BALAJI ON TOKENIZED IPOS

Summary from the TLDR Crypto newsletter

Lina Khan's decision to block a major acquisition forced startups like Figma to scale independently, creating outsized value for employees and investors. While some argue Adobe's purchase might have delivered greater returns, proponents counter that in a power-law world, you only need one home run to justify a policy. Balaji calls for easier IPO access, ideally via crypto-native equity markets, to reverse the decline in US listings and avoid the regulatory complexity that entrenches Big Tech. He warns that antitrust interventions and baroque deal structures ultimately strengthen incumbents and that crypto exchanges could supplant traditional capital markets.