Unchained - The SEC Thinks Crypto Airdrops Are Securities. Here's Why This Lawyer Thinks It's Wrong - Ep. 707

Starting point is 00:00:00 I just think that they're wrong on the law, and I think that the investment of money prong means money, investment of actual money. Hi, everyone. Welcome to Unchained. You're a no-a-priceource for all things, crypto. I'm your host, Laura Shin, author of The Cryptopians. I started covering crypto nine years ago, and as a senior editor, Forbes, was the first nature reader reporter, take up a cryptocurrency full-time. This is the September 20th, 2024 episode of Unchained. Looking to elevate your crypto trading, get zero trading fees, boosted rewards, and priority support with Coinbase 1. Get a free month with code unchained at Coinbase.com slash 1. FBTC is the fastest-growing OmniChane BTC asset this summer. Join FBTC points-inspired campaign where you can hold FBTC to earn sparks, lucrative yield, and token drops, all on your Bitcoin.

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Starting point is 00:01:34 Today's guest is Amanda Tuminelli, chief legal officer at the Defy Education Fund. Welcome, Amanda. Thanks for having me. This week, Republican representatives Tom Emmer and Patrick McHenry sent a letter pressing SEC Chair Gary Gensler for clarity on how securities laws apply to airdrops. Give us the backstory here. How was it that air drops came to be viewed? as potential securities offerings? Sure. So I was actually really pleased to see this letter come out because the SEC has taken this position

Starting point is 00:02:06 over a number of years that even a free air drop, even to unsuspecting users, the SEC says that can still constitute a securities offering when digital assets are given for free to people. And as representatives Emmer and McHenry point out, that really doesn't make sense under the Howey test, right? Howie requires their job.

Starting point is 00:02:27 to be an investment of money. And there is no investment of money when there is a free air drop. But the SEC's taken this position in a number of cases, which are cited in the letter. There's the Tomahawk case, the hydrogen case, the Justin Sun case. And they even cite the Unoswap Wells notice response because there was anirdrop issue with Unoswap. And so what is the SEC's theory and why are representatives Emmer and McHenry questioning whether it's been misapplied? So it seems like from their letter they understand the concept that the Howie test requires an investment of money. The SEC takes the position that even when there is a free air drop of tokens, if the token creator asks people to do something in response or do something in order to receive the free air drop like promote on social media or in the Justin Sun case, there was like an emoji contest, like asking people to participate in an emoji contest.

Starting point is 00:03:27 according to the SEC counts as compensation that they're saying counts as an investment of money under Howie. And of course, they've not really articulated it as specifically as that, but that's what you can glean from the various complaints that they have filed against people in the space. Oh, so it's more like it's an investment of time or effort. Is that kind of the thinking? They're saying that even just liking something on social or promoting something on social, counts as compensation, so something like money back to the token creator. So they're saying there really is an exchange of tokens for compensation. It's not a free air drop. It's an air drop in exchange for marketing and promotional value. Now, I don't think that's what the Howie court would

Starting point is 00:04:15 agree with that. I think money means money. But I think that's the SEC's theory is like even a, any kind of services in response for the token could count as compensation. Okay. And so this also relates to a lawsuit that your organization, the Defi Education Fund, has brought against the SEC, asking it to clarify for a company called Beba's AirDrop that, you know, they'd like to air drop these free tokens for marketing purposes. And you're asking the court to clarify that this is not a securities transaction. So what's your argument in that case? Sure, yeah. So it's exactly getting at the same issue we're talking about. So Beba has. asked the court to declare that its freeirdrop of Beba tokens was not a securities offering and that the tokens themselves are not securities. But in that case, Beba did a free air drop of tokens to unsuspecting users and that token entitles the token holder to have a discount and access to

Starting point is 00:05:15 an exclusive duffel bag. Without the token, you can't access that sale for the duffel bat. But the token itself is just entitles the bearer to that discount and access. So after doing that, first airdrop, Beba plans a second air drop. And in the interim, we filed our complaint asking the court to declare that the firstirdrop and any future airdrops would not be securities offerings. And what is the current status of the lawsuit? So the SEC moved to dismiss the amended complaint last week and our opposition to the motion to dismiss is due next month. So we're really at the early stages here. You know, the motion to dismiss is just based on the allegations and the complaint. And, you know, hopefully we'll get past the motion to dismiss and get to discovery and, you know, take this all

