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

Even with the favorable legislation that was considered in Congress recently in the last year, wouldn't it still deem a lot of crypto assets as securities, hindering the ability of those teams and startups to innovate? Shouldn't we be pushing for legislation that creates an entirely new legal framework for these assets instead of going by the same old howey test?

The House market structure bill, FIT21, tries to do this by creating two new categories that avoid the Howey test: "restricted digital asset" and "digital commodity." Most assets wouldn't be securities. But the bill has several other problems that make it hard for startups to innovate, and yes, we should start fresh.