From Sand to Stone: Two GCs on the New Legal Foundation Shaping Crypto’s Future

Episode five of Layer One, hosted by Kelvin Sparks and Steven Gates, featured Ava Labs General Counsel Lee Schneider and Plume General Counsel Salomon Benaei. They discussed a Senate bill that is expected to transform the legal foundation of cryptocurrency from an uncertain state ("sand") to a more solid structure ("stone"). The conversation covered various legal and structural aspects relevant to crypto builders, including token sales, legal structures, Real World Asset (RWA) rights and disclosures, what buyers should consider, tokenized shares for pre-IPOs, the governance token question, and the ongoing debate surrounding the decentralization test. They also touched upon the implications of this clarity for builders, the involvement of TradFi in crypto, and the differences between open and closed networks.

(Source：The Block)