️ 23:27 — Why disclosure—not classification—is the real solution ➡️ 25:46 — Can an investment contract “detach” once promises are fulfilled? ➡️ 30:19 — Civil liability, enforcement risk, and second-order market effects ➡️ 34:42 — The danger of bifurcated markets and uneven information access Sponsor: Day One Law, a boutique corporate law firm founded by Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. You can get in contact with them via this link: https://www.dayonelaw.xyz/#contact Resources: 📓 SEC’s interpretive release on the application of security laws to crypto assets and transactions ✍️ Lewis Cohen's client alert on the recent guidance 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…