Shows / Tokens of Wisdom
Tokens of Wisdom
Do you love investing? Ever thought about turning that passion into a business? Listen up to learn to navigate the legal loopholes in forming, launching, and running a private investment fund, including considerations unique to digital asset/crypto funds. Dave Rothschild is a partner at Cole-Frieman & Mallon, one of the country's premier boutique investment management law firms with deep experience in traditional assets, as well as esoteric asset classes like digital assets. For questions or…
Episodes
- Tokens of Wisdom
Episode 90: Perpetual Futures, Explained with Hugo Stack, Mecone
Episode 90: Perpetual Futures, Explained with Hugo Stack, Mecone Hugo Stack, President & Co-Founder of Mecone joins the Tokens of Wisdom Studio to shed some…
- Tokens of Wisdom
Episode 89: SEC Proposal to Update the Custody Rule
Episode 89: SEC Proposal to Update the Custody Rule On October 1, the SEC proposed updates and revisions to the Custody Rule that would – at long last –…
- Tokens of Wisdom
Episode 88: Does California's DFAL Apply to Digital Asset Funds and Managers?
Episode 88: Does California's DFAL Apply to Digital Asset Funds and Managers? California's Digital Financial Assets Law ("DFAL") creates a fun new registration…
- Tokens of Wisdom
Episode 87: A Brave New World with Frank Napolitani, Cartesian
Episode 87: A Brave New World with Frank Napolitani, Cartesian Frank Napolitani, Managing Partner of Cartesian, joins the Tokens of Wisdom Studio to shed some…
- Tokens of Wisdom
Episode 86: The Annual Review with Annie Kong, IQ-EQ
Episode 86: The Annual Review with Annie Kong, IQ-EQ Annie Kong, Regional Lead (West) of Regulatory & Compliance, U.S. at IQ-EQ joins the Tokens of Wisdom…
- Tokens of Wisdom
Episode 85: Qualified Client Thresholds Are Going Up
Episode 85: Qualified Client Thresholds Are Going Up Quick housekeeping episode today. The SEC just increased the qualified client thresholds, effective June…
- Tokens of Wisdom
Episode 84: Crypto Prime Brokerage with Matt Boyd, Coinbase
Episode 84: Crypto Prime Brokerage with Matt Boyd, Coinbase Matt Boyd, Head of Prime Finance at Coinbase joins the Tokens of Wisdom Studio to explain all…
- Tokens of Wisdom
Episode 83: Outsourced CFOs with Eugene Tetlow, V17
Episode 83: Outsourced CFOs with Eugene Tetlow, V17 Eugene Tetlow visits the Tokens of Wisdom Studio to explain how outsourced CFO shops help new and…
- Tokens of Wisdom
Episode 82: Reasonable Expectations: How the SEC (Now) Applies Howey to Crypto
Episode 82: Reasonable Expectations: How the SEC (Now) Applies Howey to Crypto By now, you’ve all heard about the latest SEC release on the application of…
- Tokens of Wisdom
Episode 81: Slopeside with the Summit Syndicate
Episode 81: Slopeside with the Summit Syndicate Different episode today, featuring slopeside interviews from our second Summit Syndicate trip of 2026. The…
- Tokens of Wisdom
Episode 80: Fair Investment Practices by Venture Capital Companies Law
Episode 80: Fair Investment Practices by Venture Capital Companies Law Quick hit today to discuss California's new Fair Investment Practices by Venture Capital…
- Tokens of Wisdom
Episode 79: Liberate the Yield with Ronald Falls, Jr.
Episode 79: Liberate the Yield with Ronald Falls, Jr. Ron Falls visits the Tokens of Wisdom Studio to shed light on the epic showdown of Brian vs The Banks. We…
- Tokens of Wisdom
Episode 78: Outsourced Compliance with Fizza Khan, Silver Regulatory Associates
Episode 78: Outsourced Compliance with Fizza Khan, Silver Regulatory Associates Fizza Khan from Silver Regulatory Associates visits the Tokens of Wisdom Studio…
- Tokens of Wisdom
Episode 77: All the Wisdom from 2025
Episode 77: All the Wisdom from 2025 It’s a ho-ho-holiday clip show! So many distinguished guests joined the show this year to share their wisdom. I figured…
- Tokens of Wisdom
Episode 76: SF Gross Receipts Tax with Kevin Leiske, Cole-Frieman & Mallon
Episode 76: SF Gross Receipts Tax with Kevin Leiske, Cole-Frieman & Mallon On the very first Intrasquad edition of Tokens of Wisdom, my partner Kevin Leiske…
- Tokens of Wisdom
Episode 75: Cayman Directors with Darragh Murphy, Marfire
Episode 75: Cayman Directors with Darragh Murphy, Marfire Darragh Murphy from Marfire joins me in the Tokens of Wisdom Studio to tell us all about the…
- Tokens of Wisdom
Episode 74: Cayman Funds with Patrick Colegrave, Forbes Hare
Episode 74: Cayman Funds with Patrick Colegrave, Forbes Hare Patrick Colegrave joins me in the Tokens of Wisdom Studio to discuss all things Cayman funds. From…
- Tokens of Wisdom
Episode 73: Prime Brokerage with Harry Shillingford, Marex
Episode 73: Prime Brokerage with Harry Shillingford, Marex My old pal Harry Shillingford from Marex joins me in the Tokens of Wisdom Studio to talk about the…
- Tokens of Wisdom
Episode 72 - The Main Event
A special episode that has nothing to do with funds or law and everything to do with baseball glory.
