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Securities Compliance Podcast: Compliance in Context

On Episode 3 of Season 3 of the Securities Compliance Podcast: Compliance in Context, host Patrick D. Hayes marks another iteration of the Lessons From The Front Lines series where he welcomes in digital asset and FinTech and RegTech expert Chuck Senatore to explore the origins of cryptocurrencies and digital assets, their impact on the financial markets, and how the regulatory landscape is evolving to address the unique challenges and compliance issues involved as we face the frontier of decentralized finance and crypto. 


  • 8:30: What is the origin story of crypto?
  • 11:58: What is a merkle root?

  • 14:08: What is a distributed ledger?

  • 15:15: What are the various assets and investment vehicles that are included in the “crypto” bucket

  • 20:10: What are NFTs and alternative tokens?

  • 25:30: What are the challenges with these types of assets and what is the value proposition of these assets?

  • 31:33: What is decentralized finance and how could it disrupt the marketplace?

  • 40:05: What is the state of regulatory oversight for digital assets and the impact of President Biden’s executive order?

  • 47:20: What are the some of the challenges with stablecoins?

  • 51:53: What in the marketplace have we seen the most significant adoption of cryptoassets?

  • 59:00: What are the specific considerations compliance officers need to address as it relates to cryptoassets?

  • 62:52: In the digital asset space, what are the gamification and suitability challenges?


14:08 - “The other thing that’s important about BitCoin that is important for a number of other developments is the concept of having a distributive ledger that everybody has a copy of. Everybody has it. Every single transaction. Whether in this case it’s the blockchain or we’ll talk about other blockchains that form the foundation of ethereum and smart contracts. The secret sauce is that everybody can see it.” - Chuck Senatore

16:02 - “[Ethereum] is kind of the next most important possible coin because what ethereum has is ethereum tokens. The ethereum system is really the ecosystem that creates the ability to actually create decentralized apps.” - Chuck Senatore

21:54 - “So you have these non-fungible tokens–and the reason that they’re called non-fungible because they have a digital signature that says, ‘You know what? There’s only one of these.’ As opposed to Bitcoin can be fungible and other sorts of things that can be repeated and aren’t necessarily unique. Essentially what makes it non-fungible is it’s uniqueness.” - Chuck Senatore

About the Securities Compliance Podcast: Compliance in Context

Introducing the Securities Compliance Podcast: Compliance in Context presented by Calfee, Halter & Griswold and the National Society of Compliance Professionals and hosted by Patrick D. Hayes, Senior Counsel and leader of Calfee's Investment Management practice.

Designed as a personal master class for the securities legal and compliance professional, this podcast embodies Patrick’s passion to help you put Compliance In Context™ by combining the technical expertise of industry thought leaders and innovators with the practical experience of doers and key decision makers.

Listeners will find the podcast on Apple Podcast, Google Podcast, Spotify and Stitcher.

The opinions expressed by guest speakers and panelists during Securities Compliance Podcasts may not necessarily reflect the viewpoints of the attorneys and professionals of Calfee, Halter & Griswold LLP or its subsidiaries or affiliates. Calfee’s educational content is intended to inform and educate readers about legal developments and is not intended as legal advice for any specific individual or specific situation. Please consult with your attorney regarding any legal questions you may have. With regard to all content including case studies or descriptions, past outcomes do not predict future results.


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