FIBA 2017 new traveling rule: Pass No Dribble Lay Up Legal Action

Question

Under FIBA 2017 new rules, the action in this video is described as a legal action.

The FIBA rules, art. 25.2.1, says

If receiving the ball the player shall release the ball to start his dribble before his second step

In the video the player does not release the ball before the second step.

But, as I interpret the rule, a player that receives the ball shall (=must, right?) release the ball to start his dribble before his second step. So after receiving the ball he cannot shoot, he must release it before he takes the second step.

1. What am I missing?
2. If in that situation the player does not shoot, so he is at his second step with the ball in his hands, what else he can do if he can't dribble because it's too late to release the ball?

Answer 1

The point of the video from Rio 2016, where the new OCT 2017 rule DID NOT yet apply, was to highlight a call that was correct but now would be considered incorrect. The lay up in your video IS a LEGAL play as of Oct 2017.
Important emphasis for the new rules is the player was shooting, not dribbling. The pass receiver uses 1 step to gather (Step 0) then takes 2 steps before shooting. Now LEGAL.

If the player dribbled AFTER his second step it would be considered a travel. But he didn't dribble, he took a shot or pass, and this is OK as of OCT 2017.

The best video from Rio 2016 is the D. Jordan Dribble, Dunk.

This video highlights beautifully how something that was illegal in 2016 is now 100% legal in 1 flow.
It has a valid dribble followed by valid shot (no travel) in one flow with the maximum number of steps allowed. All will be clear after watching the video.