Tokens vs Equity: A Game Concerning the Soul of Web3 Officially Begins!⚖️
Variant Fund Chief Legal Officer Jake Chervinsky recently published an article, sharply pointing out: We are transitioning from Gary Gensler's "Era of Intense Regulation" into a brand new experimental phase.
💡 Key Points Recap:
1. Regulatory Aftermath: In recent years, stringent regulations have forced projects to orient their value towards "equity," with tokens often reduced to "governance tools" with no actual value capture.
2. Value Repositioning: Jake believes that tokens carry on-chain value, while equity carries off-chain value. The essence of tokens is the "self-sovereignty" of digital property, rather than a traditional security simulation.
3. End of the Gray Area: Investors must clarify whether they are buying "control of the code" or "rights to the company's dividends."
Tokens are not simply "tokenized stocks"; their imaginative space is far broader than traditional equity. This experiment has just begun; who do you think can define the token model standards of 2026?