The Linklaters Podcast

Trump Card: Crypto Plays to Win under the Next US Administration // Fintech

Episode 13: Crypto Facto with Josh Klayman

In this episode of Crypto Facto, Josh Klayman, Linklaters’ Head of U.S. Head of Fintech and Head of Blockchain & Digital Assets, is joined by Jeff Cohen, Partner in Linklaters’ New York Capital Markets practice. Josh and Jeff discuss the recent US presidential election and dive into what the new Trump administration may have in store for the crypto sector. From the new securities laws that are likely to be at the top of the Republican’s agenda in Congress to informal guidance, expected political appointees, and litigation, this episode of the podcast breaks down the current state of the crypto markets and where we are potentially headed over the next four years.

To listen to all episodes in the Crypto Factor with Josh Klayman series, visit our website.

3D Chess: New Highs, Major Questions // Fintech

Episode 12: Crypto Facto with Josh Klayman

In this episode of Crypto Facto, Josh Klayman, Linklaters’ Head of U.S. Head of Fintech and Head of Blockchain & Digital Assets, is joined by Jeff Cohen, Partner in Linklaters’ New York Capital Markets practice. Josh and Jeff discuss how 2024 is shaping-up to be a big year for digital assets. Following the hard-fought approval of a spot Bitcoin ETF, Bitcoin has reached new all-time highs, grabbing the attention of serious institutional players and focusing many on the potential of a future spot Ether ETF. With the recent conviction of Do Kwon and sentencing of Sam Bankman-Fried, the market appears to be putting the turmoil of the past two years squarely behind it. Buoyed by recent successes, including in the DEBT Box case, the crypto industry continues to fight back against regulators, including by taking the offensive in Texas. The Major Questions Doctrine is playing out in the courts, with many predicting that the final word will need to come from the U.S. Supreme Court. 

To listen to all episodes in the Crypto Factor with Josh Klayman series, visit our website.

Inside Look at Euroclear’s Digital Financial Market Infrastructure // Fintech

Episode 11: Crypto Facto with Josh Klayman

In a special video episode of Crypto Facto, Linklaters U.S. Head of Fintech and Head of Blockchain and Digital Assets Josh Klayman is joined by the architects of the landmark launch of Euroclear Bank’s Digital Financial Market Infrastructure (D-FMI): Euroclear’s Head of the Digital Assets Practice Stéphanie Lheureux and Senior Legal Counsel and Head of the Innovation Center for Excellence at Euroclear Legal Bart Garré alongside their legal advisors on the launch, Linklaters’ Michael Voisin, Capital Markets Partner and former Global Head of Capital Markets and Richard Hay, Partner and UK Head of Fintech.

These leading experts on the future of financial markets share a look under the hood of D-FMI, which enables the creation, issuance, and settlement of fully digital international securities. It’s the world’s first international issuance of a digital bond and represents the first distributed ledger technology deployment within an EU established central securities depository capable of supporting securities governed by English law. Listen to their thoughts on how D-FMI transforms the financial markets, the way it works from a legal perspective, and how we can expect these novel technologies to disrupt the market in 2024.

What FCA rules apply to crypto promotions // Fintech

Episode 4: Financial promotions for cryptoassets

In this episode, James Morris and Simon Treacy explore the tough rules set by the FCA for firms making cryptoasset promotions in the UK.

Listen to all episodes on our dedicated webpage.

Registering with the FCA // Fintech

Episode 3: Financial promotions for cryptoassets

In this episode, Simon Treacy and Olivia Murphy explain the process for registering with the FCA for the purpose of AML supervision.

Listen to all episodes on our dedicated webpage.

How you can make lawful crypto promotions // Fintech

Episode 2: Financial promotions for cryptoassets

In this episode, Olivia Murphy and James Morris step through the legal routes to making financial promotions relating to cryptoassets in the UK and the problem this framework poses for overseas firms.

Listen to all episodes on our dedicated webpage.

The UK restricts cryptoasset promotions // Fintech

Episode 1: Financial promotions for cryptoassets

In this episode, Harry Eddis and James Morris explain how the UK’s restriction on financial promotions applies to cryptoassets and the impact on websites and apps offering crypto services.

