I hear ya. The stuff under "regulatory arbitrage" or "legal gray area" seems less interesting to me because of this. I don't have the expertise to tell if there's fundamental value or just breaking the rules.

That said, I'm interested in developments that do follow local laws, or explorations to what extent this is possible. Either that they're succeeding completely not as securities (pure utility somehow), or that they are clearly securities (ie trading stocks on the blockchain).