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

In episode five of Layer One, The Block’s Kelvin Sparks and Hypha Founder Steven Gates were joined by Ava Labs General Counsel Lee Schneider and Plume General Counsel Salman Benaei, to discuss how the Senate bill turns crypto’s legal foundation from sand to stone, and what that means for the next generation of builders.

OUTLINE
00:00 – Introduction
01:28 – Salman’s Path: CFTC to Crypto
05:52 – Lee on Token Sales & Legal Structures
08:17 – RWA Rights & Disclosures
12:26 – What Buyers Should Care About
15:15 – Pre-IPO Tokenized Shares
18:49 – The Governance Token Question
22:03 – The Decentralization Test Debate
28:13 – What Clarity Means for Builders
36:41 – TradFi’s Crypto Play
44:31 – Open vs Closed Networks
51:20 – Outro

Salman Banaei –
Lee Schneider –
Steven Gates –
Kelvin Sparks –

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