It’s unfortunate that the token vs equity split issue still exists in 2026 When you sell/distribute both equity and tokens to investors, you create two competing set of stakeholders with unclear boundaries of value accrual It’s hard to expert serious capital to allocate to crypto tokens when this is still such a major unresolved headwind for our industry Primary issue is that equity investors have clear legally defined economic rights, combined with disclosure obligations, while token holders today sit in a more uncertain position due to lack of relevant legislation/regulation Clarity Act should help here, but companies who chose to double dip and sell/distribute both tokens and equity today are establishing a very confusing capital structure This is a common problem for many tokens btw, I make no qualitative claim of the underlying product itself here, Veince seems cool and has real PMF, much respect to Erik And before anyone asks, no, CLL did not sell equity to investors, the LINK token is the only investable asset to get exposure to the success of Chainlink CLL employees do not get equity, but rather have long-term incentives tied to LINK, incentives are aligned around the one asset(Zach Rynes | CLG)