In this episode of "Around The Table," JoshuaJake and Samuel Armes talk to John Montague, Managing Attorney at Montague Law, about the regulatory landscape for cryptocurrencies in the US, with a focus on the SEC and CFTC. They discuss the definition of "security" in the context of crypto, the relevance of the "Howey Test," the challenges of defining securities in the crypto world, and the potential of decentralized autonomous organizations (DAOs) and De-Sci.
In this episode of "Around The Table," hosted by JoshuaJake and Samuel Armes, the guest is John Montague, Managing Attorney at Montague Law. The focus of the discussion is the regulatory landscape for cryptocurrencies and related technologies in the US, with particular attention to the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The conversation begins by exploring what a "security" is and how it relates to crypto. The recent Coinbase Amicus Brief is highlighted as an example of the ongoing legal debates around this issue. The famous "Howey Test" is also discussed, questioning whether it is still relevant in today's rapidly evolving market.
From there, the discussion turns to the difficulties of defining what should be considered a "security" in the crypto context and the SEC's ongoing struggles to keep pace with technological innovations. The allure of cryptocurrencies for the masses is examined, along with John's thoughts on Decentralized Autonomous Organizations (DAOs) and their potential uses.
Other topics include the challenges of managing data stored on-chain with no clear owner, John's perspective on what Bitcoin should be labeled, and the potential of De-Sci (decentralized science) to promote innovation and transparency. The episode concludes with a discussion of what a DAO might look like in the modern age and its challenges. Tune in to gain valuable insights into the legal and regulatory landscape of the crypto world!
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LINKS to Learn More:
Montague Law: https://montague.law/
Johnâs Substack: https://jmontague.substack.com/
Johnâs Twitter: https://twitter.com/0xethlaw
More about John Montague:Â
John Montague, ESQ, holds a BS in Accounting from Stetson University and a J.D. from the University of Floridaâs Fredric G. Levin College of Law. Johnâs decade of legal experience includes working on major real estate transactions as an associate with Lowndes, Drosdick, Doster, Kantor & Reed, P.A and working on Venture Capital, M & A, and private equity transactions at the prestigious AM Law 200 firm Locke Lord LLP. Since starting his own firm, John has focused on securities law and digital assets and has provided regulatory guidance, including multiple securities opinion letters to major DEX protocols with market caps in excess of $100 million.
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TIMESTAMPS
0:00Â Welcome, John Montague
1:15 What is going on with the SCC & CFTC?
6:03 What is a âsecurityâ?
9:02 Coinbase Amicus Brief highlights
13:09 What is the âHowey Test,â and is it relevant?
17:53 What should be considered a âsecurityâ?
21:57 SEC struggling to define âsecurityâ for Crypto
25:15 Why crypto is so alluring to the masses
29:33 Johnâs thoughts on DAOsÂ
36:25 How do we manage data stored on-chain with no owner?
40:32 Johnâs thoughts on what Bitcoin should be labeled
44:28 How De-Sci can work for all
46:46 Defining a DAO in the modern age
48:49 Final ThoughtsÂ
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