Yesterday, on the show we had lawyer Brian Frye, who gave us novel takes securities. You can find that episode here: https://youtu.be/jo1ZuhuCVZE  In today's episode, David continues down the securities rabbit hole with special guest Mike Selig. Mike is a crypto lawyer at Willkie Farr & Gallagher, former a regulator at the CFTC and a frequent contributor to Coindesk about the state of crypto regulation. ------ Osmosis | Your Gateway into the Cosmos Ecosystem www.osmosis.zone/bankless  ------ SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/?utm_source=banklessshowsyt  ️ SUBSCRIBE TO PODCAST: https://availableon.com/bankless  ------ BANKLESS SPONSOR TOOLS: KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://bankless.cc/kraken  UNISWAP | ON-CHAIN MARKETPLACE https://bankless.cc/uniswap  ️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum  EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS https://bankless.cc/earnifi  ------ Topics Covered: 0:00 Intro 5:35 Mike's Background 6:55 Why Securities 10:20 Investing Contract 13:00 Where's the Line? 20:11 Asset vs. Schemes 24:38 SEC Regulation 29:00 NFTs as Membership 36:48 2023 Regulation 42:51 SEC vs. CFTC 47:25 The Solution to Security Laws 50:40 Centralization 55:10 Current SEC Administration 1:01:30 Decentralization Theatre 1:04:50 Closing & Disclaimers ------ Recources: Mike Selig https://mobile.twitter.com/mikeseligesq  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures 

✨ DEBRIEF | Unpacking the Episode: https://shows.banklesshq.com/p/debrief-erik-voorhees-why-are-we-here  ------ Erik Voorhees is a crypto veteran of veterans. He’s one of the greatest advocates of open and permissionless systems that we have in this space. In this episode we talk about his legendary debate with SBF—this is the first time we’ve caught up with him since. What are his reflections now? We also dive into how this bull/bear cycle is similar and different from previous ones, how do we preserve crypto’s core principles, and most importantly—why are we here? Why crypto? Why now? Why stay? Erik doesn’t waste a word in this episode. Happy New Year everyone. Let’s keep building. ------ 📣 Kraken | The Crypto Exchange for Everyone http://k.xyz/bankless-pod  ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/?utm_source=banklessshowsyt  🎙️ SUBSCRIBE TO PODCAST: https://availableon.com/bankless  ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://bankless.cc/kraken  🦄UNISWAP | ON-CHAIN MARKETPLACE https://bankless.cc/uniswap  ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum    ------ Topics Covered 0:00 Intro 6:17 Where Did Crypto Go Wrong? 8:43 Crypto Labels 12:30 Responsibility 14:26 Accountability 18:19 FTX Collapse From Erik’s POV 24:05 SBF’s Headspace 28:45 Potential Alternative Realities 30:50 SBF’s D.C. Relationship 34:47 Was this Cycle Unique? 38:58 Lessons From Past Cycles 43:36 Learning Through the Pain? 48:33 Why is Individual Empowerment Correct? 50:20 Coordination & Order 54:26 Power 1:02:22 The U.S. Constitution 1:07:13 Code Enforcement 1:08:07 Why Are We Here? 1:09:49 Baked-In Crypto Principles 1:13:03 Perserving Core Crypto Values 1:16:48 Is Erik Radical? 1:21:44 Will Crypto Ever Go Mainstream? 1:25:53 Cycle Common Denominators 1:28:19 Bear Market Advice 1:29:31 Erik’s Bull Market Forcast 1:32:00 Action Items & Disclaimers ------ Resources: SBF vs Erik Voorhees episode https://youtu.be/Ytaa_5liwMA  A Response to SBF and Principled Crypto Regulation https://www.moneyandstate.com/blog/response-to-sbf  Sophistry and the Savior https://www.moneyandstate.com/blog/sophistry-and-the-savior  24 - Exploring the Frontier | Erik Voorhees https://youtu.be/rLsOHOvUOpM  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures