TOKENS VERSUS EQUITY: THE NEW REGULATORY LANDSCAPE

Summary from the TLDR Crypto newsletter

The debate over tokens versus equity has barely begun, with many top crypto projects having emerged during the Gensler era when regulatory pressure forced developers to drive all value to equity rather than tokens. The new policy environment opens fresh opportunities but presents no simple answers, as projects must now reassess their token economics and value accrual strategies. This shift could fundamentally reshape how crypto startups structure their offerings and distribute value to stakeholders. Tokens maintain their position as a novel capital formation mechanism and vehicle for innovation.