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

Glad you ask 😅 

Over the years at Fairmint, we came across a case several times, and we've seen customers apply different rules depending on their lawyers... which puzzles us a bit.

I'm not sure if this is "ELI5able," but here's the case: The issuer is US-based. He fundraises using a Reg D exemption for US persons and a Reg S exemption for non-US persons.

A non-US entity wants to invest. Some beneficial owners (not the majority) of this entity are US persons. Can the entity invest under Reg S or must it necessarily invest under Reg D?

Are there some general guidelines other than the traditional "it depends on the facts and circumstances"? 

From what I've seen, the answer depends on how conservative the lawyer is: the most secure way is to funnel the non-US entity under the Reg D exemption, but sometimes, the non-US entity doesn't qualify as an accredited investor.