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Do you love investing? Ever thought about turning that passion into a business? Listen up to learn to navigate the legal loopholes in forming, launching, and running a private investment fund, including considerations unique to digital asset/crypto funds. Dave Rothschild is a partner at Cole-Frieman & Mallon, one of the country's premier boutique investment management law firms with deep experience in traditional assets, as well as esoteric asset classes like digital assets. For questions or comments, email tow@colefrieman.com. Visit our website: https://colefrieman.com
77 Episodes
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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 (Fund Admin) Full episode: https://www.youtube.com/watch?v=sNskOufkTE4&t=...
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. Key Points From This Episode: What is a gross receipts tax? What ...
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 of an independent director in the Cayman funds space? Does engaging an i...
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 always need to register with CIMA?What does the formation process cost/involve?W...
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 on budgeting and choosing the right broker. Key Points From This Episode: ...
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 crypto-related businesses, and the importance of tailored insurance policies. The conversation co...
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 show is for informational purposes only. Nothing presented here consti...
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 services?When is the right time to engage a provider like Houlihan?How do they w...
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 tradfi fund audit?What are the unique challenges involved in auditing a fund w...
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 formal rulemaking?What should we do about the custody rule?What is the best way ...
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 cover it all. So I’m going to bring in some friends to share their wisdom in various other...
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 brakes a bit. I don’t think we’re quite there yet. The new SEC has certainly moved qu...
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 cover it all. So I’m going to bring in some friends to share their wisdom in various ot...
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 end of which I have most of what I need to draft the fund’s offering documents. Sinc...
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 it all. So I’m going to bring in some friends to share their wisdom in various other a...
Episode 61: Hedge Fund Offering Terms, Part 1: Compensation Today is the first 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 end of which I have most of what I need to draft the fund’s offering documents. Si...
Episode 60: Fund Administration with Bert McCooey, Ascent This is an exciting day in Tokens of Wisdom history! Not only do you get to see my real-life face, but you also get the unparalleled wisdom of Bert McCooey from Ascent Fund Services. 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 int...
Episode 59: Peeling Layers At the federal level, the tables are turning faster than at a vintage Tiesto performance: it’s honestly hard to keep up with how quickly the federal government has done a total 180 on crypto. Key Points From This Episode: What was the now-disbanded National Cryptocurrency Enforcement Team?How is the United States similar to an onion?What’s happening beneath the federal layer, at various state regulators?NY, CA and OR flexing their enforcement muscle to the collectiv...
Episode 58: Yet Another CTA Update (Yawn) Last time I spoke to you about the CTA, I said I wanted to discuss it about as much as I wanted a hole in the head. A little over a month later, nothing has changed. In my mood that is. But alas, much has changed in the world of required BO reporting, so here I am standing in front my mic and talking about it again. Key Points From This Episode: FinCEN’s New Interim Final Rule. Who’s in scope?Who’s out of scope?What are the new deadl...
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