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	Podcast:		Law of Code
	Episode:		#183 - A founder's playbook for new SEC crypto guidance
	Category:		Technology
	Duration:		00:39:36
	Publish Date:		2026-04-06 09:00:00
	Description:		What should crypto founders know about the SEC and CFTC's joint interpretive guidance on securities law? Joining to discuss is Joe Doll (@Sh0edog), Counsel at Day One Law and previously General Counsel at a crypto startup. Joe wrote a detailed breakdown of the guidance aimed at founders, which we walk through from start to finish. Timestamps: ➡️ 0:00 — Intro ➡️ 0:07 — Why the Howey Test exists ➡️ 3:11 — Why tokens are not necessarily securities ➡️ 7:47 — The five-category token taxonomy explained ➡️ 8:45 — Digital commodities ➡️ 12:13 — The four-factor "statement" test ➡️ 15:57 — Why the guidance might chill disclosure ➡️ 19:32 — Joe's proposal for a minimum attachment period ➡️ 23:30 — Fungibility and the token sales problem ➡️ 28:29 — Decentralization, disclosure obligations, and the CLARITY Act ➡️ 29:41 — Why the attachment theory better serves the policy goals of securities law ➡️ 31:51 — Airdrops ➡️ 37:53 — The CLARITY Act's control framework ➡️ 38:58 — Linux, Red Hat, and the case for immutability ➡️ 43:12 — Equity versus token value ➡️ 43:25 — The story behind the handle @sh0edog ➡️ 45:04 — Decentralized communities Resources:
	Total Play:		0