The legality and regulation of crypto currencies have been in discussion for over a decade now, with some governments taking a permissive approach, and others being hostile towards it.In recent years DeFi tokens (ex: Ethereum-based) gained traction bringing forth platforms allowing people to lend or borrow funds from others, speculate on a range of assets using derivatives, trade cryptocurrencies, insure against risks, and earn interest in a savings-like account.As someone interested in this space I wonder, to what kind of legal risks are maintainers of these platforms exposed to by developing, deploying and managing DeFi apps?A quick internet search on the subject brings up concepts of "Securitization", "Howey Test" and updates on regulation discussions:[1]  