Listen to all episode on our dedicated webpage.

On the Warpath? The Outlook for VCs when AI/Emerging Tech Meets National Security // Fintech

Episode 9: Crypto Facto with Josh Klayman

In this episode of Crypto Facto with Josh Klayman, Jonathan Gafni, Head of U.S. Foreign Investment at Linklaters joins to discuss the technology landscape and President Biden’s recent Executive Order on outbound foreign investment. They take a deep dive into investments in AI, quantum computing, and semiconductors, how CFIUS plays a role in regulating foreign technology investments, and most importantly what this means for VCs amid a backdrop of increasing investment into the digital assets space. Listen to Josh and Jon’s hot takes now.

To listen to all episodes in this series, visit our Crypto Facto webpage.

Within the Sandbox // Fintech

Episode 8: Crypto Facto with Josh Klayman

In this episode of Crypto Facto with Josh Klayman, Signum Growth CEO and Founder Angela Dalton returns for a discussion of the Financial Stability Board’s latest crypto report, a new digital asset market structure bill, litigation over AI IP rights, the changing tide for NFTs in video games, and an NFT with the potential gamify your life. Listen to Josh’s and Angela’s hot takes now.

To listen to all episodes in this series, visit our Crypto Facto webpage.

The Ripple Effect // Fintech

Episode 7: Crypto Facto with Josh Klayman

In this episode, Josh and guest colleague, Jeff Cohen, Capital Markets Partner at Linklaters New York, discuss the surprising ruling in the Ripple case, the important findings and what happens next for the crypto industry. Listen to Josh and Jeff’s hot takes now and who they think is the big winner in all of this.

To listen to all episodes in this series, visit our Crypto Facto webpage.

July 2023: How will PSD3 modernise payments?

Episode 31: Payments Monthly

The European Commission has released draft legislation which aims to reshape payments regulation in the EU. In this episode Andreas van Impe and Frances Hodgkins give their reaction to the PSD3 proposals.

June 2023 - How crypto marketing is becoming tougher // Fintech

Episode 30: Payments Monthly

The UK is adding cryptoassets to its financial promotion regime. Harry Eddis, Olivia Murphy and Simon Treacy look at the lawful routes to marketing cryptoassets and the tough new rules that crypto ads must comply with.

Return of the “Ugly Baby” // Fintech

Episode 5: Crypto Facto with Josh and Jonathan

In this episode, Josh and Jonathan weigh in on the SEC’s charges against Bittrex, Gary Gensler’s House hearings, the reintroduction of a federal stablecoin bill, MiCA’s passage, Yuga Lab’s trademark victory, and Taylor Swift’s good sense about FTX.

Did Gensler change his mind about proof of work and Algo, or is the SEC throwing tokens at the wall until a case against Coinbase sticks? Why wouldn’t Gensler tell the House if Ether is a security or not? Does the very same stablecoin bill that was dubbed an “ugly baby” last September have any chance at succeeding now? Will the EU’s passing of MiCA lure crypto business away from the US and UK? In the absence of federal legislation in the US, will the courts become the real regulators of digital assets? Listen to Josh and Jonathan’s hot takes now.

April 2023 - How a more powerful FCA will impact payments // Fintech

Episode 29: Payments Monthly

The FCA is in line to get new rule-making powers over payments firms. But why does the FCA need these powers? Jean Price, Frances Hodgkins and Simon Treacy discuss how they could be used to settle a debate about whether payments firms hold customer funds on trust.

Choke Point or Turning Point? // Fintech

Episode 4: Crypto Facto with Josh and Jonathan

In this episode, Josh and Jonathan discuss The New York Times' scathing article against crypto mining — and Riot’s compelling rebuttal, Ethereum’s Shanghai/Capella upgrade, the Treasury's DeFi Illicit Finance Risk Assessment, a California federal court’s bZx DAO ruling recognizing the existence of a general partnership and a negligence theory of liability, and the new report detailing FTX's mismanagement. Does crypto mining really have an outsized burden on the environment and energy consumers? Is the U.S. government, potentially with help from the media, effectively banning crypto in an organized effort, dubbed "Operation Choke Point 2.0"? What will happen to the price and regulation of Ethereum now that people are able to withdraw the ETH they've staked? Would the implementation of illicit finance checks be a death knell for DeFi? Can DAOs really protect themselves from liability? How did FTX get so big without basic business policies and procedures in place? Listen to Josh and Jonathan's hot takes now.

