Tokens of Wisdom

Episode 86: The Annual Review with Annie Kong, IQ-EQ   Annie Kong, Regional Lead (West) of Regulatory & Compliance, U.S. at IQ-EQ joins the Tokens of Wisdom Studio to explain what’s actually involved in an investment adviser’s annual review. Annie shares insights on the importance of ongoing compliance reviews, how to approach annual reviews proactively, and the ever-evolving regulatory landsc...

Episode 85: Qualified Client Thresholds Are Going Up   Quick housekeeping episode today. The SEC just increased the qualified client thresholds, effective June 29, 2026 – mere weeks away. If you charge a performance allocation — or if you invest in a fund that does — this affects you. It's not complicated, but the deadline is real, and the numbers moved more than they usually do. Thanks, infl...

Episode 84: Crypto Prime Brokerage with Matt Boyd, Coinbase   Matt Boyd, Head of Prime Finance at Coinbase joins the Tokens of Wisdom Studio to explain all things crypto prime brokerage and how to navigate the transition from managing your own money to managing a fund.    Key Points From This Episode:   Crypto custody and the importance of qualified custodians. How Coinbase Prime connects custody,...

Episode 83: Outsourced CFOs with Eugene Tetlow, V17   Eugene Tetlow visits the Tokens of Wisdom Studio to explain how outsourced CFO shops help new and established fund managers. Eugene is the CEO of V17 Advisors, but he is more widely known for his critically acclaimed role as the first guest host in Tokens of Wisdom history.    Key Points From This Episode:   How does an outsource CFO engagement...

Episode 82: Reasonable Expectations: How the SEC (Now) Applies Howey to Crypto    By now, you’ve all heard about the latest SEC release on the application of federal securities laws to certain crypto assets and related transactions. You’ve probably read 12 law firm memos and seven million hot Tweets on the topic by now. But few of them answer the burning question: what does this mean for digital a...

Episode 81: Slopeside with the Summit Syndicate   Different episode today, featuring slopeside interviews from our second Summit Syndicate trip of 2026.   The Summit Syndicate is a Lake Tahoe day trip event co-hosted by Cole-Frieman & Mallon, Eisner Amper, V17 Advisors and Juniper Square. We chartered a bus from SF, drove to Northstar, skid a full day and drove back to the city.      We had ex...

Episode 80: Fair Investment Practices by Venture Capital Companies Law   Quick hit today to discuss California's new Fair Investment Practices by Venture Capital Companies Law (“California Regulatory Overreach” as I call it), which mandates venture capital firms to collect and report demographic data about the founding teams of the companies they invest in. I outline the requirements, implica...

Episode 79: Liberate the Yield with Ronald Falls, Jr.   Ron Falls visits the Tokens of Wisdom Studio to shed light on the epic showdown of Brian vs The Banks. We discuss the controversy surrounding yield provisions for stablecoins, the banking industry's response, and the potential future of financial services as digital assets gain traction.    Key Points From This Episode:   The Clarity Act...

Episode 78: Outsourced Compliance with Fizza Khan, Silver Regulatory Associates   Fizza Khan from Silver Regulatory Associates visits the Tokens of Wisdom Studio to enlighten us about all things compliance. From deciding when to engage an outsourced provider to the nuts and bolts of compliance policies and navigating SEC exams, Fizza shares the wisdom.    Key Points From This Episode:   How does a...

Episode 77: All the Wisdom from 2025   It’s a ho-ho-holiday clip show! So many distinguished guests joined the show this year to share their wisdom. I figured, why not share some of their best advice in one EOY clip show extravaganza. If you’re listening to this – not watching – see timestamps below so you know who you’re listening to.   Key Points From This Episode:   4:22: Bert McCooey, Ascent (...

Episode 76: SF Gross Receipts Tax with Kevin Leiske, Cole-Frieman & Mallon   On the very first Intrasquad edition of Tokens of Wisdom, my partner Kevin Leiske joins the show to tell us about recent changes to San Francisco’s gross receipts tax. Spoiler alert: even if you are an investment manager with zero operations in SF, the City is trying to extract its pound of flesh from any SF-based LPs...

Episode 75: Cayman Directors with Darragh Murphy, Marfire   Darragh Murphy from Marfire joins me in the Tokens of Wisdom Studio to tell us all about the wonderful world of Cayman fund directors. From choosing the right director, to working with them once chosen, to navigating the complexities across a fund’s lifecycle, Darragh shares the wisdom.    Key Points From This Episode:   What is the role...

