Sheppard's The Legit Ledger

In this episode of the Legit Ledger, Jim Gatto, a partner in Sheppard Mullin's Washington D.C. office and co-chair of its AI team, joins host Sarah Ben-Moussa to discuss what companies should know as they embrace generative AI, including key legal issues, the European Union's Artificial Intelligence Act, and unique due diligence concerns when acquiring or investing in companies that develop or use generative AI.   What We Discussed in This Episode:   What is generative AI, and why has it become so newsworthy? What are the key legal issues raised by AI? Who is liable if the output produced by generative AI infringes? Can you provide a broad overview of the European Union's Artificial Intelligence Act?  How does the EU compare to the current landscape in the U.S.? Is it legal for companies to use your output to train their own AI models? What unique issues should be considered when conducting diligence for acquisitions or investments in companies using or developing generative AI? What are some of the most important things companies should do to minimize the risk when using AI? About James G. Gatto James G. Gatto is a partner in the Intellectual Property Practice Group in Sheppard Mullin's Washington, D.C. office, where he also serves as Co-Leader of the firm's Artificial Intelligence Team and Leader of the Open Source Team.   Jim's practice focuses on AI, blockchain, interactive entertainment and open source. He provides strategic advice on all aspects of intellectual property strategy and enforcement, technology transactions, licenses and tech-related regulatory issues, especially ones driven by new business models and/or disruptive technologies.    Jim has over 20 years of experience advising clients on AI issues and is an adjunct professor who teaches a course on Artificial Intelligence Legal Issues. He is considered a thought leader on legal issues associated with emerging technologies and business models, most recently blockchain, AI, open source and interactive entertainment.  About Sarah F. Ben-Moussa Sarah F. Ben-Moussa is an associate in the Corporate Practice Group in Sheppard Mullin's New York office, where her practice focuses on domestic and cross-border mergers and acquisitions, financings and corporate governance matters. As a member of the firm's French Desk, she has advised companies and private equity funds in both the United States and Europe on mergers, acquisitions, joint ventures, financings, complex commercial agreements, and general corporate matters.   As a member of Sheppard Mullin's Energy, Infrastructure and Project Finance team, Sarah also represents renewable energy companies, borrowers, financial sponsors, portfolio companies, commercial banks and other financial institutions in a variety of financing transactions. Her practice focuses on a variety of transactions in the energy sphere, representing renewable energy companies in project-level debt and equity financings of wind and solar facilities.    Before joining Sheppard Mullin, Sarah spent a year and a half studying and working in France,  focusing on corporate transactions and commercial contracts in Europe and internationally. Sarah is also committed to pro bono work, focusing on cases involving children seeking asylum or other immigration-related relief. Contact Information: James G. Gatto Sarah F. Ben-Moussa   Additional Resources: Copyright Office Artificial Intelligence Initiative and Resource Guide | Law of The Ledger Training AI Models - Just Because It's Your Data Doesn't Mean You Can Use It | Law of The Ledger Solving Open Source Problems with AI Code Generators – Legal Issues and Solutions | Law of The Ledger Congress Proposes National Commission to Create AI Guardrails | Law of The Ledger Sheppard Mullin Launches Artificial Intelligence Industry Team | Sheppard Mullin   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.  It helps other listeners find this show.