Starting point is 00:06:01 the way and get the declaration we're asking for. What would be the timeline you'd expect for that? So unfortunately, litigation can take a really long time. In addition to that declaratory judgment claim, we have a claim under the Administrative Procedures Act saying that the SEC's regulation by enforcement campaign is against the APA, that it violates the APA, and we want discovery on that claim. So discovery could end up taking a long time. But if we get discovery, it could show that the SEC does have an internal policy on how it views digital assets and how it is applying the law to digital assets according to the SEC. So that could take months, if not years, but hopefully not. Hopefully it will be, hopefully we'll get to the merits in at least, you know, in a year, maybe.

Starting point is 00:06:47 So it seems that some crypto lawyers think that the clarity around air jobs being securities is, actually pretty strong. They say that this is part of a consistent policy by the SEC over decades. For example, Gabriel Shapiro, who most people on Crypto Twitter would know he's definitely a very pro-crypto tends to be very anti-SCC type person. But he tweeted, quote, I love a good Gensler ripping as much as the next guy, but the SEC did basically clarify its ultra-agro position on token airdrops in the Tomahawk exploration case, and the position is consistent with the free stock cases of the 90s. We may disagree that the position is correct, but it's not unclear. What do you have to say to his tweet? So I actually think he's right that the SEC's position is

Starting point is 00:07:38 clear. I just think it is also wrong. So I think that as he said, the Tomahawk case, the Justin case, the hydro case, the SEC has told us that they think this. They think free air drops of tokens can securities offering. So I don't disagree with him there. And I understand the allusion to the free stock cases because in those cases, the SEC took the position that if you, I think in those cases, the fact was that if you put in your email address and in response to your email address, you get free stock, that counts as compensation to satisfy the how we test investment of money prong. So I agree with him that that would be the precedent the SEC would cite to support their position. But I just think that they were wrong on the law. And I think that the investment of money prong means money, investment of

Starting point is 00:08:25 actual money. Okay. So many projects, crypto projects, have restricted U.S. users from claiming airdrops, but these have easily been bypass these restrictions. And you might have seen CoinDesk recently reported that eigenlayer employees were claiming tokens from airdrops in the eigenlayer ecosystem that were technically blocked to U.S. users. And I wondered if you thought projects should implement stricter measures to ensure users don't claim these airdrops or generally what you think of, you know, how a lot of users apparently are trying to bypass them. I mean, I think that I can understand why people want to claim free or drops of tokens, of course. And I think that going back to first principles, crypto is about creating community and giving people tokens to participate in a

Starting point is 00:09:13 community is exactly, you know, why crypto was created in the first place. I think that projects are I think this reflects that projects are struggling to figure out what the actual law is and what the regulation is that they need to comply with. So if it were clearer, what geo-fencing would actually satisfy regulators, I think we would see more compliance with that. It's just that right now it's really not very clear what is sufficient to a regulator. And the airdrobs also basically became a trend because initial coin offerings became a target by the SEC. see. So if we eventually come to a position in the U.S. where air jobs are not an acceptable way to distribute tokens. Initial coin offerings are not, then what does that future look like? Will crypto projects mainly just start outside the U.S.? And Americans will have to buy in if they want

Starting point is 00:10:07 to participate? Or what do you think would be the best solution? So that's really uncertain. I think, as you said, you know, it could be that projects will move overseas, which is something that the industry has been warning Congress about here, is like you're going to lose your ability to interact directly with token creators and projects. We're going to lose innovation to other countries. I think, or, you know, or people are going to have to pick an exemption and try to do an offering. This all is, of course, presuming that tokens themselves are securities and that we have reached a place where that is clear. So if we're talking about a world in which the SEC is regulating token offerings, then I think people will have to find an SEC exemption to offer tokens pursuant to. But, you know, I think there are some precursor questions we need to answer like are tokens securities and is the SEC the regulator that we need to be complying with?

Starting point is 00:11:02 And I think those questions are for Congress. All right. So in a moment, we're going to talk about other issues related to the SEC and regulations around crypto. but for us a quick word from the sponsors who make this show possible. Coinbase 1 is a membership with over 400,000 crypto traders worldwide. As a member, you get elevated perks such as zero trading fees, up to 5.6% APY on USDC, boosted staking rewards, and 24-7 priority support. Experience it free for 30 days with promo code unchained at coinbase.com slash 1.

