Key takeaways

• Institutional interest in crypto remains strong despite market downturns.
• Regulatory negotiations over yield language are critical for the future of crypto regulation.
• Token projects may have a four-year window to decentralize to avoid being classified as securities.
• New regulations will require uniform disclosure forms for token projects and exchanges.
• The SEC’s disclosure requirements may hinder investor access to crucial information.
• The separation of token entities and foundations complicates business operations.
• Regulatory constraints increase operational friction in crypto startups.
• Token projects should focus on value accrual to the token itself rather than shareholder value.
• Legislative…