In this episode of the Legit Ledger, Matthew Lisle of Wedbush Securities joins Sheppard Mullin partner Bill Kane and associate William Sierra-Pambley to discuss recent developments impacting the digital asset marketplace, including the Ripple and Terraform opinions from the Southern District of New York. What We Discussed in This Episode: There remains a lack of judicial consensus in applying the 1946 United States Supreme Court case, SEC v. W.J. Howey, where the Court delineated a three pronged test for determining what constitutes a security subject to SEC oversight. 77 years later the courts remain in disagreement on how to apply the Howey test as illustrated in recent US District Court decisions Ripple and Terraform. Cryptocurrency industry leaders want clear and comprehensive digital asset industry regulation to promote market transparency and investor confidence. Mr. Lisle provides his views on why the Commodity Futures Trading Commission ("CFTC") should be the chief digital asset regulator and how it would benefit the market. Mr. Lisle discusses a path forward for the digital asset industry facing continued regulatory uncertainty. Self-regulation and legislative collaboration are discussed along with constructive solutions the Global Digital Asset & Cryptocurrency Association has proposed.   About Matthew Lisle Matt Lisle serves as Chief Compliance Office (CCO) for the Futures Division of Wedbush Securities, one of the nation's leading diversified independent financial services providers. A licensed attorney for over three decades, he has focused on legal and regulatory compliance in the futures industry for 25 years. Matt served as General Counsel for Drawbridge Lending, which Galaxy Digital acquired in 2020. At Galaxy, he served as CCO of the commodity pool and trading advisory business. Matt also co-founded and is Chairman of the Global Digital Asset & Cryptocurrency Association.   About Bill Kane Bill Kane is a partner in the Business Trial Practice Group in Sheppard Mullin's Chicago office, where his national litigation practice includes complex commercial litigation and advice across industry sectors in corporate governance, director and officer issues, shareholder rights, media/entertainment, and regulatory issues.  Bill represents clients before trial and appellate courts, administrative agencies, as well as private mediations and arbitrations. His government controversy practice includes representing clients in response to state and federal regulatory enforcement actions, including parallel proceedings, Presence Exams, and market issues related to 7 U.S.C. § 9 of  the Commodity Exchange Act, including its application in the Fin-Tech industry. He further conducts internal investigations for company board of directors and executive management in response to threatened and pending claims.   About William Sierra-Pambley William Sierra-Pambley is an associate in the Finance and Bankruptcy Practice Group and a member of the firm's Alternative Finance team and Blockchain & Fintech team.  William represents corporate borrowers, financial sponsors, portfolio companies, commercial banks and other financial institutions in a variety of domestic and cross-border financing transactions. Some of the areas in which William has experience are senior secured and second-lien credit facilities in connection with broadly syndicated transactions, leveraged buyouts and add-on acquisitions. William also specializes in tribal-related financing projects.   Contact Information Matt Lisle  Bill Kane William Sierra-Pambley   Resources Global Digital Assets & Cryptocurrency Association Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.  It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

In this episode of the Legit Ledger, Sheppard Mullin attorneys Jim Gatto and Yasamin Parsafar explore copyright in the context of AI-generated works, including the recent registration guidance issued by the U.S. Copyright Office and the infringement issues that may arise with respect to training an AI model.   What We Discussed in This Episode:  What two works did the Copyright Office specifically address in its recent guidance on the registration of AI-generated works? What were some issues the Copyright Office sought to clarify by issuing the guidance? What instructions did the Copyright Office provide for submitting works that include AI-generated material? What copyright infringement issues arise with respect to training an AI model?  What are the potential consequences of infringement? About Jim Gatto Jim Gatto is a partner with the Intellectual Property Practice Group in Sheppard Mullin's Washington, D.C. office, where he co-leads the Blockchain & Fintech Team. His practice focuses on blockchain, interactive entertainment, digital art, AI and online gambling. He advises clients on IP strategies, development and publishing agreements, licensing and technology transaction agreements, and tech regulatory issues. Jim has been involved with blockchain since 2012 and has been recognized as a thought leader by leading organizations, including Best Lawyers in America 2021-2022; Cryptocurrency, Blockchain and Fintech Trailblazer, The National Law Journal, 2018; and Thought Leader on Blockchain & Cryptocurrencies, National Law Review, 2018.   About Yasamin Parsafar Yasamin Parsafar is a partner with the Intellectual Property Practice Group in Sheppard Mullin's San Francisco office, where she serves as co-leader of the firm's Blockchain & Fintech team. Her practice focuses on protecting her clients' intellectual property rights through counseling, prosecution, enforcement and litigation. Yasamin leverages her litigation experience to strengthen and protect her clients' intellectual property, manage risks and position businesses to succeed in the event of a dispute. She frequently advises and protects brands venturing into web3 on various issues related to non-fungible tokens, metaverses, games, online marketplaces and other platforms.   Contact Information: Jim Gatto Yasamin Parsafar Resources: Copyright Office Guidance on AI   Copyright Office Artificial Intelligence Initiative and Resource Guide     Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.  It helps other listeners find this show.   This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.  