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Starting point is 00:12:40 Build better, build on Stellar. Head to Stellar.org to learn more. Back to my conversation with Amanda. So while all this is happening, meanwhile, the SEC has shifted how it talks about crypto. They put a footnote in their amended finance complaint that said, quote, as this court noted and as the SEC reiterates, with its use of the term crypto asset securities, the SEC is not referring to the crypto asset itself as the security. Rather, as the SEC is consistently maintained since the very first crypto-assin-howey case the SEC litigated, the term is a shorthand.

Starting point is 00:13:17 Nevertheless, to avoid any confusion, the, I don't know what this PAC is. What's PAC? I think they're talking about the amended complaint there. They're like referring to their own document. Okay, the PAC no longer uses the shorthand term, and the SEC regrets any confusion it may have invited in this regard. So crypto lawyer Twitter was both outraged and a bit mocking about this footnote. So I wondered if you could talk a bit about the evolution of this language. How has the SEC used it in the past? What are they changing it to? And why are they changing it?

Starting point is 00:13:52 Yes, I think we all had a visceral reaction to this footnote, especially the fake apology for any confusion it may have caused. I mean, talk about like the understatement of the year. So what they're referring to in their own footnote as dating back to the telegram case, I think is such a disingenuous site. Just to like nerd out for a second, what they are citing there is you would think they're citing themselves, right? Because the sentence before the site is, as we have maintained since the very first case. So you'd think they'd be citing something they wrote. They're not. They're citing the telegram court opinion.

Starting point is 00:14:27 So it's almost like saying, well, the court has been clear maybe on whether the assets themselves or securities. but the SEC has not. And I think that's the point. If you look at, I think almost every complaint they have filed in this space, they repeatedly say the tokens are investment contracts or, you know, whatever it is, token X was offered as an investment contract. And in many cases, like in the Ripple case, for example, they take pains to say XRP is not a currency. It's an investment contract. So clearly, they did think the tokens themselves were securities, but because that has not been a winning litigation position for them, they are now taking the litigation position that they've never thought that the tokens themselves are securities, and that's just shorthand. I think that

Starting point is 00:15:17 that's an advocacy position. Like, that's not the objective takeaway from their enforcement actions in the past. And wait, so what, like, I guess what's confusing is the telegrams. cases from a while back. So why are they changing it now if they're saying like like if that was the first time that that happened, then why are they only admitting it now? So I think because they've been losing on this point over time, right? Judges have now gone out of their way like in the Ripple case, Judge Torres said the tokens themselves are not securities. Even Judge Rakoff said in the Terraform Labs case, he's even he said the tokens themselves are not securities. He of course goes on to write an opinion that is not otherwise, you know, is otherwise helpful to the SEC. But in almost every

Starting point is 00:16:03 case where this has come up, the judge has said the tokens themselves are not securities. So I think the SEC has recognized, especially recently, that that is not going to be a winning position for them. So now they're like falling back to this position of, well, we never meant that. We met the tokens, plus all these other things are somehow packaged together and offered in that whole collection as an investment contract. And I think they need to take that position in order to have a sensical position in the secondary markets cases, right? Like all their cases against major exchanges, they need something to travel with the token to the secondary market. Otherwise, their position makes absolutely no sense. Okay. So does this then mean that their new argument is this sort of like ecosystem argument

Starting point is 00:16:52 or what is their new argument? I mean, this might be an unpopular opinion, but I think their new is actually an old argument, which is the embodiment theory. I think what they're really saying here is like the token embodies the investment contract and somehow attendant rights and obligations are somehow like packaged with the token and then the token is offered as an investment contract along with these rights and obligations. And I think like I said, they need to take that position for their exchange cases to make sense. Because if it's just the token, then the secondary sale of a token without anything else, if you assume the token is actually not the security, is not a security sale. So they need to take the position that something goes along with the token in the

Starting point is 00:17:36 secondary market sale in order to have their Coinbase and Binance and crack in cases make sense. Okay. Okay. At this point in time, just in this sort of like long-steening battle between the SEC and crypto, where do you think all of this is headed? Like if you're looking at all these different court cases, do you have a prediction on where you think things will end up? I think like it is going to cause a gray area and it's going to change based on what court you're in front of, right? It's going to be what the judge in the case in front of the SEC thinks in that particular case until we get to an appellate court level or even a Supreme Court level or until Congress acts. Because, you know, you have, you have several cases ongoing right now where the SEC is taking this position. And I would say

