Jake Chervinsky of Variant Fund highlighted the ongoing debate between token and equity structures in crypto projects, noting that clear distinctions are crucial for stakeholders. The evolving regulatory landscape has led to a renewed exploration of how tokens and equity can coexist, with tokens typically representing on-chain value and equity offering off-chain value. The landscape is still experimental, and diverse models—including tokenized securities or single-asset approaches—may emerge as the market adapts to new SEC regulations.

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