Crypto Governance Shift: Maximizing Token Ownership While Avoiding SEC Risks
The crypto industry is witnessing a pivotal shift in governance models as projects explore ways to maximize token utility while navigating regulatory constraints. With the SEC's Gensler-era pressure easing, founders are now experimenting with novel token-equity structures that align with on-chain value capture.
Legal clarity has become the cornerstone of this evolution. Jake Chervinsky, Variant Fund's CLO, emphasizes that transparent tokenholder rights—including control over protocol revenue and infrastructure—are reshaping traditional equity paradigms. The emergence of one-asset models consolidating all value on-chain signals a maturation of crypto economic design.
This transition remains complex. Projects that previously channeled value to equity under regulatory duress must now rebalance their architectures. The coming months will test whether hybrid models can satisfy both decentralized governance and investor expectations.
