Gabriel Shapiro, partner at BSV Law (no relationship to the coin), joins the show to chat securities law, tokenized securities, and the nature of industry regulation. In this episode:  Gabriel's introduction to the crypto industry and Nick Szabo's influence Gabriel's view on what public blockchains are for, most fundamentally Why there is an inherent tension between blockchains and the law Can public blockchains be made compatible with the law, and to what extent? The best opportunities for synergy between the law and crypto Gabriel's case for real tokenized securities How stock certificates are held and organized in legacy markets Domains where tokenized securities could outperform the current state of affairs A mistake investors make when interpreting SEC behavior Why the SEC will often let private litigation play out before imposing a fine The contrast between the EOS/Block One and Sia/ Nebulous Gabriel's critique of Hester Pierce's safe harbor for tokens - and her response Precedents to consider when looking at the utility/security distinction Whether a "Hinman test" for sufficient decentralization exists and what it entails Gabriel's proposed modification to securities laws to suit the reality of the industry The effect of election outcomes on securities enforcement Follow Gabriel on Twitter and read his fantastic series on Medium, Size Does Matter