In this episode of the Legit Ledger, Achilleas Sarantaris of Async Art joins Sheppard Mullin attorney Sam Cohen to continue their discussion of the latest trends and innovations with NFT-based music, including the implications of using the Creative Commons "no copyright reserved" tool, or "CC0", and common misconceptions and pitfalls to look out for when minting NFTs relating to music.    What We Discussed in This Episode: What are the implications of using the Creative Commons "no copyright reserved" tool, known as CC0? What are some common misconceptions and pitfalls when planning to mint an NFT tied to music or other content? What should artists and fans understand as NFT-based music products become more commonplace?   About Achilleas Sarantaris Achilleas Sarantaris is leading product at Async Art, an innovative platform exploring ways NFTs make sense above and beyond purely speculative use cases. A musician who's been on both sides of the music industry, Achilleas is also pursuing a research degree in Philosophy at UCL in the United Kingdom.    About Samuel J. Cohen Sam Cohen is an associate in Sheppard Mullin's Entertainment, Technology, and Advertising Practice Group in its New York City office. He represents emerging and established companies and creators in their business ventures across all facets of the entertainment and media industries, and frequently advises on transactions, intellectual property, and regulatory issues involving music licensing and exploitation, and disruptive technologies including NFTs, blockchain technology, interactive media, and broader web3 matters. A former in-house counsel at Sony Music, his extensive experience within the music industry allows Sam to provide artists, record labels, publishers, distributors, performing rights organizations, and other media companies with the guidance needed to effectively navigate the music, technology, and intellectual property aspects of their business endeavors and strategic transactions.    Resources Async Art   Contact Information Achilleas Sarantaris   Samuel J. Cohen   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.  It helps other listeners find this show.   This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

In this episode of the Legit Ledger, Achilleas Sarantaris of Async Art joins Sheppard Mullin attorney Sam Cohen to discuss the latest trends and innovations with NFT-based music, including common use cases, Soulbound and generative NFTs, and granting commercial rights to music through NFTs.    What We Discussed in This Episode: The current trends and common use cases in NFT-based music. An overview of the Async Art platform. What are your thoughts on Soulbound NFTs? How are generative NFTs different from Soulbound NFTs? Discussion of common models used for generative music NFTs.  What questions arise as more artists grant commercial rights to visual and/or music content via NFTs? The importance of comprehensive and enforceable NFT license agreements.   About Achilleas Sarantaris Achilleas Sarantaris is leading product at Async Art, an innovative platform exploring ways NFTs make sense above and beyond purely speculative use cases. A musician who's been on both sides of the music industry, Achilleas is also pursuing a research degree in Philosophy at UCL in the United Kingdom.    About Samuel J. Cohen Sam is an associate in Sheppard Mullin's Entertainment, Technology, and Advertising Practice Group in its New York City office. He represents emerging and established companies and creators in their business ventures across all facets of the entertainment and media industries, and frequently advises on transactions, intellectual property, and regulatory issues involving music licensing and exploitation, and disruptive technologies including NFTs, blockchain technology, interactive media, and broader web3 matters. A former in-house counsel at Sony Music, his extensive experience within the music industry allows Sam to provide artists, record labels, publishers, distributors, performing rights organizations, and other media companies with the guidance needed to effectively navigate the music, technology, and intellectual property aspects of their business endeavors and strategic transactions.  Resources   Async Art   Contact Information   Achilleas Sarantaris   Samuel J. Cohen   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.  It helps other listeners find this show.   This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.  

