What do you not understand about crypto law or policy that you wish someone would ELI5?

wen is a token earned as a product of an agreement to do work with a sytem/ecosystem and wen is it considered an investment contract?  Half the fun of DAOs is indy contractors earning token stake but lack of clarity at intersection of securities law, contract law for services, and employment law has me confused.

This is a crucial but unsettled area of law. SEC will argue that labor is an "investment of money" for Howey purposes, so working to earn a token is part of the investment contract. Industry will argue that "money" means "money" and labor doesn't count. The Ripple decision was somewhat on-point here, but still TBD.

@teamSobol
DAOin’ w/ @dimoDAO, @hatsprotocol
Alum: @banklesssDAO, CityDAO, PolygonDAO

Super interesting! I'll go to bed less stupid :)