José explains why crypto projects need a clearer link between tokens and equity. "I think what we found is the vast majority of valuable crypto projects need an equity company... We need to figure out a structure for where the token can have some kind of programmatic or contractual value capture.”

José explains why crypto projects need a clearer link between tokens and equity. "I think what we found is the vast majority of valuable crypto projects need an equity company... We need to figure out a structure for where the token can have some kind of programmatic or contractual value capture.”

I agree. But I don’t think you can collapse the two and still argue that tokens should be regulated differently than equity. Where tokens provide ownership of a network, they are different from securities. Where they provide ownership of a network and company building that network, they’re just secu