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

Which use cases outside of tokens are being held back by regulatory? A lot of talk of regulatory hurdles, but what’s actually held back other than people wanting to launch tokens.

Chasing Curiosity. Empathetic Accelerationist. Founding Fullstack Engineer @icebreaker. YC S16, KB7. 
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Yea the question wasn't in jest or meant to be facetious. 

I, also, recognize that a big part of crypto's value is its ability to bootstrap supply via shared ownership and if that is illegal we never really get to the tougher legal questions. 

Yet, I wonder how much of the industry is mad about regulations because they aren't allowed to launch a token to get rich quick. Farcaster was able to bootstrap usage without a token so far, so I know it's possible. 

Agreed on RWAs.

Tough question since pretty much anything on a blockchain will naturally involve a token somehow, right?

Maybe RWA as a category fits here. There are so many TradFi and non-financial assets that would benefit from transferability on a fast, cheap, global ledger, but for most, regulations don't allow it.