Gabriel Shapiro, a crypto lawyer and founder of MetaLeX, joins the Decentralization Research Center’s Connor Spelliscy to discuss market structure legislation, limiting principles for Howey, ancillary assets, and the risks of incentivizing useless tokens.Timestamps:02:37 - Are there limiting principles for Howey?06:11 - Prior Senate draft vs. CLARITY Act: ancillary assets explained09:29 - Why CLARITY’s framework is more durable13:53 - Incentivizing rights-less tokens: “race-to-the-bottom stuff”16:01 - The danger of bad incentives19:36 - VC token sales: 60% in initial Senate draft vs. 5–20% in House bill22:28 - Decentralized governance: protections in CLARITY vs. Senate26:37 - What “amazing” SEC exemptions could look like28:54 - SEC vs. CFTC: who should regulate token markets30:32 - The importance of a hard-coded decentralization test& much more.For more: Subscribe to the DRC's monthly report.

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