Crypto companies selling both equity and tokens to investors is the single biggest unforced error holding the industry back as an investable asset class You end up with an irreconcilable conflict of interest and misaligned incentives between equity holders and token holders Not a coincidence that the crypto projects establishing token buyback programs with protocol revenue (HYPE, PUMP, LINK) have not sold equity to investors Neither HYPE or LINK raised VC funds either, which is where much of this conflict of interest pressure comes from But clearly this is a problem for a lot of tokens out there, so what do? Short term: If you’re a crypto company, don’t double dip, it’s a self-own. Either sell equity and eventually go public, or treat your token as pseudo equity for the protocol that captures value Long term: We need to establish a regulatory regime that allows for the issuance of ‘protocol equity’ style tokens with enforceable investor protections and clear revenue rights