Starting point is 00:18:25 that this footnote in Binance actually signals a shift in how they've been thinking about crypto asset securities. So all the cases that have already been filed, like I'm almost wondering, are they going to go back to those cases? Like, are they going to go tell the Coinbase judge, Judge Fala? Actually, when we said crypto asset security, that was shorthand. That's not what we really meant. I haven't seen that file and go in. But maybe they are. So I think they're causing chaos, right? Instead of acting like an objective and neutral regulator, I think they're acting like litigants. They're acting like adversarial litigants. And Gary Gensler, the SEC chair, is set to testify next week before Congress. So I don't know what you are expecting or what you're curious to

Starting point is 00:19:10 hear from him on any of these issues about, you know, that are involving crypto and the SEC. I mean, I think they should make him define crypto asset security. I think that they should say to him, okay, so if the token itself is not a security as you've now arrived at that conclusion, what is what and who should register with the SEC and what should they register as? I'd love them to ask him that question. And, you know, I think Rebecca Reddick actually articulated that question very well in the past. So I'm plagiarizing her a little bit here. But I think that that is the key question. If the token's not the security, then what is getting registered and who is registering? Okay. And so recently we also had the first congressional hearing on DFI and you were one of the witnesses. What were your takeaways on that?

Starting point is 00:20:02 So I was very honored, of course, to be invited to speak at the first DFI hearing and it was a great panel. Rebecca Reddick, Brian Avello and Peter Van Balkenberg. We all sat next to each other and talked about what DEPI is, why it's valuable. and there was real engagement by the members of Congress on trying to understand Defi and why it's good. There was also some less helpful engagement about why, you know, in certain people's minds, defy is associated with criminal activity, but that was to be expected. And I think the hearing actually went better than anyone even thought it would because there really was true curiosity and true engagement with the tech. All right. Well, last question. Here we are.

Starting point is 00:20:46 in the last few weeks before the presidential election. And I wondered what you thought in terms of, you know, whether or not it mattered, who would win for crypto regulation and kind of what you were expecting for each of the candidates if they were to win. So it is certainly, you know, the crazy run up to November 1st. And you're seeing that in crypto Twitter and everywhere else people are picking sides. And at DEF, we are nonpartisan. We believe crypto should be nonpartisan.

Starting point is 00:21:19 And we will work with whatever administration is next. And, you know, the American people decide elections. So I don't know what's going to happen. But I know that whoever is the president, like we are going to most likely be talking about some kind of market structure legislation next year. And I think, you know, who they put into place at the SEC will matter. Who they put into place at the CFTC will matter. and we'll just have to be working with those people and in good faith. And hopefully the members of

Starting point is 00:21:49 Congress will also be working in good faith to actually pass legislation that makes sense. Do you have a preference for who would be the SEC chair if it were Trump and also if it were Harris? I mean, not Chair Gensler. I don't have. I mean, in my fantasy world, I think Hester Perce becomes the chair, but I don't know if she would take the job if it was offered to her. Yeah. Well, I think that would only be, if Trump were elected, right? Because isn't it that it's a commissioner who's of the same party or something that they, okay, okay. Well, all right. Well, we'll see what happens. Thank you so much for sharing all your thoughts on Unchained. Thank you for having me. Don't forget, next up is the weekly news recap today presented by Wondercraft AI. Stick around for this week in crypto after this short break. Pocodot is the original and largest layer zero blockchain with over 2,000 plus developers. The anticipated Pocodot 2.0 upgrade will be a massive accelerator for the ecosystem. Upgrading the

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Starting point is 00:24:07 Donald Trump's latest crypto push through his defy project, the SEC's controversial exemptions to crypto custody rules, and BlackRock's new report positioning Bitcoin as a unique hedge. Plus, updates on Alex Mishinsky's legal battle and finance founder CZ's upcoming release, along with Revolut's stable coin plans. Thanks for tuning into the weekly news recap. Let's begin. Fed cuts interest rates for first time since 2020. In a significant macroeconomic development, the U.S. Federal Reserve has cut interest rates by 50 basis points, marking the first reduction since March 2020. While the move is primarily aimed at

Starting point is 00:24:43 managing inflation and economic activity, it has strong implications for cryptocurrency. Rate cuts can often signal a more favorable environment for risk assets like Bitcoin. Even though the initial market reaction was muted, Bitcoin surged from $60,000 to around $63,500 on Thursday morning. Arthur Hayes, co-founder of Bitmex, warned that crypto markets might initially drop after the rate cut, citing narrowing interest rate differentials between the U.S. dollar and other currencies. Mike Butler, an options trader, added that volatility in fiat currencies might drive more people to crypto, reinforcing its role as an alternative to traditional financial systems.

