EP. 117 | A 1934 Footnote Predicted Governance Tokens: Rethinking Crypto Law with Teresa Goody Guillén

In 1934, legal scholar Adolf Berle wrote a footnote speculating that someone might one day hold a passive property right in active property — what we'd now call a governance token. He called it a problem for another day. For Teresa Goody Guillén, founding partner of Bellamentis and founder of the legal AI platform Sophie Lex, that day is now, and it's reshaping how she advises clients building in digital markets.Teresa joins Ari to trace a career that runs from a plaintiff's law firm and a federal clerkship for Judge Urbina of the US District Court for the District of Columbia, through the SEC's Office of General Counsel and a stint working alongside former SEC Chairman Harvey Pitt, to launching her own law firm built around the convergence of traditional and digital financial markets. Her name has even come up as a potential contender for SEC Chair.The conversation moves from the day-to-day of her practice — clients navigating exemptive relief, subpoenas, and the "security or commodity" question she thinks misses the point — to what she's building next. Through Sophie Lex, she's developing proprietary AI trained on her own legal reasoning to help lawyers work faster without losing judgment, arguing AI should scale lawyers rather than replace them. She also shares her take on SEC Chair Paul Atkins' modernization push and why she thinks exemptive relief, more than new legislation, could unlock effective crypto regulation today.