- Tokens of Wisdom
Episode 71: Fund Manager Insurance with James Tallarico and Kevin Flasch, Risk Strategies
Episode 71: Fund Manager Insurance with James Tallarico and Kevin Flasch, Risk Strategies Joining me in the Tokens of Wisdom Studio today are James Tallarico…
- Tokens of Wisdom
Episode 70: The SEC Knows Action
Episode 70: The SEC Knows Action Last week we saw the SEC release not one but two No Action Letters that were each deeply positive for the crypto industry…
- Tokens of Wisdom
Episode 69: Fund Valuations with Joe Brennan, Houlihan Capital
Episode 69: Fund Valuations with Joe Brennan, Houlihan Capital Joining me in the Tokens of Wisdom Studio today is Joe Brennan, a director at Houlihan Capital…
- Tokens of Wisdom
Episode 68: Crypto Fund Audits with Gautam Ganeshan, KPMG
Episode 68: Crypto Fund Audits with Gautam Ganeshan, KPMG Today I’m joined by Gautam Ganeshan from KPMG to talk all about digital asset fund audits! Key Points…
- Tokens of Wisdom
Episode 67: SEC Commissioner Hester Peirce
Episode 67: SEC Commissioner Hester Peirce I am honored to welcome SEC Commissioner Hester Peirce – Crypto Mom herself – to the Tokens of Wisdom Studio today…
- Tokens of Wisdom
Episode 66: BVI Funds with Phil Graham, Harneys
Episode 66: BVI Funds with Phil Graham, Harneys When I set out to do this show, my goal was to arm aspiring fund managers with the information they need to…
- Tokens of Wisdom
Episode 65: The Zombie Episode (Three Rungs of the Regulatory Ladder)
Episode 65: The Zombie Episode (Three Rungs of the Regulatory Ladder) For as long as I’ve worked in crypto, the industry has been plagued by the dreaded…
- Tokens of Wisdom
Episode 64: Fund Taxation with Colleen Fay, Withum
Episode 64: Fund Taxation with Colleen Fay, Withum When I set out to do this show, my goal was to arm aspiring fund managers with the information they need to…
- Tokens of Wisdom
Episode 63: Hedge Fund Offering Terms, Part 2: Liquidity
Episode 63: Hedge Fund Offering Terms, Part 2: Liquidity Today is the second in a series of Tokens of Wisdom episodes walking through the main offering terms…
- Tokens of Wisdom
Episode 62: Fund Audits with Salman Ali, CBIZ
Episode 62: Fund Audits with Salman Ali, CBIZ When I set out to do this show, my goal was to arm aspiring fund managers with the information they need to…
- Tokens of Wisdom
Episode 61: Hedge Fund Offering Terms, Part 1: Compensation
Episode 61: Hedge Fund Offering Terms, Part 1: Compensation Today is the first in a series of Tokens of Wisdom episodes walking through the main offering terms…
- Tokens of Wisdom
Episode 60: Fund Administration with Bert McCooey, Ascent
Episode 60: Fund Administration with Bert McCooey, Ascent This is an exciting day in Tokens of Wisdom history! Not only do you get to see my real-life face…
- Tokens of Wisdom
Episode 59: Peeling Layers
Episode 59: Peeling Layers At the federal level, the tables are turning faster than at a vintage Tiesto performance: it’s honestly hard to keep up with how…
- Tokens of Wisdom
Episode 58: Yet Another CTA Update (Yawn)
Episode 58: Yet Another CTA Update (Yawn) Last time I spoke to you about the CTA, I said I wanted to discuss it about as much as I wanted a hole in the head. A…
- Tokens of Wisdom
Episode 57: Fixing the Hole in Your Net (And More!)