In this episode of the Legit Ledger, Sheppard Mullin attorney Jim Gatto joins Yasamin Parsafar to provide an overview of his recent article, NFT Regulatory Issues – a 2022 Review and 2023 Preview, discussing the latest with NFTs and the SEC and other issues.   What We Discussed in This Episode: What are fractional NFTs? Why might they lead to securities issues? How can companies selling NFTs or offering platforms where NFTs are minted, sold or traded avoid triggering securities fraud charges? What is the potential personal liability for anyone employed by a company involved in the minting, selling or trading of NFTs? Why should these types of companies consider implementing an insider trading policy? What are your thoughts about last year's Treasury Department study that identified high-value art (including NFTs) as vehicles for money laundering and terrorist financing? What prompted the OFAC to sanction an exchange and designate 57 cryptocurrency addresses associated with digital wallets as SDNs? What topics are the USPTO and Copyright Office considering as part of their joint study on IP law and policy in relation to NFTs? How do the SEC and FTC endorsement guidelines differ? What might 2023 have in store for NFT regulation?   About Jim Gatto Jim Gatto is a partner with the Intellectual Property Practice Group in Sheppard Mullin's Washington, D.C. office, where he co-leads the Blockchain & Fintech Team. His practice focuses on blockchain, interactive entertainment, digital art, AI and online gambling. He advises clients on IP strategies, development and publishing agreements, licensing and technology transaction agreements, and tech regulatory issues. Jim has been involved with blockchain since 2012 and has been recognized as a thought leader by leading organizations, including Best Lawyers in America 2021-2022; Cryptocurrency, Blockchain and Fintech Trailblazer, The National Law Journal, 2018; and Thought Leader on Blockchain & Cryptocurrencies, National Law Review, 2018. About Yasamin Parsafar Yasamin Parsafar is a partner with the Intellectual Property Practice Group in Sheppard Mullin's San Francisco office, where she serves as co-leader of the firm's Blockchain & Fintech team. Her practice focuses on protecting her clients' intellectual property rights through counseling, prosecution, enforcement and litigation. Yasamin leverages her litigation experience to strengthen and protect her clients' intellectual property, manage risks and position businesses to succeed in the event of a dispute. She frequently advises and protects brands venturing into web3 on various issues related to non-fungible tokens, metaverses, games, online marketplaces and other platforms.   Contact Information Jim Gatto Yasamin Parsafar   Resources NFT Regulatory Issues – a 2022 Review and 2023 Preview | Law of The Ledger SEC Targets NFTs | Law of The Ledger SEC Announces 2022 Examination Priorities, Includes Crypto-Assets | Law of The Ledger NFT Insider Trading Charge Doesn't Require the NFT To Be a Security | Law of The Ledger NFT Insider Trading – Can There Be A Crime If It's Not A Security? | Law of The Ledger SEC Investigating Lack of Insider Trading Policies for NFT/Crypto Exchanges | Law of The Ledger NFT Insider Trading Compliance Policies – What They Cover and Why You Need One | Law of The Ledger Former NFT Marketplace Employee Charged with Insider Trading | Law of The Ledger SEC Targets NFTs | Law of The Ledger   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.  It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

In this episode of The Legit Ledger, Casey Kuhlman of Monax Labs sits down with Sheppard Mullin Blockchain Team Co-Leader Jim Gatto to discuss Monax's technology solution for ensuring NFT purchasers affirmatively accept a NFT license before purchasing, both for primary sales and secondary sales.     What We Discussed in This Episode:   What are the challenges of using and ensuring acceptance of a customized NFT license when selling on a third-party marketplace? Why is affirmative acceptance of the NFT license necessary to have an enforceable contract? How Monax's Aspen technology provides a solution to these issues?   About Casey Kuhlman Casey Kuhlman is the CEO of Monax Labs. He is an ex-marine, lawyer and software engineer with experience in legal process management, smart contracts, and decentralized autonomous organizations. He graduated from Vanderbilt University Law School in 2008, and has since held positions in the Special Court for Sierra Leone, Public International Law and Policy Group, Watershed Legal Service, among others. He also co-founded Project Douglas, a company focusing on DAO and distributed organization system design and the open source technologies underlying it. Monax Labs is a web3 infrastructure studio on a mission to ensure that NFT transactions are safe, secure and legal. Monax's solutions are unique because they address legal gaps associated with NFTs: IP protection, possession versus ownership, and the ability to assert title over NFTs. Monax Labs is building Aspen: a revolutionary NFT minting, management and transactional platform with integrated legal contracting.    About Jim Gatto Jim Gatto is a partner with the Intellectual Property Practice Group in Sheppard Mullin's Washington, D.C. office, where he co-leads the Blockchain & Fintech Team. His practice focuses on blockchain, interactive entertainment, digital art, AI and online gambling. He advises clients on IP strategies, development and publishing agreements, licensing and technology transaction agreements, and tech regulatory issues. Jim has been involved with blockchain since 2012 and has been recognized as a thought leader by leading organizations, including Best Lawyers in America 2021-2022; Cryptocurrency, Blockchain and Fintech Trailblazer, The National Law Journal, 2018; and Thought Leader on Blockchain & Cryptocurrencies, National Law Review, 2018.   