Tokens should capture onchain value. Equity should capture offchain value. For too long, regulatory pressure distorted that distinction. But founders now have a chance to get it right — and design systems that align incentives, minimize legal risk and unlock the full potential of crypto.

Tokens should capture onchain value. Equity should capture offchain value. For too long, regulatory pressure distorted that distinction. But founders now have a chance to get it right — and design systems that align incentives, minimize legal risk and unlock the full potential of crypto.

The financial world runs on cryptography. But that foundation is under threat from quantum computing. That’s why we led an investment in Project Eleven.

The financial world runs on cryptography. But that foundation is under threat from quantum computing. That’s why we led an investment in Project Eleven.

Just as venture capitalists diligence investments, founders should diligence potential investors.

Just as venture capitalists diligence investments, founders should diligence potential investors.

"Is this token a security?" has always been the biggest regulatory issue for crypto in the USA. The SEC's top priority should be answering that question with a safe harbor for token issuance.

"Is this token a security?" has always been the biggest regulatory issue for crypto in the USA. The SEC's top priority should be answering that question with a safe harbor for token issuance.