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] https://www.crypto-news-flash.com/sec-commissioner-warns-ethereums-defi-token-could-be-securities/

[2] https://coinrivet.com/what-to-expect-from-cryptocurrency-legislation-in-2020/