Contact Information: Monax Labs Aspen Resources: The Legit Ledger Episode 7: NFT Enforceable Licenses with Jim Gatto and Yasamin Parsafar The Legit Ledger Episode 1: Intellectual Property Considerations for Licensing NFTs with Yasamin Parsafar and Jim Gatto NFT License Breakdown: Exploring Different Marketplaces and Associated License Issues NFTs and Intellectual Property: What IP Owners and NFT Creators Need to Know Protecting IP and Limiting Liability When Licensing IP for Digital Art and NFTs   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.   It helps other listeners find this show.   This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

In this episode of The Legit Ledger, Sheppard Mullin attorney Jim Gatto joins host Yasamin Parsafar to discuss the Court's order granting summary judgment in favor of the SEC in its case against LBRY and takeaways from the Court's order.   What We Discussed in This Episode:   What is LBRY? What are LBRY Credits? What drove the SEC to file suit against LBRY? What key issues did the Court address in awarding summary judgment to the SEC? Why did its Howey Test analysis ultimately lead the Court to decide that LBRY Credits were, in fact, securities? Why did the Court reject LBRY's Fair Notice defense? Could this decision have adverse implications for the crypto industry as a whole? How do the issues at play in LBRY compare to those raised in the SEC's case against Ripple? About Yasamin Parsafar Yasamin Parsafar is a partner with the Intellectual Property Practice Group in Sheppard Mullin's San Francisco office, where she serves as co-leader of the firm's Blockchain & Fintech team. Her practice focuses on protecting her clients' intellectual property rights through counseling, prosecution, enforcement and litigation. Yasamin leverages her litigation experience to strengthen and protect her clients' intellectual property, manage risks and position businesses to succeed in the event of a dispute. She frequently advises and protects brands venturing into web3 on various issues related to non-fungible tokens, metaverses, games, online marketplaces and other platforms.   About Jim Gatto Jim Gatto is a partner with the Intellectual Property Practice Group in Sheppard Mullin's Washington, D.C. office, where he co-leads the Blockchain & Fintech Team. His practice focuses on blockchain, interactive entertainment, digital art, AI and online gambling. He advises clients on IP strategies, development and publishing agreements, licensing and technology transaction agreements, and tech regulatory issues. Jim has been involved with blockchain since 2012 and has been recognized as a thought leader by leading organizations, including Best Lawyers in America 2021-2022; Cryptocurrency, Blockchain and Fintech Trailblazer, The National Law Journal, 2018; and Thought Leader on Blockchain & Cryptocurrencies, National Law Review, 2018.   Resources:   Federal Court Rules LBRY Offered Security and Rejects Arguments SEC Did Not Provide Fair Notice   Securities and Exchange Commission V. LBRY; Is Your Crypto Project Illegal? Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.   It helps other listeners find this show.   This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

In this episode of The Legit Ledger, Sheppard Mullin attorneys Jim Gatto and Brittany Walter join host Yasamin Parsafar to discuss the latest developments in the federal government's insider trading case against Nathanial Chastain, a former head of product at NFT marketplace OpenSea.   What We Discussed in This Episode:   What prompted the government to pursue this case? What charges were brought against Nathanial Chastain? Why did the Court refuse to dismiss based on Chastain's argument that the case did not involve trading in securities? Why did the Court suggest that a couple of Chastain's other arguments for dismissal might be valid? Why is it essential that companies who deal with NFTs consider implementing insider trading policies?   About Yasamin Parsafar Yasamin Parsafar is a partner with the Intellectual Property Practice Group in Sheppard Mullin's San Francisco office, where she serves as co-leader of the firm's Blockchain & Fintech team. Her practice focuses on protecting her clients' intellectual property rights through counseling, prosecution, enforcement and litigation. Yasamin leverages her litigation experience to strengthen and protect her clients' intellectual property, manage risks and position businesses to succeed in the event of a dispute. She frequently advises and protects brands venturing into web3 on various issues related to non-fungible tokens, metaverses, games, online marketplaces and other platforms.   About Jim Gatto Jim Gatto is a partner with the Intellectual Property Practice Group in Sheppard Mullin's Washington, D.C. office, where he co-leads the Blockchain & Fintech Team. His practice focuses on blockchain, interactive entertainment, digital art, AI and online gambling. He advises clients on IP strategies, development and publishing agreements, licensing and technology transaction agreements, and tech regulatory issues. Jim has been involved with blockchain since 2012 and has been recognized as a thought leader by leading organizations, including Best Lawyers in America 2021-2022; Cryptocurrency, Blockchain and Fintech Trailblazer, The National Law Journal, 2018; and Thought Leader on Blockchain & Cryptocurrencies, National Law Review, 2018.    