After the Foundation Era: Tokens, Policy, and Startup Structures

with @eddylazzarin @milesjennings @JasonYanowitz Welcome to web3 with a16z crypto. Today’s episode is on a super timely topic: How to design, govern, and grow decentralized networks in today’s changing policy landscape. It covers:Why the “foundation era” of crypto is ending — and what comes next with DUNAs and BORGsHow U.S. policy shifts are creating real rules of the roadThe difference between network tokens vs. company tokens (and why it matters for investors, builders, and other participants)When protocols should flip the fee switch and start generating revenueCommon mistakes founders make when launching tokens and structuring projects To unpack it all, you’ll hear from Miles Jennings, head of policy and general counsel at a16z crypto, and Eddy Lazzarin, a16z crypto’s CTO, in conversation with Jason Yanowitz, cofounder of Blockworks and host of the Empire podcast (where this conversation first aired) ... and which we’re excited to bring to you here. Timestamps 0:00 Introduction 3:14 Regulatory Progress and Optimism in DC 9:34 The Problem with Offshore Foundations 13:58 The End of the Foundation Era 27:29 DUNAs and BORGs: New Legal Structures 38:42 Understanding Network Tokens 43:42 Network Tokens: Beyond L1 and L2 48:37 Company Tokens: Evolution and Challenges 51:09 The Legal Landscape of Token Offerings 1:04:25 Turning on the Fee Switch: When and Why 1:12:47 Balancing Portfolio Needs and Regulatory Clarity 1:15:36 Common Questions from Founders 1:20:17 Conclusion   📩 Subscribe for more from a16z crypto: https://a16zcrypto.substack.com/subscribe/  🎙️ Like, subscribe, comment, share the show: https://a16zcrypto.com/posts/podcast/  *** As always, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.