Starting point is 00:25:25 Sam Bankman-Freet Appeals conviction cites judges' bias. Sam Bankman-Fried, the former CEO of Collapsed Crypto Exchange, FTCX, has filed an appeal against his conviction on fraud and money laundering charges. Bankman Freed, who was sentenced to 25 years in prison, argues that the trial was unfair due to alleged bias by U.S. District Judge Louis Kaplan. According to the appeal, Kaplan consistently favored the prosecution, ridiculing Bankman Freed's testimony and undermining his defense team. Bankman Freed's lawyers claim that Kaplan's actions created an atmosphere of prejudice, which influenced the jury's decision. They also alleged that the court unfairly restricted evidence showing FTX's potential solvency, which could have

Starting point is 00:26:07 painted a different picture of the company's financial state. His legal team is pushing for a new trial to be conducted under a different judge. Vitalik Buteran says Crypto's usability era has begun. Speaking at the token 2049 conference in Singapore, Ethereum co-founder Vitalik Buterin said that while the crypto industry is no longer in its infancy, it is now entering a phase where usability is vastly improving. We're not in the early days anymore, Boutarin said, highlighting how cryptocurrencies such as Bitcoin and Ethereum have existed for over a decade,

Starting point is 00:26:41 yet practical adoption has lagged due to issues such as high transaction fees and difficult user experiences. Buterin pointed out that Ethereum's fees have significantly decreased thanks to upgrades like EIP-159 and Layer 2 solutions, such as optimism and Arbitrum.

Starting point is 00:26:59 Current ETH transaction fees are basically zero, he noted, underscoring the impact of these developments on user adoption. He further argued that crypto doesn't have to compromise decentralization for mainstream usability, saying, we need to satisfy the needs of mainstream adoption while holding on to decentralization values. Coinbase denies allegations of Bitcoin IOUs to BlackRock. Rumors surfaced recently accusing Coinbase of issuing uncollateralized Bitcoin IOUs to BlackRock, fueling concerns of potential market manipulation. Cryptoanalyst Tyler Durdin claimed the exchange allowed Black Rock, which manages the largest

Starting point is 00:27:35 spot Bitcoin Exchange traded fund to borrow Bitcoin without proper collateral, allegedly enabling price manipulation. These accusations gained traction after Tron founder Justin Sun criticized Coinbase's wrapped Bitcoin product, CBBT, for its lack of proof of reserves and susceptibility to government seizures. In response, Coinbase CEO Brian Armstrong swiftly refuted the claims, clarifying that all ETF transactions are settled on chain within one business day. Armstrong explained that institutional clients have access to trade financing and over-the-counter options before trades are fully settled. Durden has since deleted his original tweet.

Starting point is 00:28:14 Industry experts, including Bloomberg ETF analyst James Seifart, dismiss the rumors, calling them baseless conspiracy theories. SafeArt also emphasized the importance of transparency, urging ETF issuers to share digital wallet addresses to prevent misinformation, and increased trust in the market. Trump promotes crypto on X-Space, advocates for D-Fi Project World Liberty Financial. On Monday night, Donald Trump appeared on an X-space to promote his D-Fi project, World Liberty Financial, and reiterated his strong support for the cryptocurrency industry. Trump criticized the Biden administration and the SEC for their hostile stance on

Starting point is 00:28:53 crypto, warning that the U.S. risks losing its leadership in the sector if Democrats win in November. He emphasized the need for a legal framework to regulate crypto while maintaining innovation. Despite the event being billed as an opportunity to reveal major details about WLF, Trump and his team provided limited details. They announced the project's governance token, WLFI, which will be sold to accredited investors, with 63% going to the public. However, the lack of clarity led to skepticism among many in the crypto community. Odds that Trump would launch a token before the election plummeted from 71. to 24% on polymarket, as users bet against the token launch, citing vague promises and concerns over the project's viability. SEC grants exemptions to crypto custody rule, raising industry concerns.

