Where everyone agrees: a boundless Howey doctrine is the necessary ingredient to administrative overreach and caprice, and it is no way to set the table for an innovative market plaec. Where there is disagreement: how to replace that malleable, eye-of-the-beholder, status quo-maxi regime? That two of the major VCs in the space appear to stand athwart each other tells you all you need to know about the status of the discussion. Which way western man: digital commodities or ancillary assets? Gotta figure this out quick, folks. the window is closing.