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Home > Law of Code > #170 - Making Self Custody Compliant with Sarah Helena Brennan and Jay Stolkin
Podcast: Law of Code
Episode:

#170 - Making Self Custody Compliant with Sarah Helena Brennan and Jay Stolkin
Category: Technology
Duration: 00:44:14
Publish Date: 2026-01-28 10:00:00
Description:

In this episode, Jacob Robinson is joined by Sarah Helena Brennan and Jay Stolkin to unpack why crypto custody rules for registered investment advisors are due for modernization — and what a future-proof framework could look like. The conversation centers on their whitepaper, Custody Rule Modernization: A Model Framework for Cryptoasset Safeguarding, which argues for a flexible, principles-based approach to custody that reflects how digital assets actually function on-chain. 

Sarah Helena Brennan is the General Counsel for Delphi Ventures, and Jay Stolkin is the Deputy General Counsel at Multicoin Capital. 

Timestamps:

➡️ 0:05 — Why the custody rule matters for crypto

➡️ 1:27 — The SEC’s safeguarding proposal and why this paper was written

➡️ 5:58 — What the custody rule and “qualified custodians” actually require

➡️ 10:26 — Why digital assets challenge legacy custody assumptions

➡️ 14:47 — Fees, loss of utility, and concentration risk under the status quo

➡️ 18:21 — The case for optionality and a flexible custody framework

➡️ 22:53 — The five core tenets of cryptoasset safeguarding

➡️ 25:50 — Lessons from the privately offered securities exemption

➡️ 28:27 — On-chain verification, auditors, and real-time transparency

➡️ 32:16 — Where regulators may push back—and what comes next

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

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