Episode 74: Cayman Funds with Patrick Colegrave, Forbes Hare   Patrick Colegrave joins me in the Tokens of Wisdom Studio to discuss all things Cayman funds. From local regulatory requirements to investor expectations to setup costs, Patrick covers the ins and outs of Cayman fund formation.    Key Points From This Episode:   Why should I choose Cayman over BVI (or should I?)? Does my Cayman fund al...

Episode 73: Prime Brokerage with Harry Shillingford, Marex   My old pal Harry Shillingford from Marex joins me in the Tokens of Wisdom Studio to talk about the intricacies of prime brokerage. We delve into scintillating topics like “what does a prime broker actually do?” (answer: a lot) and “should I draw fund inspiration from Field of Dreams?” (answer: no). Harry also shares some serious wisdom o...

A special episode that has nothing to do with funds or law and everything to do with baseball glory.

Episode 71: Fund Manager Insurance with James Tallarico and Kevin Flasch, Risk Strategies   Joining me in the Tokens of Wisdom Studio today are James Tallarico and Kevin Flasch from Risk Strategies to discuss the evolving landscape of insurance in the crypto space. They delve into the differences between insurance brokers and providers, the challenges faced in obtaining adequate coverage for crypt...

Episode 70: The SEC Knows Action   Last week we saw the SEC release not one but two No Action Letters that were each deeply positive for the crypto industry.   Tune in to today’s episode for a quick recap of each and a reminder of where we currently stand on the regulatory ladder.   Key Points From This Episode:   DoubleZero No Action Letter. Crypto custody No Action Letter.   Disclaimer:   This s...

Episode 69: Fund Valuations with Joe Brennan, Houlihan Capital   Joining me in the Tokens of Wisdom Studio today is Joe Brennan, a director at Houlihan Capital, to discuss the intricacies of fund valuations, particularly in the context of crypto assets.    Key Points From This Episode:   The importance of establishing proper valuation policies.  When would a fund need specialized valuation service...

Episode 68: Crypto Fund Audits with Gautam Ganeshan, KPMG   Today I’m joined by Gautam Ganeshan from KPMG to talk all about digital asset fund audits!    Key Points From This Episode:   Are crypto assets categorized in the same Level 1, Level 2, Level 3 framework as traditional assets?  What are examples of each Level in the crypto world? How does the scope of a crypto fund audit compare to a trad...

Episode 67: SEC Commissioner Hester Peirce   I am honored to welcome SEC Commissioner Hester Peirce – Crypto Mom herself – to the Tokens of Wisdom Studio today to talk to us about crypto, regulation, zombies (not really) and parenthood. You don’t want to miss this one.    Key Points From This Episode:   How have the SEC’s vibes shifted so quickly? How can we move up the regulatory ladder toward fo...

Episode 66: BVI Funds with Phil Graham, Harneys   When I set out to do this show, my goal was to arm aspiring fund managers with the information they need to launch and operate a fund.   In the legal realm, I happen to possess a lot of that information from my day job, but there’s so much more that goes into launching and operating a fund. And wise though I may be, my area of expertise doesn’t cov...

Episode 65: The Zombie Episode (Three Rungs of the Regulatory Ladder)   For as long as I’ve worked in crypto, the industry has been plagued by the dreaded REGULATORY UNCERTAINTY. That is, apparently, until the last couple months. All of a sudden I’m seeing clients putting stuff like “Regulatory Clarity Achieved!” in marketing decks and celebrating the demise of uncertainty’s reign. Maybe pump the...

Episode 64: Fund Taxation with Colleen Fay, Withum   When I set out to do this show, my goal was to arm aspiring fund managers with the information they need to launch and operate a fund.   In the legal realm, I happen to possess a lot of that information from my day job, but there’s so much more that goes into launching and operating a fund. And wise though I may be, my area of expertise doesn’t...

Episode 63: Hedge Fund Offering Terms, Part 2: Liquidity   Today is the second in a series of Tokens of Wisdom episodes walking through the main offering terms for an open-ended fund, aka a hedge fund.    One of the first things I do with new fund clients is take them through a fund questionnaire to determine the offering terms for their new fund. This is usually a one hour conversation, at the en...

Episode 62: Fund Audits with Salman Ali, CBIZ   When I set out to do this show, my goal was to arm aspiring fund managers with the information they need to launch and operate a fund.   In the legal realm, I happen to possess a lot of that information from my day job, but there’s so much more that goes into launching and operating a fund. And wise though I may be, my area of expertise doesn’t cover...