Episode 57: Fixing the Hole in Your Net (And More!) Artwork

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 comments, email tow@colefrieman.com. Visit our website: https://colefrieman.com

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Tokens of Wisdom

Episode 57: Fixing the Hole in Your Net (And More!)

March 25, 2025 • Dave Rothschild

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 thought wrong. Today I’m going to briefly summarize two recent SEC actions that relaxed marketing-related rules: clarifying requirements for marketing materials and elements of 506(c).

Key Points From This Episode:

What is the SEC’s marketing rule?
What are case studies?
SEC FAQ from early 2023 muddies the waters.
The trouble in calculating case studies net of fees and expenses.
SEC FAQ from March 2025 clarifies things.
What’s all this about 506(c)?

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal advice. Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/

Links Mentioned in Today’s Episode:

New FAQ: https://www.sec.gov/rules-regulations/staff-guidance/division-investment-management-frequently-asked-questions/marketing-compliance-frequently-asked-questions

506(c) No Action Letter: https://www.sec.gov/rules-regulations/no-action-interpretive-exemptive-letters/division-corporation-finance-no-action/latham-watkins-503c-031225

Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/

Cole-Frieman & Mallon LLP - https://colefrieman.com/

Music by Joe Ginsberg - https://www.instagram.com/thejoeginsberg

For any questions or comments, email: tow@colefrieman.com