Regulators Hook the Big Fish // Fintech

Episode 3: Crypto Facto with Josh and Jonathan

In this episode, Josh and Jonathan discuss the “what’s happening?,” “why now?” and “what’s next?” of the Coinbase Wells notice, the CFTC enforcement action against Binance, and the SushiSwap SEC subpoena and proposal to Sushi DAO to create a legal defense fund. What’s behind the sudden rush of enforcement? Why is the SEC coming for Coinbase despite its reported efforts to “come in and register”? Is the CFTC still “cool with crypto” or is the tide changing? Will the SEC and DOJ pile onto Binance next? Are VCs enforcement targets? Can DAOs avoid the liability they were designed to circumvent? Listen now for Josh and Jonathan’s hot takes.

March 2023 - Another FCA Dear CEO letter to payments firms // Fintech

Episode 28: Payments Monthly

The FCA is still concerned about compliance standards at payments and e-money firms. Pansy Wong, Harry Eddis and Simon Treacy talk about what firms need to do in response to its latest warning shot to the sector.

The Unbanking of Crypto // Fintech

Episode 2: Crypto Facto with Josh and Jonathan

In this episode, Josh and Jonathan unpack the recent collapse of Silicon Valley Bank, Signature Bank, and Silvergate Bank. With the three banks most associated with digital assets no longer up and running, has crypto been unbanked for good? Did Jerome Powell himself set the first domino in motion? Did VCs pressure the government into covering their deposits? What could have been if they hadn’t? How will this impact future digital asset and banking regulation? While the downfall of these banks highlight some negative realities of fractionalized reserve banking, could this be crypto’s moment to shine? Listen to Josh and Jonathan’s hot takes now.

Everything but Bitcoin // Fintech

Episode 1: Crypto Facto with Josh and Jonathan

In the inaugural episode of Crypto Facto with Josh and Jonathan, our hosts tackle the SEC’s latest signaling on digital asset regulation and enforcement. Does SEC Chair Gary Gensler plan to treat everything but Bitcoin as a security? Under the proposed amendments to the Custody Rule, who will qualify as a custodian of digital assets? Is the SEC coming for staking as a service, layer ones and other token issuers, and even NFTs? Listen now for Josh and Jonathan’s hot takes.

March 2023 - What next for UK crypto regulation? // Fintech

Episode 27: Payments Monthly

2023 is set to be a pivotal year for the regulation of cryptoassets. In our latest payments podcast, Harry Eddis, James Morris and Simon Treacy provide an update on how the UK government plans to regulate stablecoins and other cryptoassets.

October 2022 - Consumer Duty update // Fintech

Episode 26: Payments Monthly

The FCA has finalised its plans for a new Consumer Duty. Harry Eddis, Olivia Murphy and Simon Treacy highlight what’s changed since the draft rules and other points of interest for payment and e-money institutions.

In their discussion, they consider scoping issues including through the lens of some specific e-money and payments scenarios, as well as touching on implementation plans and ongoing monitoring.

For more resources on the Consumer Duty including a recording of our November 2022 webinar on scoping, visit our Consumer Duty webpage.

Hidden trends in the FCA’s latest Interventions and Enforcement reporting // Contentious Regulation

Episode 2: Hidden trends in the FCA’s latest Interventions and Enforcement reporting

The FCA has published its 2022 annual report with statistics on its Interventions and Enforcement work.  In this podcast episode we reveal some hidden trends and themes these numbers that aren't as clear from the charts and tables that the FCA produced itself.  This can forewarn firms of the FCA's directions of travel and enable firms to take targeted action to mitigate relevant risks.

This episode features Sara Cody (counsel) and Duncan Campbell (senior associate) from Linklaters' Financial Regulation team in London.

Here is a pack of data visualisations of the reporting discussed in this episode.

And here is our previous publication and podcast episode on enforcement trends for 2022.

