The past week has been big for regulation: Crypto lawyers have been hard at work trying to determine whether the SEC’s “plain English” guidance on ICOs clarifies things or just muddies them further. And in Washington, D.C., Rep. Warren Davidson, R-Ohio, reintroduced a bill that seeks to exempt tokens from securities laws. Below, we examine a third development—the SEC’s first no-action letter for a token—and discuss an intriguing new development at DLive.