About Brittany Walter  Brittany Walter is an associate in the Intellectual Property Practice Group in Sheppard Mullin's San Diego (Del Mar) office, where she serves as associate co-lead of the firm's Technology & Commercial Transactions Team and is an active member of the Blockchain Team, Advertising Team and the Privacy and Cybersecurity Team. Brittany's practice focuses on technology transactions and counseling involving intellectual property, advertising and data privacy. She has a special focus on blockchain-based products and services, including non-fungible tokens, metaverses, virtual worlds and games.   Contact Information   Jim Gatto   Brittany Walter   Resources   NFT Insider Trading Charge Doesn't Require the NFT To Be a Security   NFT Insider Trading – Can There Be A Crime If It's Not A Security?   Former NFT Marketplace Employee Charged with Insider Trading   NFT Insider Trading Compliance Policies – What They Cover and Why You Need One   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.   It helps other listeners find this show.   This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

In this episode of The Legit Ledger, Sheppard Mullin attorneys Bill Kane and Zack Golda join host Yasamin Parsafar to discuss the CFTC's recent lawsuit against the Ooki DAO for allegedly offering leveraged and margined retail commodity transactions in digital assets in violation of the Commodity Exchange Act. What We Discuss in This Episode: Why did the Commodity Futures Trading Commission ("CFTC") file this lawsuit? How has the CFTC defined the class of Decentralized Autonomous Organization ("DAO") members in this case? Does the conduct alleged by the CFTC constitute a violation of the Commodity Exchange Act ("CEA")? Should the fact that this involves a DAO change the analysis at all? What issues does this case raise concerning litigation procedures? Do you see any meaningful difference between what the Securities & Exchange Commission has been doing recently in relation to "regulation by enforcement" and what the CFTC has done in this case?   About Yasamin Parsafar Yasamin Parsafar is a partner with the Intellectual Property Practice Group in Sheppard Mullin's San Francisco office, where she serves as co-leader of the firm's Blockchain & Fintech team. Her practice focuses on protecting her clients' intellectual property rights through counseling, prosecution, enforcement, and litigation. Yasamin leverages her litigation experience to strengthen and protect her clients' intellectual property, manage risks, and position businesses to succeed in the event of a dispute. She frequently advises and protects brands venturing into web3 on various issues related to non-fungible tokens, metaverses, games, online marketplaces, and other platforms. About Bill Kane As a partner in Sheppard Mullin's Chicago litigation group, Bill Kane's national litigation practice focuses on complex commercial litigation and advice across industry sectors in corporate governance, director and officer issues, shareholder rights, media/entertainment and regulatory issues. He has more than 30 years of experience representing clients before trial and appellate courts, administrative agencies, private mediations and arbitrations. Bill previously served as an Assistant Attorney General in the Illinois Attorney General's office where he represented the legislative, executive and judicial branches of state government.   He actively represents clients in contract disputes, business tort claims, antitrust and consumer protection issues. Bill also has experience in Special Purpose Acquisition Company or SPAC litigation. In addition to his experience in SPAC-related litigation, he also represents clients in contract disputes, business tort claims, antitrust and consumer protection issues. Bill's practice includes representing private equity investors, along with directors and officers in partnership and shareholder litigation.   About Zack Golda Zack Golda is an associate in Sheppard Mullin's Business Trial Practice Group in the Orange County, California office, where he primarily focuses on general business litigation, including regulatory challenges, breach of contract, business torts, blockchain, sports and other high-stakes business litigation matters. As a member of the firm's Blockchain Industry Group, Zack has litigated cases involving blockchain, privacy and regulatory issues. He has also drafted several articles about regulatory advances in the cryptocurrency space, covering topics such as decentralized autonomous organizations (DAOs) and SEC and CFTC regulation of the blockchain industry.   Zack also is a member of the California Regulatory Practice Group, where he advises clients on communicating with regulators, analyzing and responding to agency proposed rulemakings and, where necessary, litigating constitutional, statutory, and procedural challenges to newly passed regulations.   Contact Information Bill Kane    Zack Golda   Resources Legit Ledger Episode 6: DAO Liability in Light of the bZx DAO Class Action with Yasamin Parsafar and Christopher Bosch   Digital Asset Policy: Aspirations, Reality and Regulation   Blockchain and Cryptocurrency: Law of the Ledger   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.   It helps other listeners find this show.   This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.