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

and what happen with game points being an erc20?

will they differentiate the container (erc20) and the content (game points or any other) 

does the law allow devs innovate using these primitives,
or an erc20 is a token and this is not negotiable?

using a token launcher resource from a third party is enough to be safe?

(and what would happen under mica in europe, same question)

Alchemist. 
Block Builder. 
Creator.
Degen. 
Ethereum dev. 
Farcaster Framer.

In general, SEC will ignore the container / content distinction and look at the "economic reality" of the whole. Securities law is pretty resistant to technicalities and loopholes like that. Same for launcher vs. other distribution methods. MiCA is a different beast and maybe more flexible, but TBD when rules are done.

I think mica gives enough flexibility when other platform launchs the token, (or I understood it) but I am not sure how they are going to apply it..

being so new.. first cases will set the rule and they always have room to distort the text.. who knows.. 

economic reality could not be under founder control.. but they will argue that it has been before the launch,

thank you for your time,