still exploring but so far not very encouraged by the Senate's proposal on crypto market structure "rights" are not a good policy dividing line as everything you can do with rights and duties, I can do with incentives and powers...crypto has taught us this something should not be regulated based on whether there is a *right* to a dividend...there may be a reasonable expectation of something almost exactly like a dividend, which places the expecter in the exact same position from a policy perspective as someone who has a right--in fact, places them in an even more vulnerable position than the person with a right & therefore more in need of protection, not less. . . that is the entire reason why the Howey test is built around reasonable expectations rather than rights. . . things should be regulated based on the trust assumptions...if trust is mitigated by factors other than law/regulation (the technological design of a system and how it is governed), then there is no need for law/regulation...otherwise, there is. . .