Law of Code

understand the legal layer of emerging tech

[Law of Code @LawofCodeFM]

Business has @AcquiredFM.

Founders get @FoundersPodcast.

Investors listen to @InvestLikeBest.

Lawyers never had an equivalent.

I’m working to make @LawofCodeFM exactly that.

[Law of Code @LawofCodeFM]

Episode 202: Perps, explained.

What are they, how the funding rate works and what the CFTC announcement changed.

ft @jchervinsky, @BradBourque, @_Ryne_Miller, @mdf2000, @kkirkbos, David Shafer, @BrettHarrison.

[Jacob Robinson @JacobRobinsonJD]

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.

[Law of Code @LawofCodeFM]

@JacobRobinsonJD @CFTC Listen on YouTube: https://t.co/pjoN6loAZu

[Law of Code @LawofCodeFM]

@JacobRobinsonJD @CFTC Listen on Spotify: https://t.co/GQSlmI0OLQ

[Law of Code @LawofCodeFM]

@JacobRobinsonJD @CFTC Listen on Apple: https://t.co/2D2xJfn8WD

[Law of Code @LawofCodeFM]

@JacobRobinsonJD Listen on YouTube: https://t.co/q42nhiwqC1

[Law of Code @LawofCodeFM]

@JacobRobinsonJD Listen on Spotify: https://t.co/GugptRClmj

[Law of Code @LawofCodeFM]

@JacobRobinsonJD Listen on Apple: https://t.co/13sbBylBn4

[Law of Code @LawofCodeFM]

Episode 201: The CLARITY Act

ft @NYcryptolawyer, @milesjennings, @SH_Brennan, @KyleBligen, @millercwl.

This is the most comprehensive explainer on the draft bill available on the internet.

[Jacob Robinson @JacobRobinsonJD]

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.

[Law of Code @LawofCodeFM]

@JacobRobinsonJD @valkenburgh @amandatums @brianeklein Listen on YouTube https://t.co/farhOV1sTj

[Law of Code @LawofCodeFM]

@JacobRobinsonJD @valkenburgh @amandatums @brianeklein Listen on Spotify https://t.co/fO3HQNPUf9

[Law of Code @LawofCodeFM]

@JacobRobinsonJD @valkenburgh @amandatums @brianeklein Listen & subscribe on Apple https://t.co/ixL5YHFT3b

[Law of Code @LawofCodeFM]

Episode 200: Money Transmission & Developer Liability

ft @valkenburgh, @brianeklein, @amandatums & @JacobRobinsonJD

You might have noticed I jumped a few episode numbers, from 186 to 200. That’s to signal a new era of Law of Code.

Welcome to Season 2.

[Jacob Robinson @JacobRobinsonJD]

Everyone in crypto should understand money transmission laws.

This @LawofCodeFM podcast explains the history of money transmission, how rules are being (mis)applied, and what might change with draft legislation.

Featured: @valkenburgh, @amandatums, @brianeklein and a snippet from @jchervinsky. This is the most comprehensive podcast I've ever done. Welcome to Law of Code, Season 2.

Timestamps:

0:00 Intro
3:18 What's at stake?
4:40 Which developers are at risk
6:03 Custodial vs. non-custodial
9:32 What is a money transmission license?
9:47 Steamships, the telegraph & Western Union
12:14 The Bank Secrecy Act
13:38 Section 1960
15:26 The Patriot Act
19:39 FinCEN's 2013 and 2019 guidance
24:42 OFAC sanctions Tornado Cash
27:30 How Tornado Cash works
30:48 @coincenter v. Yellen
32:24 DOJ indicts @rstormsf, @semenov_roman_, @TorEkelandPLLC's client & Samourai Wallet devs
35:15 The Van Loon win @preston_vanloon
40:33 Developer losses
43:48 Bad facts make bad law
48:46 @brianeklein on @rstormsf's case
50:50 The Brady letter
57:00 @LewellenMichael sues for answers
1:09:24 The Blanche memo
1:18:46 The Galeotti speech
1:26:13 Catch-22 for developers
1:30:03 The chilling effect @fund_defi @jchervinsky
1:33:48 Blockchain Regulatory Certainty Act
1:38:03 Promoting Innovation in Blockchain Development Act
1:45:28 What's next?

Nothing in this podcast is legal or investment advice.