Episode 57: Fixing the Hole in Your Net (And More!) If you thought the kinder, gentler SEC was only going to be kinder and gentler to the crypto community, you…
- Tokens of Wisdom
Episode 56: Interpretive Clarity
Episode 56: Interpretive Clarity. By now, you’ve probably heard the latest news from the sunshine and rainbows SEC: Meme coins are not securities! This is…
- Tokens of Wisdom
Episode 55: Sunshine and Rainbows…from the SEC
Episode 55: Sunshine and Rainbows…from the SEC. Just a couple short weeks ago I told you all about President Trump’s executive order on crypto, which was heavy…
- Tokens of Wisdom
Episode 54: Guess Who's Back
Guess Who’s Back Episode 54: Show Notes. It’s true that I wanted to release this episode about as much as I want a hole in the head. But, I did promise you…
- Tokens of Wisdom
Episode 53: A New Sheriff
A New Sheriff Episode 53: Show Notes. We went three whole days into Trump Administration 2.0 without the creation of a strategic bitcoin reserve, an…
- Tokens of Wisdom
Episode 52: AI Policies for Investment Advisers
Everyone wants in on the AI craze – in addition to being the latest buzzy trend, AI is a technology that can actually think for you (or at least, trick people…
- Tokens of Wisdom
Episode 51: 2024 Year-End Overview
As you all prepare to hunker down by the fire, sip your egg nog and enjoy the company of your dearest friends and family members, throw in your earbuds, turn…
- Tokens of Wisdom
Episode 50: CTA Enjoined
Good news just keeps on flowing out of the federal judiciary, as a District Court in Texas issued a nationwide preliminary injunction on Dec 3 enjoining the…
- Tokens of Wisdom
Episode 49: Crypto’s Glad Tidings
Whatever your views on the election outcome, we can all enjoy the high – literally and figuratively – that’s captured the crypto world since early November…
- Tokens of Wisdom
Episode 48: Can the President Fire the SEC Chair?
There is a presidential election happening right now, and regardless of your political views, if you’re listening to this, you probably like crypto. In fact…
- Tokens of Wisdom
Episode 47: The “Come in and Register” Fallacy
On my last episode, I went through a few common ill-conceived soundbites people wield against crypto generally and calmly explained why they’re a bunch of…
- Tokens of Wisdom
Episode 46: For the Crypto Skeptic
I keep hearing noise from talking heads denigrating and dismissing crypto with pithy ill-conceived soundbites. It’s the kind of thing you expect to hear from…
- Tokens of Wisdom
Episode 45: Digital Asset Manager SEC Settlement
The digital asset fund manager community is up in arms about the SEC’s latest shenanigans against Galois Capital, and I’m here to tell you; so am I! The SEC…
- Tokens of Wisdom
Episode 44: Marketing Decks
An episode all about the glorious topic of marketing decks for private funds. Almost every fund has one. Almost every lawyer’s brain explodes when reviewing…
- Tokens of Wisdom
Episode 43: Pay-to-Play Rule
Quick hit today to remind investment advisers about the SEC’s pay-to-play rule; formally known as Advisers Act Rule 206(4)-5. You may have heard that there’s a…
- Tokens of Wisdom
Episode 42: Form N-PX
Exciting times this month, as certain institutional investment managers are gifted a new regulatory filing requirement! Key Points From This Episode: What is…
- Tokens of Wisdom
Episode 41: Supreme Court Smackdown
On back-to-back days in late June, the US Supreme Court issued two decisions that reasserted judicial primacy in statutory interpretation and dealt a blow to…
- Tokens of Wisdom
Episode 40: Florida Private Fund Exemption
Last summer, the Sunshine State passed into law a new private fund exemption for investment advisers operating in Florida. It went into effect on Oct 1 last…
- Tokens of Wisdom
Episode 39: SAB 121
It’s not everyday that I do a podcast episode about super technical banking rules. It’s also not every day that the president vetoes bipartisan legislation in…
- Tokens of Wisdom
Episode 38: RIP Private Fund Adviser Rule
Big news today (June 5) as the 5th circuit court of appeals VACATED the SEC’s private fund adviser rule!! Go back and listen to Episode 21 if you want to waste…
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Episode 37: Tornadoes, Samourais and Money Transmitters
Today’s episode is all about the government’s attempts to jam the square peg of crypto mixers Tornado Cash and Samourai Wallet into the round hole of…
- Tokens of Wisdom
Episode 36: Adviser Integration
Last episode we dissected the SEC’s “venture capital fund” definition and discussed how, if an adviser manages only VC funds, there is no AUM ceiling on its…
- Tokens of Wisdom
Episode 35: Venture Capital Funds
Like I mentioned back in Episode 2, there are some down sides to relying on the private fund exemption – at the SEC level, the only “down” side is an AUM…
- Tokens of Wisdom
Episode 34: Management Company Operating Agreements
One of the underappreciated tasks a new fund manager needs to complete is its management company operating agreement. This is the agreement among the…
- Tokens of Wisdom
Episode 33: Tokenized Funds
Recently, it seems like tokenizing things is all the rage. Everybody wants to talk about tokenizing real estate or art or securities or any other “real world…
- Tokens of Wisdom
Episode 32: Annual ADV Amendments!
March Madness means something different for compliance professionals and investment management lawyers: it means a crush of ADV Amendments! Tune in to today’s…
- Tokens of Wisdom
Episode 31: My Cousin Vinny (aka Third Party Marketers)
What does My Cousin Vinny have to do with third party marketers? Tune in to today’s episode to find out! Hint: nothing. Key Points From This Episode: What…