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Home > Law of Code > #182 - Lewis Cohen unpacks new SEC & CFTC token guidance


	Podcast:		Law of Code
	Episode:		#182 - Lewis Cohen unpacks new SEC & CFTC token guidance
	Category:		Technology
	Duration:		00:49:06
	Publish Date:		2026-03-30 12:00:00
	Description:		When does transacting in a crypto asset become a securities transaction? Lewis Cohen is the 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. He is the author of foundational research on the investment contract framework and is broadly considered one of the top lawyers in the crypto space. 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:
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