Starting point is 00:29:44 The SEC has revealed that certain financial entities have been granted exemptions from SAB-121, a controversial accounting rule that has faced backlash for its stringent requirements on crypto-custody. Introduced in 2022, SAB-B-122. mandates that institutions holding crypto assets must list them as liabilities on their balance sheets, making crypto custody cost prohibitive for many firms. In a speech, SEC chief accountant Paul Munter disclosed that some banks, brokerages, and blockchain entities have been exempted from this rule. For instance, banks working with state regulators and ensuring asset returns in the event of bankruptcy can avoid these liabilities. However, the lack of transparency around which

Starting point is 00:30:28 companies have received exemptions, has led to criticism from industry experts. Crypto advocates, such as Senator Cynthia Lummis, voiced frustration, accusing the SEC of making policy through closed-door meetings rather than revising SAB-121 directly. BlackRock highlights Bitcoin as a unique hedge and new report. BlackRock, the world's largest asset manager, has released a report describing Bitcoin as a unique diversifier against global risks. In the nine-page white paper, the firm explains that Bitcoin, while volatile, operates independently from traditional asset classes and is minimally affected by macroeconomic factors. This detachment, BlackRock argues, makes Bitcoin a valuable tool for hedging against risks such as monetary instability, geopolitical tensions, and fiscal concerns.

Starting point is 00:31:20 The report notes that Bitcoin has outperformed other major assets in seven of the past 10 years, despite remaining risky. BlackRock, which launched one of the most successful spot Bitcoin ETFs earlier this year with over $21 billion in assets, sees Bitcoin's potential to serve as a flight to safety during global uncertainties. The firm also highlights Bitcoin's decentralized nature, free from traditional counterparty risks, as a key factor in its appeal to investors seeking alternative financial assets amid growing economic challenges. Mashinsky seeks witness testimonies, CZ set for release. former Celsius CEO Alex Mishinsky, facing a potential 115-year prison sentence, has requested testimony from six key witnesses for his defense. His lawyers argue that Mishinsky never intended harm and relied on his SELC team for decisions, including those regarding Celsius's token, C.L.

Starting point is 00:32:15 Among the proposed witnesses is former chief revenue officer Ronnie Cohen-Pavana, who pled guilty to charges of manipulating the price of CL. Mishinsky's defense maintains that Cohen-Payvon and other employees acted without his knowledge. Meanwhile, Binance founder Chang Pung CZ Zhao is set for release from prison on September 29th after serving nearly four months for violating the Bank Secrecy Act. Zhao pled guilty to failing to establish proper KYC protocols at Binance and agreed to a $50 million fine. Following his guilty plea, Zhao stepped down as CEO and Richard Tang, a former regulator, took over leadership of the exchange. Revolute prepares to launch its own stable coin. London-based FinTech Giant Revolut is reportedly in the advanced stages of creating its own stable coin, according to sources

Starting point is 00:33:03 familiar with the matter. The move aligns Revolute with other major players like PayPal, which launched its P-IUSD token in 2023. However, the stable coin is unlikely to be available in the United States due to Revolut's previous exit from U.S. Crypto Services amid regulatory challenges. Revellit, which has grown to 45 million users and recently secured a UK banking license, is focusing on expanding its crypto offerings. A spokesperson for the company told CoinDesk, Crypto is a big part of our belief in banking without borders, and we aim to become the safest and most accessible provider of crypto asset services.

Starting point is 00:33:40 And that's all. Thanks so much for joining us today. If you enjoyed this recap, go to UnchainedCripto.substack.com. that is Unchained Crypto.substack.com and sign up for our free newsletter so that you can stay up to date with the latest in crypto. Unchained is produced by Laura Shin with help from Matt Pilchard, Juan Aronovich, Megan Gavis, Pam Majumdar, and Margaret Korea. The weekly recap was written by Juan Aronovich and edited by Nelson Wang. Thanks for listening. Unchained is now a part of the Coin Desk Podcast Network. For the latest in digital assets, check out markets daily five days a week with host Noel Atchison.

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Unchained - The SEC Thinks Crypto Airdrops Are Securities. Here's Why This Lawyer Thinks It's Wrong - Ep. 707

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