"What that means is it's a grey area.... We wanted to be patient and see the token models that worked, the token models that did not, and the things that we should stay away from as a business."

If you are going to start a business in cryptocurrency, you must deal with a high level of regulatory and legal uncertainty.

Navigating the world of KYC, lawyer fees, and vague directives from government agencies, ShapeShift has evolved over the last 5 years.

The uncertainty has caused Erik to make some very tough decisions in order to stay relevant as a cryptocurrency company.

Recently, they launched commission-free trading with the FOX token.

Erik walks through this decision, the critics of their move to implement KYC/AML, and views on money and state.

After all, you don't have to go through KYC when you go out to eat at a restaurant.