Episode 82: Reasonable Expectations: How the SEC (Now) Applies Howey to Crypto 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 82: Reasonable Expectations: How the SEC (Now) Applies Howey to Crypto

March 23, 2026 • Dave Rothschild • Episode 82

0:00 | 17:43

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 federal securities laws to certain crypto assets and related transactions. You’ve probably read 12 law firm memos and seven million hot Tweets on the topic by now. But few of them answer the burning question: what does this mean for digital asset fund managers? Well, today’s your lucky day because Tokens of Wisdom is here to answer that very question.

Key Points From This Episode:

More questionable horror film analogies.
Brief summary of what the new SEC release is.
Brief summary of what the new SEC release isn’t.
How does the Atkins SEC apply the Howey Test differently from the Gensler SEC?
Is that reasonable?
What does this really mean for fund managers?

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal, investment or tax advice. The guests that join us share their considerable fund-related wisdom, but everything they share here is their personal opinion and for educational purposes only. On this show, they are speaking for themselves, and not for their employer or any affiliated entity.

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/

Tired of not Seeing my Face? Check out today’s episode on YouTube: https://youtu.be/b_0x7liMtuA

Links Mentioned in Today’s Episode:

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

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

SEC Release - https://www.sec.gov/files/rules/interp/2026/33-11412.pdf

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

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