June 2022 - Consumer Duty for payments // Fintech

Episode 25: Consumer Duty for payments

The FCA plans to raise the bar for how firms deal with retail customers. Jean Price, Arjun Lakhani and Simon Treacy work through the different aspects of the FCA’s Consumer Duty and what payments firms should be doing to prepare for it.

Restitution in financial services // Contentious Regulatory

Episode 11: Non-financial misconduct and whistleblowing

In this podcast episode we discuss the FCA’s evolving use of its powers to require firms to pay redress to customers. This episode features Alison Wilson, Linklaters’ Global Head of Dispute Resolution and a member of our contentious regulatory partner team in London and Sara Cody, counsel in Linklaters’ Financial Regulation practice.

Financial services enforcement trends 2022 // Contentious Regulatory

Episode 1: Financial services enforcement trends 2022

In this podcast episode we highlight our top five financial services enforcement trends for 2022.  

This episode features counsel Sara Cody and managing associate Duncan Campbell of Linklaters' London Financial Regulation team.

For more details, see our full publication on financial services enforcement trends for 2022, and visit our dedicated webpage with all our resources on the FCA's proposed Consumer Duty.

Dutch approaches // Contentious Regulatory

Episode 7: Non-financial misconduct and whistleblowing

In this podcast episode we discuss Dutch approaches to non-financial misconduct and whistleblowing in financial services firms. 

This episode features partner Bas Jennen and managing associate Leonard van den Ende both from our financial regulation practice in Amsterdam, and counsel Sara Cody from our financial regulation practice in London.

For more detail, see our full publication reviewing the approach to non-financial misconduct and whistleblowing in 12 key jurisdictions.

Impact of the amended ESMA/EBA guidelines // Contentious Regulatory

Episode 6: Non-financial misconduct and whistleblowing

In this podcast episode we discuss the impact on the regulation of non-financial misconduct of recent proposed amendments to joint ESMA/EBA guidelines.

This episode features Gavin Lewis (partner, Dispute Resolution, London) and Duncan Campbell (managing associate, Financial Regulation, London). For our insights on global approaches to non-financial misconduct and whistleblowing, see our full publication and other podcast episodes.

April 2020 - FCA and PSR business plans and the response to stablecoins // Fintech

Episode 4: Payments Monthly

The promise of stablecoins has caught the attention of regulators and central banks. Our payments lawyers consider the regulatory response to stablecoins, including the potential for central bank digital currencies, and discuss how Covid-19 has impacted the UK payments regulators’ plans for the year to come.

March 2020 - The response to Covid-19 // Fintech

Episode 3: Payments Monthly

In our first remotely recorded podcast we cover what Covid-19 means for payment services. Simon Treacy, Paul Harris and Jean Price talk about the practical challenges for firms, the latest regulatory developments and the potential commercial impact of the coronavirus pandemic.

January 2020 - Brexit transition and an update on electronic communications // Fintech

Episode 1: Payments Monthly

For our first episode of 2020 we look at one issue which will dominate the coming year and beyond, and pick up another which emerged at the end of 2019. Simon Treacy, Jean Price and Paul Harris discuss the latest on Brexit and how it will impact the payments industry, and highlight a Dear CEO letter from the FCA to the telecoms industry setting its expectations for firms wishing to rely on the electronic communications exemption under PSD2.

The view from Asia // Fintech

Episode 5: The Next Year in Payments

Peiying Chua Heikes & Niranjan Arasaratnam

Asia has seen a huge growth in its payments industry over the past few years, spurred on by a young, tech-savvy generation and push for the financial inclusion of the underbanked. Amidst rapid development, regulators are now tasked with overcoming fragmentation in payments ecosystems and ensuring continued financial stability – but at the same time pushing for innovation and change. Peiying Chua and Niranjan Arasaratnam discuss key trends in the Asian payments markets and what the next year is likely to bring.

What happens next for strong customer authentication? // Fintech

Episode 1: The Next Year in Payments

Paul Harris & Olivia Murphy

As payments and banking have moved online, authenticating the identity of customers has become a vital part of the fight against fraud. New PSD2 rules on strong customer authentication were intended to bolster security standards across the market but have effectively been delayed. Paul Harris and Olivia Murphy discuss the background to SCA and what the next year is likely to bring.